• The Journal of Fisheries Business Administration
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• v.41 no.2
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• pp.107-133
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• 2010

As policy makers are often concerned about dynamic effects of demand behavior and its welfare analysis by quantity changes, the paper shows how dynamic price formation systems can be built up to analyze the effect of policy options to the markets dynamically. The paper develops dynamic model of price formation for fish from the intertemporal optimization of the consumer choice problem. While the resulting model has a similar form of the error correction types of dynamic price formation system, it provides the rational demand behavior contrary to the myopic behavior of error correction demand models. The paper also develops appropriate tools of dynamic welfare analysis in quantity space using only short-run demand estimates both theoretically and empirically as a first attempt in the literature of price formation and fisheries. The empirical results of Korean fish markets show that the dynamic model and the welfare measures are reasonably plausible. The methodology and theory of this research can be applied and extended to the commodity aggregation, dynamic demand estimation, and dynamic welfare effects of regulation in the similar framework. Thus, it is hoped that this will enhance its applications to the demand-side economics.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.147-158
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• 2021

Due to COVID-19, the risk of price volatility in commodity and equity markets increases. The research and application of hedging is the most effective way to reduce the market risk. Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. We use K-means and hierarchical clustering methods to cluster companies and futures products respectively, and analyze the relationship between the number of hedging firms, regional distribution, nature of firms, capital distribution, company size, profitability, number of local Futures Commission Merchants (FCMs), regional location, and listing time. The study shows that listed companies with large scale and good profitability invest more money in hedging, while state-owned enterprises' participation in hedging is more likely to be affected by the company size and the number of local futures commission merchants, and private enterprises are more likely to be affected by the company profitability and the regional location. Listed companies are more willing to choose long-listed and mature futures products for hedging. We also provide policy advice based on our conclusion. So far, there is no study on the characteristics of hedging. This paper fills the gap. The results provide a basis and guidance for people's investment and risk management. Using clustering analysis in hedging study is another innovation of this paper.

• The Journal of Fisheries Business Administration
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• v.37 no.1 s.70
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• pp.95-110
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• 2006

Japan's frozen shrimp future market is the only fisheries future commodity market in the world. This empirical study examines the lead and lag relationship between Japan frozen shrimp spot and future markets using the daily prices from August 1, 2002 to December 31, 2005. Frozen shrimp future contract is listed on Japan Kansai Commodities Exchange. Japan imports approximately 250,000 tons of frozen shrimp annually, of which just under 70,000 tons, nearly 30%, are black tiger shrimp. Approximately 90% of black tiger shrimp are caught in Indonesia, India, Thailand and Vietnam, and the two largest consumers of these shrimp are Japan and the U.S.A. Kansai Commodities Exchange adopts the India black tiger shrimp as standard future commodity. We use unit root test, Johansen cointegration test, Granger causality test, Vector autoregressive analysis and Impulse response analysis. However, considering the long - term relationships between the level variables of frozen shrimp spot and futures, we introduced Vector Error Correction Model. We find that the price change of frozen shrimp futures with next 1, 2, 3, 4, 5 month maturity have a strong predictive power to the change of frozen shrimp spot and the change of frozen shrimp spot also have a predictive power to the change of frozen shrimp with next 1, 2, 3 month maturity. But, the explanatory power of the frozen shrimp futures is relatively greater than that of frozen shrimp spot.

• International Area Studies Review
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• v.14 no.1
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• pp.99-119
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• 2010

This study explores the natural gas market and the oil market in the U.S. and the European oil market. It focuses on two kinds of analyses; one is to confirm whether there is the predictive power between spot and futures within homogeneous commodity market(or inter-heterogeneous commodity market) through Granger-causality test in terms of the return rate and the volatility. The other is to examine the spot price stabilizing effect of futures price through regression analysis. When it comes to the predictive power of inter-commodity market, there was a conflicting aspect between the return rate of spot and futures. Overall, however, its statistical significance was low. With respect to the volatility, we found that the natural gas market has little influence on the oil market unlike the predictive power of oil market on natural gas market. Concerning the return rate of the predictive power within homogeneous commodity market, we found that the return rate of spot has the predictive power on futures only in the European market. In addition, we identified that there is feedback between spot and futures in the all commodity markets regarding volatility. As a result of the spot price stabilizing effect analysis of futures price, futures volatility increased the spot volatility.

• Journal of the Economic Geographical Society of Korea
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• v.17 no.2
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• pp.280-295
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• 2014

This paper analyzes the topological structure of housing market networks with an application of minimal spanning tree method into apartment sales markets in the Capital Region over the period 2003.7-2014.3. The characteristics of topological network structure gained from this application to some extent share with those found in equity markets, although there are some differences in their intensities and degrees, involving a hierarchical structure in networks, an existence of communities or modules in networks, a contagious diffusion of log-return rate across nodes over time, an existence of correlation breakdown due to the time-dependent structure of networks and so on. These findings could be partially attributed to the facts that apartments as a quasi-financial asset have been strongly overwhelmed by speculative motives over the period investigated and they can be regarded as a housing commodity with the highest level of liquidity in Korea.

• Journal of Korea Trade
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• v.23 no.6
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• pp.131-144
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• 2019

Purpose - The purpose of this study was to investigate market power of soybeans exported by the United States to Korea. Particularly, this paper considered dichotomous characteristics of genetically modified (GM) soybeans and non-GM soybeans and conducted empirical analysis of these two segregated soybean markets to understand key tenets of market power in international soybean trade. Design/methodology - The difference in market power between GM and non-GM soybeans was analyzed using Residual Demand Elasticity (RDE) and Residual Supply Elasticity (RSE) models over the period of 2008~2018. RDE and RSE models under an imperfect competition condition were used to estimate market margins and determine whether GM and non-GM exporters or importers exercised market power in the destination market. Findings - Empirical results suggested that the U.S. had a market power on both GM and non-GM soybean exports. GM exports had greater market power than non-GM exports (14% vs. 9%). By contrast, Korea showed an inability to grab market margin or exert market power in soybean imports. Both export supply by the U.S. and import demand by Korea were found to be more responsive to price changes of GM soybeans than to prices changes of non-GM soybeans. This might be due to a self-interested, profit-seeking strategy by the exporter and many concerned consumers regarding potential adverse effects of GMOs in the importing country. Originality/value - This paper fills the literature gap by exploiting market power in both GM and non-GM markets with explicit consideration of price correlations between GM and non-GM soybeans in Korea. A number of existing studies have provided evidence for market power broadly embedded in international commodity trade. However, studies focusing on Korean markets are limited. No study has explored the country's soybean trade. Furthermore, the majority of prior studies have almost exclusively focused on the market power from a standpoint of exporting countries without discussing importers' market structure. This paper also sought to understand potentially distinguished patterns of market power between GM and non-GM markets.

• Fisheries and Aquatic Sciences
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• v.26 no.6
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• pp.380-392
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• 2023

Groupers (Family Epinephelidae) are commonly caught in data-poor small-scale multi-species fisheries for sale on both export and domestic markets. This study presents data on the species composition and size/life-stage structure of Epinephelus spp. groupers caught by small-scale fishers and sold locally in the Indonesian province of South Sulawesi. Data were collected from fishing ports and local markets at 12 sites representing the three seaways around South Sulawesi (Makassar Strait, Flores Sea, Gulf of Bone). Each specimen (n = 3,398) was photographed alongside an object of known length, and total length (TL) was obtained using the Rapid Scaling on Object (RASIO). Of the 23 species identified, four (Epinephelus areolatus, Epinephelus ongus, Epinephelus quoyanus, and Epinephelus fasciatus) collectively comprised 69% of the catch, while the 13 least abundant species contributed less than 5%. The catch was dominated (67%) by the subadult life-stage, with just under 20% in the adult class. Juveniles dominated the catch of Epinephelus fuscoguttatus, a valuable export commodity. Observations of early maturity as well as the sizeable gap between length at first capture (Lc) and length at first maturity (Lm) indicate recruitment overfishing of most species, with the notable exception of Epinephelus rivulatus. The proportion of adult fish was low (≈5%-30%) for the twelve most abundant species (E. areolatus, E. ongus, Epinephelus quoyanus, E. fasciatus, Epinephelus coioides, Epinephelus faveatus, Epinephelus sexfasciatus, Epinephelus maculatus, Epinephelus bleekeri, Epinephelus corallicola, E. fuscoguttatus, Epinephelus polyphekadion). For two moderately abundant species (E. faveatus and E. malabaricus), TL < Lm for all specimens. The limited data available indicate spawning ratio is lower than reported from deep-water fisheries of E. areolatus and E. coioides. The results call for targeted research to fill knowledge gaps regarding the biology and ecology of groupers exploited mainly for domestic markets; highlight the need for species-level data to inform management policies such as minimum legal size regulations; and can contribute towards species-level status assessments.

• Proceedings of the KSR Conference
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• 2004.06a
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• pp.375-379
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• 2004

The purpose of this study is to analyze the evolution of mobility after the commercial opening of french TGV through an examination on the precedent studies. The result of this study is as follows: Firstly, the TGV is competitive against the airplanes and automobiles within the 2 or 3 hours' service area, especially in the business trip markets. But in the recreational trips over this service area, 3 or 4 hours, the TGV remains as an important mode of transportation. Secondly, in a range within approximately 200 km, 1 hour by TGV, the french high speed train is not competitive against the automobiles by the lack of flexibility and commodity which are normally providing by the automobiles. This study shows the importance of permanent monitoring system on the KTX travellers' behavior to strengthen the market share of KTX.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2005.05a
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• pp.904-913
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• 2005

This paper deals with an integrated problem of inventory control and dynamic pricing strategies for a commodity with price and sales-period dependent demand pattern, where a seller and customers have complete information of each other. The problem consists of two parts; one is each buyer's benefit problem which makes the best decision on price and time for buyer to purchase items, and the other one is a seller's profit problem which decides an optimal sales strategy concerned with inventory control and discount schedule. The seller's profit function consists of sales revenue and inventory holding cost functions. The two parts are closely related into each other with some related variables, so that any existing general solution methods can not be applied. Therefore, a simplified model with single seller and two customers in considered first, where demand for multiple units is allowed to each customer within a time limit. Therewith, the model is generalized for a n-customer-classes problem. To solve the proposed n-customer-set problem, a dynamic programming algorithm is derived. In the proposed dynamic programming algorithm, an intermediate profit function is used, which is computed in case of a fixed initial inventory level and then adjusted in searching for an optimal inventory level. This leads to an optimal sales strategy for a seller, which can derive an optimal decision on both an initial inventory level and a discount schedule, in $O(n^2)$ time. This result can be used for some extended problems with a small customer set and a short selling period, including sales strategy for department stores, Dutch auction for items with heavy holding cost, open tender of materials, quantity-limited sales, and cooperative buying in the on/off markets.

• The Journal of the Korea Contents Association
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• v.18 no.2
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• pp.280-289
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• 2018

Traditional market is a place filled with traditional culture and sentiments of the local population, so this is not just a commodity trading places that has been at the centre of our life, including culture and the local economy and the people of the community. However, many consumers still ongoing by the facilities that aging is deprived to the department stores and hyper-marts. Also, low awareness of the displayer, including the internal facilities, is very reality is bad development compared to the appearance, in particular product names, price tags and one mark of origin, such as signs, despite Upon entering the market first leaps to the eye are not improved the situation as it is necessary for the improvement of typography for traditional market. Therefore, examine the fonts used in the traditional markets, proceed to further analysis in the future by building a dedicated font made of only the traditional market it has a distinctive identity and unity of the market typography to present the guidelines of the market font.