• Journal of Distribution Science
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• v.11 no.10
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• pp.55-62
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• 2013

Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R², relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R², relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.

• Journal of People, Plants, and Environment
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• v.22 no.2
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• pp.219-229
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• 2019

This study was carried out to verify the accuracy of fitness tracking devices in monitoring heart rate and energy consumption and to contribute to the development of a forest exercise program that can recommend the intensity and amount of forest exercises based on personal health-related data and provide monitoring and feedback on forest exercises. Among several commercially available wearable devices, Fitbit was selected for the research, as it provides Open API and data collected by Fitbit can be utilized by third parties to develop programs. Fitbit provides users with various information collected during forest exercises including exercise time and distance, heart rate, energy consumption, as well as the altitude and slope of forests collected by GPS. However, in order to verify the usability of the heart rate and energy consumption data collected by Fitbit in forest, the accuracy of heart rate and energy consumption were verified by comparing the data collected by Fitbit and reference. In this study, 13 middle-aged women were participated, and it was found that the heart rate measured by Fitbit showed a very low error rate and high correlation with that measured by the reference. The energy consumption measured by Fitbit was not significantly different from that measured in the reference, but the error rate was slightly higher. However, there was high correlation between the results measured by Fibit and the reference, therefore, it can be concluded that Fitbit can be utilized in developing actual forest exercise programs.

• Korean Journal of Environmental Biology
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• v.30 no.4
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• pp.349-354
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• 2012

To evaluate the biological response of sea squirt Halocynthia roretzi with different body size to heavy metals and its suitability for ecotoxicity assays, the effects of Cr, Cu and Zn on its clearance and oxygen consumption rates were investigated. Clearance and oxygen consumption rates of H. roretzi with various body sizes were calculated at different metal concentrations. Both clearance and oxygen consumption rate were negatively correlated with body sizes. Clearance rate of H. roretzi decreased gradually with increasing concentration of heavy metal, the decreasing rate was in an order of Cr>Cu>Zn. The oxygen consumption rate first increased at low metal concentration (below $100{\mu}g\;L^{-1}$) and then decreased rapidly with increasing metal concentrations. The decreasing rate was in an order of Cu>Cr=Zn. There was a trend that the clearance rate and oxygen consumption rate decreased drastically under a concentration of $400{\mu}g\;L^{-1}$, and then decreased smoothly when the metal ion concentration increased continually. So the oxygen consumption and clearance rate at a concentration of $400{\mu}g\;L^{-1}$ Cu could be thought as a suitable biological tool for exotoxicology analysis.

• Korean Journal of Veterinary Research
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• v.15 no.2
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• pp.177-180
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• 1975

This study was undertaken to obtain more detailed knowledge of the oxygen consumption rate of chick embryos, of the relationship between the increasing rate of embryo weight and that of oxygen consumption, of the daily increase of oxygen consumption by that of embryo weight, and of the metabolic rate of the White Leghorn eggs. The results obtained are summarized as follows. 1. The average oxygen consumption rate of the chicken embryo at the 3rd day of incubation is 0.8ml/h, STPD. It is strongly suggested that this value can used as a physiological criterion to classify the fertilized and unfertilized eggs, on the other hand oxygen consumption rate of the fertilized eggs reaches a plateau between the 18th and 20th days. 2. There exists a parallel relationship between the increasing rate of embryo weight and that of oxygen consumption rate during the incubation period. 3. There are not exist a parallel relationship between the daily increase of embryo weight and that of oxygen consumption during the whole incubation period. 4. The metabolic rate of chicken embryo(ml/h/g) is highest in the early stage of incubation and it started to decrease sharply until the 8th day follow by slow decrease thereafter.

• Transactions of the Korean Society of Automotive Engineers
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• v.8 no.3
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• pp.65-76
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• 2000

To measure the fuel consumption rate of a vehicle, a car is tested on chassis dynamometer following given driving mode. But the fuel consumption rate measured by this method may be somewhat different from that measured in on-road driving conditions. It may be due to not considering road grade in driving modes. In this study, new driving modes which include road grade are proposed, and the simulation program to estimate the real driving fuel consumption rate of a vehicle is developed. On-road car tests to verify the simulation program are carried out and the results of the simulation are analysed and compared with those of the experiments.

• Particle and aerosol research
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• v.9 no.3
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• pp.139-147
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• 2013

The performances of indoor air cleaners including particle cleaning capacity and collection efficiency are usually tested at the condition of the maximum air flow rate of the air cleaners. However, the power consumption of the air cleaners is highly dependent on the air flow rate of the individual air cleaners. Therefore, there seems to be an optimized air flow rate for the air cleaning capacity considering power consumption. In this study, clean air delivery rate(or standard useful area as suggested room size) and power consumption have been investigated for different maximum air flow rates of 15 air cleaners and then compared those for different air flow rate modes of the individual 5 air cleaners selected from the 15 cleaners. For the maximum air flow rate conditions of 15 air cleansers, the power consumption per unit area was less related to the maximum air flow rate. However, for the different air flow rate modes of the selected 5 air cleaners, the lower power consumption per unit area was corresponding to the lower air flow rate mode of the individual air cleaners. When considering the operation time to the desired particle concentrations, there was an optimized one in the medium air flow rate modes for the individual air cleaners. Therefore, not only the maximum air flow rate but also lower air flow rates of individual air cleaners should be considered for estimating air cleaning capacity based on energy consumption per unit area.

• The Korean Journal of Malacology
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• v.20 no.2
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• pp.107-110
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• 2004

The filtration rate and oxygen consumption of Anadara granosa bisenensis were measured at 4 different temperature (10$^{\circ}C$, 15$^{\circ}C$, 20$^{\circ}C$, and 25$^{\circ}C$) and 4 different salinity levels (20, 25, 35, and 40 psu), using an direct method under laboratory conditions. The samples were divided into two groups: a large-sized group (shell length: 34.58 ${\pm}$ 2.23 mm, body weight: 12.43 ${\pm}$ 0.44 g) and a small-sized group (shell length: 20.60 ${\pm}$ 0.85 mm, body weight: 4.41 ${\pm}$ 2.30 g). Filtration rate and oxygen consumption increased with the increase of various temperatures and salinity levels. Also, the filtration rate and oxygen consumption of the small-sized group were higher than those of the large-sized group. These results indicate that the filtration rate and oxygen consumption of Anadara granosa bisenensis depends on environmental conditions, especially on water temperature and salinity.

• Journal of the Korean Society of Fisheries and Ocean Technology
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• v.12 no.1
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• pp.1-6
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• 1976

To investigate the relation of $NO_x$ emission and consumption rate in a direct injection diesel engine with a multihole nozzle under same fuel consumption and rpm, a naphthyl ethylenediaming method on NO, emission and Tektronix oscilloscop on the indicator diagrams have been used. Comparisons of the $NO_x$ emission and fuel consumption rate made on various conditions have led to the fllowing results. 1. The higher the injection pressure in the later injection time the lower $NO_x$ emission and the fuel consumption rate have been attained. 2. By the change of nozzle hole diameter under the same injection pressure, the $NO_x$ emission was much more lowered in the small diameter than large one, but fuel consumption rate was in inverse proption to the $NO_x$ emission. 3. The effect of injection spray angle, $\frac{1_n}{d_n}$ on $NO_x$ emission, fuel consumption rate under same injection time and injection pressure was neglectable.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.27 no.3
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• pp.90-96
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• 2004

The objective of this study was to develop a model for safe work load based on a physiological model of metabolic energy of manual material handling tasks. Fifteen male subjects voluntarily participated in this study. Lifting activities with four different weights, 0, 8, 16, 24kg, and four different working frequencies (2, 5, 8, 11 lifts/min) for a lifting range from floor to the knuckle height of 76cm were considered. Oxygen consumption rates and heart rates were measured during the performance of sixteen different lifting activities. Simplified predictive equations for estimating the oxygen consumption rate and the heart rate were developed. The oxygen consumption rate and the heart rate could be expressed as a function of task variables; frequency and the weight of the load, and a personal variable, body weight, and their interactions. The coefficients of determination ($r^2$) of the model were 0.9777 and 0.9784, respectively, for the oxygen consumption rate and the heart rate. The model of oxygen consumption rate was modified to estimate the work load for the given oxygen consumption rate. The overall absolute percent errors of the validation of this equation for work load with the original data set was 39.03%. The overall absolute percent errors were much larger than this for the two models based on the US population. The models for the oxygen consumption rate and for the work load developed in this study work better than the two models based on the US population. However, without considering the biomechanical approach, the developed model for the work load and the two US models are not recommended to estimate the work loads for low frequent lifting activities.

• Journal of Biosystems Engineering
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• v.35 no.2
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• pp.77-84
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• 2010

In this study, we tried to predict tractor power output, fuel consumption rate and work performance indirectly in order to develop an eco driving system. Firstly, we developed equations which could predict tractor power output and fuel consumption rate using characteristic curves of tractor power output. Secondly, with actual engine rpm determined by initial engine rpm and work load, tractor power output and fuel consumption rate were forecasted. Thirdly, with speed signals of GPS sensor system, it was possible to foresee tractor work performance and fuel consumption rate. Lastly, precision of the eco driving system was evaluated through tractor PTO test, and effects of the eco driving system were investigated in the plowing and rotary tilling operations. Engine rpm, power output, fuel consumption rate, work performance and fuel consumption rate per plot area were displayed in the eco driving system. Predicted tractor power outputs in the full load curve were well coincided with the actual power output of prototype, but small differences, 1 to 6 ㎾, were found in the part load curve. Error of the fuel consumption rate was 0.5 L/h, 4.5%, the greatest, and 1 to 3 L/h at the part load curve. It was shown that 69% and 53% of fuel consumption rates could be reduced in plowing and rotary tilling operations, respectively, when the eco driving system was installed in tractor.