• Journal of the Korean Institute of Navigation
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• v.4 no.2
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• pp.45-79
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• 1980

The aim of this paper is to analyze the mechanics of price formation in the tramp shipping. For the purpose of this study, the main characteristics of tramp freight rates and the market is examined, and a brief examination of the nature ofthe costs of operation is given which are essential for the understanding of the functioning of shipping firms as well as for the understanding of developments in the tramp freight market. The demand and supply relationships in the market is also analysed in detail. Tramp shipping is an industry that has a market which functions under conditions that are not dissimilar to the theoretical model of perfect competition. However, it does notmean that tramp shipping market is a perfectly competitive market. It is apparent that this realworld competitive system has its imperfections, which means that the market for tramp shipping is near to being a perfectly competitive market on an internaitonal scale and it is freight are therefore subjext to the laws of supply and demand. In theory, the minimum freight rate in the short term is that at which the lowest cost vessels will lay-up in preference to operating, and is equal to the variable costs minus lay-up costs; and this would imply that in all times except those of full employment for ships there is a tendency for newer low-cost, and, probably, faster vessels to be driving the older high-cost vessels in the breaker's yards. In this case, shipowners may be reluctant to lay-up their ships becasue of obligations to crews, or because they would lose credibility with shippers or financiers, or simply because of lost prestige. Mainly, however, the decision is made on strictly economic grounds. When, for example, the total operating costs minus the likely freight earnings are greater than the cost of taking the ship out of service, maintaining it, and recommissioning it, then a ship may be considered for laying-up; shipowners will, in other words, run the ships at freight earnings below operating costs by as much as the cost of laying them up. As described above, the freight rates fixed on the tramp shipping market are subject to the laws of supply and demand. In other words, the basic properties of supply and demand are of significance so far as price or rate fluctuations in the tramp freight market are concerned. In connection with the same of the demand for tramp shipping services, the following points should be brone in mind: (a) That the magnitude of demand for sea transport of dry cargoes in general and for tramp shipping services in particular is increasing in the long run. (b) That owning to external factors, the demand for tramp shipping services is capable of varying sharphy at a given going of time. (c) The demad for the industry's services tends to be price inelastic in the short run. On the other hand the demand for the services offered by the individual shipping firm tends as a rule to be infinitely price elastic. In the meantime, the properties of the supply of the tramp shipping facilities are that it cannot expand or contract in the short run. Also, that in the long run there is a time-lag between entrepreneurs' decision to expand their fleets and the actual time of delivery of the new vessels. Thus, supply is inelastic and not capable of responding to demand and price changes at a given period of time. In conclusion, it can be safely stated that short-run changes in freight rates are a direct result of variations in the magnitude of demand for tramp shipping facilities, whilest the average level of freight rates is brought down to relatively low levels over prolonged periods of time.

• Journal of Bio-Environment Control
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• v.5 no.2
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• pp.174-186
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• 1996

This study was carried out in order to understand the plan, design, constructing and actual condition of management of modernized horticultural facilities in Kyungpook Province which had been constructed from 1992 to 1995 funded by Government support. The aim of this study is to provide reference data for success of the forth project. It was performed by making up a question about driving of project and management condition of equipment after constructing. The results obtained from this study are as follows: 1. 73.5% of facilities horticulture farmhouse recognized that the prospect of greenhouse is bright, but 92.5% of the farmhouse also recognised that they need technical consultation on protected horticulture farming. Therefore, technical educations would must be enhanced about foundation of greenhouse and cultivation technique. 2. The holding times of explanatory meetings, cause of understanding to farmhouse, were one or two times in greenhouse construction, and 62.5% of the farmhouse expressed the insufficiency at the explanation and educational data. For this reason, it was judged that the construction contract had been delayed more than 5 months in 49.3% of the farmhouse after the decision of project budget. 3. In constructing after a contract, the rates of construction delay is 53.4% and defect occurrence is 41.1%. The biggest reasons of construction delay was insufficiency of worker and materials supply. Each percentage is 29.1%. And the reason of defect occurrence is badness of machinery equipment(62.9% ). 4. In management of greenhouse, a pipe-constructed plastic film greenhouse changes plastic film every one and three years because of sticking dust on plastic film. It was needed to about in cleaning technique of coverings. Because that used 3-5 years only half of the expected life span. 5. The order of broken rating in the subsidiary equipment is like this lollop ventilator (42.8%), a general control system(33.3%) especially, in the case of a general control system, the rate of all family can control is 52.7%. so, it is time to develop easy control equipment which every one could use as soon as possible. 6. When choose heat generator as decide capacity, the most priority is the mount of heat generator the percent is 45.5% heat generator and as decide model, the private purchase's percent is 77.3%. It is higher than a public bidding heat generator the percent is 22.7% heat generator when it compare with a public bidding. In the case of $CO_2$ generator, using rate is only 19.0%. The using rate is very low, so it needs education how to use depends on the way of the subsidiary equipment. 7. In the case of seedlings, it is asked to use factory-processed seedling effectively. because it's difficult to get security of labors(58.8%), hoped crops (55.9%) access same crops(29.4%) much more and changing of crops depends on market situation. that is the main reason the lack of knowhow.

• Korean Journal of Poultry Science
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• v.6 no.2
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• pp.91-102
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• 1979

The basic problem of the broiler industry is that of fluctuating prices, mainly thanks to unstable supply of and inelastic demand for products as usually indicated as a peculiarity of agricultural commodities. This particularly brings the producer to a great economic risk, because he has to sell products under the condition of pure competition, whereas others from whom he has to buy deal under the condition of oligopoly or even monopoly. Therefore, producers economic position is generally placed in the worst comparing others dealing with, which results in unbalanced economic status of elements involved in broiler operation and further obstruction of industry development as a whole. A certain type of business coordination to overcome such a problem should be measured in order to improve the efficiency of entire operation and thus assure the balanced industry development. The concept of the economic integration developed in modern business system had been adapted to U.S. poultry industry which became common later around the world as a means of stabilizing producers price and whole industry as well. There are two main typos of integration; horizontal and vertical The former refers to the general grouping of similar business units, eg. a hatchery tying with other hatchery, while the latter refers to the knitting together of two or more stages of economic activities, eg. tying together among units of hatching, fled milling, production, processing and marketing. By having the industry integrated, risk and uncertainty involved in various stages of operation could be diversified. The typo of integrating contract between producers and integrators include the share of profits, flat fee payment, feed conversion payment and salary basis. In the U.S., extensive changes in production, processing, and marketing during the last few decades have changed the thicken broiler industry from one of small, widely scattered farms to one that is largo, concentrated and efficient. More than 99 percent of all broilers produced are grown under contract and by integrated firms which vary in size of operation and complexity. About 84 percent of all production is concentrated in 10 States. Some of the other factors ;hat contributed to these choses arc costs, energy use, prices, processing, marketing and demand. No integrated broiler production system has yet been applied in Korea's poultry industry, thus all stages all broiler operation run independently seeking for its own profit. Consequently, producers price fluctuate very widely around the year even more than 50 percent in a few months. This also leads to disadvantages of material supplies, processors and distributors and enforce the industry unstable. The current economic environment in Korea seems that the time for broiler integration comes and as an ideal integrator, feed millers, food processors and producers group may be considered.

• The Journal of Industrial Distribution & Business
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• v.9 no.6
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• pp.77-85
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• 2018

Purpose - The purpose of this study is to subdivide trade transaction-centered structure in a logistics/distribution industry system to apply blockchain, to establish and resolve with which types of technology, and to provide policy direction of government institution and technology to apply blockchain in this kind of industry. Research design, data, and methodology - This study was conducted with previous researches centered on cases applied in various industry sectors on the basis of blockchain technology. Results - General fields of blockchain application include digital contents distribution, IoT platform, e-Commerce, real-estate transaction, decentralized app. development(storage), certification service, smart contract, P2P network infrastructure, publication/storage of public documents, smart voting, money exchange, payment/settlement, banking security platform, actual asset storage, stock transaction and crowd funding. Blockchain is being applied in various fields home and abroad and its application cases can be explained in the banking industry, public sector, e-Commerce, medical industry, distribution and supply chain management, copyright protection. As examined in the blockchain application cases, it is expected to establish blockchain that can secure safety through distributed ledger in trade transaction because blockchain is established and applied in various sectors of industries home and abroad. Parties concerned of trade transaction can secure visibility even in interrupted specific section when they provide it as a base for distributed ledger application in trade and establish trade transaction model by applying blockchain. In case of interrupted specific section by using distributed ledger, blockchain model of trade transaction needs to be formed to make it possible for parties concerned involved in trade transaction to secure visibility and real-time tracking. Additionally, management should be possible from the time of contract until payment, freight transfer to buyers through land, air and maritime transportation. Conclusions - In order to boost blockchain-based logistics/distribution industry, the government, institutionally, needs to back up adding legal plan of shipping, logistics and distribution, reviewing standardization of electronic switching system and coming up with blockchain-based industrial road maps. In addition, the government, technologically, has to support R&D for integration with other high technology, standardization of distribution industry's blockchain technology and manpower training to expand technology development.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.191-212
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• 1992

This paper discusses the role of money in the process of capital accumulation where financial markets are impeded by contract enforcement problems in the context of overlapping generations framework. In particular, in less developed countries (LDCs) creditors may know little about the repayment capability of potential debtors due to incomplete information so that financial instruments other than money may not acceptable to them. In this paper the impediments to the operation of the private finanical markets are explicitly modelled. We argue that creditors cannot observe actual investment decisions made by the potential borrowers, and as a result, loan contracts may not be fully enforceable. Therefore, a laissez-faire regime may fail to provide the economy with the appropriate financial instruments. Under these circumstances, we introduce a government operated discount window (DW) that acts as an open market buyer of private debt. This theoretical structure represents the practice of governments of many LDCs to provide loans (typically at subsidized interest rates) to preferred borrowers either directly or indirectly through the commercial banking system. It is shown that the DW can substantially overcome impediments to trade which are caused by the credit market failure. An appropriate supply of the DW loan enables producers to purchase the resources they cannot obtain through direct transactions in the credit market. This result obtains even if the DW is subject to the same enforcement constraint that is responsible for the market failure. Thus, the DW intervention implies higher investment and output. However, the operation of the DW may cause inflation. Furthermore, the provision of cheap loans through the DW results in a worse income distribution. Therefore, there is room for welfare enhancing schemes that utilize the higher output to develop. We demonstrate that adequate lump sum taxes-cum-transfers along with the operation of the DW can support an allocation that is Pareto superior to the laissez-faire equilibrium allocation.

• Environmental and Resource Economics Review
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• v.26 no.1
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• pp.103-121
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• 2017

The domestic ESCO project was introduced in 1992 as one of the energy efficiency improvement programs. In recent energy market, the changes in the market conditions such as smart grid, renewable energy, and the importance of demand response became important issues. As the diversified business models are required, examples of overseas exercises are examined. Business areas in Europe or the US where the ESCO industry has been active include measures to improve the efficiency of energy facilities in all areas, ranging from energy supply facilities and energy services to end users. This type of ESCO overseas business model can be classified into various types such as project execution method, supplier demand management, financing method, climate change and emission rights, new and renewable energy, and other criteria. In this study, we propose to adopt IEC (Integrated Energy Contracting) contract method in domestic ESCO market for additional business models. Current convention of listing the specific individual business types being allowed by regulation turned out to be obstacles to the revitalization of the related market. In order to achieve the goal of energy conservation, it is recommended, instead, to revise the current funding guidelines to be a negative system.

• The Transactions of the Korean Institute of Power Electronics
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• v.27 no.5
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• pp.376-383
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• 2022

The improved performance of computer parts, such as graphic card, CPU, and main board, has led to the need for power supplies with a high power output. The dynamic load profile rapidly changes the usage of power consumption depending on load operations, such as PC power and air conditioner. Under dynamic load profile conditions, power consumption can be classified into maximum, normal, and standby power. Several problems arise in the case of maximum power. Peak power is generated at the system power source in the maximum-power situation. Frequent generation of peak power can cause high-frequency problems and reduce the life of high-pressure parts (especially high-pressure capacitors). For example, when a plurality of PCs are used, system overload occurs due to peak power generation and causes problems, such as power failure and increase in electricity bills due to exceeded contract power. To solve this problem, a system peak power limit/compensation power circuit is proposed for a power supply under dynamic load profile conditions. The proposed circuit detects the system current to determine the power situation of the load. When the system current is higher than the set level, the circuit recognizes that the system current generates peak power and compensates for the load power through a converter using a super capacitor as the power source. Thus, the peak power of loads with a dynamic load profile is limited and compensated for, and problems, such as high-frequency issues, are solved. In addition, the life of high-pressure parts is increased.

• Journal of Korea Port Economic Association
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• v.37 no.3
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• pp.117-128
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• 2021

In order for the users (shipping firms and shippers) and suppliers (stevedoring firms) in the container terminal industry to win-win, it is necessary to have some appropriate diverse market conditions for the industry. This study analyses the basic conditions and demand and supply characteristics of the industry and investigates the market performance of Busan container ports. First, this article analyses the basic characteristics of demand and supply. As the demand characteristics, there are five ones such as 1) exogeneity of demand, 2) function as export/import transportation and hub for transshipment, 3) increase of users' bargaining power, 4) high substituting elasticity, 5) reduction of volume growth. As the supply characteristics, there are seven ones such as 1) inelasticity of supply, 2) homogeneity of stevedoring services, 3) over-supply, 4) adoption of cutting-edge stevedoring technology, 5) scale economy and impossibility of storage, 6) labor market rigidity, 7) enhancing port's role in SCM. In addition, this study conducts the so-called structure-conduct-performance analysis. For the structure analysis, 1) lacks of scale economy in stevedoring companies, 2) high entry barrier, 3) strengthening of shipping firms' bargaining power, 4) transitory permission scheme for tariff are analyzed. For the conduct analysis, 1) price discrimination between export/import and transshipment, 2) mid-term length of terminal use contract, 3) continuous investment in equipment, 4) low level of cooperation among terminal operating firms are derived. For the performance analysis, 1) inequality in profitability, 2) reduction of export/import cost, 3) delay in adopting cutting-edge technology, 4) idle equipment are analyzed. Following this logical flow, the hypothesis that the market structure influences the market conduct is tested based on the actual dataset. As a future agenda in the conclusion, this article recommends the so-called port industrial policy.

• Journal of Applied Tourism Food and Beverage Management and Research
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• v.14 no.2
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• pp.95-119
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• 2003

Case Study about the management of bakery menu through a menu analysis: This study checked the sales of bakeries this researcher has operated for 4 weeks before evaluating the menu with Kasavana & Smith Analysis, changing the position of the menu on the theoretical base of space composition and then checking the sales for 4 weeks again and analyzing in the same way. The study compared the two groups by using the menu analysis. The menu used in the analysis included 31 items produced in the stores and 29 items turned out from the headquarters. The results of the menu evaluation through Kasavana & Smith Analysis are as follows: (i) before changing the position of the menu 22 Stars, 20 Puzzles, 15 Plowhorses, 13 Dogs (ii) after changing the position 18 Stars, 24 Puzzles, 12 Plowhorses, 6 Dogs During the study, it was inconvenient that many things not thought about before were discovered. The limitations of the study are as below: a) when the displayed items were sold out, they couldn't be supplied continuously. The items from the headquarters were supplied as many as the ordered volume. As the stores prepared materials only for the day, they only produced bakeries as many as the dairy target. So it is difficult for them to keep extra bakery. b) it is natural that a new item make the sales of the existing items cut down. During the study, there appeared a new item, which influenced on the sales. c) as the store this researcher manages is smaller than the others, it was difficult to change all the position of the menu. With only 18 items changing their positions, there couldn't obtain more accurate data. d) because of the franchise contract, there fixed the prices of supply and sale. Therefore the price of Plowhorse couldn't be changed. However on the base of this study, it can search more specific ways to efficiently manage the bakery business in the future.

• Korean Journal of Community Nutrition
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• v.13 no.4
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• pp.520-530
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• 2008

The purpose of this study was to investigate the characteristics of the foodservice management practices, the equipment ratio of sanitary facility/equipment, and dietitians' perceptions of (i) the barriers to sanitary management and (ii) the sanitary management performance level in the welfare institutions for the disabled in Korea. The survey was conducted during the period from September 7 to October 15, 2006. A total of 91 institutions(response rate 74.6%) were analyzed by using SPSS(windows ver. 14.0). The average number of meals served per day per an institution was 379. The majority(93.4%) of dietitians made decisions in procurement. The major part of the purchase was made through private contract. The factors affecting menu planning were nutrition, food preference, and cost, in the order of importance. Among the food items, fruits were infrequently served, while protein source foods and green leaf vegetables were almost daily served. The equipment ratio of sanitary facilities/equipment was 45%, which was relatively low. Most dietitians perceived 'limited availability of facilities and equipment' and 'the lack of support from financing department' as the major barriers in implementing a desirable sanitary system. Sanitary management performance in 'the food ingredient' was perceived as the lowest, while that in 'the uniform' showed the highest. The results of this study suggest that a proper supporting program on securing the facility/equipment and adequately trained employees are needed for successful sanitary management. Also, a more frequent supply of fruits for the disabled is recommended.