• Proceedings of the Korean Statistical Society Conference
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• 2003.05a
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• pp.43-48
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• 2003

We consider a consumption and investment problem where an investor's investment opportunity gets enlarged when she becomes rich enough, i.e., when her wealth touches a critical level. We derive optimal consumption and investment rules assuming that the investor has a time-separable von Neumann-Morgenstern utility function. An interesting feature of optimal rules is that the investor consumes less and takes more risk in risky assets if the investor expects that she will have a better investment opportunity when her wealth reaches a critical level.

• Management Science and Financial Engineering
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• v.19 no.2
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• pp.43-47
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• 2013

This paper studies an optimal consumption and portfolio choice problem for unemployed people who have an option to work. Our problem is to find optimal consumption, risky investment, and workforce re-entry strategies for the unemployed. We find a closed form of the critical wealth level to re-enter the workforce. We show that the unemployed with a higher disutility of labor or a larger relative risk aversion are more reluctant to re-enter the workforce.

• Journal of the Korean Home Economics Association
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• v.32 no.3
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• pp.27-44
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• 1994

Despite the rapid economic growth since the 1960s the economic inequality has been exacerbated in Korea. This study analyzed the variables influencing the level of objective deprivation. For empirical analysis this study used the data on 602 households in the city of Inchon collected by the researcher through interviews. The major method used in this study was the four stepwise multiple regression. The findings were as follows : the residential class was the most critical variable in determining the level of deprivation. For the entire sample assets had stronger effect on the deprivation than nonasset income but two variables had different effects depending on residential class. For the poor residential class two variables had the effect These results imply that the household consumption in Korea shows remarkable difference according to residential class and that the inequality of wealth compared to that of nonasset income had much more serious effects.

• Management Science and Financial Engineering
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• v.20 no.2
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• pp.13-25
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• 2014

We investigate an optimal retirement time and consumption/investment policy of a wage earner who expects to find a better investment opportunity after retirement by being freed from other work and participating fully in the financial market. We obtain a closed form solution to the optimization problem by using a dynamic programming method under general time-separable von Neumann-Morgenstern utility. It is optimal for the wage earner to retire from work if and only if his wealth exceeds a certain critical level which is obtained from a free boundary value problem. The wage earner consumes less and takes more risk than he would without anticipation of a better investment opportunity.

• Journal of Korea Trade
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• v.25 no.3
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• pp.21-47
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• 2021

Purpose - Offshoring has emerged as one of the major trends in international trade and has become one of the strategies for achieving competitiveness in the global market. In spite of this, the expected gains of offshoring can be offset by hidden costs and risks, such as those associated with the COVID-19 pandemic, the trade war between the USA and China, and the ongoing trade dispute between Korea and Japan. To obviate such business failure and prevent critical business blunders, offshoring strategies that efficiently consider both risk elements and potential wealth creation are urgently need. The first purpose of this study is to contribute to the development of more advanced offshoring strategies to help host countries select the best locations to manage supply chain risks and create unique value. The second purpose is to specifically analyze the current status of Korea and provide Korean companies with implications to be considered when deciding whether to offshore or re-shore. Design/methodology - A Network DEA model was applied to measure the comparative location efficiency of national competencies for offshoring strategy from perspectives of wealth creation opportunities (profitability and marketability) and supply chain risk management. The location efficiencies are compared among a total 70 countries selected from the Global Competitiveness Index (GCI) and globally attractive locations outlined by Kearney (2017). For the secondary analysis of efficiency, a t-test examining the nature of competitive advantage and the level of sophistication in production processes was implemented in three divisions. We then analyzed differences in offshoring performance in terms of the identified national traits. Moreover, Tobit regression analysis is conducted to investigate the correlation between value-added business activities and each divisional efficiency, seeking to determine how each degree of value-added business activity influences the increase in offshoring productivity. Findings - Regarding overall location efficiency for offshoring performance, only the USA and Italy were identified as being efficient as host countries for offshoring, under circumstances of advanced development, such as productivity and risk management. Korea ranks 13th among 70 countries. The determinants of national competitiveness depend on national traits (the nature of competitive advantage and business sophistication). Countries with labor/resource advantages and labor-intensive industries are more competitive in terms of marketability than others. In contrast, countries with strong technology-intensive industries benefit offshoring companies, particularly in the technology sector, with the added advantage of supply chain risk management. As the perception of a value chain is broader in a country, it can achieve both production sophistication and competitive advantages such as marketability and SCRM. Originality/value - Existing studies focus on offshoring effectiveness from a company perspective. This paper contributes to comparing country efficiency in producing core competencies related to an offshoring strategy and also segments countries into three performance-based considerations associated with the global offshoring market. It also details Korea's position as an offshoring location according to national efficiency and competency.

• Journal of Distribution Research
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• v.1 no.1
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• pp.41-63
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• 1996

In spite of economy has a critical cycle such as, production, distribution and consumption, we hardly concentrated our study to distributional system and behavior. Especially in Korea, Traditional idea had tried to ignore the people who work in this economic value at all. Manufacturers, other than retailers and wholesalers, had a belief that the manufacturing can control distributional channels forever. Unfortunately, technological and educational advances caused the quality equalization among developing and developed countries as well as among big and small manufacturers in their products. By this reason, economists are searching the economists dark continet' mentioned by Peter Drucker as a new source of wealth. According to a report by well-known economic research institute in Switzerland, Korea has classified in the lower level group in terms of international compatitive power. At the same time, business firms complain that they are suffering from lack of SOC and infrastructures. As an important mean to overcome the economic bottleneck, economists suggest in improve our distributional atmosphere. Basically, distributional study has two sub-fields as: commercial and physical distributions, Distributional system mainly concerns about to shorten the distances of time and space between production and consumption. The closer the distances, the higher efficiency can be achieved. Building distributional system will cost, but tile results will save social costs. Based on this idea, economists proposed several ways to cut the distances and to save costs, Naturally, they hope their beliefs can be adapted by business firms and governments. But frequently, their theories doesn't make any fruit. This paper has studied about the composition of joint transportational and distributional systems. And, even though there's no Marshall in tile real world at this point authors are trying to define the transportational and physical distributional costs, the most powerful factor that can impact to economic decision making.

• Proceedings of the Microbiological Society of Korea Conference
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• 2007.05a
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• pp.120-122
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• 2007

All living organisms use numerous signal-transduction pathways to sense and respond to their environments and thereby survive and proliferate in a range of biological niches. Molecular dissection of these signalling networks has increased our understanding of these communication processes and provides a platform for therapeutic intervention when these pathways malfunction in disease states, including infection. Owing to the expanding availability of sequenced genomes, a wealth of genetic and molecular tools and the conservation of signalling networks, members of the fungal kingdom serve as excellent model systems for more complex, multicellular organisms. Here, we employed Cryptococcus neoformans as a model system to understand how fungal-signalling circuits operate at the molecular level to sense and respond to a plethora of environmental stresses, including osmoticshock, UV, high temperature, oxidative stress and toxic drugs/metabolites. The stress-activated p38/Hog1 MAPK pathway is structurally conserved in many organisms as diverse as yeast and mammals, but its regulation is uniquely specialized in a majority of clinical Cryptococcus neoformans serotype A and D strains to control differentiation and virulence factor regulation. C. neoformans Hog1 MAPK is controlled by Pbs2 MAPK kinase (MAPKK). The Pbs2-Hog1 MAPK cascade is controlled by the fungal "two-component" system that is composed of a response regulator, Ssk1, and multiple sensor kinases, including two-component.like (Tco) 1 and Tco2. Tco1 and Tco2 play shared and distinct roles in stress responses and drug sensitivity through the Hog1 MAPK system. Furthermore, each sensor kinase mediates unique cellular functions for virulence and morphological differentiation. We also identified and characterized the Ssk2 MAPKKK upstream of the MAPKK Pbs2 and the MAPK Hog1 in C. neoformans. The SSK2 gene was identified as a potential component responsible for differential Hog1 regulation between the serotype D sibling f1 strains B3501 and B3502 through comparative analysis of their meiotic map with the meiotic segregation of Hog1-dependent sensitivity to the fungicide fludioxonil. Ssk2 is the only polymorphic component in the Hog1 MAPK module, including two coding sequence changes between the SSK2 alleles in B3501 and B3502 strains. To further support this finding, the SSK2 allele exchange completely swapped Hog1-related phenotypes between B3501 and B3502 strains. In the serotype A strain H99, disruption of the SSK2 gene dramatically enhanced capsule biosynthesis and mating efficiency, similar to pbs2 and hog1 mutations. Furthermore, ssk2, pbs2, and hog1 mutants are all hypersensitive to a variety of stresses and completely resistant to fludioxonil. Taken together, these findings indicate that Ssk2 is the critical interface protein connecting the two-component system and the Pbs2-Hog1 pathway in C. neoformans.