• The Transactions of The Korean Institute of Electrical Engineers
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• v.57 no.1
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• pp.20-24
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• 2008

A bid-based pool(BBP) model is representative of energy market structure in a number of restructured electricity markets. Supply function equilibrium(SFE) models of interaction better match what is explicitly required in the bid formats of typical BBP markets. Many of the results in the SFE literature involve restrictive parametrization of the bid cost functions. In the SFE models, two parameters, intercept and slope, are available for strategic bidding. This paper addresses the realistic competition format that players can choose both parameters arbitrarily. In a fixed demand function, equilibrium conditions for generation company's profit maximization have a degree of freedom, which induces multi-equilibrium. So it is hard to choose a convergent equilibrium. However, consideration of stochastic demand function makes the equilibrium conditions independent each other based on the amount of variance of stochastic demand function. This variance provides the bidding players with incentives to change the slope parameter from an equilibrium for a fixed demand function until the slope parameter equilibrium.

• The Journal of Fisheries Business Administration
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• v.47 no.4
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• pp.65-75
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• 2016

The purpose of this study was to analyze the production and marketing control effects of aqua-cultured flounder required for stable income growth of aqua-cultured household. We analyzed the supply and demand structure of cultured flounder using the partial equilibrium model approach. And we estimated the optimal yield of cultured flounder and analyzed the effect of marketing control through constructed model. The main results of this study are summarized as follows. First, the fitness and predictive power of the estimated model showed that the RMSPE and MAPE values were less than 5% and Theil's inequality coefficient was very close to 0 rather than 1. It was evaluated that the prediction ability of the aqua-cultured flounder supply and demand model by dynamic simulation was excellent. Second, dynamic simulation based on policy simulation was conducted to analyze the price increase effect of production and shipment control of cultured flounder. As a result, if the annual production volume is reduced by 1%, 5%, and 10% among 32,852~37,520 tons, it is analyzed that the price increase effect is from 1.2% to 12.5%. Finally, this study suggests that the production and marketing control can increase the price of aqua-cultured flounder in the market. In this paper, we propose a policy implementation of the total supply system instead of conclusions.

• Journal of Technology Innovation
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• v.13 no.1
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• pp.113-139
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• 2005

The purpose of this study is to analyse the diffusion process of personal computer (PC) in Korea during the 1990's. To achieve the goal, five research steps have been done such as the literature survey of diffusion theory, set-up of theoretic equilibrium model of supply and demand, derivation of an equilibrium path using Hamiltonian, and empirical analysis. The empirical analysis has been performed based on that equilibrium path. The results can be summarized as follows : First, technological attribute of diffusing product influences the diffusion speed of Product. It has been proven that the size of the network has a significant effect on the diffusion of PC in empirical study Second, supply factors have an important role in the diffusion process. According to the empirical analysis, decreasing cost of production as a result of technological advance promotes the speed of diffusion. This point seems to be manifest theoretically, but existing empirical models have not included supply factors explicitly, Third, it has been found out that expectation of decreasing cost would influence the speed of diffusion negatively as expected ex ante. Theoretically this result is supported by arbitrage condition of purchasing timing.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.15 no.3
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• pp.1471-1477
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• 2014

This paper addresses the development on supply-demand outlook model of Jeju winter radish and introduces a projection of supply-demand and market prices during 2014-2018 using the model. The supply-demand outlook model is specified as a partial equilibrium model of Jeju winter radish. Each equation in the model is estimated by using the econometric techniques. A review of the model stability is also carried out by the references based on RMSPE, MAPE, and Theil's inequality coefficients. According to the reference of RMAPE, the error rates of the forecasting values of the cultivation ares, production quantity, and consumption quantity show less than 4% and the error rate of market price is below 10%. The cultivation area and production quantity are projected respectively to be increased to 6,650ha and 433,310MT in 2018.

• Journal of Korean Society of Forest Science
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• v.103 no.3
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• pp.462-472
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• 2014

This study is aimed at developing a supply-demand model of wood products, and outlook for mid-term and long-term supply and demand for each products. The main wood products include sawnwood, plywood, particle board, fiberboard (MDF), and pulp. The partial equilibrium model is composed of supply function, import demand function, demand function, price relation function. With given parameters the outlook for year 2050 says that sawnwood, plywood, and fiberboard for domestic productions and imports are decreased. This may result from the increase of log prices from the inside and outside of the country because of the propensity for environment protection and the resource nationalism. On the other hand the supply of particle board and pulp will increase because they are made from wasted wood and chips.

• Journal of Korean Society of Forest Science
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• v.97 no.4
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• pp.458-466
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• 2008

This study was carried out to forecast long-term supply and demand of chestnut and to analyze the impacts of change in the environment of domestic and international chestnut markets. For these ends, the study developed a partial equilibrium market model, in which in-shelled chestnut market was vertically linked to shelled chestnut market. To examine the predictive ability of the model for the endogenous variables ex-post simulation was run for the period 1990 through 2003. In general, all endogenous variables reproduced the historical trends during the period except for disuse areas and newly established areas. The results of forecasting supply and demand show that domestic in-shelled chestnut production is estimated to decrease slightly from 76,447 ton in 2005 to 76,286 ton in 2020 and that exports of shelled chestnut continue to be decreased.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.11
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• pp.7781-7787
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• 2015

The purpose of This paper is to address the development on supply-demand outlook model of aqua-cultured korean Flatfish and introduces a projection of supply-demand and market prices during 2015-2017 using developed model. The supply-demand outlook model is composed as a partial equilibrium model of Korean Flat fish. Each equation in the model is estimated by the econometric techniques. A reviews of the demand-outlook model stability is also carried out by the references based on RMSPE. MAPE, and Theil's inequality coefficients. According to the reference of RMSPE, the error rates of the forecasting values of the aqua culture area, culturing quantity, production quantity, market price show less than 4%, The production quantity and farm price are predicted respectively to be 42,561MT and 10,191KW per kg in 2017.

• Journal of Korea Port Economic Association
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• v.21 no.4
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• pp.55-74
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• 2005

This study focuses on affording a material basis for rearranging the manpower supply system in port and logistics industry for Busan's international competitiveness strategies. First of all, the current state and future plan of port and logistics industry, as Busan's main strategic industry, are reviewed. Then theoretical background are introduced for the estimate of demand. As a methodology of this research, Cubic model is applied to estimate the demand of manpower by using 10 year time series data from 1993 to 2002. This paper also surveyed the supply side of port and logistics industry manpower in Busan area. The amounts of mismatched equilibrium between the demand and the supply are measured in this study. The concluding remarks shows some suggestions for the problem of mismatch and the relating policy planning.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.16 no.10
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• pp.6959-6968
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• 2015

This study aims to update the supply-demand model of wood products(FOSMO-2013) and to forecast mid and long run supply and demand for each products. The subjects of the study include sawnwood, plywood, particle board, fiberboard(MDF), and pulp. The updated partial equilibrium model is composed of supply function, import demand function, demand function, price relation function. The long run outlooks of world prices of wood and wood products are imported from the results of Buongiorno(2012). This study also adopt Buongiorno's scenarios, which includes three scenarios of IPCC(A1B, A2, B2) and the other one with assumption of increasing fuelwood consumption of A1B scenario. The result says that the domestic productions of wood products are expecting to decrease while the imports of them increase even there are some differences among the products as well as scenarios.

• Korean Journal of Organic Agriculture
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• v.28 no.2
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• pp.171-188
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• 2020

The Coronavirus disease (COVID-19), first identified in China in December 2019, has widely spread worldwide and is an ongoing pandemic. It is expected that the ripple effect of COVID-19 on the global economy including the agricultural sector will increase substantially if not properly controlled shortly. This study examines the potential impact of COVID-19 on the Korean beef cattle sector and farm labor demand for Korean beef cattle using a dynamic partial equilibrium model. The agricultural production value and farm labor demand for Korean beef cattle in the scenario assuming pessimistic GDP growth rate (-1.2% in 2020) with no direct supply shocks fell by up to 4.00% and 0.67%, respectively, compared to the baseline which represents the future without COVID-19 outbreak. On the other hand, the agricultural production value and farm labor demand for Korean beef cattle in the scenario assuming both pessimistic GDP growth rate and supply shocks (-12.7% beef imports and + 2.4% feed cost in 2020) increased by up to 12.08% and 1.99%, respectively, compared to the baseline.