• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.33
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• pp.63-89
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• 2007

The UCP is an authoritative compilation of the customs and practice of letters of credit observed by most of the participants in the transaction. It remains the most successful set of private rules for trade ever developed. First issued in 1933, the UCP has been through five revisions, the latest being the present UCP 500, which came into force in 1994. Since 1994, new developments in transport, insurance, electronic commerce and banking industry have spurred the current revision of the rules. The ICC Banking Commission approved UCP 600 on October 25, 2006 by a unanimous vote of 91 to 0. The revision, which will come into effect on July 1, 2007, incorporates a number of changes from UCP 500 as follows : UCP 600 has a leaner set of rules, with 39 articles rather than 49 articles of UCP 500; New sections on "definitions" and "interpretations" have been added to clarify the meaning of ambiguous terms; The phrase "reasonable time" for acceptance or refusal of documents has been replaced by a firm period of five banking days; UCP 600 allows for the discounting of deferred payment credits. However, UCP 600 has two main problems such as the inconsistency with insurance industry and the banking community-oriented rules. We have some months before the commencement of UCP 600. From today to the commencement of UCP 600, we should study the full contents of UCP 600 and the influences on the trade industry.

• Structural Engineering and Mechanics
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• v.31 no.1
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• pp.11-24
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• 2009

In China, the oil and natural gas resources of Bohai Bay are mainly marginal oil fields. It is necessary to build both ice-resistant and economical offshore platforms. However, risk is involved in the design, construction, utilization, maintenance of offshore platforms as uncertain events may occur within the life-cycle of a platform under the extreme ice load. In this study, the optimum design model of the expected life-cycle cost for ice-resistant platforms based on cost-effectiveness criterion is proposed. Multiple performance demands of the structure, facilities and crew members, associated with the failure assessment criteria and evaluation functions of costs of construction, consequences of structural failure modes including damage, revenue loss, death and injury as well as discounting cost over time are considered. An efficient approximate method of the global reliability analysis for the offshore platforms is provided, which converts the implicit nonlinear performance function in the conventional reliability analysis to linear explicit one. The proposed life-cycle optimum design formula are applied to a typical ice-resistant platform in Bohai Bay, and the results demonstrate that the life-cycle cost-effective optimum design model is more rational compared to the conventional design.

• Journal of Arbitration Studies
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• v.21 no.2
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• pp.133-156
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• 2011

This paper is to analyze the legality in which the fraud rule allow the issuer of L/C or a court to disrupt the payment to the beneficiary under the deferred payment credit when the nominated bank for deferred payment undertaking made prepayment or negotiation before the maturity date and fraud is identified to be involved. Since the function of commercial L/C is to provide absolute assurance of payment to a beneficiary, the fraud rule based on fraud exception has been known as the negative factor which lead to the disruption of "principle of independence & abstraction" under the commercial L/C transactions. As a result, the fraud rule is necessary to limit the activities of fraudsters, but its scope must be carefully circumscribed so as not to deny commercial utility to an instrument that exists to serve as an assurance of payment. But the fraud itself has not been firmly established because it is inherently pliable in its concept. There are numerous contents to describe the application of fraud to the L/C transactions as a standard such as egregious fraud, intentional fraud, L/C fraud(omitted here), flexible fraud, and constructive fraud. And so the standard applicable to the commercial transaction as the fraud rule would be high or low depending upon the various standards of fraud.

• International Journal of Contents
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• v.8 no.1
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• pp.23-29
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• 2012

Multiple expression levels of genes obtained using time series microarray experiments have been exploited effectively to enhance understanding of a wide range of biological phenomena. However, the unique nature of microarray data is usually in the form of large matrices of expression genes with high dimensions. Among the huge number of genes presented in microarrays, only a small number of genes are expected to be effective for performing a certain task. Hence, discounting the majority of unaffected genes is the crucial goal of gene selection to improve accuracy for disease diagnosis. In this paper, a non-Gaussian weight matrix obtained from an incremental model is proposed to extract useful features of multivariate time series microarrays. The proposed method can automatically identify a small number of significant features via discovering hidden variables from a huge number of features. An unsupervised hierarchical clustering representative is then taken to evaluate the effectiveness of the proposed methodology. The proposed method achieves promising results based on predictive accuracy of clustering compared to existing methods of analysis. Furthermore, the proposed method offers a robust approach with low memory and computation costs.

• Ocean and Polar Research
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• v.36 no.2
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• pp.157-163
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• 2014

This study analysed the economic feasibility per hectare of grow out phase production of Oyster farming by rising water temperature in Ocean. Elevated Water temperature by climate change had a bad influence for oyster production and economic feasibility. In the case of production units, the total output of oyster decreases from 213,840 to 205,594 units. Using cost-benefit analysis with discounting rates (5.5%), we estimated the net present value (NPV) and benefit cost ratio (BCR) until 2100 years. The model results showed that the NPV without water temperature rise was 1,565,619,893 won and the NPV with water temperature rise was 1,540,493,059 won. Also, BCR estimated that the former was 2.095 better than the latter was 2.077. To summarise, the economic effect per hectare of water temperature rise in ocean did the damage to the economic loss about 25,126,834 won.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.12 no.8
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• pp.3926-3945
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• 2018

In Jøsang's trust model, trust evaluation is obtained through operators, but there are problems with the mutuality and asymmetry of trust and the impact of event weight on trust evaluation. Trust evaluation is updated dynamically and continuously with time and the process of interactions, but it has not been reflected in Jøsang's model. Therefore, final trust evaluation is not accurate, and malicious fraud cannot be prevented effectively. This causes the success rate of interaction to be low. To solve these problems, a new dynamic trust model is proposed based on extended subjective logic (DTM-ESL). In DTM-ESL, the event weight and the mutuality of trust are fully considered, the original one-way trust relationship is extended to a two-way trust relationship, discounting and consensus operators are improved, and trust renewal is designed based on event weight. The viability and effectiveness of this new model are verified by simulation experiments.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2004.10a
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• pp.68-98
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• 2004

Although the internet is useful for transferring information, Internet auction environments make fraud more attractive to offenders because the chance of detection and punishment are decreased. One of fraud is phantom transaction which is a colluding transaction by the buyer and seller to commit illegal discounting of credit card. They pretend to fulfill the transaction paid by credit card, without actual selling products, and the seller receives cash from credit card corporations. Then seller lends it out buyer with quite high interest rate whose credit score is so bad that he cannot borrow money from anywhere. The purpose of this study is to empirically investigate the factors to detect of the phantom transaction in online auction. Based up on the studies that explored behaviors of buyers and sellers in online auction, bidding numbers, bid increments, sellers' credit, auction length, and starting bids were suggested as independent variables. We developed an Internet-based data collection software agent and collect data on transactions of notebook computers each of which winning bid was over 1,000,000 won. Data analysis with logistic regression model revealed that starting bids, sellers' credit, and auction length were significant in detecting the phantom transaction.

• Korean Management Science Review
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• v.21 no.2
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• pp.273-289
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• 2004

Although the Internet is useful for transferring information, Internet auction environments make fraud more attractive to offenders, because the chance of detection and punishment is decreased. One of these frauds is the phantom transaction, which is a colluding transaction by the buyer and seller to commit the illegal discounting of a credit card. They pretend to fulfill the transaction paid by credit card, without actually selling products, and the seller receives cash from the credit card corporations. Then the seller lends it out with quite a high interest rate to the buyer, whose credit rating is so poor that he cannot borrow money from anywhere else. The purpose of this study is to empirically investigate the factors necessary to detect phantom transactions in an online auction. Based upon studies that have explored the behaviors of buyers and sellers in online auctions, the following have been suggested as independent variables: bidding numbers, bid increments, sellers' credit, auction lengths, and starting bids. In this study. we developed Internet-based data collection software and collected data on transactions of notebook computers, each of which had a winning bid of over W one million. Data analysis with a logistic regression model revealed that starting bids, sellers' credit, and auction length were significant in detecting the phantom transactions.

• The Journal of Fisheries Business Administration
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• v.46 no.1
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• pp.109-119
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• 2015

This paper is to estimate the economic effect of benefits of the R&D and recreational fishing as well as input-output analysis in the Tae-an Trial Sea Farm Project(TTSFP). We use B/C model to indicate the effects of economic valuation. B/C analyses model consists of Benefit Cost Ratio(BCR), Net Present Value(NPV) and Internal Ration of Return(IRR). Using 5.5% discounting rates and the survey data, the sub-models show economically feasible in the all of analysis and analyzed the results as follows. NPV is 42,147 million won, BCR is 3.29 and IRR is 34.30%. This study attempts to apply input-output(I-O) analysis in connecting the economic effect of TTSFP. I-O model was constructed, focusing on three effects; the production-inducing effect, the value-added-inducing effect and employment-inducing effect. There are positive effects on economic value and job creation in Tae-an and Nation.

• Journal of the Korea Institute of Information and Communication Engineering
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• v.13 no.2
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• pp.207-214
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• 2009

This paper provides the analysis of economic theories about bundling in telecommunications service. First, the negative aspect of bundling is discussed. Second, the competitively neutral aspect of bundling which is counter response of negative effect is analyzed. Third, some variables affecting the bundling is investigated and the corresponding effect of bundling is discussed. The bundling can increase the social welfare under some circumstance while it sometimes decreases economic efficiency by detering the entry of competitive firms. Finally, regulatory approaches on bundling such as the criteria of bundling provision, the requirement of equal access, the discounting scheme ad a price control, ex anti regulation vs. ex post regulation, and the criteria of predatory pricing are provided.