• Environmental and Resource Economics Review
• /
• v.22 no.4
• /
• pp.759-784
• /
• 2013

Participants can use the allowances and offsets for implementing the compliance in the Emissions Trading Scheme(ETS). There are alternative commodities which are different prices it gives the opportunities to reduce the compliance costs and get the arbitrage. This study analyzes the price driver of spread which is the difference between EUA and sCER using AR-GARCH model, EUA and CER during the Phase 2 in EU ETS. The results show that there are common elements which impacts the EUA and sCER and also different elements between them. EUA and sCER get the effects from energy price and economic criteria such as coal price and financial crisis as common elements. However them get the effects from electric price, policy criteria such as restricted CERs and difference price between EUA and ERU price as different elements. The results shows that spread will be widen if energy price increase, especially oil and electric price give more impacts the spreads. This study has the means that it explains the reason why the spreads will broaden sharply in 2012. And it also suggests the price driver of spread during the whole period of Phase 2. In addition, this study shows that political aspects maybe become the main criteria of price change with structural elements shch as energy price in Korea ETS which starts in 2015.

• Management & Information Systems Review
• /
• v.33 no.3
• /
• pp.93-104
• /
• 2014

This study investigates price discovery between BlueNext spot and futures in EU ETS carbon emission markets using vector error correction model, GG and Hasbruck information ratio. Especially EUA is European Union Allowances traded on the Emissions Trading Scheme. This emission asset attracts and increasing attention among operators, investors and brokers on emission markets. In this study, we found BlueNext spot and EUA futures market are cointegrated. Following the preceding studies, we judged that EUA futures market contribute to the price discovery process than BlueNext spot market when this GG and Hasbrouck information ratio for BlueNext market are larger than 0.5. In other words, the futures market of EUA plays a more dominant role in price discovery than the spot market.

• Journal of Environmental Policy
• /
• v.12 no.4
• /
• pp.93-117
• /
• 2013

We analyze the optimal hedge ratio and hedge effectiveness with different periodic times between spot and futures on EUA and CER based on EU-ETS. The Main finding are as follows. The first, hedging model which considers the time-varying variance is not more accurate than non-time-varying hedging models. The second, optimal hedge ratios are different even though hedge effectiveness is similar for the hedging purpose. The third, hedge effectiveness has uncertainty if hedge period is short. In case of EUA it needs to over 6 weeks and CER needs to over 7 weeks. The fourth, cross hedge with CER futures is not suitable for profit ratios.

• The Academic Congress of Korean Shoulder and Elbow Society
• /
• 2002.10a
• /
• pp.23-38
• /
• 2002

[ ${\cdot}$ ] Instability in the overhead athlete complicated ${\cdot}$ Consider other pathologies: Internal Impingement SLAP ${\cdot}$ Diagnose by Hx, Px, MRI, EUA, and arthroscopy

• Environmental and Resource Economics Review
• /
• v.20 no.3
• /
• pp.531-565
• /
• 2011

All previous studies analyzing multivariate time series data of EUA (European Union Allowance) price commonly used endogenous variables within the four variables and included the period from April to June of 2006 in the analysis, when the price distortion occurred. This study uses graph theory and structural vector error correction model (SVECM) to analyze the daily time series data of the EUA (European Union Allowance) price. As endogenous variables, five variables are considered for the analysis, including prices of crude oil, natural gas, electricity and coal in addition to carbon price. Data period is Phase 2 period (April 21, 2008 to March 31, 2010) to avoid the EUA price distortion of Phase 1 period (2005~2007). Further, the monthly data including the economic variables as endogenous variables are analyzed.

• Journal of Climate Change Research
• /
• v.6 no.1
• /
• pp.11-19
• /
• 2015

This study has aimed to compare an emission trading system (ETS) in the EU and Japan that introduced the scheme prior to Korea and provided the latter with a benchmarking model. Especially, the EU has a reputation for its well-organized and evolving system, and Japan has also successfully established the system despite its similar condition with Korea, such as an industrial structure and the degree of energy dependence. However, there are noticeable differences between the EU and Japan in their ETS. Whereas Japan has focused on securing certifications in CDM as the implementation of Kyoto protocol, EU has shown a tendency to transform the trading market from a parallel structure of EUA and CER transaction to only the EUA transaction after ending of 1st commitment period of the Kyoto Protocol. Since the differences were mainly caused by not only in a design of the system but also in internal governance and their national circumstance, it is meaningful to analyse the Korean case with a similar framework. This study may contribute to designing an appropriate system for emission trading in Korea through the comparison of the EU and Japanese case.

• Journal of the Korean Data and Information Science Society
• /
• v.22 no.3
• /
• pp.401-412
• /
• 2011

This study uses a vector error correction model to analyze the daily time series data of the spot price of EUA (European Union Allowance). As endogenous variables, five variables are considered for the analysis, including prices of crude oil, natural gas, electricity and coal in addition to carbon price. Data period is Phase 2 period (April 21, 2008 to March 31, 2010) to avoid Phase 1 period (2005-2007) where the EUA prices were distorted. Unit-root and cointegration test results reveal that all variables have a unit root and cointegration vectors exist, so a vector error correction model is adopted instead of a vector autoregressive model.

• Journal of Electrical Engineering and Technology
• /
• v.3 no.1
• /
• pp.20-28
• /
• 2008

This paper proposes a method for solving distribution system planning problems taking into account demand uncertainty and geographical information. The proposed method can automatically select appropriate location and size of a substation, routing of feeders, and appropriate sizes of conductors while satisfying constraints, e.g. voltage drop and thermal limit. The demand uncertainty representing load growth is modeled by fuzzy numbers. Feeder routing is determined with consideration of existing infrastructure, e.g. streets and canals. The method integrates planner's experience and process optimization to achieve an appropriate practical solution. The proposed method has been tested with an actual distribution system, from which the results indicate that it can provide satisfactory plans.

• The Journal of the Acoustical Society of Korea
• /
• v.27 no.2E
• /
• pp.45-50
• /
• 2008

In recent years, quantitative ultrasound (QUS) technologies have played a growing role in the diagnosis of osteoporosis. Most of the commercial bone somometers measure speed of sound (SOS) and/or broadband ultrasonic attenuation (EUA) at peripheral skeletal sites. However, the QUS parameters are purely empirical measures that have not yet been firmly linked to physical parameters such as bone strength or porosity. In the present study, the theoretical models for wave propagation in cancellous bone, such as the Biot model, the stratified model, and the modified Biot-Attenborough (MBA) model, were applied to predict the dependence of phase velocity on porosity in cancellous bone. The optimum values for the input parameters of the three models in cancellous bone were determined by comparing the predictions with the previously published measurements in human cancellous bone in vitro. This modeling effort is relevant to the use of QUS in the diagnosis of osteoporosis because SOS is negatively correlated to the fracture risk of bone, and also advances our understanding of the relationship between phase velocity and porosity in cancellous bone.

• Korean Journal of Clinical Laboratory Science
• /
• v.53 no.3
• /
• pp.257-265
• /
• 2021

The COVID-19 virus is a β-genus virus that causes infection by mediating the angiotensin convertible enzyme 2 (ACE2) receptor, which is distributed in large numbers in the human respiratory tract. The disease requires effective post-management of antibody production by complete healers and vaccinators because there is no perfect remedy for the virus infection. This study aimed to develop recombinant proteins specifically responsive to neutralizing antibodies in clinical specimens and use them to develop a rapid diagnostic kit to diagnose neutralizing antibodies quickly and conveniently against the COVID-19 virus and confirm the possibility of commercialization through a performance evaluation. Rapid diagnostic kits using COVID-19 S1 RBD recombinant proteins can be applied to rapid diagnostic kits, with positive percentage agreement (PPA) and negative percentage agreement (NPA) of 100% and 98.3%, respectively, compared to the U.S. FDA-approved ELISA kits. If the performance of the rapid diagnostic kit is improved and neutralizing antibodies can be analyzed quantitatively using quantitative analysis equipment, it can be used as important data to predict immunity to the COVID-19 virus and determine additional vaccinations.