• Management & Information Systems Review
• /
• v.28 no.4
• /
• pp.27-44
• /
• 2009

Economic value of a certain technology is of great interest and importance in a wide variety of investment circumstances. These vary from companies considering investing in R&D projects, to venture capitalists funding start-up companies. However, such valuation is extremely difficult in any case, and the cost of failure can be very high. Many techniques have been proposed to assist managers facing this issue, from traditional discounted cash flow analysis to more recent methods based on real options. In the meantime, the discounted cash flow method has limitations in applying the valuation of technology. At the same time, there have been various solutions to overcome theoretical problems of the method. Real options have been thought as a solution. However, there are another problems in using them in real world. This paper reviews the previous studies on the valuation of technology in several aspects, discusses the practicability of the various methods available, and explore the application of a hybrid model, which aims to make these rather aore the ideas more accessible to practicing managers.

• Journal of Korean Society of Forest Science
• /
• v.97 no.1
• /
• pp.77-82
• /
• 2008

For the last few decades, forest resources in Korea have continuously increased in terms of their stocks. However, due to the low profitability of timber harvesting in Korea, their economic values have not been well recognized. Furthermore, their economic values have not been counted in national statistics associated with forest resources such as the Forestry Household Economy Survey or the National Accounting. This research fundamentally aimed at building a forest valuation system or a procedure that enables one to evaluate the national-level economic values of timber assets in Korea. For this research, it is necessarily required to understand the principles of appraisal methods and any issues raised in their practical applications. Thus, a comprehensive review of appraisal methods utilized in Korea and other countries was conducted in this research. Also, the current valuation system of the National Forests in Korea was investigated. Through the review and the investigation, it was found that an alternative consists of two appraisal methods, the 'Capitalized Income Value' method adopting the Internal Rate of Return (IRR) for the below-rotation age forest and the 'Derived Residual Value' method for the above-rotation age forest, could be the most acceptable for evaluating timber assets of forestry households derived from the Forestry Household Economy Survey in Korea.

• Journal of Information Management
• /
• v.35 no.1
• /
• pp.93-112
• /
• 2004

This study is intend to analyze the cited patent life time of US patent data via more objective way. It is based on exploratory approach which is one of various methods for technology forecasting. The life spans of cited patents of specific technological field are deduced from using informetric analysis of USPA database of KISTI, which is composed of US patent data covered from 1972 to present. The statistics of the results may help to estimate the economic life span of the specific technological area for technology valuation.

• Journal of Korean Society for Quality Management
• /
• v.49 no.2
• /
• pp.161-170
• /
• 2021

Purpose: The purpose of this study was to evaluate the economic value of installing public Energy storage system (ESS) facilities using a logit regression analysis and Contingent Valuation Method (CVM). We focused mainly on the environmental benefits of ESS and analyzed how the users' attitude toward environmental protection and knowledge of renewable energy affect their Willingness to pay (WTP) Methods: A single-bounded dichotomous choice (SBDC) survey was used to collect the data. We asked participants whether they are willing to pay a randomly presented cost (KRW 100, 500, 1000, 1500, 2000, 2500, 5000, 10000) along with their attitude to toward environmental protection, knowledge of renewable energy, and perceived cost of electric bill. 417 valid samples were collected and used for the analysis. Results: The results of the logit regression show that the initial bid, attitude toward environmental protection, knowledge of renewable energy, and perceived cost of electric bill significantly affect the user's WTP of public ESS facilities. The CVM results show that users are willing to pay KRW 5,049.1/month to install ESS facilities. Conclusion: : According to results, we conclude that the users agree with the need to install ESSs and that environmental benefits of ESSs are important factors for ESS adoption. Therefore, policy makers need to emphasize environmental aspects to install the ESS facilities.

• Economic and Environmental Geology
• /
• v.39 no.6 s.181
• /
• pp.787-801
• /
• 2006

Focused in the characteristic of R&D on Geoscience and Mineral Resources as basic research area, we survey on methods of public works' economic impact analysis including cost-benefit analysis and resent technology evaluation methods and suggest apply-methods to conduct economic impact analysis on R&D of geoscience and mineral resources. To conduct economic impact analysis on the basic research area, it need to identification research's out-come not just output. In this perspective, we propose a method, Input-Output-Outcome Roadmapping to identify the outcome of R&D and show the relation of input, output, and outcome of R&D. Furthermore, noticing the different effects of R&D from public works, we directly evaluate the use-value of the academic theory or geological maps through Contingent Valuation Method(CVM) and others developed as evaluation methods on environmental goods. In indirect application methods, it can evaluate the partial of the pubic works' benefit with assuming R&D factors if R&D is a part of public works. If not, we evaluate the R&D's value as reductions of costs or additions of benefit with finding related public works.

• Korean Journal of Environment and Ecology
• /
• v.28 no.1
• /
• pp.71-79
• /
• 2014

The goal of this study is to estimate economic benefit of restoring ecological stream of Hong Cheon river. The benefit is determined by estimating willingness-to-pay for the value of Hong Cheon river because it is a non-market good which is difficult to be measured in terms of monetary value. Specifically, the spike model, one of the contingent valuation methods, is used to distinguish respondents having zero willingness-to-pay for Hong Cheon river. The results show that a household located near the Hong Cheon river is willing to pay 3,300~4,628 Korean Won per year, while a household not located near the Hong Cheon river is willing to pay 1,308~2,929 Korean Won per year. Thus, total benefit of restoring ecological stream of Hong Cheon river is estimated as 97.6~216.3 billion Korean Won.

• Journal of Korean Society of Forest Science
• /
• v.102 no.3
• /
• pp.338-344
• /
• 2013

The study was conducted to set up the criteria of judgement that could be utilized for cultivated wild ginseng, easy and well-defined for consumers to understand. For the purpose, the study examined consumers' perception and valuation on each attribute of cultivated wild ginseng that was related to the product quality through a choice experiment. Attributes used in the experiment were based on exterior characteristics of cultivated wild ginseng including ages, planting methods, external dimension, length of fibrous roots, and hue and color. Residents in Seoul and Gyeonggi Province were interviewed and a total of 173 questionnaires were acquired for the analysis. According to the result, respondents valued the highest score on ginseng grown by direct sowing, while they valued rather lower scores on ginseng's external dimension. In general, the hypothetical model was shown to exist within the stable range.

• Korean Journal of Health Education and Promotion
• /
• v.29 no.5
• /
• pp.37-48
• /
• 2012

Objectives: The economic evaluation of health promotion programs has increasingly become an imperative activity for securing public fund or budget. The purpose of this study is to conduct an economic evaluation for the healthy school canteen program using the contingent valuation method(CVM). Methods: To estimate the benefit from the healthy school canteen program, double-bounded dichotomous choice method as a sort of willingness to pay was employed. Four hundred parents who lived in Seoul and have students at middle or high schools, were administrated by semi-constructive questionnaire containing the necessary information for benefit estimation. Cost estimation of healthy school canteen program was made referring to three types of pilot programs. Finally, the benefit against the cost was worked out according to the three levels of estimated cost. Results: Cost estimate is 8,488 and 9,311 won depending on the two senarios about how to invest on the program, respectably. The results of benefit estimate shows that the average cost willingness to pay(WTP) for healthy school canteen program is 21,275 won(16,963-59,838 won, 95% CI) and total benefits turned out 14.7 billion won. According to the cost-benefit analysis, average benefit-cost ratio is from 2.3 to 3.6. Conclusions: Healthy school canteen program could be economically accepted, and government can take consideration of expanding beneficiaries of healthy school canteen program for health promotion.

• Journal of Environmental Health Sciences
• /
• v.32 no.6
• /
• pp.571-577
• /
• 2006

Health benefits from implementing air quality control measures were assessed using the Environmental Benefits Mapping and Analysis Program (BenMAP). BenMAP developed by US EPA is a GIS-based software tool that estimates the health impacts and associated economic values connected with changes in ambient air pollution. Once a set of BenMAP-required data was collected, the health benefits from implementing Seoul Air Quality Management Plan (SAQMP), an official AQ improvement plan for Seoul Metropolitan Area, was assessed using BenMAP. The PM10 concentrations assuming the SAQMP implemented successfully were predicted with the MM5 (Mesoscale Meteorological model version 5)/CMAQ (Community Multiscale Air Quality) model. A PM 10 exposure related premature mortality function was adopted trom a well-known epidemiology study. Economic valuation functions driven from benefit transfer methods were utilized. Through the SAQMP, PM10 concentrations were estimated to be lowered by $15{\mu}g/m^3\;to\;75{\mu}g/m^3$ depending on air quality modeling grids. 5,569 premature deaths (95% CI $3,264{\sim}7,809$ deaths) could be avoided in the Seoul Metropolitan Area. The economic value of the deaths avoided was estimated to $13.2 billion $(95%\;CI\;$890\;million{\sim}$28.2\;billion)$ using the benefit transfer value. BenMAP could be a useful tool for developing effective air quality improvement policy, enabling the policy makers to anticipate the effects of regulatory changes on people's health and the economy.

• Journal of Intelligence and Information Systems
• /
• v.23 no.2
• /
• pp.139-160
• /
• 2017

Technology commercialization creates effective economic value by linking the company's R & D processes and outputs to the market. This technology commercialization is important in that a company can retain and maintain a sustained competitive advantage. In order for a specific technology to be commercialized, it goes through the stage of technical planning, technology research and development, and commercialization. This process involves a lot of time and money. Therefore, the duration and cost of technology commercialization are important decision information for determining the market entry strategy. In addition, it is more important information for a technology investor to rationally evaluate the technology value. In this way, it is very important to scientifically estimate the duration and cost of the technology commercialization. However, research on technology commercialization is insufficient and related methodology are lacking. In this study, we propose an evaluation model that can estimate the duration and cost of R & D technology commercialization for small and medium-sized enterprises. To accomplish this, this study collected the public data of the National Science & Technology Information Service (NTIS) and the survey data provided by the Small and Medium Business Administration. Also this study will develop the estimation model of commercialization duration and cost of R&D performance on using these data based on the market approach, one of the technology valuation methods. Specifically, this study defined the process of commercialization as consisting of development planning, development progress, and commercialization. We collected the data from the NTIS database and the survey of SMEs technical statistics of the Small and Medium Business Administration. We derived the key variables such as stage-wise R&D costs and duration, the factors of the technology itself, the factors of the technology development, and the environmental factors. At first, given data, we estimates the costs and duration in each technology readiness level (basic research, applied research, development research, prototype production, commercialization), for each industry classification. Then, we developed and verified the research model of each industry classification. The results of this study can be summarized as follows. Firstly, it is reflected in the technology valuation model and can be used to estimate the objective economic value of technology. The duration and the cost from the technology development stage to the commercialization stage is a critical factor that has a great influence on the amount of money to discount the future sales from the technology. The results of this study can contribute to more reliable technology valuation because it estimates the commercialization duration and cost scientifically based on past data. Secondly, we have verified models of various fields such as statistical model and data mining model. The statistical model helps us to find the important factors to estimate the duration and cost of technology Commercialization, and the data mining model gives us the rules or algorithms to be applied to an advanced technology valuation system. Finally, this study reaffirms the importance of commercialization costs and durations, which has not been actively studied in previous studies. The results confirm the significant factors to affect the commercialization costs and duration, furthermore the factors are different depending on industry classification. Practically, the results of this study can be reflected in the technology valuation system, which can be provided by national research institutes and R & D staff to provide sophisticated technology valuation. The relevant logic or algorithm of the research result can be implemented independently so that it can be directly reflected in the system, so researchers can use it practically immediately. In conclusion, the results of this study can be a great contribution not only to the theoretical contributions but also to the practical ones.