• Environmental and Resource Economics Review
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• v.32 no.1
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• pp.27-46
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• 2023

This paper investigates how interfuel substitution affects carbon dioxide (CO₂) emissions with a focus on the use of biodiesel blended fuels. The results show that the Divisia elasticity of diesel demand is the greatest because the transportation sector relies heavily on diesel. Also, while the own-price elasticity of each fuel demand is negative, the results reveal that diesel demand is more inelastic than the demand for gasoline and LPG. Moreover, gasoline is a substitute for diesel and electricity, and diesel is a substitute for LPG and a complement for electricity. Regarding the effects on carbon dioxide emissions, this paper computes the potential CO₂ emissions associated with interfuel substitution using the coefficients of CO₂ emissions. The results show that using biodiesel blended fuels contributes to reducing CO₂ emissions, but it appears that the price-induced interfuel substitution is a main factor affecting CO₂ emissions.

• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.357-368
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• 2013

This research explores the efficiency of social welfare expenditure in Korea by analyzing marginal productivity, scale economies, and elasticity of substitution that could be obtainable from a production function. By virtue of VES production function, such productive indicators are easily identified. If once the efficiency is revealed in the production process, it brings to a positive impact to increase the level of income. Empirical evidences are shown that the public expenditure is operated systematically in comparing with the private one. This is mainly due to the fact that the system of the public sector is well-established. It implies that an operational system for the private sector ought to be built up in a short period of time. Otherwise, increasing in expenditure by a private sector would not be helpful to improve efficiency in the production side. Accordingly, level of income.

• Korea Trade Review
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• v.46 no.4
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• pp.219-234
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• 2021

Armington elasticity has been a methodology for analyzing how much imports could increase in response to importing price cuts, assuming the possibility of incomplete substitution of domestic and imported products. This study calculates Armington elasticity values in Korean fisheries sector and presents an analysis method for classifying items based on price and preference differences. The model is modified reflecting the characteristics of the fisheries market along with the typical OLS, PAM, and ECM models. The result's implication is that products with a high import growth rate do not necessarily show a high Armington value, but it could be seen that price is not the only factor facilitating fisheries imports increase. Considering the items of which demand increases due to importing price cuts have an indiscriminate demand between domestic and imported products, the results could be interpreted that the Korean fisheries importing market has been easily affected by the changes in import prices. Fisheries grouping by price and preference demonstrates that explanatory variables other than price should be considered when estimating import demand.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.16 no.2
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• pp.107-124
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• 2012

In this paper we conduct comparative statics for optimal consumption and portfolio selection of an agent who has a utility function of Epstein and Zin type. We derive the Slutsky equations and decompose the total effects of changes into the substitution effects and the income effects. We identify the role of the elasticity of intertemporal substitution and the coefficient of relative risk aversion.

• Ocean policy research
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• v.34 no.2
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• pp.1-28
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• 2019

The purpose of this study is to analyze the substitution among production factors of Korean distant water longline fisheries in IATTC waters. In the analysis, the translog function which have one output variable of total cost and input variables of labor, fuel, fishing gear, and capital was established and it was transformed into simultaneous equations by each cost. Then, variables of equations were estimated by SUR (seemingly unrelated regression) model. Since distant water longline fisheries is a fishing type with high fuel usage, substitution of fuel with other factors was mainly analyzed. Results showed a substitute relation between fuel and labor as well as fuel and fishing gear, while a complementary relation between fuel and capital. In addition, it was analyzed that magnitude of fuel elasticity with other factors would be inelastic.

• Advances in concrete construction
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• v.5 no.5
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• pp.437-450
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• 2017

The present work investigates about the development of a novel construction material by utilizing Granulated Blast Furnace Slag (GBS), an industrial waste product, as substitution of natural fine aggregates. For this, experimental work has been carried out to determine the influence of GBS on the properties of concrete such as compressive strength (CS), modulus of elasticity, ultrasonic pulse velocity (UPV), chloride penetration, water absorption (WA) volume of voids (VV) and density. Concrete mixes of water/cement (w/c) ratios 0.45 and 0.5, and incorporating 20%, 40% and 60% of GBS as partial replacement of natural fine aggregate (sand) are designed for this study. The results of the experimental investigation depict that CS of concrete mixes increases with the increasing percentages of GBS. Moreover, the decrease in chloride penetration, WA and VV, and improvement in the modulus of elasticity, UPV, density of concrete is reported with the increasing percentage of GBS in concrete.

• Journal of the Korean Society of Industry Convergence
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• v.8 no.3
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• pp.169-176
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• 2005

The purpose of this study is to develop the high strength crushed sand concrete in conditions of water binder ratios of 25, 30, 35% and blast-furnace slag substitutions of 0, 15, 30, 45%. Additionally, in case of water binder ratio of 30%, the maximum size of coarse aggregate is two kinds of 13, 19 mm. The conclusions of this study are as follows ; 1. The compressive strength appeared lower in early age as compared with that of plain concrete according to increasing of the blast-furnace slag substitution. But, the compressive strength was respectively 5, 6, 10% larger than that of plain concrete in case of 25, 30, 35% water binder ratios, 28 days, 30% blast-furnace slag substitution and 19mm coarse aggregate. 2. According to increasing of the blast-furnace slag substitution, the modulus of elasticity and the tensile strength of concrete increased. 3. The length change by the shrinkage increased when the larger coarse aggregate was used, and decreased according to higher blast-furnace slag substitution.

• Journal of The Korean Society of Agricultural Engineers
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• v.47 no.1
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• pp.25-32
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• 2005

This study was performed to evaluate strengths and non-destruction properties of super flow concrete using recycled coarse aggregate. At the curing age of 28 days, the compressive strength was 22.7-37.5 MPa, the splitting tensile strength was $2.65\~3.73$ MPa, the flexural strength was $5.78\~6.86$ MPa, the ultrasonic pulse velocity was $3,103\~3,480$ mis, the dynamic modulus of elasticity was $3.401{\times}104\~4.521{\times}104$MPa, respectively. The strengths, ultrasonic pulse velocity and dynamic modulus of elasticity of super flow concrete were decreased with increasing the content of recycled coarse aggregate. The super flow concretes using recycled coarse aggregate were improved by substitution in the range of less than the fly ash content 30010 and recycled coarse aggregate content $75\%$.

• Journal of Technology Innovation
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• v.14 no.1
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• pp.101-118
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• 2006

The relationship between R&D Polices(R&D subsidy, tax incentives) and firm R&D expenditures is analyzed through firm's profit maximization function. As a result, the relationship between R&D policies and fmn R&D expenditures is determined by the relationship between firm R&D expenditures and market price. In case of major innovation which cause the fall of market price, the elasticity R&D subsidy and firm R&D expenditures is negative(substitution). In case of minor innovation which cause the rise of market price, the elasticity R&D subsidy and firm R&D expenditures is positive(complement). Tax incentives is bring about the increase of firm R&D expenditures. R&D subsidy and tax incentives are substitutively influenced at firm R&D expenditures.

• East Asian mathematical journal
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• v.34 no.3
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• pp.331-338
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• 2018

We investigate the optimal consumption and portfolio strategies of an agent who has a constant elasticity of substitution (CES) utility function under the negative wealth constraint. We use the martingale method to derive the closed-form solution, and we give some numerical implications.