• Journal of Energy Engineering
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• v.22 no.3
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• pp.245-249
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• 2013

This paper attempts to estimate the kerosene demand function in Korea over the period 1981-2012. As the kerosene demand function provides us information on the pattern of consumer's kerosene consumption, it can be usefully utilized in predicting the impact of policy variables such as kerosene price and forecasting the demand for kerosene. We apply least absolute deviations and least median squares estimation methods as a robust approach to estimating the parameters of the kerosene demand function. The results show that short-run price and income elasticities of the kerosene demand are estimated to be -0.468 and 0.409, respectively. They are statisitically significant at the 1% level. The short-run price and income elasticities portray that demand for kerosene is price- and income-inelastic. This implies that the kerosene is indispensable goods to human-being's life, thus the kerosene demand would not be promptly adjusted to responding to price and/or income change. However, long-run price and income elasticities reveal that the demand for kerosene is price- and income-elastic in the long-run.

• Environmental and Resource Economics Review
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• v.29 no.2
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• pp.145-170
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• 2020

This study analyzes the dependence structure between energy (crude oil, natural gas, coal) prices and economic (real and financial) uncertainty. Summary of the results of the dependence structure between energy prices and economic uncertainty analysis is as follows. First, the results of model selection show that the BB7 copula model for the pair of crude oil price and economic uncertainty, the Joe copula model for the pair of natural gas price and economic uncertainty, and the Clayton copula model for the pair of coal price and economic uncertainty were chosen. Second, looking at the dependency structure, it showed that the pair of energy (crude oil, natural gas, coal) prices and real market uncertainty show positive dependence. Whereas, the only pair of financial market uncertainty-crude oil price shows positive dependency. In particular, crude oil price was found to have the greatest dependence on economic uncertainty. Third, looking at the results of tail dependency, the pair of real market uncertainty-crude oil price and pair of real market uncertainty-natural gas price have an asymmetric relationship with the upper tail dependency. It can be seen that the only pair of financial market uncertainty-crude oil represents asymmetric relationships with the upper tail dependencies. In other words, combinations with asymmetric relationships have shown strong dependence when negative extreme events occur. On the other hand, tail dependence between economic uncertainty and coal price be not found.

• Current Photovoltaic Research
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• v.11 no.4
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• pp.134-143
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• 2023

Efforts are being made to respond to global warming. Interest in and demand for the private sector-led RE100 campaign is also increasing. Self-built solar power generation, one of the implementation tools for RE100, is not expanding. However, it can be an economical means of implementation in the long run. In this study, we intend to analyze the impact on the optimal ratio of self-solar power generation using HOMER simulation. OPR defines the optimal solar power generation ratio and looks into what changes there are in the optimal solar power ratio when self-power consumption increases and external power purchase price changes. As a result, the optimal rate of self-solar power generation has a low impact even if self-power consumption increases. As the external power unit price increases, the optimal ratio increases, and at a power unit price of 100 KRW/kWh, OPR is 24%; at 200 KRW/kWh OPR is 31%; and at 300 KRW/kWh OPR is 34%. This shows that the electricity price replaced during the life cycle has a high impact on the economic feasibility of solar power generation. However, when the external power unit price reached a certain level, the increase in OPR decreased. This shows that it is difficult for domestic companies to achieve RE100 based on the economic feasibility of solar energy alone. Therefore, efforts are needed to supply renewable energy in the public sector.

• Environmental and Resource Economics Review
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• v.30 no.1
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• pp.107-128
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• 2021

It has been recognized that implementing the marginal price mechanism to CBP is not acceptable due to the lack of revenue of the marginal generators. This study shows that it is not the problem of marginal price mechanism but the structural problems originated by the suspension of restructuring, the technical limits of RSC program and inaccuracy of the generation cost estimation method. This study explains the method to calculate the cost function in operating modes of the CC generators and proposes the modeling for the CC generators in RSC program. To implementing the cost function in operating modes could give an opportunity to change the price setting mechanism from average to marginal cost. The price setting mechanism based on the marginal cost will be one of the main points to provide the right price signals and to introduce a real-time and A/S markets to prepare the energy transition era.

• The Korean Journal of Food And Nutrition
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• v.34 no.1
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• pp.47-57
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• 2021

The purpose of this study was to examine the relationship between the regular selling price and nutrient contents of foods used for special medical purposes in Korea. This study investigated the regular selling price and nutritional composition of 114 enteral nutrition (EN) foods on the manufacturer's internet homepage. The average price of the total products was 1,156.0 won/100 mL. The price of foods used for calorie and nutrient supplementation (CNS) was significantly higher compared to that of the other EN food types (p<0.01). With respect to the nutritional content per 100 mL of the product, EN foods for CNS had significantly higher contents of energy, protein, 5 minerals, and 7 vitamins than the other EN food types. On comparing the nutritional contents of foods according to the price, the balanced nutrition foods showed significantly higher contents of energy, carbohydrate, protein, 3 minerals, and 7 vitamins in high-priced products than in low-priced foods. Summarizing these results, foods for CNS were approximately twice as expensive as the other EN foods, and the energy, protein, mineral, and vitamin contents were also high. Balanced nutrition foods had higher nutrient contents in high-priced products, which showed the relationship between the product price and nutrient content.

• Environmental and Resource Economics Review
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• v.20 no.3
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• pp.489-529
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• 2011

When greenhouse gas mitigation policies are implemented, energy intensive manufacturing industries are influenced much due to an increase in cost. However, industries that have price setting power are damaged less by the policies. Therefore, this paper analyzes vulnerability of energy intensive manufacturing industries to the policies by measuring price setting power of the industries. We analyzed price setting power model through ECM, employing the import prices and wages as independent variables. The industries that their prices react to import prices are price takers, which their prices are determined by rival's ones. On the other hand, the industry that their prices react to wages that mean domestic cost are price setters, and they will be less vulnerable to the policies. In addition, fluctuation of energy prices would be reflected in import prices because it influences other countries than my one. Thus, we employed energy prices as control variable to measure the net effects of import prices. As empirical results, petroleum products, chemical products, non-metallic mineral products, textiles, and motor vehicles sector have price setting power, so the industries have competitiveness on greenhouse gas mitigation policies.

• Korean System Dynamics Review
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• v.10 no.3
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• pp.105-124
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• 2009

The situation of the global food markets has been being rapidly restructured and entering on a new phase by new dynamic and driving forces. The factors such as economic growth and income increase, high energy price, globalization, urbanization, and global climate change are transforming patterns of food consumption, production, and markets. The prices and markets of world food and energy are getting increasingly linked each other. Food and fuel are the global dilemma issues associated with the risk of diverting farmland or of consuming cereals for biofuel production in detriment of the cereals supply to the global food markets. An estimated 100 million tons of grain per year are being redirected from food to fuel. Therefore, the objectives of this study are as follows: Firstly, the study examines situations of the world food and energy resources, analyzes the trends of prices of the crude oil and biofuel, and formulates the food-energy links mechanism. Secondly, the study builds a simulation model, based on system dynamics approach, for not only analyzing the global cereals market and energy market but also forecasting the global production, consumption, and stock of those markets by 2030 in the future. The model of this study consists of four sectors, i.e., world population dynamics sector, global food market dynamics sector, global energy market dynamics sector, scenario sector of world economic growth and oil price.

• International Area Studies Review
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• v.20 no.3
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• pp.3-22
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• 2016

This paper uses Dynamic OLS(DOLS) approach to estimate the long-run energy demand functions. The results are compared with those of standard cointegration approach. Cointegration tests verify that there is a cointegration among energy consumption, real GDP, and energy price in China. Johansen approach and DOLS approach are more appropriate to estimate for the long-run energy demand function than Engle-Granger Cointegration approach. DOLS provided significant negative sign of price while Engle-Granger did not. Based on the DOLS results, the elasticities of real GDP and energy price on energy consumption are 0.83 and -0.45 respectively, and their statistical significances are high.

• Transactions of the Korean hydrogen and new energy society
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• v.19 no.4
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• pp.322-330
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• 2008

This paper deals with an economic evaluation of domestic photobiological hydrogen production. We evaluate the economic feasibility of domestic photobiological hydrogen production utilizing green algae and cyanobacteria. In addition, we make some sensitivity analysis of hydrogen production prices by changing the values of input factors such as the price of a photo-bioreactor and the value of solar to hydrogen efficiency. The estimated hydrogen production price of the two-step indirect biophotolysis was 12,099won/kg$H_2$. It is expected that the hydrogen production price by the two-step indirect biophotolysis can be reduced to 2,143won/kg$H_2$ if the solar to hydrogen efficiency is increased to 10% and the price of a photo-bioreactor is decreased to $25/$m^2$. The two-step indirect biophotolysis is evaluated as uneconomical at this time, and we need to enhance the solar to hydrogen efficiency and to reduce the prices of the photo-bioreactor and system facilities.

• Journal of Energy Engineering
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• v.23 no.2
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• pp.83-92
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• 2014

This paper attempts to conduct a comparative analysis on the economic effects of integrated-energy and manufactured gas supply sectors. To this end, an input-output (I-O) analysis is applied using most recently published 2011 I-O table. In particular, the two sectors are specified as exogeneous to identify the economic effects on own and other sectors. Production-inducing effect, value-added creation effect, and employment-inducing effect are quantified based on demand-driven model. Supply shortage effect and price pervasive effect are analyzed employing supply-driven model and Leontief price model, respectively. The results show that production-inducing effect, value-added creation effect, and employment-inducing effect of integrated-energy and manufactured gas supply sectors are estimated to be 1.5461 vs. 1.0297, 0.4759 vs. 0.1941, and 2.2885 vs. 0.4053 respectively. Price pervasive effects of the 10% increase in integrated-energy and manufactured gas supply sectors are computed to be 0.0127% and 0.1585%, respectively. This information can be utilized in forecasting the economic effects of introducing integrated-energy or manufactured gas as a heating source and the impacts of a rise in price of integrated-energy or manufactured gas on price level of other sectors.