• Journal of Korean Society for Quality Management
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• v.51 no.2
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• pp.171-184
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• 2023

Purpose: First, this paper suggests an alternative approach to find optimal portfolio (stocks, bonds and ESG stocks) under the maximizing utility of investors. Second, we include ESG stocks in our optimal portfolio, and compare improvement of welfares in the case with and without ESG stocks in portfolio. Methods: Our main method of analysis follows Brennan et al(2002), designed under the continuous time framework. We assume that the dynamics of stock price follow the Geometric Brownian Motion (GBM) while the short rate have the Vasicek model. For the utility function of investors, we use the Power Utility Function, which commonly used in financial studies. The optimal portfolio and welfares are derived in the partial equilibrium. The parameters are estimated by using Kalman filter and ordinary least square method. Results: During the overall analysis period, the portfolio including ESG, did not show clear welfare improvement. In 2017, it has slightly exceeded this benchmark 1, showing the possibility of improvement, but the ESG stocks we selected have not strongly shown statistically significant welfare improvement results. This paper showed that the factors affecting optimal asset allocation and welfare improvement were different each other. We also found that the proportion of optimal asset allocation was affected by factors such as asset return, volatility, and inverse correlation between stocks and bonds, similar to traditional financial theory. Conclusion: The portfolio with ESG investment did not show significant results in welfare improvement is due to that 1) the KRX ESG Leaders 150 selected in our study is an index based on ESG integrated scores, which are designed to affect stability rather than profitability. And 2) Korea has a short history of ESG investment. During the limited analysis period, the performance of stock-related assets was inferior to bond assets at the time of the interest rate drop.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.6B
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• pp.615-625
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• 2008

In this study, classification of streams was conducted for Ji Stream, a tributary to the Geum River and Yo Stream, a tributary to the Seomjin River, and in addition, channel evolution model to the same streams was applied. The classification approaches suggested by Rosgen and Korea Institute of Construction Technology (KICT) were conducted. The channel evolution model suggested by Schumm et al. (1984) was applied. Based on the application results of Rosgen approach, Ji Stream and Yo stream show the characteristics of mountainous stream with pebbles. The application results of channel evolution model indicated that the current condition of Ji Stream and Yo Stream is a state of equilibrium, balancing the sediment supply and sediment transport capacity. The results of this study can be used as a fundamental data for water control project, river restoration and appropriate channel planning.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.26 no.3A
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• pp.447-455
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• 2006

A general purpose of 4-node co-rotational resultant shell element is developed for the solution of nonlinear problems of reinforced concrete, steel and fiber-reinforced composite structures. The formulation of the geometrical stiffness presented here is defined on the mid-surface by using the second order kinematic relations and is efficient for analyzing thick plates and shells by incorporating bending moment and transverse shear resultant forces. The present element is free of shear locking behavior by using the ANS (Assumed Natural Strain) method such that the element performs very well as thin shells. Inelastic behaviour of concrete material is based on the plasticity with strain hardening and elasto-plastic fracture model. The plasticity of steel is based on Von-Mises Yield and Ivanov Yield criteria with strain hardening. The transverse shear stiffness of laminate composite is defined by an equilibrium approach instead of using the shear correction factor. The proposed formulation is computationally efficient and versitile for most civil engineering application and the test results showed good agreement.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.30 no.6A
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• pp.581-590
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• 2010

This study introduces a layered sectional analysis for a PSC girder with a vaiable cross section and curved tendons. To consider the shear equilibrium at a concrete layer with curved tendons, the shear stress distribution has been computed at each section. In addition, to improve the convergence to the solution, a system identification technique is newly adopted in the solution process for strain computation. To examine the feasibility of the proposed approach, a static load test has been conducted for a full scale PSC girder with variable cross section. The prediction shows a good agreement with experiment. It is seen that a uniform cross section has the same moment capacity with a variable cross section while the variable cross section has more shear capacity than the uniform cross section. It is also noted that the maximum displacement of a variable cross section is a little smaller than a uniform cross section.

• Steel and Composite Structures
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• v.49 no.4
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• pp.361-380
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• 2023

A size dependent bending behavior of piezoelectrical flexoelectric layered perforated functionally graded (FG) composite nanobeam rested on an elastic foundation is investigated analytically. The composite beam is composed of regularly cutout FG core and two piezoelectric face sheets. The material characteristics is graded through the core thickness by power law function. Regular squared cutout perforation pattern is considered and closed forms of the equivalent stiffness parameters are derived. The modified nonlocal strain gradient elasticity theory is employed to incorporate the microstructure as well as nonlocality effects into governing equations. The Winkler as well as the Pasternak elastic foundation models are employed to simulate the substrate medium. The Hamiltonian approach is adopted to derive the governing equilibrium equation including piezoelectric and flexoelectric effects. Analytical solution methodology is developed to derive closed forms for the size dependent electromechanical as well as mechanical bending profiles. The model is verified by comparing the obtained results with the available corresponding results in the literature. To demonstrate the applicability of the developed procedure, parametric studies are performed to explore influences of gradation index, elastic medium parameters, flexoelectric and piezoelectric parameters, geometrical and peroration parameters, and material parameters on the size dependent bending behavior of piezoelectrically layered PFG nanobeams. Results obtained revealed the significant effects both the flexoelectric and piezoelectric parameters on the bending behavior of the piezoelectric composite nanobeams. These parameters could be controlled to improve the size dependent electromechanical as well as mechanical behaviors. The obtained results and the developed procedure are helpful for design and manufacturing of MEMS and NEMS.

• Computers and Concrete
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• v.34 no.4
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• pp.447-476
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• 2024

The current research proposes an innovative finite element model established within the context of higher-order beam theory to examine the bending and buckling behaviors of functionally graded carbon nanotube-reinforced composite (FG-CNTRC) beams resting on Winkler-Pasternak elastic foundations. This two-node beam element includes four degrees of freedom per node and achieves inter-element continuity with both C¹ and C⁰ continuities for kinematic variables. The isoparametric coordinate system is implemented to generate the elementary stiffness and geometric matrices as a way to enhance the existing model formulation. The weak variational equilibrium equations are derived from the principle of virtual work. The mechanical properties of FG-CNTRC beams are considered to vary gradually and smoothly over the beam thickness. The current investigation highlights the influence of porosity dispersions through the beam cross-section, which is frequently omitted in previous studies. For this reason, this analysis offers an enhanced comprehension of the mechanical behavior of FG-CNTRC beams under various boundary conditions. Through the comparison of the current results with those published previously, the proposed finite element model demonstrates a high rate of efficiency and accuracy. The estimated results not only refine the precision in the mechanical analysis of FG-CNTRC beams but also offer a comprehensive conceptual model for analyzing the performance of porous composite structures. Moreover, the current results are crucial in various sectors that depend on structural integrity in specific environments.

• Korean Journal of Agricultural Science
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• v.49 no.4
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• pp.1001-1013
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• 2022

The purpose of this study is to build an oyster outlook model. In particular, by limiting oyster items, it was designed as a partial equilibrium model based on a panel analysis of a fixed effect model on aquaculture facilities. The model was built with a dynamic ecological equation (DEEM) system that considers aquaculture and harvesting processes. As a result of the estimation of the initial aquaculture facilities based on the panel analysis, the elasticity of the remaining facility volume in the previous month was estimated to be 0.63. According to Nerlove's model, the adjustment coefficient was interpreted as 0.31 and the adjustment speed was analyzed to be very slow. Also, the relative income coefficient was estimated to be 2.41. In terms of elasticity, it was estimated as 0.08% in Gyeongnam, 0.32% in Jeonnam, and 1.98% in other regions. It was analyzed that the elasticity of relative income was accordingly higher in non-main production area. In case of the estimation of the monthly harvest facility volume, the elasticity of the remaining facility volume in the previous month was estimated as 0.53, and the elasticity of the farm-gate price was estimated as 0.23. Both fresh and chilled and frozen oysters' exports were estimated to be sensitive to fluctuations in domestic prices and exchange rates, while Japanese wholesale prices were estimated to be relatively low in sensitivity, especially to the exchange rate with Japan. In estimating the farm-gate price, the price elasticity coefficient of monthly production was estimated to be inelastic at 0.25.

• Proceedings of the KOR-KST Conference
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• 1995.12a
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• pp.45-73
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• 1995

The current paper presents a system dynamics model which can generate the land use anq transportation system performance simultaneously is proposed. The model system consists of 7 submodels (population, migration of population, household, job growth-employment-land availability, housing development, travel demand, and traffic congestion level), and each of them is designed based on the causality functions and feedback loop structure between a large number of physical, socio-economic, and policy variables. The important advantages of the system dynamics model are as follows. First, the model can address the complex interactions between land use and transportation system performance dynamically. Therefore, it can be an effective tool for evaluating the time-by-time effect of a policy over time horizons. Secondly, the system dynamics model is not relied on the assumption of equilibrium state of urban systems as in conventional models since it determines the state of model components directly through dynamic system simulation. Thirdly, the system dynamics model is very flexible in reflecting new features, such as a policy, a new phenomenon which has not existed in the past, a special event, or a useful concept from other methodology, since it consists of a lots of separated equations. In Chapter I, II, and III, overall approach and structure of the model system are discussed with causal-loop diagrams and major equations. In Chapter V _, the performance of the developed model is applied to the analysis of the impact of highway capacity expansion on land use for the area of Montgomery County, MD. The year-by-year impacts of highway capacity expansion on congestion level and land use are analyzed with some possible scenarios for the highway capacity expansion. This is a first comprehensive attempt to use dynamic system simulation modeling in simultaneous treatment of land use and transportation system interactions. The model structure is not very elaborate mainly due to the problem of the availability of behavioral data, but the model performance results indicate that the proposed approach can be a promising one in dealing comprehensively with complicated urban land use/transportation system.

• Journal of Nuclear Fuel Cycle and Waste Technology(JNFCWT)
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• v.13 no.4
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• pp.283-293
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• 2015

The buffer is a key component of the engineered barrier system in a high-level radioactive waste (HLW) repository. The present study reviewed the requirements and functional criteria of the buffer reported in literature, and also based on the results, proposed an approach to establish a buffer concept which is applicable to an HLW repository in Korea. The hydraulic conductivity, radionuclide-retarding capacity (equilibrium distribution coefficient and diffusion coefficient), swelling pressure, thermal conductivity, mechanical properties, organic carbon content, and illitization rate were considered as major technical parameters for the functional criteria of the buffer. Domestic bentonite (Ca-bentonite) and, as an alternative, MX-80 (Na-bentonite) were proposed for the buffer of an HLW repository in Korea. The technical specifications for those proposed bentonites were set to parameter values that conservatively satisfy Korea's functional criteria for the Ca-bentonite and Swedish criteria for the Na-bentonite. The thickness of the buffer was determined by evaluating the means of shear behavior, radionuclide release, and heat conduction, which resulted in the proper buffer thickness of 0.25 to 0.5 m. However, the final thickness of the buffer should be determined by considering coupled thermal-hydraulic-mechanical evaluation and economics and engineering aspects as well.

• Journal of the Computational Structural Engineering Institute of Korea
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• v.13 no.2
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• pp.245-256
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• 2000

A moment-curvature relationship to simulate the behavior of reinforced concrete beam under cyclic loading is introduced. Unlike previous moment-curvature models and the layered section approach, the proposed model takes into consideration the bond-slip effect by using monotonic moment-curvature relationship constructed on the basis of the bond-slip relation and corresponding equilibrium equation at each nodal point. In addition, the use of curved unloading and reloading branches inferred from the stress-strain relation of steel gives more exact numerical result. The advantages of the proposed model, comparing to layered section approach, may be on the reduction in calculation time and memory space in case of its application to large structures. The modification of the moment-curvature relation to reflect the fixed-end rotation and pinching effect is also introduced. Finally, correlation studies between analytical results and experimental studies are conducted to establish the validity of the proposed model.