• Title/Summary/Keyword: Estimated Profit

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Evaluation of Technical Production Efficiency and Business Structure of Domestic Combined Heat and Power (CHP) Operators: Panel Stochastic Frontier Model Analysis for 16 Collective Energy Operators (국내 열병합발전사업의 기술적 생산효율성 추정 및 사업구조 평가: 16개 집단에너지사업자에 대한 패널 확률프론티어모형(SFA) 분석)

  • Lim, Hyungwoo;Kim, Jaehyeok;Shin, Donghyun
    • Environmental and Resource Economics Review
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    • v.30 no.4
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    • pp.557-579
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    • 2021
  • Collective energy is an intermediate stage in energy conversion and has a great influence on the power structure as a distributed power source. However, the problem of the collective energy business has recently emerged due to the worsening profitability of some collective energy operators. This study measured the technical efficiency of major operators through the estimation of the production efficiency of Korean collective energy operators, and based on this, we looked at ways to improve the profit structure of operators. After collecting detailed data from 16 collective energy operators between 2016 and 2019, the production efficiency of operators was estimated using the panel stochastic frontier model. As a result of the estimation, combined steam power operators showed the highest production efficiency and reverse CHP operators showed the lowest efficiency. Furthermore, as a result of examining the factors influencing profitability, it was confirmed that production efficiency has a positive effect on overall profitability. However, businesses with a high proportion of heat production, such as small district electricity operators, profitability was lower. This phenomenon is due to the structural limitations of the current heat sales market. Hence, the adjustment of the heat sales unit price is necessary to improve profitability of collective energy operators.

A Study on Marketing of Cultured Laver Products (양식해태의 유통에 관한 조사 연구)

  • 유충열
    • The Journal of Fisheries Business Administration
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    • v.4 no.1_2
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    • pp.19-57
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    • 1973
  • Laver io one of the most necessary and seasonal items in Korean food from oldtimes. Laver is lagely eaten in dried form, and its supply depends entirely upon culture weeds. The history of laver culture in Korea about sixty or seventy years is older than in Japan. Significance of laver culture is divided into two aspects, one is food supply in the nation, and the other is export to other countries. Houses engaged in laver culture are about foully thousands, and laver production in 1972 is estimated as 1, 3 bitten sheets. (1 sheet is a dried laver of 20 cm sq, in the shape of paper) Especcially meaning of layer production is the concentration of labour input, and systematic management of labour. From around 1920, the method of laver culture was introduced by Japanese Imperialism for mono culture in shallow seas, and mass products of laver is provided to Japan market, DOMESTIC MARKET Fundamental consume function calculates at below, $D_{(68_71)}$=16354 $Y^{0.471}$ $P^{-1.0662}$ where D is total layer demand, Y income variable, P price variable. It means income elasticity is 476. in the whole country, and price elasticity is 1, 07. But generally income elasticity is higher in urban area than in rural area, as shown at 1, 3 in Seoul city. Expence of laver in house expenditure is mutually correlated with another expence, See Table 12 about the relative function. See Table 14 and 16 about the relation between the gathering and the changes of price in auction, wholesale and retail price support system is for two effects, one of which is constraint of the upper price, the other is rise of the lower price. Before the system control, the equation in three year average calculated as below, $Y_{b}$ =18, 907.7455+15435.9364 t (r=0.89) where the origin t=0 is the November and the units are month. Post the system control, $Y_{p}$ =30, 047.9636+1, 631.1721t (r=0.97) therefore, this system has an effect only on the rise of lower price, Average annual margins of laver products at four market levels according to the consumer spent is below. EXPORTING MARKET Japanese demand function of laver products is, Log D=5, 289+1, 108 Log Y-1, 395 Log P (r=0.987) where D is Japanese laver demand, Y income variable, P price variable. according to which income elasticity is 1. 1 and price elasticity is 1.4. Laver production in 1970 tile highest record till then, is estimated as six billion sheets. But the recent improvement of laver culture techniques, the production of seeds and freezing storage of seeds has been stabilized. Futher new culture farms have been developed by means of break- water fences or by floating culture method. These improvements have been backed up with increased demand of laver products. Import quantity and price of Korean laver products are restrained by three organizations, that is producer, distributor and consumer. This relationship calculated by regression equation shows that import is influenced only producer organization, at the sacrifice of consumer profit. For increase to export of laver products, we urgently require to open foreign trade of laver products for Japanese consumer, .and Japan has political responsibility to solve Korean laver structure. But with long run timeseries, as regards Japanese production and import quantity, importing function shows increasing trend as below, 250 million sheets <3, 947.1674+0.005 $L_{g}$ >) 600 million sheets where $L_{q}$ is relative production quantity of laver in Japan. (unit; 100 thousand sheets) Our Export effort should be put on the highly processed products whithin the restraind quote.ote.

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Assessment of the Potential Consumers' Preference for the V2G System (V2G 시스템에 대한 잠재적 소비자의 선호 평가)

  • Lim, Seul-Ye;Kim, Hee-Hoon;Yoo, Seung-Hoon
    • Journal of Energy Engineering
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    • v.25 no.4
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    • pp.93-102
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    • 2016
  • Vehicle-to-Grid (V2G) system, bi-direction power trading technology, enables drivers possessing electric vehicle to sell the spare electricity charged in the vehicle to power distribution company. The drivers gain profit by charging electricity in the day time of high electricity rate. In this regard, the government is preparing the policies of building and supporting V2G infrastructure and demanding the potential consumers' preference for the V2G system. This paper attempts to analyze the consumers' preference using the data from obtained a survey of randomly selected 1,000 individuals. To this end, choice experiment, an economic technique, is employed here. The attributes considered in the study are residual amount of electricity, electricity trading hours, required plug-in time, and price measured as an amount additional to current gasoline vehicle price. The multinomial logit model, which requires the assumption of 'independence of irrelevant alternatives', is applied but the assumption could not be satisfied in our data. Thus, we finally utilized nested logit model which does not require the assumption. All the parameter estimates in the utility function are statistically significant at the 10% level. The estimation results show that the marginal willingness to pay (MWTP) for one hour increase in electricity trading hours is estimated to be KRW 1,601,057. On the other hand, a one percent reduction in residual amount of electricity and one hour reduction in required plug-in time in V2G system are computed to be KRW -91,911 and -470,619, respectively. The findings can provide policy makers with useful information for decision-making about introducing and managing V2G system.

Real Option Analysis to Value Government Risk Share Liability in BTO-a Projects (손익공유형 민간투자사업의 투자위험분담 가치 산정)

  • KU, Sukmo;LEE, Sunghoon;LEE, Seungjae
    • Journal of Korean Society of Transportation
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    • v.35 no.4
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    • pp.360-373
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    • 2017
  • The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

Analysis of Management Status and Optimum Sales Scale of Beekeeping Farmhouses in Korea (양봉농가(養蜂農家)의 경영실태(經營實態) 및 적정규모설정(適正規模設定))

  • Cho, Eung Hyouk;Kwak, Kyung Ho
    • Journal of Korean Society of Forest Science
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    • v.82 no.4
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    • pp.311-318
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    • 1993
  • This study was conducted to obtain necessary information to improve beekeeping farmhouses management and to establish related problem. Using data obtained from 50 beekeeping farmhouses in Korea, current status of management and optimum sales scale were analysed. The results of the study are summarized as follows ; 1. Managers of beekeeping farmhouses are relatively old(64% of them is over 50 years old) and highly educated and experienced(76% of them is in the business more than 10 years). 2. Only a portion of managers(38%) considers beekeeping as a major job, while the rest(62%) involves as a side job working with other agricultural business. 3. Major supply of labor force comes from family group. Total input of family labor is 6.4 months a year. Fourty-four percent of management units is migrating and 56% of them is settled in specific locations. 4. In 1991, the average number of conventional beehive casks per farmhouse is decreased by 2.94 casks but improved-type beehive casks is increased by 13.79 casks. Total number of beehive casks per farmhouse is increased by 12.66 casks during the year. 5. Major cost items of beekeeping farmhouses include bee colony aquisition cost, feeding cost, depreciation cost, wages in an order. The average yearly profit rate of farmhouses is about 29.4%. 6. The break-even point of honey sales is about 3 million won. The optimum sales scale was 52.2l, then average production cost was estimated 53,800Won.

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Effect o( Restricted Feeding of Layer on the Egg Productivity in Summer of Korea (산란기 제한급사가 산란성적에 미치는 영향)

  • 고태송;윤정노;주명렬;오세정
    • Korean Journal of Poultry Science
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    • v.17 no.3
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    • pp.167-177
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    • 1990
  • In order to investigate an effect of the feed restriction on the laying performance, 208 White Leghorn strain layer of 36 week-old were divided to 4 groups of 52 birds each and raised for 1 week of previous feeding and for the subsequent 3 weeks of experimental restricted feeding. The egg production, daily egg mass and feed efficiency of four groups of birds fed daily 100g, 95g, 90f and 85g of a commercial diet, respectively, which were compared with those of the original 2879 birds fed l13g of diet per day as control. During 3 weeks of experimental restricted feeding, period, daily body weight nam was decreased linearly as the degree of restriction increased in birds fed 100, 95, 90 and 85g of diet. Hen day egg production, egg weight and daily egg mass was linearly related to the diet intake level. then feed intake(x, g day$^{-1}$ ) showed a positive regression equations with the henday egg production(y, % ), egg weight(y, g egg$^{-1}$ ) and egg mass(y, g bird$^{-1}$ ) as y=38.75+0.3753$\times$(r=0.503, n=15), y=48.2+0.08868$\times$(r=0.835, n= 15) and y=15.69+0.2786$\times$(r=0.597, n=15), respectively. Feed efficiency was increased to a plateau in birds fed 95g of diet. The estimated energy utilization for egg production was reached to a plateau in birds fed 95g of diet and the highst protein utilization was shown in birds fed 90g of diet anions birds fed graded levels of diet. And the feed restriction did not affect on the egg shell contents, while protein contents of egg were shown a trend to be increased and lipids and cholesterol contents of eggs was decreased according to the diet intake lowered. The results suggested that the improved feed efficiencies of birds restricted under 16% of diet(above 95g of diet) will be due to increased energy and protein utilization for egg production and feed restriction above 16% will be aboided. In the range from 113g to 95g of diet feeding, the crude profit was increased as the feed restricted in the case of egg price 600 won kg$^{-1}$ and feed price 200 won kg$^{-1}$ .

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An Exploratory Study on Domestic Mobile Games and In-app Payment Fees (국내 모바일 게임 및 인앱 결제 수수료 적정성에 대한 탐색적 연구)

  • Lee, Taehee;Jeon, Seongmin
    • The Journal of Society for e-Business Studies
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    • v.26 no.3
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    • pp.55-66
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    • 2021
  • The mobile application (APP) market is growing at an unprecedented speed. Amid such growth, the global platform providers are mandating exclusive in-app payments and charging 30% for platform commission fees. A serious tension has arisen between mobile global platform providers and local content providers. The present study attempts to analyze the domestic mobile game market and in-app payment commission fees. This study estimates the size of the domestic mobile game market and platform commission fees by directly using publicly available financial statements and footnote information of some representative listed mobile game firms. Also, the study analyzes the cost structures of the same sample firms and attempts to draw some implications on sustainable growths of the mobile game ecosystem. We estimated that, in 2019, the domestic mobile game market is around 4.9 trillion Won and the ensuing in-app payment commission fees market was 1.5 trillion Won. High market share firms display a proportional increase in in-app payment commission fees in relation to sales growth. This, in turn, makes the in-app payment commission fees a primary cost item far exceeding employee salaries and R&D expenses. During the same period, low market share firms generated a mere profit or experienced net loss. Analysis of the cost structure reveals that these firms are even more liable to higher in-app payment commission fee cost structure than high market share. Most constituents of the mobile game ecosystem are small business entrepreneurs. By employing a micro-level analysis, the study estimates that, in 2019, a representative median firm generates 530 million Won in sales. At the same time, it spends 190 million Won in employee salaries, 50 Won million in R&D and 190 million Won in in-app payment commission fees, respectively. In the absence of other cost items, these three cost items alone account for 73.8% of sales revenue. The results imply that a sustainable growth of the local mobile game market heavily depends upon the cost structure of such representative median firm, the in-app payment commission fees being the primary cost item of such firm.