• Asia Marketing Journal
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• v.18 no.3
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• pp.47-63
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• 2016

Rational choice theory holds that the alternative with largest expected utility in the choice set should always be chosen. However, it is often observed that an alternative with the largest expected utility is not always chosen while the choice task itself being avoided. Such a choice phenomenon cannot be explained by the traditional expected utility maximization principle. The current study posits shows that such a phenomenon can be attributed to the gap between the expected perceived gain (or loss) and the expected perceived value. This study mathematically analyses the relationship between the expectation of an alternative's gains or losses over the reference point and its expected value, when the perceived gains or losses follow continuous probability distributions. The proposed expected value (EV) function can explain the effects of loss aversion and uncertainty on the evaluation of an alternative based on the prospect theory value function. The proposed function reveals why the expected gain of an alternative should exceed some positive threshold in order for the alternative to be chosen. The model also explains why none of the two equally or similarly attractive options is chosen when they are presented together, but either of them is chosen when presented alone. The EV function and EG-EV curve can extract and visualize the core tenets of the prospect theory more clearly than the value function itself.

• Proceedings of the Korean Institute of Intelligent Systems Conference
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• 2004.04a
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• pp.394-397
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• 2004

In this paper, we consider interval number-valued random variables and fuzzy number-valued random variables and discuss Choquet integrals of them. Using these properties, we define the Choquet expected value of fuzzy number-valued random variables which is a natural generalization of the Lebesgue expected value of Lebesgue expected value of fuzzy random variables. Furthermore, we discuss some application of them.

• Fashion & Textile Research Journal
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• v.25 no.3
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• pp.358-365
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• 2023

This study aims to investigate the moderating effect of appearance confidence in the relationship between the expected value of appearance management and beauty management behavior of college students. For data collection, 300 questionnaires were distributed among the students of a 4-year university in Gwangju, Republic of Korea from April 12 to 22, 2022; 273 copies were collected, and 259 copies were used as the final sample. SPSS 21.0 was used to analyze the collected data, and the results were as follows. First, the expected value of appearance management had a positive (+) effect on beauty management behavior. Second, the expected value of appearance management had a statistically significant positive (+) effect on beauty management behavior. Taken together, the results of the study show that the higher the level of social internalization, play and sympathy values, and appearance confidence of the expected value of appearance management, the higher the college students' beauty management behavior. Taken together, the results of the study show that the higher the level of social internalization, play conformity value, and appearance confidence of the expected value of appearance management, the higher the college students' beauty management behavior. This was confirmed to act as a reinforcing mechanism.

• Journal of the Korean Society for Library and Information Science
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• v.26
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• pp.167-185
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• 1994

The purpose of this study is to develop the optimal user/librarian interface in information searching. In order to achive the purpose, the 150 unskilled students as subjects have participated in the study. According to the change of the subjects' psychological information states by the access points within the library system, the subjects have been classified into the five types of model: the initial information state, the accepted identification information state, the bibliographic information state, the stack information state, and the location information state. Librarian's searching support is done for 10 minutes at the each access points. To develop the optimal user/librarian interface, the expected values of the models are calculated. The resultants are as follows: 1) The expected value of the initial information states model is 18.94: 2) The expected value of the accepted identification information model is 27.06: 3) The expected value of the bibliographic information state model is 27.06: 4) The expected value of the stack information state model is 22.38: 5) The expected value of the location information state model is 22.38. Those expected values are compared with each other. The model with the lowest expected value is chosen as the optimal user/librarian interface model. In the result, the user's initial information state model of the optimal user/librarian interface in information searching is developed. In order to search the information with the most effect, user must be interfaced with the librarian at his/her own initial information state.

• Journal of the Korean Data and Information Science Society
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• v.15 no.2
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• pp.495-498
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• 2004

In this note, we consider several types of convergence theorems for the expected value of fuzzy variables defined by Liu and Liu [IEEE Trans. Fuzzy Systems, 10(2002), 445-450].

• The Korean Journal of Franchise Management
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• v.15 no.2
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• pp.77-87
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• 2024

Purpose: South Korea is one of the markets where diverse and innovative cuisines are being tried. Therefore, the expectations for Michelin star restaurants in South Korea are high. The expected value of a Michelin star restaurant consists of both hedonic and utilitarian aspects of the dining experience. These consumer expectations affect visit intention. Research design, data, and methodology: The survey period was from October 10, 2023 to October 18, 2023, and 302 copies were used for hypothesis verification. Result: Hedonic expected value was found to have a significant positive influence on short-term and long-term visit intention, but had no significant effect on mid-term visit intention. Utilitarian expected value was found to have a significant positive influence on short-term and mid-term visit intention, but did not appear to have a significant effect on long-term visit intentions. Short-term visit intention was found to have a significant positive influence on mid-term visit intention, and mid-term visit intention was found to have a significant positive influence on long-term visit intention. Conclusions: The theoretical implications are restaurants need to utilize third-party certification, such as the Michelin Guide. The practical implication is that Michelin star restaurants should provide expected value to increase short-term visit intention.

• Journal of applied mathematics & informatics
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• v.27 no.3_4
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• pp.773-778
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• 2009

Recently, Xue et al. [Computers and Mathematics with Applications 55 (2008) 1215-1224] proposed a formula for the expected value of a function of a fuzzy variable based on the assumption that the fuzzy variable has a continuous membership function. In conclusion, they remained the case where the membership function of the fuzzy variable is discontinuous for the future research, and then expected to get similar results. Thus this note is to propose a new formula for the expected value of a function of a general fuzzy variable which is not restricted on having a continuous membership function. Furthermore, we give an example which cannot be applied to the formula that Xue et al. proposed. We also use the same example given by Xue et al. to show how to apply the new formula.

• Journal of the Korean Data and Information Science Society
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• v.14 no.4
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• pp.889-901
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• 2003

In this paper, we consider the optimal replacement policies following the expiration of the combination warranty. The combination warranty can be divided into the renewing combination warranty and the non-renewing combination warranty. The criterion used to determine the optimal replacement period is the overall value function based on the expected cost and the expected downtime. Thus, we obtain the expected cost rate per unit time and the expected downtime per unit time for our model. And then the overall value function suggested by Jiagn and Ji(2002) is applied to obtain the optimal replacement period. The numerical examples are presented for illustrative purpose.

• The Korean Journal of Applied Statistics
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• v.29 no.1
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• pp.171-180
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• 2016

Basel committee suggests using Value-at-Risk (VaR) and expected shortfall (ES) as a measurement for market risk. Various estimation methods of VaR and ES have been studied in the literature. This paper compares semi-parametric methods, such as conditional autoregressive value at risk (CAViaR) and conditional autoregressive expectile (CARE) methods, and a Gaussian quasi-maximum likelihood estimator (QMLE)-based method through back-testing methods. We use unconditional coverage (UC) and conditional coverage (CC) tests for VaR, and a bootstrap test for ES to check the adequacy. A real data analysis is conducted for S&P 500 index and Hyundai Motor Co. stock price index data sets.

• Journal of the Korean Data and Information Science Society
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• v.19 no.2
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• pp.587-596
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• 2008

This paper develops the optimal periodic preventive maintenance policies following the expiration of warranty: renewing warranty and non-renewing warranty. After the warranty period is expired, the system undergoes the PM periodically and is minimally repaired at each failure between two successive PMs. Firstly, we determine the expected cost rate per unit time and the expected downtime per unit time for the periodic PM model. Then the overall value function suggested by Jiang and Ji(2002) is applied to obtain the optimal PM period and the optimal PM number. Finally, the numerical examples are presented for illustrative purpose.