• 제어로봇시스템학회논문지
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• 제16권11호
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• pp.1025-1028
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• 2010

This paper presents a new approach to analyze the stability of dynamic competitive markets within the framework of supervisory control of discrete event systems. A competitive market is representative of free market economy where it is well known that an invisible hand (also referred to as Walrasian auctioneer) always achieves an equilibrium of demand and supply. Upon the framework of supervisory control theory, this paper shows that Walrasian auctioneer is a stabilizing supervisor for a convergent competitive market, however a non-convergent competitive market (e.g. a free market under economic bubble and depression) controlled by Walrasian auctioneer may not be stable.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.57-64
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• 2021

This research attempts to formulate a new mean-risk model to replace the Markowitz mean-variance model by altering the risk measurement using ARCH variance instead of the original variance. In building the portfolio, samples used are closing prices of Indonesia Composite Stock Index and Indonesia Composite Bonds Index from 2013 to 2018. This study is a qualitative study using secondary data from the Indonesia Stock Exchange and Indonesia Bonds Pricing Agency. This research found that Markowitz's model is still superior when utilized in daily data, while the mean-ARCH model is appropriate with wider gap data like monthly observation. The Historical return has also proven to be more appropriate as a benchmark in selecting an optimal portfolio rather than a risk-free rate in an inefficient market. Therefore Mean-ARCH is more appropriate when utilized under data that have a wider gap between the period. The research findings show that the portfolio combination produced is inefficient due to the market inefficiency indicated by the meager return of the stock, while bears notable standard deviation. Therefore, the researcher of this study proposed to replace the risk-free rate as a benchmark with the historical return. The Historical return proved to be more realistic than the risk-free rate in inefficient market conditions.

• Journal of Electrical Engineering and Technology
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• 제13권1호
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• pp.51-59
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• 2018

Despite the advantages of energy arbitrage using energy storage systems (ESSs), the high cost of ESSs has not attracted storage owners for the arbitrage. However, as the costs of ESS have decreased and the price volatility of the electricity market has increased, many studies have been conducted on energy arbitrage using ESSs. In this study, the existing two-period model is modified in consideration of the ESS cost and risk-free contracts. Optimal investment strategies that maximize the sum of external effects caused by price changes and arbitrage profits are formulated by market participants. The optimal amounts of ESS investment for three types of investors in three different market structures are determined with game theory, and strategies in the form of the mixed-complementarity problem are solved by using the PATH solver of GAMS. Results show that when all market participants can participate in investment simultaneously, only customers invest in ESSs, which means that customers can obtain market power by operating their ESSs. Attracting other types of ESS investors, such as merchant storage owners and producers, to mitigate market power can be achieved by increasing risk-free contracts.

• 한국언론정보학보
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• 제33권
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• pp.193-225
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• 2006

이 연구의 목적은 방송통신 융합 환경을 설명하는 하나의 인식론이자 접근 방법으로서 정치경제학의 가치를 재고찰하는 것이다. 이를 위해 기존 정치경제학 연구의 특징과 맹점을 밝히고 변화하고 있는 미디어 환경의 특징적 현상을 도출함으로써 정치경제학이 본격적으로 다루어야 할 영역이 무엇인가를 제안하고자 한다. 이를 위해서 정치경제학의 역사적 총체성이란 거시적 문제 틀을 방송통신 융합 시대에 새롭게 조명할 필요가 있다는 점을 지적했으며, 그에 입각해서 정치경제학의 원리와 연구경향을 살펴보았다. 그리고 미디어 자본의 소유구조에 대한 비판만으로 정치경제학의 범위를 한정시켰던 '경제주의 적' 경향을 극복하기 위해서 수용자 이론의 적극적 재개념화가 필요하다는 점을 강조했다. 아울러 재개념화의 이론적 출발점으로 신자유주의적 시장론의 문제점, 능동적 수용자론의 왜곡, 수용자 상품론의 한계와 창조적 긴장을 논의했다. 마지막으로 이 연구는 미디어 정치학의 현장 속으로 들어가기 위한 수용자 중심의 정책 이념의 확보 방안을 제안했다.

• 한국조경학회지
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• 제31권6호
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• pp.107-119
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• 2004

special subjects, from basic data-building to applied design itself, and from how-why studies to theory building research. It seems that the research concerns are mainly the explanation of the processes of design projects rather than the application and expression of design theory and conceptual work itself. The articles do not show a clear trend or design concerns that would lead landscape architecture firms or its market. A few articles deal with aesthetical theory and with design criticism that could be one of landscape design's fundamental theories. It is not enough to regard the Journal of the Korean Institute of Landscape Architecture as the main stream of contemporary Korean landscape design trends. More research in the field of landscape design need to focus on pre-research work rather than on post-work reports. More research work in the field of landscape aesthetics is also required. The format of the journal needs to be reformed to include more design research papers that are of a free-presentation style in nature.

• 수산경영론집
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• 제34권2호
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• pp.1-25
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• 2003

During the past 100 years, Korean fisheries management policies have enforced the license system, it is the most typical regulation system in Korean fisheries. Even now, it has caused resource management failure, it has also invited economic inefficiency and inequity. Accordingly, the Korean government has recently introduced the self-regulatory management system for fishermen with the TAC system. These systems are one of the most market-oriented regulation systems in fisheries management systems. It is defined as regulatory policy tools other than regulations with command and control approach. It is also called “alternatives” which is composed of regulatory alternatives and non-regulatory alternatives. The self-regulatory management system and the ITQ system are cooperative-based co-management between government and fishermen as an alternative management strategy ; it is gaining the increasing attention to improve the effectiveness of fisheries management in Korea. It is expected not only to positively improve function in fisheries regulation, but also to decrease inefficiency in fisheries policies. However, these systems have many problems. The monopolization of rent is one of the typical examples. As solutions for the problem in the aspect of fishery management, fisheries policy is need of approach to industrial organization. For instance, Contestable market theory is one of the good theoretical background, it mean that market is able to free entry and free exit. Thus, fisheries management carry out policies such as revitalization of the used market of capital goods in fisheries, organize of the self-regulatory management group. Conclusively, as the exploiters and managers, fishers and the government should put emphasis on improving economic efficiency so that fishery would grow as an industry that contributes to the increase of social welfare, and the change to that direction will be the only way for our fisheries to preserve its importance.

• 정보학연구
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• 제9권3호
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• pp.15-25
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• 2006

Currently there is fast flow of America and South Korea FTA negotiation being issued. Aim of FTA, by having free trade between two countries to gain their economical benefit. Few benefits can be expected by Korea joining FTA with America It will increase export as well as increase in overseas investment and this will lead to booming of services industry. After America and Korea FTA Discussion being announced around the world, Australia and EU also has interest of doing FTA with South Korea, which mean that America and Korea FTA has effect of bring in the overseas interest of FTA to South Korea. Expectation of American can be, create the market in South Korea to gain benefit as well as able to check out the economical issue of north east Asia country such as China and Japan. Since American side has high agreement with the make FTA with South Korea, South Korea now has to make own decision about this matter. Since Korean economy highly influence by world trade, to survive from market competition with China and Japan, Korea must involve in Free trade with world.

• 산업진흥연구
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• 제5권1호
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• pp.149-155
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• 2020

In this study, we aim to build a consensus that the Korea-Mongolian economic cooperation and trade growth will bring economic benefits to both countries and, in addition, the FTA between the two countries will bring economic benefits to the overall economy through the economic status and mutual trade status of Korea and Mongolia. Currently, countries around the world are accelerating their market battle with fierce competition, pushing for the opening of their markets through free trade agreements of multilateralism and regionalism centered on the WTO as a rapid change in the global economic environment. Amid such an international economic environment, Korea is developing diverse economic cooperation and FTA strategies, and under the principle that it is based on comprehensive and national consensus, it will sign simultaneous FTAs with major countries, but will diversify its trade partners' efforts to increase trade volume through market advantage, secure energy resources, and so on to secure more resources in overseas markets.

• 의료법학
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• 제23권1호
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• pp.81-119
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• 2022

대상판결은 시장지배적 지위 남용에 관한 다양한 쟁점을 다루었을 뿐만 아니라, 경쟁제한효과가 문제된 시장이 의료기기 시장이라는 측면에서도 여러 시사점을 제시하고 있다. 첫째, 관련상품 시장의 측면에서 대상판결이 주상품(CT, MRI 등 의료기기) 시장과 부상품(유지보수서비스) 시장이 밀접하게 관련되어 있다고 하더라도 이를 하나의 시장으로 보기 어렵다고 판단한 것은 수긍할 수 있다. 둘째, 대상판결은 고착효과에 관하여 명시적인 판시를 하지 않았으나, 관련시장에 대한 판단에서 높은 주상품 가격, 주상품의 사용연한이 장기인 점 등을 고려하는 등 실질적으로 고착효과를 반영한 것으로 보인다. 셋째, 객관적 행위 요건으로 '정상적인 거래관행에 반하는 타당성 없는 조건'에 대하여 대상판결은 저작권자가 실시료를 받고 저작권을 실시하는 행위는 정당한 권리행사이며, 원고가 유상의 라이선스 정책을 가지고 이를 실행하며, 예외적인 경우에만 무상으로 실시를 하였으므로 공정위가 주장하는 무상실시 관행을 증거로 인정할 수 없음을 지적하였다. 넷째, 이 사건에서 경쟁자의 비용 상승은 원고가 서비스 소프트웨어 사용에 필요한 서비스키를 유상으로 제공한 행위를 통하여 이루어졌고, 원고의 행위가 지식재산권의 행사로 정당하다면 설령 그러한 행위로 경쟁이 제한된다고 하여 이를 남용행위로 보기는 어렵다고 판단하였다. 대상판결이 다룬 관련시장의 획정, 시장지배력의 존부, 객관적 행위 요건, 경쟁제한효과 등 주요 쟁점에 대하여 대법원이 시장지배적 지위 남용행위의 증명기준과 증명도의 방향을 제시할 기준을 판시할 것으로 기대한다.

• The Journal of Asian Finance, Economics and Business
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• 제7권2호
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• pp.99-106
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• 2020

CEOs Overconfidence can bring potentially risky early decisions to businesses, along with large enterprise free cash flow that can bring different investment decisions with CEOs Overconfidence. Especially in the context of Vietnamese enterprises, CEOs are often influenced by behavioral psychology about overconfidence in investment decisions (due to individual cultural characteristics as well as operating financial markets also depend on many factors outside the market). Therefore, the authors study the impact of overconfidence and cash flow on investment in Vietnamese to find the internal relationship between these three factors in the financial environment in Vietnam. With 480 companies listed on the Vietnam Stock Exchange from 2014 to 2018 (companies have continuous reports), the regression analysis results with panel data (FEM, GLS models, correction of robust and GMM dealing with endogenous problems) have shown Overconfidence has a positive impact on investment. At the same time, the results also indicated that enterprises with overconfident CEOs and large cash flows tend to invest less than enterprises with low cash flow. The results of this study have shown the behavioral behavior of CEOs in Vietnamese enterprises that exist under both prospect theory and effective market theory.