• Journal of Home Health Care Nursing
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• v.6
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• pp.5-18
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• 1999

This study was attempt to encourage for developing on rehabilitation delivery system and programs as a substitute service instead of hospitalization for accident patients at work, such as hospital based home health care nursing service. It needs vary substitutes service of hospitalization to curtail the length of stay for inpatients who were hospitalized with workers compensation insurance. It focused on developing an estimation of early discharge day of accident inpatients based on a detail statement of treatment for 115 inpatients who were hospitalized at General Hospital in 1997. This study has four specific purpose as follows. First, to find out the status of health service utilization. Second, to estimate the early discharge days and income increasing effect based on the early discharge for those patients. Third, to identify the factors to affect total medical expenditure and the length of stay for those inpatients. Forth, to figure out the need of utilizing home health care nursing service for accident patients. In order to analyze of the length of stay and medical expenditure for inpatients who were hospitalized due to the accident, the authors conducted with micro-analysis and macroanalysis from medical records and medical expenditure records. Micro-analysis was done by nominal group discussion of 4 expertise with the critical criteria. such as a decrease in the amount of treatment after surgery, treatments, tests, drugs and changes in the tests consistency, drug methods, vital signs, start of ROM exercise, doctor's order, patient's outside visiting ability, stable conditions. In addition to identify affected variables for medical expenditure. the length of stay and income effect due to early discharge day, the data was analyzed with multiple regression analysis and linear regression analysis model by SPSS-PC for windows and Excell program. Results of this study as follows. First, the mean length of stay was 37.1 days, whereas the mean length of stay due to early discharge was 28.2 days at the hospital. The estimation of early discharge days were shown that depends on the length of stay. The longer length of stay, the longer length of early discharge days, such as under 7 days length of stay patients was to estimated the mean length of stay was 4.9 days and early discharge days was 4.6. whereas the mean length of stay was 122.6 days and early discharge days was 92.0 respectively. The mean medical expenditure per day were found to be 133.409 Won. whereas the mean medical expenditure per day was shown negative linear trends according to the length of stay at the hospital. The estimation results of the income effect due to 11 early discharge days per bed was around 2,150,000 won. However, it means not the real benefits from early discharge, but the income increasing amount without considering medical prime cost in general hospital. Therefore, it needs further analysis on the cost containments and benefits under the considering as well turn over rates per bed as the medical prime costs. The length of stay was most significant and the sign was positive to the total medical expenditure, as expected. Surgery and patient's residential area also an important variable in explaining medical expenditure. The level of complications was most significant variable in explaining the length of stay. The level of the needs on horne health care nursing service which can be used for early discharge accident patients were shown very high. The needs distribution varied from 65.5% of patients and 88.9% of caregivers, to 96.4% of doctors, and 99.1% of nurses. In addition horne health nurse responded that they can be managed the accident inpatients from early discharge. From these research findings. the following suggestions has been drawn it needs to develop strategies on rehabilitation delivery system in order to focused on consumer's side which is planned for 21 century health policy in Korea. Vary intermediate facilities and horne health care would have been developed in the community based for comprehensive rehabilitation services as a substitutes of hospitalization for shortening the length of stay of hospitalizations. In hospital based horne health care nursing service, it's available immediately to utilize for the patients who wanted rehabilitation services as a substitutes of hospitalization under the cooperations with workers compensation insurance company.

• The Journal of Korean Society for School & Community Health Education
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• v.4
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• pp.117-139
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• 2003

The purpose of this research lies in presenting logical viability for the measures that curtail access to lewd Internet contents by middle school students amidst the reality in which lewd contents are circulated freely through the Internet, a medium that the middle school students find most easy to access. In order to establish right form of awareness towards sex, this research identified the ways they access the lewd Internet contents, their reaction after the exposure to those contents, their knowledge of sex, their concerns regarding sex and their accessibility to sexual activities in order to conduct a comparative analysis on the relationship between lewd Internet contents and their awareness of sex. First, realities of accessing lewd Internet contents and reactions according to the demographics of middle school students There isa significant difference in the experience of accessing lewd Internet contents in terms of gender. Mostly, male students tend to access the contents more. As for the way they access the lewd Internet contents, both male and female students replied that they access through spam mail of lewd nature. Thus, measures to address this problem are needed urgently. As to when they first accessed the lewd contents, most of the research subjects replied that they accessed either in elementary school period or in the early middle school period. This shows that most of the students got exposed to lewd contents even before they could establish positive, correct awareness of sex. Thus, there is a risk that they may formulate wrong kind of sexual awareness. Accordingly, it is necessary to develop measures through focused sex education. Students are divided into two groups according to the time they spend on the contents averagely: those who spend over one hour and those who spend less than an hour on the lewd contents. If the students spending longer hours are not to be checked and properly guided, it may lead to increasing cases of sexual delinquencies due to their wrongly formed awareness of sex. When the question of existence(non-existence) of guardian was addressed, students with both parents tend to access the lewd Internet contents in a more diverse manner and tend to access more compared to those students from single parent or no-parent families. Accordingly, guardians need to pay attention to how their children are using the Internet. Second, awareness of sex depending on the middle school students' demographics In case of sexual knowledge, middle school students shows relatively high level of knowledge. In particular, female students are found more knowledgeable than male students, and the students in upper years are more knowledgeable as well. As a result, this research recommends that the students in lower years should be guided with more basc and detailed information, while those in upper years need to be taught to form and express their own thoughts and attitudes and to build up independence on this matter. In case of worries about sex, both male and female students don't worry too much about it. However, male students are more concerned about sex than female students in a more diverse ways. As for the differences by academic year, concerns for sex increase, as students get older. Accordingly, sex education that helps establish sound perception of the opposite sex and that focuses on the etiquettes that one must adhere to at the presence of the opposite sex need to be conducted against middle school students. In case of accessibility to sex, male students manifest higher tendency than female students. As for the differences by academic year, those in the first and second years show higher accessibility than those in their third year. In general, younger students tend to be more open-minded toward sex. Accordingly, students in lower academic years need to undergo basic knowledge oriented sex education, whereas those in upper academic years need to undergo discussion centered sex education where they subject to questions regarding their attitude and opinion. Third, relationship between the reactions after the exposure to the lewd Internet contents and their awareness of sex As the frequency of contact with lewd Internet contents increases, awareness of sex increases as well. Thus, the lewd Internet contents contribute to the increase in students' concern for sex as well as increase in accessibility to sex, which eventually become barriers to students' establishment of a healthy perception of sex. Reactions to sex after the exposure to lewd Internet contents and awareness of sex indicate a significant correlation. However, negative correlation is manifested with knowledge of sex. Thus, it is possible to know that the greater access to lewd Internet contents does not necessarily translate into increase in knowledge of sex. However, the study showed there is a correlation between concerns for sex and the level of accessibility to sex. In more detail, the more reactions to the contents they show, the more concerns for sex they have and the more positively they take acceptability to sex. Moreover, it is necessary to develop necessary measures since textbooks today do not include measures needed to address the lewd Internet contents. Given the above findings, it is necessary to continue to complement structural measures in order to prevent easy access of lewd Internet contents by middle school students. Moreover, it is necessary to be considerate of the students so that they themselves can form a healthy Internet culture and grow up within positive framework for the sex education.

• Hwankyungkyoyuk
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• v.6 no.1
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• pp.63-99
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• 1994

The international environmental activities and environmental education began in 1970's. Environmental education in Korea was emphasized since the Forth National Curriculum. 'The Environmental Education Curriculum' will be separated as one of the most important parts in the Sixth National Education Curriculum in Korea. The purpose of this study was development. of 'Environmental Science' of high school appropriate to Sixth National Education Curriculum. First step was to state goals of environmental education in detail based on analysis of goals about environmental education in our country and other countries. Second was to analyse seven environments-related texts of Korea, America and England. Third, to measure how much environmental education has achieved in Fifth National Curriculum of Korea. Fourth, to develop a new environmental text of high school level. Fifth, to verify the effect of developed environmental text. The environmental part of 'Science I'(unit V. Life and Environments) and high school environments-related reference text(Survival and Environments) in Korea, American knowledges. American 'Environments' was stressed in many skills but they didn't include various teaching strategies. On the other hand, American 'Science-Technology-Society(S-T-S)' and British 'Science and Technology in Society(SATIS)' were stressed in knowledges and skills, and they included many teaching strategies and student actions. American 'S-T-S' was the only one stressed in values and attitudes. And all seven texts were not interested in behaviors and participations. To measure the achievement of environmental education by questionnaire, 497 high school students in total were selected from five different schools. Actually, most students had a positive thinkings and attitudes in their hearts about environmental problems, about environmental problems, but many of them did not take actions to solve environmental problems and to protect environments. The higher the score students got in 'knowledges and informations', the higher the score in 'skill'. It implies that learning of skills is based on learning of knowledges and informations about environments. On the other hand, much knowledges and information about environments has not always ensured positive thinkings and attitudes or active behaviors and participations to solve environmental problem. In view that ultimate aim of environmental education is forming responsible environmental behaviors and the goals of values and behaviors are as important as knowledges and skills. A new environmental text of high school level was developed and it was based on analysis of seven texts and environmental education in Fifth Korean Curriculum. This text have seven units, 1. Habitates : What're the meanings?, 2. Nuclear Energy : Can't be Avoid?, 3. Acid Rain : What're the Messages?, 4. Ethanol : Is this Future Fuel?, 5. Wastes : A New War!, 6. What're the National and Gloval Environmental education and avoided from the array of knowledges. Therefore included various teaching strategies and independent actions of students. 'Open-ended value learning' and 'free behavior learning' in text were special learning parts for aquisition of values and formation of behaviors. To verify the effects. of new developed environmental text, the direct learning was carried out by 286 students in total. Post test scores of experimental groups per each units were significantly higher than those of control groups from five different schools were as follows. For validity of selecting contents for units, 74% of respondent replied positively. For classification and presentation of four goal-groups, 90% replied positively in validity and 82%, in utility. For validity of various teaching strategies, 88% and for the degree of including student-centered independent actions, 86% replied positively, For importances and expected effects of 'open=ended value learning' and 'free behavior learning', showed positive responses respectively, 88%, 92% Therefore this text is effective to achieve four goals of environmental education equally.

• Journal of Intelligence and Information Systems
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• v.24 no.2
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• pp.1-19
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• 2018

Since stock movements forecasting is an important issue both academically and practically, studies related to stock price prediction have been actively conducted. The stock price forecasting research is classified into structured data and unstructured data, and it is divided into technical analysis, fundamental analysis and media effect analysis in detail. In the big data era, research on stock price prediction combining big data is actively underway. Based on a large number of data, stock prediction research mainly focuses on machine learning techniques. Especially, research methods that combine the effects of media are attracting attention recently, among which researches that analyze online news and utilize online news to forecast stock prices are becoming main. Previous studies predicting stock prices through online news are mostly sentiment analysis of news, making different corpus for each company, and making a dictionary that predicts stock prices by recording responses according to the past stock price. Therefore, existing studies have examined the impact of online news on individual companies. For example, stock movements of Samsung Electronics are predicted with only online news of Samsung Electronics. In addition, a method of considering influences among highly relevant companies has also been studied recently. For example, stock movements of Samsung Electronics are predicted with news of Samsung Electronics and a highly related company like LG Electronics.These previous studies examine the effects of news of industrial sector with homogeneity on the individual company. In the previous studies, homogeneous industries are classified according to the Global Industrial Classification Standard. In other words, the existing studies were analyzed under the assumption that industries divided into Global Industrial Classification Standard have homogeneity. However, existing studies have limitations in that they do not take into account influential companies with high relevance or reflect the existence of heterogeneity within the same Global Industrial Classification Standard sectors. As a result of our examining the various sectors, it can be seen that there are sectors that show the industrial sectors are not a homogeneous group. To overcome these limitations of existing studies that do not reflect heterogeneity, our study suggests a methodology that reflects the heterogeneous effects of the industrial sector that affect the stock price by applying k-means clustering. Multiple Kernel Learning is mainly used to integrate data with various characteristics. Multiple Kernel Learning has several kernels, each of which receives and predicts different data. To incorporate effects of target firm and its relevant firms simultaneously, we used Multiple Kernel Learning. Each kernel was assigned to predict stock prices with variables of financial news of the industrial group divided by the target firm, K-means cluster analysis. In order to prove that the suggested methodology is appropriate, experiments were conducted through three years of online news and stock prices. The results of this study are as follows. (1) We confirmed that the information of the industrial sectors related to target company also contains meaningful information to predict stock movements of target company and confirmed that machine learning algorithm has better predictive power when considering the news of the relevant companies and target company's news together. (2) It is important to predict stock movements with varying number of clusters according to the level of homogeneity in the industrial sector. In other words, when stock prices are homogeneous in industrial sectors, it is important to use relational effect at the level of industry group without analyzing clusters or to use it in small number of clusters. When the stock price is heterogeneous in industry group, it is important to cluster them into groups. This study has a contribution that we testified firms classified as Global Industrial Classification Standard have heterogeneity and suggested it is necessary to define the relevance through machine learning and statistical analysis methodology rather than simply defining it in the Global Industrial Classification Standard. It has also contribution that we proved the efficiency of the prediction model reflecting heterogeneity.

• Asia pacific journal of information systems
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• v.19 no.3
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• pp.99-124
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• 2009

Many firms in Korea have adopted and used advanced information technology in an effort to boost efficiency. The process of adapting to the new technology, at the same time, can vary from one firm to another. As such, this research focuses on several relevant factors, especially the roles of social interaction as a key variable that influences the technology adaptation process and the outcomes. Thus far, how a firm goes through the adaptation process to the new technology has not been yet fully explored. Previous studies on changes undergone by a firm or an organization due to information technology have been pursued from various theoretical points of views, evolved from technological and institutional views to an integrated social technology views. The technology adaptation process has been understood to be something that evolves over time and has been regarded as cycles between misalignments and alignments, gradually approaching the stable aligned state. The adaptation process of the new technology was defined as "appropriation" process according to Poole and DeSanctis (1994). They suggested that this process is not automatically determined by the technology design itself. Rather, people actively select how technology structures should be used; accordingly, adoption practices vary. But concepts of the appropriation process in these studies are not accurate while suggested propositions are not clear enough to apply in practice. Furthermore, these studies do not substantially suggest which factors are changed during the appropriation process and what should be done to bring about effective outcomes. Therefore, research objectives of this study lie in finding causes for the difference in ways in which advanced information technology has been used and adopted among organizations. The study also aims to explore how a firm's interaction with social as well as technological factors affects differently in resulting organizational changes. Detail objectives of this study are as follows. First, this paper primarily focuses on the appropriation process of advanced information technology in the long run, and we look into reasons for the diverse types of the usage. Second, this study is to categorize each phases in the appropriation process and make clear what changes occur and how they are evolved during each phase. Third, this study is to suggest the guidelines to determine which strategies are needed in an individual, group and organizational level. For this, a substantially grounded theory that can be applied to organizational practice has been developed from a longitudinal comparative case study. For these objectives, the technology appropriation process was explored based on Structuration Theory by Giddens (1984), Orlikoski and Robey (1991) and Adaptive Structuration Theory by Poole and DeSanctis (1994), which are examples of social technology views on organizational change by technology. Data have been obtained from interviews, observations of medical treatment task, and questionnaires administered to group members who use the technology. Data coding was executed in three steps following the grounded theory approach. First of all, concepts and categories were developed from interviews and observation data in open coding. Next, in axial coding, we related categories to subcategorize along the lines of their properties and dimensions through the paradigm model. Finally, the grounded theory about the appropriation process was developed through the conditional/consequential matrix in selective coding. In this study eight hypotheses about the adaptation process have been clearly articulated. Also, we found that the appropriation process involves through three phases, namely, "direct appropriation," "cooperate with related structures," and "interpret and make judgments." The higher phases of appropriation move, the more users represent various types of instrumental use and attitude. Moreover, the previous structures like "knowledge and experience," "belief that other members know and accept the use of technology," "horizontal communication," and "embodiment of opinion collection process" are evolved to higher degrees in their dimensions of property. Furthermore, users continuously create new spirits and structures, while removing some of the previous ones at the same time. Thus, from longitudinal view, faithful and unfaithful appropriation methods appear recursively, but gradually faithful appropriation takes over the other. In other words, the concept of spirits and structures has been changed in the adaptation process over time for the purpose of alignment between the task and other structures. These findings call for a revised or extended model of structural adaptation in IS (Information Systems) literature now that the vague adaptation process in previous studies has been clarified through the in-depth qualitative study, identifying each phrase with accuracy. In addition, based on these results some guidelines can be set up to help determine which strategies are needed in an individual, group, and organizational level for the purpose of effective technology appropriation. In practice, managers can focus on the changes of spirits and elevation of the structural dimension to achieve effective technology use.

• Journal of Korean Society of Transportation
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• v.19 no.1
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• pp.101-114
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• 2001

Transportation enterprises should maintain constant and qualitative operation. Thus, in short period, transportation enterprises don't change supply in accordance with demand. In the result, transportation enterprises don't reduce operation in spite of management deficit at will. In freight transportation type, less-than-truckload(LTL) has more relation with above transportation feature than truckload(TL) does. Because freight transportation supply of TL is more flexible than that of LTL in correspondence of freight transportation demand. Relating to above mention, it appears that shortage of road and freight terminal of LTL is larger than that of TL. Especially in road and freight terminal comparison, shortage of freight terminal is larger than that of road. Shortage of road is the largest in 1990, and improved after-ward. But shortage of freight terminal is serious lately. So freight terminal needs more expansion than road, and shows better investment condition than road. Freight terminal expansion brings road expansion in LTL, on the contrary, freight terminal expansion substitutes freight terminal for road in TL. In transportation revenue, freight terminal's contribution to LTL is larger than that to TL. However, when we adjust quasi-fixed factor - road and freight terminal - to optimal level in the long run, in TL, diseconomies of scale becomes large, but in LTL, economies of scale becomes large. Consequently, it is necessary for TL to make counterplans to activate management of small size enterprises and owner drivers. And LTL should make use of economies of scale by solving the problem, such as nonprofit route, excess of rental freight handling of office, insufficiency of freight terminal, shortage of driver, and unpreparedness of freight insurance.

• Journal of Korean Tunnelling and Underground Space Association
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• v.2 no.2
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• pp.11-21
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• 2000

Tunnelling has been created as a great extent in view of less land space available because the growth of population in metropolitan has been accelerated at a faster pace than the development of the cities. In tunnelling, it is often faced that measures are obliged to be taken without confirmation for such abnormality as diverged movement of surrounding rock mass, growing crack of shotcrete and yielding of rockbolts. In this case, it is usually said that the judgments of experienced engineers for the selection of measure are importance and allowed us to get over the situations in many construction sites. But decrease of such experienced engineers need us to develop the new system to assist the selection of measures for the abnormality without any experiences of similar tunnelling sites. In this study, After a lot of tunnelling reinforcement methods were surveyed and the detail application were studied, an expert system was developed to predict the safety of tunnel and choose proper tunnel reinforcement system using fuzzy quantification theory and fuzzy inference rule based on tunnel information database. The expert system developed in this study have two main parts named pre-module and post-module. Pre-module decides tunnel information imput items based on the tunnel face mapping information which can be easily obtained in-situ site. Then, using fuzzy quantification theory II, fuzzy membership function is composed and tunnel safety level is inferred through this membership function. The comparison result between the predicted reinforcement system level and measured ones was very similar. In-situ data were obtained in three tunnel sites including subway tunnel under Han river. This system will be very helpful to make the most of in-situ data and suggest proper applicability of tunnel reinforcement system developing more resonable tunnel support method from dependance of some experienced experts for the absent of guide.

• Journal of the Korea Computer Graphics Society
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• v.6 no.4
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• pp.1-7
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• 2000

Traditionally, three dimension model s have been used for building virtual worlds, and a data structure called the "scene graph" is often employed to organize these 3D objects in the virtual space. On the other hand, image-based rendering has recently been suggested as a probable alternative VR platform for its photo-realism, however, due to limited interactivity. it has only been used for simple navigation systems. To combine the merits of these two approaches to object/scene representations, this paper proposes for a scene graph structure in which both 3D models and various image-based scenes/objects can be defined. traversed, and rendered together. In fact, as suggested by Shade et al. [1]. these different representations can be used as different LOD's for a given object. For in stance, an object might be rendered using a 3D model at close range, a billboard at an intermediate range. and as part of an environment map at far range. The ultimate objective of this mixed platform is to breath more interactivity into the image based rendered VE's by employing 3D models as well. There are several technical challenges in devising such a platform : designing scene graph nodes for various types of image based techniques, establishing criteria for LOD/representation selection. handling their transition s. implementing appropriate interaction schemes. and correctly rendering the overall scene. Currently, we have extended the scene graph structure of the Sense8's WorldToolKit. to accommodate new node types for environment maps. billboards, moving textures and sprites, "Tour-into-the-Picture" structure, and view interpolated objects. As for choosing the right LOD level, the usual viewing distance and image space criteria are used, however, the switching between the image and 3D model occurs at a distance from the user where the user starts to perceive the object's internal depth. Also. during interaction, regardless of the viewing distance. a 3D representation would be used, if it exists. Finally. we carried out experiments to verify the theoretical derivation of the switching rule and obtained positive results.

• Journal of Distribution Research
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• v.17 no.4
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• pp.55-80
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• 2012

I. Introduction Developing the relationships between companies is very important issue to ensure a competitive advantage in today's business environment (Bleeke & Ernst 1991; Mohr & Spekman 1994; Powell 1990). Partnerships between companies are based on having same goals, pursuing mutual understanding, and having a professional level of interdependence. By having such a partnerships and cooperative efforts between companies, they will achieve efficiency and effectiveness of their business (Mohr and Spekman, 1994). However, it is difficult to expect these ideal results only in the B2B corporate transaction. According to agency theory which is the well-accepted theory in various fields of business strategy, organization, and marketing, the two independent companies have fundamentally different corporate purposes. Also there is a higher chance of developing opportunism and conflict due to natures of human(organization), such as self-interest, bounded rationality, risk aversion, and environment factor as imbalance of information (Eisenhardt 1989). That is, especially partnerships between principal(or buyer) and agent(or supplier) of companies within supply chain, the business contract itself will not provide competitive advantage. But managing partnership between companies is the key to success. Therefore, managing partnership between manufacturer and supplier, and finding causes of conflict are essential to improve B2B performance. In conclusion, based on prior researches and Agency theory, this study will clarify how business hazards cause conflicts on supply chain and then identify how developed conflicts have been managed by two control mechanisms. II. Research model III. Method In order to validate our research model, this study gathered questionnaires from small and medium sized enterprises(SMEs). In Korea, SMEs mean the firms whose employee is under 300 and capital is under 8 billion won(about 7.2 million dollar). We asked the manufacturer's perception about the relationship with the biggest supplier, and our key informants are denied to a person responsible for buying(ex)CEO, executives, managers of purchasing department, and so on). In detail, we contact by telephone to our initial sample(about 1,200 firms) and introduce our research motivation and send our questionnaires by e-mail, mail, and direct survey. Finally we received 361 data and eliminate 32 inappropriate questionnaires. We use 329 manufactures' data on analysis. The purpose of this study is to identify the anticipant role of business hazard (environmental dynamism, asset specificity) and investigate the moderating effect of control mechanism(formal control, social control) on conflict-performance relationship. To find out moderating effect of control methods, we need to compare the regression weight between low versus. high group(about level of exercised control methods). Therefore we choose the structural equation modeling method that is proper to do multi-group analysis. The data analysis is performed by AMOS 17.0 software, and model fits are good statically (CMIN/DF=1.982, p<.000, CFI=.936, IFI=.937, RMSEA=.056). IV. Result V. Discussion Results show that the higher environmental dynamism and asset specificity(on particular supplier) buyer(manufacturer) has, the more B2B conflict exists. And this conflict affect relationship quality and financial outcomes negatively. In addition, social control and formal control could weaken the negative effect of conflict on relationship quality significantly. However, unlikely to assure conflict resolution effect of control mechanisms on relationship quality, financial outcomes are changed by neither social control nor formal control. We could explain this results with the characteristics of our sample, SMEs(Small and Medium sized Enterprises). Financial outcomes of these SMEs(manufacturer or principal) are affected by their customer(usually major company) more easily than their supplier(or agent). And, in recent few years, most of companies have suffered from financial problems because of global economic recession. It means that it is hard to evaluate the contribution of supplier(agent). Therefore we also support the suggestion of Gladstein(1984), Poppo & Zenger(2002) that relational performance variable can capture the focal outcomes of relationship(exchange) better than financial performance variable. This study has some implications that it tests the sources of conflict and investigates the effect of resolution methods of B2B conflict empirically. And, especially, it finds out the significant moderating effect of formal control which past B2B management studies have ignored in Korea.

• Journal of the Korean Institute of Navigation
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• v.4 no.2
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• pp.45-79
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• 1980

The aim of this paper is to analyze the mechanics of price formation in the tramp shipping. For the purpose of this study, the main characteristics of tramp freight rates and the market is examined, and a brief examination of the nature ofthe costs of operation is given which are essential for the understanding of the functioning of shipping firms as well as for the understanding of developments in the tramp freight market. The demand and supply relationships in the market is also analysed in detail. Tramp shipping is an industry that has a market which functions under conditions that are not dissimilar to the theoretical model of perfect competition. However, it does notmean that tramp shipping market is a perfectly competitive market. It is apparent that this realworld competitive system has its imperfections, which means that the market for tramp shipping is near to being a perfectly competitive market on an internaitonal scale and it is freight are therefore subjext to the laws of supply and demand. In theory, the minimum freight rate in the short term is that at which the lowest cost vessels will lay-up in preference to operating, and is equal to the variable costs minus lay-up costs; and this would imply that in all times except those of full employment for ships there is a tendency for newer low-cost, and, probably, faster vessels to be driving the older high-cost vessels in the breaker's yards. In this case, shipowners may be reluctant to lay-up their ships becasue of obligations to crews, or because they would lose credibility with shippers or financiers, or simply because of lost prestige. Mainly, however, the decision is made on strictly economic grounds. When, for example, the total operating costs minus the likely freight earnings are greater than the cost of taking the ship out of service, maintaining it, and recommissioning it, then a ship may be considered for laying-up; shipowners will, in other words, run the ships at freight earnings below operating costs by as much as the cost of laying them up. As described above, the freight rates fixed on the tramp shipping market are subject to the laws of supply and demand. In other words, the basic properties of supply and demand are of significance so far as price or rate fluctuations in the tramp freight market are concerned. In connection with the same of the demand for tramp shipping services, the following points should be brone in mind: (a) That the magnitude of demand for sea transport of dry cargoes in general and for tramp shipping services in particular is increasing in the long run. (b) That owning to external factors, the demand for tramp shipping services is capable of varying sharphy at a given going of time. (c) The demad for the industry's services tends to be price inelastic in the short run. On the other hand the demand for the services offered by the individual shipping firm tends as a rule to be infinitely price elastic. In the meantime, the properties of the supply of the tramp shipping facilities are that it cannot expand or contract in the short run. Also, that in the long run there is a time-lag between entrepreneurs' decision to expand their fleets and the actual time of delivery of the new vessels. Thus, supply is inelastic and not capable of responding to demand and price changes at a given period of time. In conclusion, it can be safely stated that short-run changes in freight rates are a direct result of variations in the magnitude of demand for tramp shipping facilities, whilest the average level of freight rates is brought down to relatively low levels over prolonged periods of time.