• Journal of Labour Economics
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• v.27 no.1
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• pp.165-179
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• 2004

While they compare the growth rate of wage with that of average labor productivity, we compare it with the growth rate of marginal labor productivity. After estimating the elasticity of substitution and technology level, we estimate the marginal labor productivity. Wages and marginal labor productivities are similar over 1963-2000. However, while wages come short of marginal labor productivities over 1963-1986, they exceed marginal labor productivities over 1987-2000. Although the growth rate of wage is not so different from that of marginal labor productivity, it can be disparate from that of average labor productivity. Therefore the former exceeding the latter does not mean the excessive wage growth off the labor demand curve.

• Journal of Korean Society of Transportation
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• v.26 no.6
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• pp.133-142
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• 2008

The term, travel time reliability, refers to variations in journey time that travelers cannot predict. This issue has been one of the main research topics in transport studies. This paper, especially, investigates the value of travel time reliability. The marginal substitution rate method is suggested as the way for the valuation and travelers' stated preference data are collected based on a choice experiment. A mode choice model is estimated using the data surveyed. The parameters of travel costs and travel time reliability from the model are used to calculate the marginal substitution rate that is interpreted as the value of travel time reliability. The value is arranged by travel areas of intercity and urban trips and by journey purposes of working and non-working types. The result of this research is expected to be helpful of conducting more cautious economic feasibility studies of transport schemes.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.37 no.6B
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• pp.453-463
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• 2012

The Effect of asymmetric interconnection charge is different between where the retail price of incumbent is regulated and that of incumbent is not regulated. When the retail price of incumbent is not regulated, the brand loyalty and the relative magnitude of each marginal cost determine the effect of consumer surplus. However, when the retail price of incombent is regulated, network substitution effect also plays a important role to the consumer surplus. The higher the brand loyalty, the lower the network substitution effect, or the higher the marginal cost of the entrant, the social welfare through the asymmetric interconnection charge is more increased. In the other cases, the consumer surplus might be decreased.

• Journal of Korean Society for Quality Management
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• v.21 no.2
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• pp.194-214
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• 1993

This paper purports to study on interactive fuzzy goal programming model which leads to the compromise solution which the decision maker satisfies through the interactive approach. We also attempted to calculate local proxy preference function from utility function of sum-of-logarithms in connection with marginal rate of substitution and interactive approach for the purpose of applying weight of multiobjective function. In an attempt to grasp compromise solution from fuzzy efficient solution, we decided to take the interactive method and presented stopping rule for this.

• The Journal of Fisheries Business Administration
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• v.24 no.2
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• pp.69-82
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• 1993

The purpose of this paper is to estimate production function in the coastal fishing, especially long bag set net fishing and trap fishing using Cobb-Douglas production function with the three main variables: fishing quantity per tonage(WQFP), the number of working persons per tonage(WEMP), and the number of utilized fishing equipments per tonage(WEQU). The statistical results of such estimation reveal that fishing quantity per tonage can be expressed as a function of the number of working persons per tonage and the number of utilized fishing equipments per tonage. The estimated coefficients of WEMP and WEQU are statistically significant and also satisfy the requirements of Cobb-Douglas production function. This study also estimates marginal rate of technical substitution of labor in terms of capital (MRT $S_{LK}$ )in each long bag set net fishing and trap fishing. The resuits of this study show us that trap fishing has the technical characteristic of constant returns to scale(CRS) but long bag net fishing has that of decreassing returns to scale(DRS).

• Journal of Korean Society of Transportation
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• v.30 no.6
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• pp.59-70
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• 2012

The relative importance of leisure trip has been increased after adopting the five-day workweek system and considering the higher income level. Thus, the value of travel time for intercity leisure trips should be estimated to conduct a reasonable benefit/cost analysis for railway construction projects. In this paper, the value of travel time was estimated separately for each trip purpose such as business, leisure, and other non-business than leisure. The estimated values of leisure travel time ranged from 5,310 to 14,185 (won/hr) by altering travel mode, and were increased by 42-107% when comparing with those of non-business travel time. Besides, how to apply the value of intercity leisure travel time for B/C analysis of railway projects was suggested. For the construction case of a railway connecting Chuncheon and Sokcho, the estimated benefit was increased by 2.3%.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.12
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• pp.853-861
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• 2020

The study aims to measure the productivity of the Saudi banking sector at the retail level using secondary data for 11 local banks from the period 2015-2019. The study uses an extended version of the Cobb-Douglas production function to account for the fact that as banks openup more retail branches, they will need to employ more labor. The extended Cobb-Douglas production function was estimated using the two-way fixed effect model to account for unobserved heterogeneity across Saudi banks resulting from differences in labor competencies and leadership style. Besides, the model accounts for unobserved heterogeneity among Saudi banks due to the advancement in electronic services over time. The results showed that labor, branches, customers' deposits, and fixed deposits have a positive effect on the total value of generated loans. Conversely, ATM has an insignificant effect on generated loans. The average scale elasticity shows that the Saudi banks at the retail level are operating under decreasing returns to scale. The average marginal rate of technical substitution shows that Saudi banks need at least one ATM to replace one unit of labor at the retail level while keeping the same level of output.

• Journal of the Korean Society for Railway
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• v.16 no.5
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• pp.418-429
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• 2013

This study assesses the appropriate amounts and applicable ranges of travel time values for freight transport modes in Korea. The findings suggest that it is possible to determine appropriate sizes and applicable ranges of travel time values of goods set for road transport mode (i.e. truck), whereas those for railway, inland waterway, marine, and air transport modes are not as easily estimated. The adequate travel time value for trucks is 20,000won/vehicle hour, and the application range of travel time value of trucks is 17,000~23,000won/vehicle hour considering other variables. The most adequate estimation method of determining the travel time value for road transport is the wage rate method, whereas the marginal rate of substitution method is more rational for railway, inland waterway, marine, and air transport modes considering the application purpose and characteristics of the goods transported.

• Journal of Korean Society of Transportation
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• v.24 no.2 s.88
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• pp.31-41
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• 2006

The main purpose of this paper is to develop the practical method to estimate the congestion price in odor to overcome the difficulty of traditional microeconomics approach for demand and cost function concepts. In this paper, we estimate the theoretical congestion toll which reflecting the real traffic conditions such as a speed-density functions using a traffic engineering methods We calculates the optimal congestion toll based on the real traffic conditions assuming that the electronic road pricing (ERP) systems ave installed for the study road. After evaluating the various speed-density relationship methods. we found that the Drake model is best suited for the Gangbyeon Expressway Using the Drake model, the optimal congestion toll will be 94 to 3,255 Won for the traffic speed between 44km/h to 68 km/h based on wage rate method and 107 to 6,381 Won for the marginal substitution method for the Gangbyeon Expressway in city of Seoul, Korea.

• Journal of Korean Society of Transportation
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• v.25 no.2 s.95
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• pp.121-132
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• 2007

This paper addressed the issue of a generalized cost model for transit assignment. The model composed of walk time, waiting time (including transfer waiting time), line-haul time, transfer walk time, and fare. The weights of each component were supposed to be calculated using the stated preference (SP) data, which were collected prudently in order to reflect reality. The marginal rate of substitution and wage rate were applied to calculate the weights. The results showed that the weight of walking time per in-vehicle travel time (IVTT) was 1.507, the weight of waiting time (per IVTT) was 1.749, that of transfer time (per IVTT) was 1.474, and that of fare (per IVTT) was 1.476 for trips between inner-city areas in Seoul. Weights for each component were identified as 1.871, 1.967, 1.015, and 0.857, respectively, for trips between Seoul and Gyeonggi. Statistical significance existed between two cases and each variable was also statistically significant. Transit assignment using the relative weights estimated in this study was implemented to analyze the travel index in a macroscopic and quantitative basis. The results showed that average total travel times were 30.23 minutes and 63.29 minutes and average generalized costs were 2,510 won and 3,880 won for trips between inner-city areas in Seoul and between Seoul and Gyeonggi, respectively.