Purpose - It has been argued that the regulations restricting entry and opening hours of General Super Markets and Super Super Markets have not been as effective as expected. In contrast, the win-win item scheme that appeared recently has the advantage that it could raise the effectiveness of the system in that win-win items are in principle resigned on the basis of bilateral agreements. This study analyzes the win-win item agreement made between Homeplus at Hap-jung and small traditional markets to examine the practical effectiveness of the win-win item scheme. While existing literature studying the regulatory effects have concentrated on the restrictions around store entry or opening hours of large retailers, it can be said that there have been few empirical studies on the effect of win-win items agreement with large retailers. Research design, data, and methodology - Homeplus at Hap-jung made a win-win items agreement with nearby small traditional market traders in 2013. In accordance with this voluntary agreement, Homeplus started by limiting its sales to 15 win-win items. The survey was conducted through one-on-one interviews, April 14 to May 2, 2014, by a professional public opinion research agency. The interviews were targeted at small business retailers in the nearby traditional market. We divided the traditional markets near Homeplus at Hap-jung where the win-win item agreement was achieved into two groups, win-win item agreement markets and non win-win item agreement markets, to compare the performance difference between the two groups. Results - To determine the change in sales of the 15 win-win items, we examined the performance difference between the two groups using two criteria (compared with similar items, and compared to sales volume a year ago). The results show that the individual sales of win-win items in the win-win item agreement markets are more likely to increase than in the non win-win item agreement markets. Total sales volume of individual stores in the agreement markets also showed a more significant increase compared to a year ago than those in non win-win item agreement markets. Conclusions - Contrary to the existing retail regulations that have one-sided and uniform characteristics, it can be pointed out that the win-win item scheme has the effect of increasing the success of the system itself because it is done on the basis of mutual agreement between General Super Markets and traditional markets. The empirical results of this study can be said to support this conjecture. For the successful settlement of a win-win items agreement, the following points should be reviewed. First, it requires a great effort from the selection process of win-win items in order to improve the effectiveness of the agreement. Second, the existing General Super Markets customers should be introduced to the traditional markets or small shops to increase the sales of win-win items. Therefore, voluntary effort is essentially required from the traditional markets to engage customers.
Kim Jaeheon;Cheong Cheolung;Kim SungTae;Lee Soogab
Proceedings of the Acoustical Society of Korea Conference
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spring
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pp.469-474
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2002
In recent years, modularization of engine parts has increased the application of plastic products in air intake systems. Plastic intake manifolds provide many advantages including reduced weight, contracted cost, and lower intake air temperatures. These manifolds, however, have some weakness when compared with customary aluminium intake manifolds, in that they have low sound transmission loss because of their lower material density. This low transmission loss of plastic intake manifolds causes several problems related to flow noise, especially when the throttle is opened quickly. The physical processes, responsible for this flow noise, include turbulent fluid motion and relative motion of the throttle to the airflow. The former is generated by high-speed airflow in the splits between the throttle valve and the inner-surface of the throttle body and surge-tank, which can be categorized into the quadrupole source. The latter induces the unsteady force on the flow, which can be classified into the dipole source. In this paper, the mechanism of noise generation from the turbulence is only investigated as a preliminary study. Stochastic noise source synthesis method is adopted for the analysis of turbulence-induced, i.e. quadrupole noise by throttle at quick opening state. The method consists of three procedures. The first step corresponds to the preliminary time-averaged Navier-Stokes computation with a $k-\varepsilon$ turbulence model providing mean flow field characteristics. The second step is the synthesis of time-dependent turbulent velocity field associated with quadrupole noise sources. The final step is devoted to the determination of acoustic source terms associated with turbulent velocity. For the first step, we used market available analysis tools such as STAR-CD, the trade names of fluid analysis tools available on the market. The steady state flows at three open angle of throttle valve, i.e. 20, 35 and 60 degree, are numerically analyzed. Then, time-dependent turbulent velocity fields are produced by using the stochastic model and the flow analysis results. Using this turbulent velocity field, the turbulence-originated noise sources, i.e. the self-noise and shear-noise sources are synthesized. Based on these numerical results, it is found that the origin of the turbulent flow and noise might be attributed to the process of formulation and the interaction of two vortex lines formed in the downstream of the throttle valve. These vortex lines are produced by the non-uniform splits between the throttle valve and inner cylinder surface. Based on the analysis, we present the low-noise design of the inner geometry of throttle body.
In this paper we examines the relation between net purchase of foreign and institution investors and stock returns in Korean stock market. For this study, KOSPI returns are classified into three parts: close to close, close to open and open to close returns. Close to close returns is measured by the closing price of t-1 day and the closing price of t day. Close to open returns is measured by the closing price of t-1 day and the opening price of t day. Open to close returns is measured by the opening price of t day and the closing price of the day. Empirically major findings are as follows. First, the previous day both foreign and institution investors' behavior have an statistically significant negative effect on the close to close returns. However, the current day their behavior positively affect close to close returns. Second, the previous day both foreign and institution investors' net purchase have a significantly positive effect on the open to close returns. Finally, the previous day foreign behavior has little effect on open to close returns, but institution investors negatively affect open to close.
Korean Journal of Construction Engineering and Management
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v.10
no.5
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pp.113-122
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2009
The domestic construction market started to expand steadily since 1970s. The building market which utilizes a sandwich panel with advantages of economical construction expenses and convenient construction has grown rapidly in recent years. However, the companies which specialize in constructing sandwich panels are relatively small or medium size, compared with other construction companies. As a result, studies on the improvement of productivity have not been conducted sufficiently. In this study, the construction sites of sandwich panel are investigated, and the work processes by each team are analyzed. Additionally, the productivity and the construction cost of each work group are analyzed by constructing a model using the Web-Cyclone. It analyzed sensitivities about change of productivity and work costs following in processing place of the panel which is one of the productivity effect factors, so it assayed the optimized productivity by each work group and work costs. Analysis showed that 30% of productivity has improved compared with the factory processing work group, and analysis of work costs showed that about 15% of work costs was increased. Also sensitivity analysis of opening ratio showed that the work costs optimization will be accomplished when about 20% of opening was processed from the factory.
In this study, we used actual proof analysis, based on SVAR model according to economy theory, to observe the impact of actual and financial market of Korea, Japan, and China that have adopted quantitative easing export based strategy of growth, an unconventional monetary policy of the U.S. As a result of estimation, it appears that real effective exchange rate rise shock of Korea, Japan, and China against U.S. dollar has a negative influence on current account and index of industrial product, which are real economy. It can be implied that the result is driven from the fact that strong home currency of Korea, Japan, and China decreases price competitiveness of exports, causing negative influence on real economy. The real effective exchange rate shock against U.S. dollar appeared to decrease national bond rate of Korea and Japan, while increasing that of China. In instances of Korea and Japan, it is implied that national bond rate decreases as foreigner investment funds flow in, considering foreign-exchange profit through advanced financial market with high opening extent. On the other hand, because there are strong regulation on opening extent of Chinese financial markets, the influence seems to be greater for domestic policy, rather than a foreign influence. Lastly, Korea showed a more dramatic variable reaction to exchange rate shock compared to Japan or China. It is implied from the result that Korea is relatively more susceptible and fragile in regards of international status of economic size and currency.
Journal of the Korean Regional Science Association
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v.38
no.4
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pp.45-58
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2022
This study intends to compare the factors influencing the location of international schools on apartment sales and monthly rent prices for Songdo International School in Incheon, which has a history of more than 10 years. At the latest point, 10 years after the opening of the school, apartments in areas near international schools are divided into sales and monthly rent markets and analyzed. Songdo International City, designed as a planned city, was set as a spatial scope, and 2018-19, which is a relatively stable real estate period, was set as a temporal analysis period to avoid the overheating period of real estate after COVID-19. Considering the urban image of the "New Special Education Zone," such as the opening of Songdo Campus by private academies formed around international schools and domestic and foreign universities, the multiple regression model was applied based on the traditional Hedonic price model. As a result of the empirical analysis, first, differences in the price determinants of sales and monthly rent were confirmed. Second, the price influence of international schools was much higher than that of the variables. Third, the influence of international schools was more pronounced in the monthly rent market than in the sales market.
Recently, as the number of shopping facilities has increased, such as complex shopping malls, warehouse type superstores, large fashion outlets, and so on, the conflicts over the opening of large stores between neighboring municipalities are increasing. However, current regulations on the opening of large-scale stores, such as the impact analysis on commercial area, do not adequately reflect the characteristics of new type shopping facilities. In this study, we tried to suggest a rational policy alternative with more realistic suitability by analyzing the characteristics of 'regional shopping facilities' beyond the scope of the municipalities, and analyzing the impact on the regional merchants. The main results of the study are summarized as follows. First, unlike previous researches, which are limited to small business sector, this study presents the results of comprehensively comparing and analyzing the impact on the detailed sectors of the whole distribution market, including the large distribution sector and online distribution sector. Second, in this study, we calculated the total (average) amount of market penetration rate of existing shopping facilities by the entire regional shopping facilities in the Seoul metropolitan area, and this is considered to be of great value in relation to the recognition of problems at the whole level of the metropolitan area and the search for alternative solutions.
The hospitals that are owned by non-medical personnel result when non-medical personnel with resources conspire with newly graduated medical doctors who cannot afford the enormous amount of capital required at the beginning of the establishment of a medical institution. Such hospitals, though they may have met the external requirements as medical institutions, disrupt the medical market as it should be centered by medical personnels, In addition, such hospitals are causing a huge social problem as it is illegally receiving and reducing various benefits such as medical care benefits and subsidies from the government, resulting in a significant financial leak in the national health insurance. The illegality of the opening of a non-medical personnel hospital is so high that it nullifies the contractual arrangement for the establishment, imposes criminal penalties on all persons involved in the establishment under the Korean Medical Law, and imposes administrative sanctions on medical personnel. In case the hospital was aware of the illegality of its opening, but had applied to receive medical care benefits from the National Health Insurance Act and the Medical Care Act, such actions will result in the return of the benefits under the National Health Insurance Act and the Medical Care Assistance Act, subject to the penalty for the crime of fraud, and aggravated punishment for specific economic crimes based on the amount of gain, as well as civil liability for torts. In this study, we will examine the current status of the regulations on the non-medical personnel hospital and present the basis for future legislative directions by looking at the legal regulations and the attitude of the precedents.
Internet commerce has been growing at a rapid pace for the last decade. Many firms try to reach wider consumer markets by adding the Internet channel to the existing traditional channels. Despite the various benefits of the Internet channel, a significant number of firms failed in managing the new type of channel. Previous studies could not cleary explain these conflicting results associated with the Internet channel. One of the major reasons is most of the previous studies conducted analyses under a specific market condition and claimed that as the impact of Internet channel introduction. Therefore, their results are strongly influenced by the specific market settings. However, firms face various market conditions in the real worlddensity and disutility of using the Internet. The purpose of this study is to investigate the impact of various market environments on a firm's optimal channel strategy by employing a flexible game theory model. We capture various market conditions with consumer density and disutility of using the Internet.
shows the channel structures analyzed in this study. Before the Internet channel is introduced, a monopoly manufacturer sells its products through an independent physical store. From this structure, the manufacturer could introduce its own Internet channel (MI). The independent physical store could also introduce its own Internet channel and coordinate it with the existing physical store (RI). An independent Internet retailer such as Amazon could enter this market (II). In this case, two types of independent retailers compete with each other. In this model, consumers are uniformly distributed on the two dimensional space. Consumer heterogeneity is captured by a consumer's geographical location (ci) and his disutility of using the Internet channel (${\delta}_{N_i}$).
shows various market conditions captured by the two consumer heterogeneities.
(a) illustrates a market with symmetric consumer distributions. The model captures explicitly the asymmetric distributions of consumer disutility in a market as well. In a market like that is represented in
(c), the average consumer disutility of using an Internet store is relatively smaller than that of using a physical store. For example, this case represents the market in which 1) the product is suitable for Internet transactions (e.g., books) or 2) the level of E-Commerce readiness is high such as in Denmark or Finland. On the other hand, the average consumer disutility when using an Internet store is relatively greater than that of using a physical store in a market like (b). Countries like Ukraine and Bulgaria, or the market for "experience goods" such as shoes, could be examples of this market condition.
summarizes the various scenarios of consumer distributions analyzed in this study. The range for disutility of using the Internet (${\delta}_{N_i}$) is held constant, while the range of consumer distribution (${\chi}_i$) varies from -25 to 25, from -50 to 50, from -100 to 100, from -150 to 150, and from -200 to 200.
summarizes the analysis results. As the average travel cost in a market decreases while the average disutility of Internet use remains the same, average retail price, total quantity sold, physical store profit, monopoly manufacturer profit, and thus, total channel profit increase. On the other hand, the quantity sold through the Internet and the profit of the Internet store decrease with a decreasing average travel cost relative to the average disutility of Internet use. We find that a channel that has an advantage over the other kind of channel serves a larger portion of the market. In a market with a high average travel cost, in which the Internet store has a relative advantage over the physical store, for example, the Internet store becomes a mass-retailer serving a larger portion of the market. This result implies that the Internet becomes a more significant distribution channel in those markets characterized by greater geographical dispersion of buyers, or as consumers become more proficient in Internet usage. The results indicate that the degree of price discrimination also varies depending on the distribution of consumer disutility in a market. The manufacturer in a market in which the average travel cost is higher than the average disutility of using the Internet has a stronger incentive for price discrimination than the manufacturer in a market where the average travel cost is relatively lower. We also find that the manufacturer has a stronger incentive to maintain a high price level when the average travel cost in a market is relatively low. Additionally, the retail competition effect due to Internet channel introduction strengthens as average travel cost in a market decreases. This result indicates that a manufacturer's channel power relative to that of the independent physical retailer becomes stronger with a decreasing average travel cost. This implication is counter-intuitive, because it is widely believed that the negative impact of Internet channel introduction on a competing physical retailer is more significant in a market like Russia, where consumers are more geographically dispersed, than in a market like Hong Kong, that has a condensed geographic distribution of consumers. illustrates how this happens. When mangers consider the overall impact of the Internet channel, however, they should consider not only channel power, but also sales volume. When both are considered, the introduction of the Internet channel is revealed as more harmful to a physical retailer in Russia than one in Hong Kong, because the sales volume decrease for a physical store due to Internet channel competition is much greater in Russia than in Hong Kong. The results show that manufacturer is always better off with any type of Internet store introduction. The independent physical store benefits from opening its own Internet store when the average travel cost is higher relative to the disutility of using the Internet. Under an opposite market condition, however, the independent physical retailer could be worse off when it opens its own Internet outlet and coordinates both outlets (RI). This is because the low average travel cost significantly reduces the channel power of the independent physical retailer, further aggravating the already weak channel power caused by myopic inter-channel price coordination. The results implies that channel members and policy makers should explicitly consider the factors determining the relative distributions of both kinds of consumer disutility, when they make a channel decision involving an Internet channel. These factors include the suitability of a product for Internet shopping, the level of E-Commerce readiness of a market, and the degree of geographic dispersion of consumers in a market. Despite the academic contributions and managerial implications, this study is limited in the following ways. First, a series of numerical analyses were conducted to derive equilibrium solutions due to the complex forms of demand functions. In the process, we set up V=100, ${\lambda}$=1, and ${\beta}$=0.01. Future research may change this parameter value set to check the generalizability of this study. Second, the five different scenarios for market conditions were analyzed. Future research could try different sets of parameter ranges. Finally, the model setting allows only one monopoly manufacturer in the market. Accommodating competing multiple manufacturers (brands) would generate more realistic results.
In this study, I have suggested a basic theories in introducing and applying EC indispensible for a positive development of international logistics' competitiveness by the Chonbuk firms, and I assure that the Chonbuk firms can get a full effect in strengthening international competitiveness in worldwide trade war by effectively utilizing the application method suggested in this study as well as by erecting its basic direction. Our market faced an accelerating pressure against a full-scale market opening with the WTO system, and our Chonbuk firms will face a danger that all the markets, domestic and international will be occupied by the foreign enterprises, for we can not win the competition with the foreign enterprises, provided that we do not prepare for the rationalization and effectiveness of management. It will be very significant for our Chonbuk firms to introduce and utilize EC as a method for innovation and rationalization of management as well as a method for strengthening international competitiveness. This study will serve the study of this field, for the purpose of this study is on analyzing its propriety in introducing and utilizing EC. It will guarantee the importance that this study helps the Chonbuk firms to upgrade understanding on introduction and utilization of EC for strengthening their logistics competitiveness, and this study serves to improve international competitiveness in an era of information and globalization.
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