• 국제학술발표논문집
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• The 6th International Conference on Construction Engineering and Project Management
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• pp.742-743
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• 2015

Korean construction industry has developed with national economy growth for a couple of decades. However, because of slump of real estate, the domestic construction industry was intimidated. In this situation, many construction company has no choice but to go abroad to find construction projects. However, almost small or medium-sized construction companies are very hard to operate their business because they have small funding ability and weak labor power. Therefore, this study aims to propose an assessment tool through analyzing risk factors of overseas construction projects for small or medium-sized companies by examining preceding research and interviewing industry experts. Weights of the risk factors are determined through the surveys of the industry practitioners. All of the data is configured into the assessment tool and this converts the quantitative information which leads to the optimal of strategies choice. This paper provides a quantitative measurement of possible performance and detailed assessment of each itemized risk factors. This assessment tool is qualified for industry experts so that it can safely be applied to the future projects. Ultimately, many small or medium sized construction companies will benefit from the tool proposed in this study to examine the potential of the overseas market expansion.

• 융합경영연구
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• 제12권2호
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• pp.1-10
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• 2024

Purpose: This study conducted an empirical study to estimate the loss aversion rate of individual investors in the Seoul condominium market. Research design, data and methodology: A survey was conducted with Seoul residents ranging from 30's to 60's with various backgrounds. Descriptive statistical analysis and a paired sample t-test were conducted using SPSS 27.0 statistical package. Results: The results of the t-test showed that Seoul residents are indeed more sensitive to loss than gains, as pointed out in various researches related to behavioral economics. Also, the loss aversion rate associated with KRW 50 million risk was found to be 2.14. Finally, the same question was asked with KRW 100 million risk, doubled associated risk of previous question, using the same scenario, and it's been verified that the loss aversion rate increases as the associated risk or stake increases. The loss aversion rate with double risk is 2.26 which is about 5% higher than the one with KRW 50 million risk. Conclusions: This study can help many groups of people in society who need to establish rewards and punishment policies within any organization. In particular, incorporating human cognitive biases, such as loss aversion can help the South Korean government shape more effective reward and punishment policies when building rewards and punishments using taxes.

• Journal of Electrical Engineering and Technology
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• 제1권1호
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• pp.1-7
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• 2006

In an electricity market, the spot market is normally integrated with a forward or future market. The advantage of the forward market is to allow the market participants to deal in a part or the whole trading portfolio at a fix price in advance and to avoid risk associated to the uncertain price of the spot market. Japan has introduced a continuous auction base forward market from April 2005. This paper analyzes the Japanese forward market rules and operations, and introduces a new algorithm that may improve the efficiency of the market itself. The proposed algorithm enables us to give consideration to the specific characteristics of the power system and to integrate them in the auction mechanism. The benefits of the proposed algorithm are verified on an electronic simulation platform and the results described in this paper.

• 한국수학교육학회지시리즈B:순수및응용수학
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• 제21권4호
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• pp.307-316
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• 2014

We prove the existence of the risk-efficient options proposed by Xu [7]. The proof is given by both indirect and direct ways. Schied [6] showed the existence of the optimal solution of equation (2.1). The one is to use the Schied's result. The other one is to find the sequences converging to the risk-efficient option.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• 제17권2호
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• pp.115-128
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• 2013

The optimal portfolio selection problem under inflation risk and subsistence constraints is considered. There are index bonds to invest in financial market and it helps to hedge the inflation risk. By applying the martingale method, the optimal consumption rate and the optimal portfolios are obtained explicitly. Furthermore, the quantitative effect of inflation risk and subsistence constraints on the optimal polices are also described.

• Journal of applied mathematics & informatics
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• 제23권1_2호
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• pp.293-310
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• 2007

Recently a risk measure pricing and hedging is replacing a utility-based maximization problem in the literature. In this paper, we treat the optimal problem of risk measure pricing and hedging in the friction market, i.e. in the presence of transaction costs. The risk measure pricing is also verified with the contexts in the literature.

• 대한수학회논문집
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• 제23권1호
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• pp.141-151
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• 2008

In this paper, we derive the nonlinear equation for European option pricing containing liquidity risk which can be defined as the inverse of the partial derivative of the underlying asset price with respect to the amount of assets traded in the efficient market. Numerical solutions are obtained by using finite element method and compared with option prices of KOSPI200 Stock Index. These prices computed with liquidity risk are considered more realistic than the prices of Black-Scholes model without liquidity risk.

• Safety and Health at Work
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• 제11권3호
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• pp.291-300
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• 2020

Background: The study aimed to determine the association of individual cognitive ability in late midlife with labor market participation among older workers. Methods: This prospective cohort study estimates the risk of long-term sickness absence, disability pension, early retirement, and unemployment from scores on the Intelligenz-Struktur-Test 2000R by combining data from 5076 workers from the Copenhagen Aging and Midlife Biobank with a register on social transfer payments. Analyses were stepwise adjusted for age, gender, physical and psychosocial work environment, health behaviors, occupational social class, education, and chronic diseases. Results: In the fully adjusted model, low cognitive ability (≥1 standard deviation below the mean for each gender) and high cognitive ability (≥1 standard deviation above the mean for each gender) were not associated with risk of any of the four labor market outcomes. Conclusion: Individual cognitive ability in late midlife was not associated with risk of long-term sickness absence, disability pension, early retirement, and unemployment in the fully adjusted model. Thus, no direct effect of individual cognitive ability in late midlife was observed on the risk of permanently or temporarily leaving the labor market.

• 자원ㆍ환경경제연구
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• 제17권3호
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• pp.135-166
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• 2008

비시장재의 변화에 의한 후생변화 측정치로서 쓰이는 지불의사(WTP)와 수용의사(WTA) 개념은 경제이론적으로는 소득효과가 크지 않다면 서로 크게 다르지 않을 것이라고 예측되고 있다. 그러나 실증분석결과들은 WTA 측정치가 WTP의 측정치보다 훨씬 큰 것으로 관찰되고 있다. 본 연구는 우리나라에서는 처음으로 실험시장접근법을 사용하여 비시장재의 하나인 먹는 물에 잔류가능성이 있는 유해물질(비소, 납, 트리할로메탄 중의 하나)로부터의 건강위험변화에 대한 WTP와 WTA를 측정하고 이 두 측정치에 차이가 존재하는지 실증적으로 분석하였다. 대학생들 15명씩의 참가자들을 대상으로 총 여섯 번의 실험시장을 개설하였다. 시장거래경험의 유무에 따른 차이를 검증하고자 사적 시장재인 캔디바 실험경매도 도입하였고, 반복경험에 따른 학습효과를 관찰하기 위하여 20번의 실험경매를 시도하였고, 정보제공효과를 관찰하기 위하여 10번째 경매 후에 객관적 건강위험에 관한 확률정보를 제공하였다. 시장재 비시장재의 구분없이 첫 번째 실험경매에서는 WTA가 통계적으로 유의하게 WTP를 초과하였다. 실험경매가 진행됨에 따라 사적 시장재는 WTA와 WTP의 차이가 사라지고 시장평균가격에 수렴하였다. 그러나 비시장재인 건강위험변화에 대한 결과는 혼재되어 있었다. 건강위험이 가장 큰 비소에 대해서는 건강위험 감소에 대한 WTP가 건강위험 증가에 대한 WTA보다 통계적으로 유의하게 적었다. 반면에 건강위험이 상대적으로 적은 납과 트리할로메탄에 대해서는 WTP와 WTA의 평균이 같다는 귀무가설을 기각할 수 없었다. 실험참가자들은 실험경매 중간에 제공된 건강위험정보에 대해 합리적으로 반응하였고, 실험경매가 진행됨에 따라 경험획득에 의한 학습효과도 긍정적이었다. WTP는 실험 초반에 학습효과가 주로 관찰된 반면에 WTA 측정치는 실험경매 후반에 학습효과가 관찰되었다.

• 한국사회정책
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• 제20권3호
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• pp.47-76
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• 2013

1990년 후반부터 사회정책 및 복지국가 연구에서 활발하게 논의되기 시작한 '신사회위험' 연구는 일반적으로 탈산업화 또는 세계화의 영향으로 새로운 사회적 위험이 후기산업경제에 도래했다고 주장한다. 이러한 신사회적 위험은 또한 주로 청년층, 여성 그리고 저숙련자에게 집중되었다고 논의되고 있다. 본 연구에서는 먼저 신사회적위험의 개념화작업을 통해 논의를 재검토하고 다른 유형의 사회적 위험들의 변화 양상을 실증적으로 분석하는데 특히 노동시장의 위험에 초점을 맞춘다. 이를 위해 후기산업경제 18개국을 대상으로, 퍼지셋 이상형분석을 실시하여 국가별로 노동시장 위험이 어떻게 서로 다르게 또는 비슷하게 변화하는지 비교분석한다. 구체적으로 본 논문의 연구문제는 다음과 같다; 1) 신사회적 위험은 무엇인가? 그리고 2) 각 국가에서 서로 다른 유형의 노동시장위험이 어떻게 서로 다른 속도와 정도의 차이를 보이며 변화하는가? 본 논문의 분석결과 후기산업경제의 국가들은 다양한 노동시장에서의 사회적 위험 유형을 경험하고 있으며, 그 유형의 변화 속도 및 정도의 차이 또한 다양하여 일반적으로 공통된 위험을 주장한 '신사회적위험'의 논의와 차이를 보였다. 본 연구는 퍼지셋 이상형분석을 활용한 실증적 비교연구를 실시하여 신사회위험 및 노동시장위험 논의에 기여한다.