• Journal of Korea Port Economic Association
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• v.33 no.1
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• pp.75-87
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• 2017

The purpose of this study is to utilize the system dynamics to carry out a medium and long-term forecasting analysis of the bunker price. In order to secure accurate bunker price forecast, a quantitative analysis was established based on the casual loop diagram between various variables that affects bunker price. Based on various configuration variables such as crude oil price which affects crude oil consumption & production, GDP and exchange rate which influences economic changes and freight rate which is decided by supply and demand in shipping and logistic market were used in accordance with System Dynamics to forecast bunker price and then objectivity was verified through MAPEs. Based on the result of this study, bunker price is expected to rise until 2029 compared to 2016 but it will not be near the surge sighted in 2012. This study holds value in two ways. First, it supports shipping companies to efficiently manage its fleet, offering comprehensive bunker price risk management by presenting structural relationship between various variables affecting bunker price. Second, rational result derived from bunker price forecast by utilizing dynamic casual loop between various variables.

• Transactions of the Korean Society of Automotive Engineers
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• v.16 no.5
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• pp.37-43
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• 2008

The durability test of turbo-blower for PEM fuel cell is very important process of BOP development. It is a major barrier to the commercialization of these systems for stationary and transportation power applications. Commercial viability depends on improving the durability of the air supply system to increase the reliability and to reduce the lifetime cost. In this study, turbo-blower supported by oil-free bearing is introduced as the air supply system used by 80kW proton exchange membrane fuel systems. The turbo-blower is a turbo machine which operates at high speed, so air foil bearings suit their purpose as bearing elements. The impeller of blower was adopted mixed type of centrifugal and axial. So, it has several advantages for variable operating condition. The turbo-blower test results show maximum parasitic power levels below 1.67kW with the 30,000 rpm rotating speed, the flow rate of air has maximum 163SCFM(@PR1.1). For proper application of FCV, these have to durability test. This paper describes the experiment for confirming endurance and stability of the turbo-blower for 500 hours.

• Korean Journal of Construction Engineering and Management
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• v.7 no.4 s.32
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• pp.109-117
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• 2006

The domestic construction market is recovered after a foreign exchange crises but recently it's daunted again because of the sustainable real estate regulation policy by the government. The other aspect, after the WTO(World Trade Organization) system opened overseas construction is growing continuously with growth of international economy and opening of market through world. Moreover, for ballooning oil prices an orders increase by oil-producing countries, the Middle East, gives good chances to domestic construction enterprises. But, the domestic firms decrease on our domain by chases of developing country and high-technology or advanced country. This research will indicate processes of our construction business to analyze performance record about our overseas construction from the 1970s to present. Based on the results it intends to search for problems of our construction enterprises and provide useful analytic data for expansion of overseas construction market.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.6
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• pp.297-304
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• 2020

This paper applies the Data Envelopment Analysis (DEA) to compute the managerial efficiency of 30 insurance companies listed on the Saudi stock exchange for the duration of four years from 2015 to 2018. The companies taken as a sample of study included both conventional and Takaful insurance companies. The insurance sector of KSA is one of the largest sectors in the country, contributing a substantial percentage in the non-oil economy. Efficiency measurement and evaluation will provide a venue to introspect and benchmark frontiers to the sector. In the present study, we have utilized the basic Banker Charnes Cooper and Charnes Copper Rhodes models of DEA. Two inputs, namely, general & administrative expenses and policy & acquisition costs, and two outputs (Net premium earned and Investment Income & other incomes) were taken for efficiency calculations. The final outcomes of the study reveal that a good number of insurance companies operating in KSA are found to be efficient on managerial efficiency scale. Three firms remain the leader on the frontier of the managerial efficiency. And no company found with zero (0) efficiency or a negative efficiency. It is expected that the outcome of the study will provide benchmarks to managers and a road map to further improvement.

• Korean Management Science Review
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• v.18 no.1
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• pp.119-133
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• 2001

It is important to find the equilibrium level of real interest rate for it affects real and financial sector of economy. However, it is difficult to find the equilibrium level because like the most macroeconomic model the real interest model has parameter instability problem caused by structural change and it is supported by various theories and definitions. Hence, in order to cover these problems structural change detection model of real interest rate is developed to combine the real interest rate equilibrium model and the procedure to detect structural change points. 3 equations are established to find various effects of other interest-related macroeconomic variables and from each equation, structural changes are found. Those structural change points are consistent with common expectation. Oil Crisis (December, 1987), the starting point of Economic Stabilization Policy (January, 1982), the starting point of capital liberalization (January, 1988), the starting and finishing points of Interest deregulation (January, 1992 and December, 1994), Foreign Exchange Crisis (December, 1977) are detected as important points. From the equation of fisher and real effects, real interest rate level is estimated as 4.09% (October, 1988) and dependent on the underlying model, it is estimated as 0%∼13.56% (October, 1988), so it varies so much. It is expected that this result is connected to the large scale simultaneous equations to detect the parameter instability in real time, so induces the flexible economic policies.

• Journal of Korean Institute of Industrial Engineers
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• v.39 no.1
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• pp.30-45
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• 2013

Predicting monthly electricity price has been a significant factor of decision-making for plant resource management, fuel purchase plan, plans to plant, operating plan budget, and so on. In this paper, we propose a sophisticated prediction model in terms of the technique of modeling and the variety of the collected variables. The proposed model hybridizes the semi-supervised learning and the artificial neural network algorithms. The former is the most recent and a spotlighted algorithm in data mining and machine learning fields, and the latter is known as one of the well-established algorithms in the fields. Diverse economic/financial indexes such as the crude oil prices, LNG prices, exchange rates, composite indexes of representative global stock markets, etc. are collected and used for the semi-supervised learning which predicts the up-down movement of the price. Whereas various climatic indexes such as temperature, rainfall, sunlight, air pressure, etc, are used for the artificial neural network which predicts the real-values of the price. The resulting values are hybridized in the proposed model. The excellency of the model was empirically verified with the monthly data of electricity price provided by the Korea Energy Economics Institute.

• Journal of the Korean Institute of Landscape Architecture
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• v.27 no.3
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• pp.109-113
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• 1999

The objective of this research was to develop growth media for artificial ground by blending calcined clay and coconut peat. To achieve this, aggregates of clay particles were mixed with disel oil and heated to high temperature(1150~120$0^{\circ}C$) to expand clays. The particle sizes of expanded clay were controlled to 2~5mm in diameter. Then expanded clayes were mixed with coconut peat and changes of soil physicochemical properties and their effect on plant growth of Hedera L. were determined. The infiltration rate of calcined clay was very high, but the water holding capacity, the cation exchange capacity(CEC), and the nutrient contents were low. The characteritics of coconut peat was vice verse to calcined clay. This indicates that the mixture of calcined clay and coconut peat have the better characteristics than each material. As compared to mineral soil, the infiltration rate, the water holding capacity, the CEC and the nutrient contents increased, but bulk density decreased to about 1/4. And, Hedera L. grown in the mixture of calcined clay and coconut peat(6:4, v/v) had higher plant height, longer leaf length, more total number of leaves per plant and fresh weight than that grown in mineral soil, but statistical differences were not observed between two treatments.

• Proceedings of the KIPE Conference
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• 2008.06a
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• pp.320-322
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• 2008

The international oil price now has been going up every each day, about 120 USD per a gallon April 2008, so that most of countries in the world are concern of the the shortage of petroleum and the development of new and renewable energy resources. This paper presents optimal design and operational features of stand-alone 500W PEMFC(Proton Exchange Membrane Fuel Cell) system which can be a substitute instead fossil fuel. The stack of PEMFC is composed of 35 laminated graphites, and a unit cell of the stack has electrical characteristics as below; 14W, 0.9V, 15A. The other components of BOP(Balance of Plant) are composed of hydrogen and nitrogen tanks, regulators, 3way solenoid valves, mass flow meters, etc.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.8
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• pp.705-714
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• 2020

This study aims to investigate the main factors that affected the government health expenditures in Gulf Cooperation Council (GCC) countries (Kingdom of Saudi Arabia (KSA), United Arab Emirates (UAE), Oman, Qatar, Bahrain and Kuwait), during the period from 2005 to 2019. The study employs a panel data technique in order to monitor the pooled determinant variables of healthcare expenditures in these countries. The study's results indicate, by using FMOLS approach for panel data, that the average healthcare expenditures per capita in GCC countries have a positive and a significant relationship with the government revenues, the size of the population, and the governments' public debt. The positive and the significant relationships of governments' public debt may be explained even if the governments of the GCC countries suffer from a budget deficit; the GCC countries continue to increase the healthcare expenditure. The study suggests that the policymakers of the GCC countries must take into consideration those variables when they develop their healthcare policies. Also, the GCC countries urgently need to have high levels of foreign exchange reserves to maintain the expected level of spending on the healthcare sector, because their public revenues depend mainly on the oil revenues, which are fluctuating continuously.

• Proceedings of the KIEE Conference
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• 2005.04a
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• pp.277-279
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• 2005

The imbalance of energy demand and supply caused by rapid industrialization around the world and the associated environmental issues require and alternative energy source with possible renewable fuels. Political instability and depletion of cruel oils are other factors that cause fluctuation of oil price. Securing a new alternative energy source for the next century became an urgent issue that our nation is confronting with. As a matter of fact, the fuel cell technology can be widely used as next generation energy regardless of regions and climate. Specially, the ability of expansion and quick installation enable one to apply it for distributed power, where the technology is already gaining remarkable attentions for the application. Particularly, leading industrialized nations are focusing on the PEM fuel dell with anticipation that this technology will find their place of applications in the vehicles and homes. In this study, demonstrate the multi physics modeling of a proton exchange membrane(PEM) fuel cell with interdigitated flow field design. The model uses current balances, mass balance(Maxwell-Stefan diffusion for reactant, water and nitrogen gas) and momentum balance(gas flow) to simulate the PEM fuel cell behavior.