• Food Science of Animal Resources
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• v.37 no.5
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• pp.663-669
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• 2017

This study were estimated the contribution of carcass traits to unit price, to analyze the marbling score as a categorical variable rather than a numerical variable, and to develop an optimal model that also includes the holiday effect and the raising period. The data for this study were acquired from the Quality Evaluation of the Korea Institute for Animal Products, and consisted of the trading records of 1,613,699 heads at 12 wholesale markets from 2010 to 2014. The unit price of a cow was estimated from the following parameters: -52.50 Won/mm, $8.93Won/cm^2$, 7.20 Won/kg, and -1.04 Won/day for backfat thickness, eye muscle area, carcass weight, and raising period, respectively. Parameters for the dummy variables of marbling scores varied from 0 to 8328.74 Won/kg, which means that each marbling score grade had a different price value. The unit price of a steer was estimated from the following parameters: - 92.12 Won/mm, $20.22Won/cm^2$, 1.30 Won/kg, and -1.72 Won/day for backfat thickness, eye muscle area, carcass weights, and raising period, respectively. Parameters for dummy variables of marbling scores varied from 0 to 7338.80 Won/kg, which means that the grades of each marbling score had different price values. The unit price of sales during traditional holidays was significantly higher (827.71 Won/kg for cows, and 645.15 Won/kg for steers) than during non-holidays.We conclude that the use of categorical values for marbling scores would be needed to evaluate the price of Hanwoo beef using multiple regression analysis based on carcass traits and environmental factors.

• KIPS Transactions on Software and Data Engineering
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• v.7 no.10
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• pp.387-396
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• 2018

Stock price prediction has been a difficult problem to solve. There have been many studies to predict stock price scientifically, but it is still impossible to predict the exact price. Recently, a variety of types of cryptocurrency has been developed, beginning with Bitcoin, which is technically implemented as the concept of distributed ledger. Various approaches have been attempted to predict the price of cryptocurrency. Especially, it is various from attempts to stock prediction techniques in traditional stock market, to attempts to apply deep learning and reinforcement learning. Since the market for cryptocurrency has many new features that are not present in the existing traditional stock market, there is a growing demand for new analytical techniques suitable for the cryptocurrency market. In this study, we first collect and process seven cryptocurrency price data through Bithumb's API. Then, we use the gradient boosting model, which is a data-driven learning based machine learning model, and let the model learn the price data change of cryptocurrency. We also find the most optimal model parameters in the verification step, and finally evaluate the prediction performance of the cryptocurrency price trends.

• Journal of Electrical Engineering and Technology
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• v.10 no.1
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• pp.109-117
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• 2015

This paper proposes the comparison results of various optimal power flow algorithms (OPF) to calculate the locational marginal prices (LMP) of the unreduced full scale Korean transmission system. Five different types of optimal power flow models are employed: Full AC OPF, Cubic AC OPF, Quadratic AC OPF, Linear AC OPF and DC OPF. As the results, full AC OPF and cubic AC OPF model provides LMP calculation results very similar to each other while the calculation time of cubic AC OPF model is faster than that of the Full AC OPF. Other simplified OPF models, quadratic AC OPF, linear AC OPF and DC OPF offer erroneous results even though the calculation times are much faster than the Full AC OPF and the Cubic AC OPF. Given the condition that the OPF models sometimes fail to find the optimal solution due to the severe complexity of the Korean transmission power system, the Full AC OPF should be used as the primary OPF model while the Cubic AC OPF can be a promising backup OPF model for the LMP calculations and/or real-time operation.

• Industrial Engineering and Management Systems
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• v.14 no.2
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• pp.111-121
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• 2015

A correct information of customer returns ratio under e-commerce is not always shared between supply chain (SC) members. Also, it is important issue for SC members to handle the unsold products in a market. This paper discusses the impact of information sharing of customer returns ratio on an optimal sales strategy including resale of customer returns and buyback policy for a SC under e-commerce with a manufacturer and a retailer. A retailer sells a single product and resells the resalable customer returns in the same market. A manufacturer produces the products and buys back the unsold products as to their quality from the retailer. The integrated SC (ISC) determines the optimal product order quantity to maximize the expected profit of the whole SC. The decentralized SC (DSC) makes the optimal decisions for order quantity and the wholesale price of products to maximize the expected profit of each SC member. The effect of information sharing is discussed between SC members under ISC and DSC. The analysis numerically investigates how information sharing of the returns ratio affects the optimal decision and the expected profits under ISC and DSC. Besides, effect of SC coordination to encourage the shift to ISC is discussed.

• The Journal of Fisheries Business Administration
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• v.42 no.3
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• pp.31-39
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• 2011

This paper attempts to extend such analysis to the rather more difficult problem of optimal management of transnational fish stocks jointly owned by two countries. Transboundary fish such as Mackerel creates an incentive to harvest fish before a competitor does and leads to over-exploitation. This tendency is especially poignant for transnational stocks since, in the absence of an enforceable, international agreement, there is little or no reason for either government or the fishing industry to promote resource conservation and economic efficiency. In the current paper I examine a game theoretic setting in which cooperative management can provide more benefits than noncooperative management. A dynamic model of Mackerel fishery is combined with Nash's theory of two countries cooperative games. A characteristic function game approach is applied to describe the sharing of the surplus benefits from cooperation and noncooperation. A bioeconomic model was used to compare the economic yield of the optimal strategies for two countries, under joint maximization of net benefits in joint ocean. The results suggest as follows. First, the threat points represent the net benefits for two countries in absence of cooperation. The net benefits to Korea and China in threat points are 2,000 billion won(${\pi}^0_{KO}$) and 1,130 billion won(${\pi}^0_{CH}$). Total benefits are 3,130 billion won. Second, if two countries cooperate one with another, they reach the solution payoffs such as Pareto efficient. The net benefits to Korea and China in Pareto efficient are 2,785 billion won(${\pi}^0_{KO}$) and 1,605 billion won(${\pi}^0_{CH}$) or total benefits of 4,390 billion won : a gain of 1,260 billion won. Third, the different price effects under the two scenarios show that total benefit rise as price increases.

• Journal of Electrical Engineering and Technology
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• v.9 no.3
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• pp.803-811
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• 2014

The moment when Electrical Vehicle (EV) starts charging or discharging is one of the most important parameters in estimating the impact of EV load on the grid. In this paper, a decision-making problem of determining the start time of charging and discharging during allowed period is proposed and studied under the uncertainty of real-time price. Prospect theory is utilized in the decision-making problem of this paper for it describes a kind of decision making behaviors under uncertainty. The case study uses the parameters of Springo SGM7001EV and adopts the historical realtime locational marginal pricing (LMP) data of PJM market for scenario reduction. Prospect values are calculated for every possible start time in the allowed charging or discharging period. By comparing the calculated prospect values, the optimal decisions are obtained accordingly and the results are compared with those based on Expected Utility Theory. Results show that with different initial State-of-Charge ($SoC_0$) and different reference points, the optimal start time of charging can be the one between 12 a.m. to 3 a.m. and optimal discharging starts at 2 p.m. or 3p.m. Moreover, the decision results of Prospect Theory may differ from that of the Expected Utility Theory with the reference points changing.

• The Journal of Fisheries Business Administration
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• v.47 no.4
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• pp.65-75
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• 2016

The purpose of this study was to analyze the production and marketing control effects of aqua-cultured flounder required for stable income growth of aqua-cultured household. We analyzed the supply and demand structure of cultured flounder using the partial equilibrium model approach. And we estimated the optimal yield of cultured flounder and analyzed the effect of marketing control through constructed model. The main results of this study are summarized as follows. First, the fitness and predictive power of the estimated model showed that the RMSPE and MAPE values were less than 5% and Theil's inequality coefficient was very close to 0 rather than 1. It was evaluated that the prediction ability of the aqua-cultured flounder supply and demand model by dynamic simulation was excellent. Second, dynamic simulation based on policy simulation was conducted to analyze the price increase effect of production and shipment control of cultured flounder. As a result, if the annual production volume is reduced by 1%, 5%, and 10% among 32,852~37,520 tons, it is analyzed that the price increase effect is from 1.2% to 12.5%. Finally, this study suggests that the production and marketing control can increase the price of aqua-cultured flounder in the market. In this paper, we propose a policy implementation of the total supply system instead of conclusions.

• Industrial Engineering and Management Systems
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• v.3 no.2
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• pp.92-99
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• 2004

We consider the ATM switching node location problem (ANLP). In this problem, there are two kinds of facilities, hub facilities and remote facilities, with different capacities and installation costs. We are given a set of customers with each demand requirements, a set of candidate installation sites of facilities, and connection costs between facilities. We need to determine the locations to place facilities, the number of facilities for each selected location, the set of customers who are connected to each installed hub via installed remote facilities with minimum cost, while satisfying demand requirements of each customer. We formulate this problem as a general integer programming problem and solve it to optimality. In this paper, we present a preprocessing procedure to tighten the formulation and develop a branch-and-price algorithm. In the algorithm, we consider the integer knapsack problem as the column generation problem. Computational experiments show that the algorithm gives optimal solutions in a reasonable time.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.58 no.3
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• pp.455-461
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• 2009

This paper proposes Direct Load Control(DLC) operation scheme using a bidding system and the methodology to value proper quantity decided by the DLC program, which is a kind of resources for stabilization of electricity market price during peak times by managing consumer electricity demand. Since DLC program in Korea is based on the contract with the customers participating in this program, it is difficult to anticipate voluntary participation. That is, incentive for participants in DLC program is insufficient. To cope with this point, it is necessary to develop a new market mechanism and market compatible operation scheme for DLC programs. DLC market mechanism is deemed to be equipped with iterative bidding system, independent operation from energy market, and interactive with bidding information on energy market. With this market mechanism, it is important to find the optimal operation point of DLC allowing for the factors of stabilizing the electricity market price and compensating DLC implementation. This paper focuses on the mathematical approaches for the bid-based DLC operation scheme and examines several scenarios for the following technical justifications: 1) stabilization of electricity market price during peak times, 2) elasticity of demand.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.41 no.3
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• pp.162-169
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• 2018

Net neutrality, which has not been a problem, has recently become a problem for ISPs (Internet Service Providers), and their complaints have been paid by domestic platform companies, but overseas global IT companies such as Google and YouTube, generate huge revenues from domestic markets. In this situation, domestic IT companies claim that it is natural to impose more expensive charges or restrict speed on users who generate huge traffic. On the other side, however, the telecommunication network has become an essential public good that is essential to our everyday life, and because it has been given a monopoly position by a private company to efficiently respond to the explosive demand for telecommunication services, It is necessary to provide equal and universal service and fulfill public duty. In this paper, we deal with the network neutrality problem, focusing on the price elasticity between the CP (Contents Provider) and the ISP, rather than the user who is one side of the two-sided market for the already saturated satellites communication market. We present a game model that determines the optimal price for each platform by Nash equilibrium and analyze how the net neutrality affects CP according to the change of exogenous variables through the proposed game model.