• Journal of the Chungcheong Mathematical Society
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• v.34 no.2
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• pp.169-180
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• 2021

This paper investigates the time-inconsistent agent's optimal consumption and investment problem under inflation risk. The agents' discount factor is governed by hyperbolic discounting, which has a random time to change. We impose the inflation risk which plays a crucial role in long-term financial planning. We derive the semi-analytic solution to the problem of sophisticated agents when the time horizon is finite.

• Journal of Korean Institute of Industrial Engineers
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• v.1 no.1
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• pp.41-56
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• 1975

In the past the pattern of business down-trend usually appeared in the form of, first, decrease in facility investment, then decrease in inventory level, followed by reduced level of consumption. But the pattern nowadays is becoming just the opposite, that is, first, consumption decrease, then inventory level increase, followed by restriction of facility investment. Also in the past, the greater effort was placed in strengthening of hardware areas through optimization and modernization of production means on the premise of sales. But lately software areas take most of the main effort to establish production mean with sales as its objective. Under these circumstances one of the real problems facing production activities today is the conflicting relationship between sales and production functions. This occurs due to differences of their view points. Then, in order to achieve maximum profit at the least cost, which is the ultimate objective of a production activity, the need arises to effectively coordinate sales demand and plant production capacity. For this purpose strong control means and function must be devised. In our case study example we illustrate a management technique for a combined planning function, of optimal coordination of product mixes utilizing a computerized linear programming model as control means of attaining maximum profit. It is hoped that this example help achieve some of corporate objectives.

• Proceedings of the KIEE Conference
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• 1997.07c
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• pp.982-984
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• 1997

DSM activities have grown and matured over several years in Korea. KEPCO is currently offering some DSM programs in industrial, commercial, and residential customers such as rebate program in purchasing efficient measures. The systematic evaluation process of energy savings and peak reduction will be very important for deciding on the optimal investment of DSM activities in utilities in the future. In general, the estimation process of the potential savings of DSM activities include the determination of baseline electricity consumption, the instantaneous technical potential (ITP), the phased technical potential (PTP), the economic potential (EP), and the achievable potential (AP). The purpose of this article is to provide evaluation process of those DSM potential savings based on bottom-up approach and applicate to residential sector in Korea. In case study, ITP, EP are estimated to be respectively 21.5%, 5.7% of total energy consumption, and 4.1%, 2.5% of peak load in 2010.

• Journal of the Korean Society for Geothermal and Hydrothermal Energy
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• v.16 no.4
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• pp.31-38
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• 2020

The investment in the technology of using a combined heat source is insufficient, which utilizes the advantages of various heat sources to maximize the potential energy and at the same time increases the performance of the heat pump. In this study, as basic data for the development of a high-efficiency hybrid heat pump system that actively connects and uses various heat sources, simulations were conducted for the heat pumps in two cases where geothermal and hydrothermal heat were applied respectively. In May, COP increased by about 27.3% compared to geothermal heat. In February, the COP percentage decrease of hydrothermal heat compared to geothermal heat is -6.9%. In May, total energy consumption can be reduced by 21.1% when hydrothermal is applied compared to geothermal heat. In February, the total energy consumption increases by 3.4%.

• Korean Chemical Engineering Research
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• v.58 no.4
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• pp.550-564
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• 2020

Distillation columns are one of the main equipment used for the separation of chemical components in petrochemical process design. However, in spite of the efficient operation in wide range, and the advantage of data collection for equipment verification, the distillation columns are inherently known for high energy consumption and capital cost. Hence, the trade-off analysis needs to be done between investment cost and operation cost to develop the most economical distillation columns. This study was conducted using Aspen Plus, a popular process simulation program, in the pursuit of broad application by as many process engineers as possible. In this paper, design variables for optimization of distillation columns were defined to improve emphatically the design quality with reducing erratic practice of many engineers. In addition, by eliminating unnecessary reviewing step and establishing systematic and efficient procedures, the amount of time for design and human resources were minimized. Aspen Process Economic Analyzers (APEA) program was introduced in order to calculate the investment cost reliably, and the efficient systematic procedure for utilization of APEA was established.

• Transactions of the Korean Society of Mechanical Engineers B
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• v.22 no.11
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• pp.1547-1554
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• 1998

The object of this study was to develop an economic assessment program for the optimal design of the cogeneration systems composed of combining engine, generator, waste heat recovery exchanger, absorption chiller, and boiler, etc. The energy demand categorized by electric power, heating, cooling and water supply was determined by statistical data of the existing cogeneration systems. An economic assessment was performed by comparing the total cost of cogeneration system with that of non-cogeneration system. The total cost was evaluated by adding initial investment to operational cost considering efficiency of equipment, cost of equipment, fuel and electricity. To confirm the validity of the developed program, a hotel building with an area of $127,960m^2$ was selected, and the simulated results were compared with the measured data. The difference between the simulated and the measured values for the selected hotel building was approximately 12% for annual electric consumption.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.24 no.9
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• pp.657-662
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• 2012

The cogeneration system can operate at efficiencies greater than those achieved when heat and power are produced in separate. The optimal system can be determined by selecting the auxiliary system combined with cogeneration system. In the present study, economic investigation has been conducted with the cogeneration electric heat pump(EHP) system and the cogeneration absorption chiller(AC) system to install in a school dormitory. To analyze life cycle cost(LCC), cost items such as initial investment costs, annual energy costs and maintenance costs of each system have been considered. The initial investment cost is referred to the basis of estimated costs, and annual energy costs such as the electric power and gas consumption are based on the data in a school dormitory. LCC is evaluated with the present worth method. Considering investigated results, the initial investment cost of the cogeneration EHP system is more profitable about 24% than that of the cogeneration AC system. The energy cost of the cogeneration EHP system is more profitable about 8% than the cogeneration AC system. The LCC shows that the cogeneration EHP system is the most effective system in the school dormitory.

• Journal of the Korean Society for Aviation and Aeronautics
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• v.31 no.2
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• pp.81-88
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• 2023

SHM (Structural Health Monitoring) technique for monitoring aircraft structural health and damage, EHM (Engine Health Monitoring) for monitoring aircraft engine performance, and APM (Application Performance Management) is used for each function. APMS (Airplane Performance Monitoring System) is a program that comprehensively applies these techniques to identify the difference between the performance manual provided by the manufacturer and the actual fuel mileage of the aircraft and reflect it in the flight plan. The main purpose of using APMS is to understand the performance of each aircraft, to plan and execute flights in an optimal way, and consequently to reduce fuel consumption. First, it is to check the fuel efficiency trend of each aircraft, check the correlation between the maintenance work performed and the fuel mileage, find the cause of the fuel mileage increase/decrease, and take appropriate measures in response. Second, it is to find the cause of fuel mileage degradation in detail by checking the trends by engine performance and fuselage drag effect. Third, the APMS is to be used in making maintenance work decisions. Through APMS, aircraft with below average fuel mileage are identified, the cause of fuel mileage degradation is identified, and appropriate corrective actions are determined. Fourth, APMS data is used to analyze the economic analysis of equipment installation investment. The cost can be easily calculated as the equipment installation cost, but the benefit is fuel efficiency improvement, and the only way to check this is the manufacturer's theory. Therefore, verifying the effect after installation and verifying the economic analysis is to secure the appropriateness of the investment. Through this, proper investment in fuel efficiency improvement equipment will be made, and fuel efficiency will be improved.

• Journal of Labour Economics
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• v.37 no.4
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• pp.89-112
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• 2014

This paper characterizes an optimal combination of grant and income-contingent loans (ICL) from efficiency and equity points of view as a government subsidy program for higher-education. In particular, we show that it is always desirable to introduce ICL for students regardless of their household incomes, and also provide arguments for the superiority of tax-financing system to loans with risk-premium as a financing mechanism of ICL. From policy point of view, this paper suggests a need for the extended coverage of our ICL system, while justifying its current tax-financing system.

• Journal of Korean Tunnelling and Underground Space Association
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• v.4 no.4
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• pp.343-353
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• 2002

In the past many tunnels have been built to lowest capital investment cost without adequate regard for the cost of operation. But according to increasing the capacity of a ventilation system and to becoming diverse, it is to become more important to come up with the optimal operation stage of ventilation system. In this study, the tunnel ventilation dynamic simulation program had been developed. it is used to calculate the unsteady-state tunnel air velocity and concentration of pollutants according to the assumed average day traffic profile and summarize the energy consumption for the operation of ventilation system. And the operation energy consumption for the electric precipitation system and vertical vent shaft system are evaluated and compared in various operation mode. As the results of this study, the optimal operation stage for these ventilation system are provided.