• Journal of Radiation Protection and Research
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• v.28 no.4
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• pp.361-368
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• 2003

The economic and environmental friendliness analysis of the nuclear fuel cycle options that can be expected in Korea were performed. Options considered are direct disposal, reprocessing and DUPIC (Direct Use of Spent PWR Fuel In CANDU Reactors). By considering the result of calculation of the annual uranium requirement and nuclear spent fuel generation by analysis of nuclear fuel material flows in the nuclear fuel cycle options, we decided the time of back-end nuclear fuel cycle processes and the volume. Then we can analyze the economic and environmental friendliness by applying the unit cost and unit value of each process, respectively.

• Journal of Korean Institute of Industrial Engineers
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• v.33 no.2
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• pp.221-226
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• 2007

This paper suggests a valuation framework of investment project using the concept of real options. We show the valuation process of real assets using the risk-neutral pricing. Especially, we focus on the investment lag. Real assets have investment lag in general. The decision time and the payment time are not identical. So the investment lag should be considered when valuing real assets for reality. We provide the valuation process for real assets, including R&D project. The results of this paper can be used for the real assets valuation and strategic decision analysis.

• Bulletin of the Korean Mathematical Society
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• v.53 no.5
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• pp.1497-1530
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• 2016

External barrier options are two-asset options with stochastic variables where the payoff depends on one underlying asset and the barrier depends on another state variable. The barrier state variable determines whether the option is knocked in or out when the value of the variable is above or below some prescribed barrier level. This paper derives the explicit analytic solution of the chained option with an external single or double barrier by utilizing the probabilistic methods - the reflection principle and the change of measure. Before we do this, we examine the closed-form solution of the external barrier option with a single or double-curved barrier using the methods of image and double Mellin transforms. The exact solution of the external barrier option price enables us to obtain the pricing formula of the chained option with the external barrier more easily.

• Communications for Statistical Applications and Methods
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• v.19 no.6
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• pp.819-835
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• 2012

A floating-strike lookback call (or put) option gives the holder the right to buy (or sell) at some percentage of the lowest (or highest) price of the underlying asset. This paper will propose an outside lookback call (or put) option that gives the holder the right to buy (or sell) one underlying asset at its guaranteed floating-strike price that is some percentage times the smaller (or the greater) of a specific guaranteed amount and the lowest (or highest) price of the other underlying asset. In addition, this paper derives explicit pricing formulas for these outside lookback options. Section 3 and Section 4 assume that the underlying assets pay no dividends. In contrast, Section 5 derives explicit pricing formulas for these options when their underlying assets pay dividends continuously at a rate proportional to their prices. Some numerical examples are also discussed.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.20 no.2
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• pp.123-135
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• 2016

This article deals with the pricing of Asian options under a constant elasticity of variance (CEV) model as well as a stochastic elasticity of variance (SEV) model. The CEV and SEV models are underlying asset price models proposed to overcome shortcomings of the constant volatility model. In particular, the SEV model is attractive because it can characterize the feature of volatility in risky situation such as the global financial crisis both quantitatively and qualitatively. We use an asymptotic expansion method to approximate the no-arbitrage price of an arithmetic average Asian option under both CEV and SEV models. Subsequently, the zero and non-zero constant leverage effects as well as stochastic leverage effects are compared with each other. Lastly, we investigate the SEV correction effects to the CEV model for the price of Asian options.

• Proceedings of the Korea Society for Energy Engineering kosee Conference
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• 2004.05a
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• pp.353-358
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• 2004

In recent, the trends in national energy Policy are established in the context of the integrated risk estimation for various national electricity generating options. The approach takes account of health, environmental, economic, and social aspects of electricity generation systems. In the present work, nuclear, coal, and LNG sources are chosen because these hold more than 90% of national total electricity generation in a descending order. A life cycle assessment (LCA) methodology is used for comparing environmental impacts of these options during the life cycle such as construction, operation as well as disposal stages. Here, the LCA consists of life cycle inventory analysis, classification/selection process of impact categories, characterization process, and normalization process of each category. LCA can be an useful tool for environmental impact assessment of future national energy options. At the planning stage of future energy Policies, the results of LCA would be taken into consideration. According to data update at the construction and disposal stages, the LCA needs to be conducted iteratively.

• Journal of the Korean Home Economics Association
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• v.30 no.3
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• pp.193-204
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• 1992

The purpose of this article is (1) to measure the attitudes of health care consumers towards medical service, the physicians' duty to provide information and patient self-determination options, (2) to discover the their related variables. The attitude of health care consumers towards medical service reveals statistically significant corelation with age and education. Among the statistically significant independent variables it is significantly related with age in the multiple regression analysis. The attitude of health care consumers towards the physicians' duty to provide information reveals statistically significant corelation with age, education and the attitude of health care consumers towards medical service. Among these independent variables it is significantly related with the attitude of health care consumers towards medical service in the multiple regression analysis. The attitude of health care consumers towards patients' self-determination options reveals statistically significant corelation with age, the attitude of health care consumers towards medical service and the attitude of health care consumers towards the physicians' duty to provide information. Among these independent variables it is significantly related with the attitude of health care consumers towards the physicians' duty to provide information in the multiple regression analysis.

• Journal of Communications and Networks
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• v.4 no.4
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• pp.282-291
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• 2002

3GPP (Third Generation Partnership Project) is defining UMTS (Universal Mobile Telecommunication System) releases which span the transition from GSM/UMTS coexistence to All-IP UMTS networks. The deployment of an UMTS network depends, in the first place, on the intended service offerings and the release an operator chooses to start service with. Other key decisions in-fluencing UMTS deployment relate to the timing of the functional enhancements and capacity increases along the economic life of the network. This paper gives an overview on the architectural and technical options for UMTS deployment. It also outlines the methodology underlying the business plan aimed at estimating the returns from investments in the UMTS infrastructure, thus helping to tune operators’ strategies for UMTS deployment.

• Nuclear Engineering and Technology
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• v.39 no.6
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• pp.683-690
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• 2007

Because of increasing concerns regarding global warming and the longevity of oil and gas reserves, the importance of nuclear energy as a major source of sustainable energy is gaining recognition worldwide. To make nuclear energy truly sustainable, it is necessary to ensure not only the sustainability of the fuel supply but also the sustained availability of waste repositories, especially those for high-level radioactive waste (HLW). From this perspective, the effort to maximize the waste loading density in a given repository is important for easing repository capacity problems. In most cases, the loading of a repository is controlled by the decay heat of the emplaced waste. In this paper, a comparison of the decay heat characteristics of HLW is made among the various fuel cycle options. It is suggested that, for a future fast breeder reactor (FBR) cycle, the removal and burning of minor actinides (MA) would significantly reduce the heat load in waste and would allow for a reduction of repository size by half.

• Communications for Statistical Applications and Methods
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• v.24 no.2
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• pp.163-172
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• 2017

Economic sentiment is typically measured using ordinary response options. The University of Michigan and the United States Conference Board are two widely used major indexes that have separately established independent consumer sentiment indexes based on three-level ordinary response options: positive, neutral, and negative. Notwithstanding, limited attention has been paid to the structural differences in their built-in formulas, which are referred to the disparate micro scoring schemes applied to an individual question. This paper examines the structural difference of the two indexes and then addresses situations where one is more reliable than the other. Real data from business tendency surveys of the Organization for Economic Cooperation and Development are used to illustrate our points empirically. As a conclusion, it is stressed that the two indexes should be handled with care when applied to economic sentiment comparison studies.