• Journal of Science and Technology Studies
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• v.12 no.2
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• pp.33-79
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• 2012

This paper first aims to reveal that, in the current trend of 'the participatory turn' in STS, there are divergent positions subtly different from each other, and that the understanding of these divergent positions can be significant to study the differences, similarities and interfaces between the various models of scientific governance discussed in STS and those in risk governance developed by risk studies. Secondly, this paper shows that theoretical differences among STS scholars on scientific governance and public participation goes back to the 1970s and 1980s, during which they first laid down the conceptual basis of STS. All ideas and theories have their own historicity. This article is about the 'historical epistemology' of the participatory turn of STS, and is to seek 'political epistemology' that can become a shared vision of STS.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.61
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• pp.273-302
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• 2014

Project finance ("PF") is a method of raising long-term debt financing based on lending against the cash flow generated by the project alone. Project finance is a nonrecourse or limited recourse financing structure against the sponsors(or the investors). The debt terms in a project finance are not based on the creditor's credit support or on the value of the assets of the project. Lenders rely on the future cash flow to be generated by the project for debt repayment and interest, rather than the value of the project or the credit ratings of the sponsors. The non-recourse or limited recourse financing usually prompt potential project finance lenders to assess carefully all possible risks that might arise in a project to ensure that those risks are mitigated and controlled. In this respect, project finance is a opposite financing method of corporate finance. Project finance has rapidly grown over the last 20 years due to the worldwide process of privatization of public sector and development of natural resources. Global project finance volume reached the record USD 406.5 billion in 2011. In 2012, however, Global project finance volume dropped 6% to USD 382.3 billion. Infrastructure overtook Energy to lead all sectors with USD 113.6 billion. It is generally recognized that there are more and higher risks in project finance compared with corporate finance. Project finance is exposed to commercial risks as well as political risks. The main commercial risks are completion risks, environmental risks, operating risks, input supply risks, revenue risks, etc, and the main political risks are currency convertibility and transfer risks, expropriation risks, war and civil disturbance risks, risks of breach of government concession agreement, etc. Completion risks include permits risks, risks relating to the EPC Contractor, construction cost overrun, delay in completion, inadequate performance on completion, etc.

• 한국환경농학회:학술대회논문집
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• 2009.07a
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• pp.3-18
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• 2009

It is difficult for consumers to satisfy high safety request with post-management method such as inspection and surveillance, as various changes in-and-out of the country associated with food safety. In terms of food safety problems related to foods, it is crucial to recognize public health and consumer protection and construct pre-preventive Food Control System. A joint committee, FAO/WHO made the following consultations to the National Food Safety System. ${\circ}$ Approach entirely from farm to table ${\circ}$ Get ready for Risk Analysis System ${\circ}$ Secure transparency ${\circ}$ Establish the optimal policy by evaluating the effect of regulation When it comes to summarizing the consultation, it would be accumulated as two key words; "Efficiency" and "Credibility". Whereas the problem of efficiency focuses on precaution rather than post-management, it requires policy option to maximize consumer's benefit by evaluating the cost for the Food Safety Management and its benefit. Also, analyzing risk's character and amount, demanding an optimal means, and introducing scientific analysis system put much value on the stakeholder's communications are procedure's security which can satisfy both "Efficiency" and "Credibility" simultaneously. Especially, it is emphasized here that Risk Assessment need to be separated from Risk Management. This action is a valid means of credibility security throughout improving transparency. A number of nations and organizations have reformed the method of food management passing through reflection and examination of the prior National Food Safety Management since BSE occurred in Britain, 1996. FSA; Food Standard Agency, AFFSA, EFSA, BfR, and FSC are Risk Assessment Organization functionally separated from Risk Management Organization, JECFA, JMCFA, JMPR, JEMRA in Codex charge Risk Assessment internationally. In case of advanced countries excluding several those such as The U.S. and so forth, though these Risk Assessment Organizations are either separated functionally within Risk Management Organization or operated as apart organ, common factors are in which it has independence as Science Base. While securing independence of Risk Assessment Function, it is a tendency Risk Management should be functionally unified into efficiency as well. Though Germany constructs integral Risk Management System of diverse ways according to social and political conditions of each country such as GFOCP, DVFA, SNFA, CFIS and AQIS, there is a key word in the center, "Securing efficiency of Food Safety Management". However our nation has a representative plural；diversified system with The U.S., we took a step forward for unification as empowering policy's generalization；adjustment and Risk Assessment Function by means of enacting the "Food Safety Fundamental Law" in 2008 and establishing the "Food Safety Policy Commission" with private and governmental sectors in the Prime Minister's office. Even though the unification of Risk Management hereby increased, there is the lack of strengthening function of Risk Assessment and securing independence. It needs to be required for the professional committee in Food Safety Policy Commission to develop as a exclusive office of Risk Assessment by separating from a policy decision. Administrative Branches should reinforce feeble functions such as fundamental investigation；research for carrying out Risk Assessment with securing efficiency throughout reassessment of prior Risk Management Means.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• autumn
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• pp.454-459
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• 2003

Feasibility study on large scale projects like an investment on infrastructure development is very important because it provides fundamental data which determine the total investment size and duration. However, previous feasibility studies have a few problems of ambiguous estimation standards, unsystematical estimation methods, and so on. Accordingly, this study intends to regulate tile problems on economic feasibility as well as financial feasibility study which have been considered more critical in recent time, subsequently presents a reform measure. Also, this study identifies predictable risks during the feasibility study, presents a scheme which lets investor and owner control the risk themselves through a process which uses theoretical and political management plans.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.1
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• pp.1-11
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• 2022

The study incorporates model uncertainty into the private equity (PE) valuation model (SWY model) (Sorensen et al., 2014) to evaluate how model uncertainty distorts the leverage and valuations of PE funds. This study applies a continuous-time model to PE project valuation, modeling the LPs' goal as multiplier preferences provided by Anderson et al. (2003), and assuming that LPs' aversion to model uncertainty causes endogenous belief distortions with entropy as a measure of model discrepancies. Concerns regarding model uncertainty, according to the theoretical model, have an unclear effect on LPs' risk attitude and GPs' decision, which is based on the value of the PE asset. It also demonstrates that model uncertainty lowers the certainty-equivalent valuation of the LPs. Finally, we compare the outcomes of the Full-spanning risk model with the Non-spanned risk model, and they match the intuitive economic reasoning. The most important implication is that model uncertainty will have negative effects on the LPs' certainty-equivalent valuation but has ambiguous effects on the portfolio allocation choice of liquid wealth. Our works contribute to two literature streams. The first is the literature that models the PE funds. The second is the literature introduces model uncertainty into standard finance models.

• The Journal of the Korea Contents Association
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• v.16 no.8
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• pp.1-9
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• 2016

In accordance with the increased political and social utilization of social media, demands on online trend analysis and monitoring technologies based on social bigdata are also increasing rapidly. In this paper, we define 'risk' as issues which have probability of turn to negative public opinion among big social issues and classify their types in details. To define risk types, we conduct a complete survey on news documents and analyzed characteristics according to issue domains. We also investigate cross-medias analysis to find out how different public media and personalized social media. At the result, we define 58 risk types for 6 domains and developed automatic classification model based on machine learning algorithm. Based on empirical experiments, we prove the possibility of automatic detection for social issue risk in social media.

• 한국디지털정책학회:학술대회논문집
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• 2006.06a
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• pp.39-44
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• 2006

The purport of this paper is to deduce political implication and significance of the proposed redress scheme of 'Consumer Collective Lawsuit (hereinunder "CCL")' under way to be introduced by the Korean government via various assessments per each phase of policy implementation process. To this end, the paper classifies the subject policy (referring to CCL) implementation process into 4 phases: policy origination, policy enactment, policy advertisement, and policy execution. Based on the said classification, assessments per each phase together with pros and cons analysis have been conducted. Through the aforementioned analysis, the paper concludes the following political implication and significance of CCL under way of introduction: - 1. In the case of policy origination led by external parties, a social consensus by and from involved parties with various interests is the most critical; 2. Prior feasibility and/or suitability study is also crucial in the policy implementation procedure; 3. To mitigate inter-ministerial conflicts that might arise from the due policy making procedure, democratization of conflict settlement mechanism, and institutionalization of participation in and disclosure of policy making process are cal led upon; and 4. Prior planning wi th respect to the public relation and advertisements of the subject policy on the table poses substantial significance.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.9
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• pp.251-261
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• 2020

The paper examines the role of some determinants of economics, politics and institutions on the budget deficit volatility in some countries of the Association of South East Asian Nations (ASEAN) such as Indonesia, Thailand and Vietnam. The paper uses the fixed effects model (FEM) and the random effects model (REM) to investigate panel data of these countries in the period of 1990-2018. Moreover, the study also explores ordinary least square (OLS) to analyze time-series data for each country in the same period to make comparison among them. The economic data is collected from international financial statistics and world development indicators. The data on political variables are collected from International Country Risk Data Guide (ICRG). The empirical results both confirm that corruption and political stability are important indicators of budget deficit. Besides, the paper suggests authorities should pay more attention on improving the institutional setup of the economy in order to avoid high and unstable deficit. The findings offer new insight on the budget deficit in essence and suggest that the most important thing need to be done ahead is to strongly implement anti-corruption actions. By doing so, the status of budget deficit would be remarkably improved immediately.

• Proceedings of the Korea Water Resources Association Conference
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• 2010.05a
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• pp.121-121
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• 2010

The water resources of the United States are increasingly at risk and the nation's water policy is in serious difficulty. Water resources protection laws primarily passed since 1950 often contradict water resources development laws passed before 1950. These contradictions complicate efficient and effective responses to the nation's water resources challenges including climate change, our aging infrastructures, changing population dynamics, drought, floods, wetlands and aquatic species loss, ecosystem restoration and many others. In addition, water law and policy determination, management and enforcement are so broadly distributed between, local, state and federal responsibilities that effective responses again are difficult. For example, at the national level alone, more than a dozen federal agencies have water resources responsibilities including resource development, resource assessment, and resource protection. They are presided over by six cabinet (Ministerial) departments, at least 13 congressional (parliamentarian) committees and 23 subcommittees, and are funded by five appropriations subcommittees. Lastly, good science and the public accountability associated with it are often overshadowed by political considerations at local, state and federal levels. The United States approach to solving water resources challenges is ad hoc - we address problems as they appear or as they merit political support rather than using good science to address our long term water resources needs.

• The Journal of Asian Finance, Economics and Business
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• v.9 no.2
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• pp.151-158
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• 2022

The study aims to investigate Lebanese-Chinese relations within the framework of the Belt and Road Initiative. Lebanon formally joined the effort in 2017; this paper emphasizes Lebanon's geostrategic importance. The paper presents an assessment of the investment risks in Lebanon, which is considered an economically unstable country with a volatile security situation, with many internal and external political hurdles. The paper refers to the obstacles and challenges that the Chinese investor may face in Lebanese society. The study employs qualitative descriptive analysis to address the status of Chinese investment in Lebanon and the consequences of this partnership; the paper examines previous research related to the Belt and Road Initiative and the Lebanese political, security, and economic situation literature. Due to the deteriorating security situation, external intervention, and the economic crisis, the results reveal that Lebanon is not a top investment priority for China, which is a big impediment to China entering into economic cooperation with Lebanon. The findings of this study suggest that the Lebanese government should adopt an anti-corruption policy to build confidence for the Chinese investor, reduce unnecessary public spending, and hold a national dialogue to build confidence among the Lebanese parties.