• Korean Management Science Review
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• v.27 no.3
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• pp.33-41
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• 2010

A lot of researches find negative volatility risk premium in options market. We can make a trading profit by exploiting the negative volatility premium. This study proposes negative volatility risk premium hypotheses in the KOSPI 200 stock price index options market and empirically test the proposed hypotheses with intra-day short straddle strategy. This strategy sells both at-the-money call option and at-the-money put option at market open and exits the position at market close. Using MySQL 5.1, we create our database with 1 minute option price data of the KOSPI 200 index options from 2004 to 2009. Empirical results show that negative volatility risk premium exists in the KOSPI 200 stock price index options market. Furthermore, intra-day short straddle strategy consistently produces annual profits except one year.

• Journal of the Korean Society of Clothing and Textiles
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• v.33 no.9
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• pp.1506-1518
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• 2009

This study identifies the relationships among demographic variables, well-being health consciousness, sports/leisure activity, and the perceived premium price for high functional sports/leisure wear. An empirical study was conducted with the data collected by questionnaires distributed to male and female respondents aged 15 and over. Descriptive statistics, factor analysis, MANOVA, two-way ANOVA, and regressions were used to analyze 244 answers. As a result, 3 factors were determined for well-being health consciousness: nature-friendly life, premium consumption for health, and health care. The older group pursued a nature-friendly life more than the younger group, the female group pursued premium consumption for health more than male group, and older women and younger men pursued health care more than their counterparts. Sports/leisure activity was relatively intensive in the male group and in the younger group. Sports/leisure activity was explained by male characteristic and health care factors. Sports/leisure activity was the only element for predicting the perceived premium price ratio for high functional sports/leisure wear.

• Management & Information Systems Review
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• v.37 no.4
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• pp.75-92
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• 2018

The Purpose of this study was to verify that the corporate social contribution activity(eco-friendly product production, donation activity, volunteer activity, fair trade had a positive influence on the corporate credibility, the intention of price premium and the persistent purchase intention. And also this study examined the differences of corporate credibility and price premium according to consumer's gender. To accomplish the purpose of this paper, I performed literature review which relates to corporate social contribution activity, the corporate credibility, the price premium and the persistent purchase intention, and also performed empirical research. I produced questionnaire which investigates the relation between the factors which influence corporate social contribution activity, the corporate credibility, the price premium and the persistent purchase intention. SPSS 21.0 and Lisrel 8.7 were used to analyze the collected data and to identify the influence relationships. The findings of this paper are as follows: First, the corporate social contribution activity(eco-friendly product production, fair trade) did significant effect on the corporate credibility and the price premium. Second, the intention to pay premium price had affected the intention of persistent purchasing but corporate credibility had affected the intention of persistent purchasing through the intention to pay premium price. Third, the difference in preception of men and woman about the corporate social contribution activity. Among the corporate social contribution activity, women's perception of the relationship between volunteer activity and fair trade on corporate reliability was higher than that of men. Fourth, among the corporate social contribution activity, women's perception of the relationship between volunteer activity and donation activity on the intention of price premium was higher than that of men.

• East Asian Economic Review
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• v.19 no.1
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• pp.3-38
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• 2015

Fama's (1984) volatility relations show that the risk premium in foreign exchange markets is more volatile than, and is negatively correlated with the expected rate of depreciation. This paper studies these relations from the perspective of goods markets frictions. Using a sticky-price general equilibrium model, we show that near-random walk behaviors of both exchange rates and consumption, in response to monetary shocks, can be derived endogenously. Based on this approach, the paper provides quantitative results on Fama's volatility relations.

• Korean Journal of Organic Agriculture
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• v.30 no.3
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• pp.375-391
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• 2022

This study investigated the online transaction status of low-carbon certified fresh agricultural products and analyzed the low-carbon certified premium. For two months from March to April 2022, eight products (rice, apple, pear, sweet persimmons, paprika, tomatoes, cherry tomatoes, and lettuce) were surveyed at major online shopping malls. The low-carbon certification premium was analyzed using hedonic price analysis model. As a result of the online market survey, the low-carbon certified agricultural products were not traded in the case of rice, cherry tomatoes, and paprika. And the proportion of low-carbon certified agricultural products in the case of tomatoes and lettuce was low. As a result of the low-carbon premium analysis, of the five products that analyzed the low-carbon certification premium, four products excluding pear did not have a low-carbon certification premium. Thus, it is necessary to expand the sale of the low-carbon certified agricultural products by distributors, and various efforts to secure the premium of certified agricultural products are important.

• Industrial Engineering and Management Systems
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• v.12 no.2
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• pp.85-94
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• 2013

This research investigates the supply chain contract between a distributor and a supplier in which the selling period is relatively short in comparison with long production lead time. At the first stage, supplier who is a Stackelberg leader offers the distributor a contract with a set of parameters, and subjected to those parameters, the distributor places the number of initial orders as well as options. In order to purchase the option, the distributor pays non-linear option premium price with respect to the number of purchased options. At the second stage, based on realized demand, the distributor has the right to exercise option as either put or call which is limited up to the number of purchased options. The wholesale price contract is used as a benchmarking contract. This research has confirmed that the supply chain contract with a non-linear option premium price can help to coordinate the supply chain.

• The Korean Journal of Health Service Management
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• v.5 no.2
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• pp.23-33
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• 2011

The purpose of this study was to investigate the effects of a medical institution's brand equity on the users' trust and brand loyalty and further on price premium with trust and brand loyalty as the parameters. For that purpose, a survey was taken among 448 people that used service at university hospitals, general hospitals, and hospital in Busan. The results show that such brand equity components as the associated image of the brand and perceived quality had significant influences on relationships with trust with the latter having the greatest influences. Brand recognition, associated image of the brand, and perceived quality all had significant impacts on brand loyalty. The associated image of the brand had the biggest impacts, being followed by perceived quality and brand recognition in the order. Trust had positive impacts on brand loyalty according to the survey results about the quality of relationships with consumers, which suggests that medical institutions can increase their users' brand loyalty and intention for re-use by promoting their trust in them. While brand loyalty turned out to have statistical significance on the users' price premium, trust did not.

• Korean Journal of Organic Agriculture
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• v.30 no.2
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• pp.255-277
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• 2022

This study investigated consumers' perception of fruits and vegetables grown in smart farms to stimulate the sale of agricultural products grown in smart farms. To this end, a survey was conducted on 1,050 consumers. The main results are as follows. First, 58.6% of respondents knew about smart farms, and they perceived fruits and vegetables grown in smart farms as more valuable than those grown in conventional facilities. In the detailed values, values of safety and environmental damage reduction were perceived to be of greatest value among five values. Second, as a result of investigating the importance of smart farm cultivation information in comparison with price, the most respondents emphasized both smart farm cultivation information and price information, and smart farm cultivation information was compared with price information. Cases were investigated to be more important with slight differences. Third, 41.4% of respondents had the price premium payment intention for fruit and vegetables grown in smart farms. Fourth, as a result of analyzing variables affecting the premium intention, the higher the health value among five values was recognized and the more important the smart farm cultivation information was, the higher the premium payment intention was.

• Korean Journal of Organic Agriculture
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• v.28 no.4
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• pp.555-577
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• 2020

This study analyzes the management performance and productivity of environmentfriendly farms compared to conventional farms and the trend of changes in price premium rates of environment-friendly agricultural products. And environmentfriendly farms in Jeollanam-do are surveyed for difficulties in management, proper premium rate of environment-friendly agricultural products (WTA), and tasks for promoting sales. According to the analysis results, the management performance and productivity of are low in many items, and the number of items that are on the decline or stagnant in the environment-friendly premium is making it difficult for farmers to manage. According to a farm survey, the most important task is to promote school meals for boosting sales of environment-friendly agricultural products. And 65.5% of the respondents having contract cultivation, nearly half or 41.1% of the respondents said they do not need contract cultivation or want contract cultivation for less than one year, which means that the current contract does not meet the needs of farmers. Finally, the environment-friendly premium rate based on consumer prices is generally lower than the premium rate (WTA) that farmers perceive as appropriate, so it is important to resolve the gap between the actual premium rate and the WTA.

• Asia Marketing Journal
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• v.15 no.4
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• pp.33-49
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• 2014

Environmental concern has been an important issue for a few decades, and the extent of consumer demand for eco-friendly consumption has been increased. This study seeks to investigate consumers' willingness to pay (WTP) a premium for eco-friendly cosmetics. This study evaluates how much more a consumer is willing to pay for eco-friendly cosmetics and examines significant factors influencing consumers' WTP for eco-friendly cosmetics. Consumers' WTP is measured using four different ecofriendly cosmetics: low-priced skin care cosmetics, low-priced makeup cosmetics, high-priced skin care cosmetics, and high-priced makeup cosmetics. This study uses the contingent valuation method (CVM) to estimate consumer's WTP for eco-friendly cosmetics. Survey questions were designed using both dichotomous choice and payment card method of CVM. Through face to face interviews and on-line surveys, the data were collected from women between 20 and 49 years old residing in Seoul and Kyeonggi area, Korea, in May 2010. A total of 226 questionnaires (132 from interviews and 94 from on-line) were included for the analytical sample in this study. The data were analyzed using descriptive analysis, T-test and Log-Logit analysis. The findings are as follows: First, the WTP measured by dichotomous choice method was estimated using the Log-Logit analysis. The results showed that the estimated WTP for low-priced skin care cosmetics was 19,152 won, which was 27.7% higher than the reference price, 15,000 won. For low-priced makeup cosmetics, the estimated WTP was 18,524 won, and its green premium was 21.0%. The estimated WTP for high-priced skin care cosmetics was 59,128 won, which was 18.3% higher than the reference price, 50,000 won. For high-priced makeup cosmetics was 57,666 won, and its green premium was 15.3%. Second, the WTP measure by payment card method was estimated using descriptive analysis. The results showed that the respondents were willing to pay 17,955 won for low-priced skin care cosmetics, which was 19.7% higher than the reference price, 15,000 won and 17,595 won for low-priced makeup cosmetics, which was 17.3% higher than the reference price. For high-priced skin care cosmetics, the average WTP was 56,950 won which was 13.9% higher than the reference price, 50,000 won. For high-priced makeup cosmetics, the average WTP was 55,650 won, which was 11.3% higher than the reference price. Overall, the WTP was higher in order of low-priced skin care, low-priced makeup, high-priced skin care, and high-priced makeup. It means that consumers decide degree of premium based on the price and the attributes of eco-friendly products. Third, the findings showed that age, monthly income, and having children or not were statistically significant factors that influenced consumers' willingness to pay for eco-friendly cosmetics. Other explanatory variables such as education, marital status, job, purchase experience of eco-friendly products, and environmental concerns did not show any statistical significance. The major contribution of this study is the investigation of the value of green attributes of the products by using CVM. Unlike most previous researches, this research used two methods of CVM, the dichotomous choice and the payment card, so it enhanced the reliability of research. According to this study, consumers showed price sensitivity when they pay green premium. These findings can be used as useful information to establish marketing strategies for green cosmetics.