• The Journal of Fisheries Business Administration
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• v.13 no.1
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• pp.85-97
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• 1982

This study involves a blending of intensive and extensive shrimp culture techniques for a hypothetical shrimp farm which uses a combination of heated raceway nurseries and extensive grow-out ponds per year. The present value method of economic analysis is used to determine economic feasibility. The biological data in this reports were obtained from published or personal communications from leaders in the field of shrimp aquaculture. The proposed system showed economic feasibility using the present value method with discount rates of 10% and 12%. The most profitable scenario, the culture of three crops of Penaeus vannamei showed a 1.26 year payback period and 120% annual average rate of return. The breakeven price was ＄1.25/1b., which is ＄1.52 less than the market price of ＄2.77. Breakeven production was 724 1bs/acre, which is 8761bs. less than the assumed 1,600 1bs/acre. All other scenarios 1.2 and 3 crops for P. stylirostris and P. setiferus showed economic feasibility also.

• Journal of Energy Engineering
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• v.8 no.2
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• pp.265-271
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• 1999

In recent years, the electric utility industry in Korea has undergone fast change. Private power generation has been introduced by competitive bidding to improve economic efficiency and to strengthen the competitive generation market. In these private generation projects, the yearly pattern of purchase price between the utility and IPPs is very important. Currently, the levelized payment schedule is applied to capacity payment, and price escalation rates are reflected to energy payment. In this paper, we Proposed different patterns of payment and analyzed the outcomes. As a result, we found possibility of applying the partial front-loading pattern in Korean market to share the risk of the long-term business. And, the importance of discount rate is also found.

• Journal of Korea Port Economic Association
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• v.27 no.3
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• pp.65-90
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• 2011

Private stevedoring companies are leasing and operating the container terminals of the Busan Port. The total amount of lease fees private stevedoring companies paid in 2010 reached 161 billion wons, an approximately 66 percent of the total revenue of the Busan Port Authority(BPA). In other words, lease fees are the most important revenue source for BPA. However, the lease fee assessment system of Busan container terminals goes against the principle of equity due to different assessment methods and criteria adopted by each container terminal. Therefore, the purpose of the study is to analyze the systematic problems of the lease fee assessment system that is used at Busan container terminals, and propose a new standardized scheme with a case study on the new system. In order to standardize the assessment system, the assessment methods need to be simplified by using the Discounted Cash Flow(DCF) method. In addition, the assessment criteria such as assessment duration, discount rates, price indexes, estimated container throughputs, sales unit price per TEU, operation costs, including labor costs, need to be standardized as well. The new standardized assessment system can be applied to estimate lease fees for new terminals. However, for existing terminals to run the new system, factors such as assessment duration, discount rates, price indexes, estimated container throughputs, investment and re-investment costs, and maintenance & repair costs of the new system should be changed slightly.

• The Journal of the Korea Contents Association
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• v.13 no.9
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• pp.369-381
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• 2013

The purpose of the study was to divide social commerce websites' information into components of product, price, service, and seller information, and to systematically analyze each component of information. A content analysis was used as a research methodology, and 100 webpages from social commerce websites were analyzed. As results, the social commerce websites provided basic information (front view, fabric contents, country of origin, care, color, size) for product information and emphasized price information, including discount rates, sales dues, product quantity, and the amount of products sold. They basically provided expected delivery date, delivery company, Q&A, and return/refund service for service information. In addition, they basically presented brand logo and brand name but need to add information about brand concepts, history and volume as seller information. This study suggested diverse theoretical and practical implications of social commerce information.

• Journal of Technology Innovation
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• v.4 no.1
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• pp.165-183
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• 1996

In acquiring and transferring a superior knowledge assesing the intermediate result value of a competitive R&D project is very important for a firm engaging in R&D. Most existing literatures on R&D evaluation are concerned with project selection and resource allocation. In this paper the stage of an R&D project is classified into research, exploratory development, and development. And a model is suggested which evaluates the intermediate result value before completion of development stage under duopoly and oligopolistic competition. Assessed value of the intermediate result transferred to the next tier company can be used as a minimum acceptable price to the inventor when more advanced knowledge acquired through R&D is transferred to the next tier one. The model suggested is composed of structural variables including research cost, success rates, potential profits, discount rate degree of competition. By using exponential distribution for invertion process time in each stage, we derive a formula that can assess the value of the intermediate result, and we demonstrate how the model can be applied to a competitive R&D situation through an example.

• Journal of Distribution Science
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• v.22 no.1
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• pp.95-103
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• 2024

Purpose: Focusing on the complex supply chain operations beyond the simple dyadic relationship, this study evaluates the performance of the revenue sharing contract in three stage supply chain system. Research design, data, and methodology: The optimization model is developed to describe the supply chain system where one manufacturer, one wholesaler, and one retailer exist and pursue the maximum level of their own profits. In the numerical examples of the proposed supply chain model, two types of the revenue sharing contract, pairwise and spanning methods, are tested and their performances are compared with the traditional system. Results: The numerical analysis reveals that both types of the revenue sharing contract outperform the traditional system. All supply chain members can achieve the improved profits only when they determine the proper combination of revenue share ratios and price discount rates. Conclusions: This study finds out that both pairwise and spanning revenue sharing contracts can make the positive outcome that is acceptable to all members in three stage supply chain system. When the proper contract content is agreed among the supply chain members, the revenue sharing contract has the potential to be the practically feasible collaboration program for the multiple stage supply chain system.

• Environmental and Resource Economics Review
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• v.15 no.4
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• pp.673-692
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• 2006

In order to test for the dynamic optimality condition for the use of nonrenewable resource, it is necessary to estimate the shadow value of the resource in situ. In the previous literatures, a time series for in situ price has been derived either as the difference between marginal revenue and marginal cost or by differentiating with respect to the quantity of ore extracted the restricted cost function in which the quantity of ore is quasi-fixed. However, not only inconsistent estimates are likely to be generated due to the nonmalleability of capital, but the estimate of marginal revenue will be affected by market power. Since firms will likely fail to minimize the cost of the reproducible inputs subject to market prices under realistic circumstances where imperfect factor markets, strikes, or government regulations are present, the shadow in situ values obtained by estimating the restricted cost function can be biased. This paper provides a valid methodology for checking the dynamic optimality condition for a nonrenewable resource by using the input distance function. Our methodology has some advantages over previous ones: only data on quantities of inputs and outputs are required; nor is the maintained hypothesis of cost minimization required; adoption of linear programming enables us to circumvent autocorrelated errors problem caused by use of time series or panel data. The dynamic optimality condition for domestic coal mining does not hold for constant discount rates ranging from 2 to 20 percent over the period 1970~1993. The dynamic optimality condition also does not hold for variable rates ranging from fourth to four times the real interest rate.

• Journal of Korean Society of Transportation
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• v.22 no.6
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• pp.89-99
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• 2004

The purpose of this study is to evaluate the value of information on Bus-Route concerning on the User's Individual value. The value of information is estimated with the price of time saving by using the information. The price of unit time for each user is applied to convert the saving time to the cost. To estimate the user's expense from origin to destination the previous model is modified. Bus-travel cost is estimated with variables such as bus-travel time, bus-interval, bus-fare, and the price of walking distance. In this study, to estimate in-vehicle time the bus-travel time model is developed based on the spatial characteristics distinguished by three types of circular-road in the network of Daegu Metropolitan area. For the case study, a set of the origin and destination is selected as Dalsu-gu District Office and East Daegu Train Station respectively. There are several bus-routes which can be used as direct or transferable bus-routes selected. The study showed that when the value of time for individual users is \1,738/hr, there is no benefit to using information of transferable bus-routes. It also showed that the more discount rates of bus fare is increased, the benefit to using information of transferable bus-routes is increased, and that the lower value of time is, the benefit to using information of transferable bus-routes is increased.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.43
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• pp.169-198
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• 2009

This paper sees some legal phases of the forfaiting transactions performed by using bills of exchange (drafts) or promissory notes. It focuses on the issues of the endorsement without recourse and the aval under the Korean statute for such negotiable instruments which is enacted by succeeding to the Convention Providing a Uniform Law For Bills of Exchange and Promissory Notes (Geneva, 1930) of the League of Nations. This paper purposes to give basic legal guides for forfaiting participants in order for them to be able to prevent and solve some problems caused by lack of understanding for relevant rules of law. Forfaiting is a useful technic as it provides financing for international export businesses by enabling forfaiters to discount future payment obligations on non-recourse basis. It gives benefits to exporters by removing political, transfer and commercial risks of importers or their country. Also it protects exporters from the risks of the increase of interest rates and the fluctuation of exchange rate as well. In traditionally normal forfaiting transactions, exporter of goods generally takes promissory notes or accepted drafts from importers in payment for the price of goods. Further, when the exporter is not comfortable with the importer's credit or is not confident whether the importer will pay the accepted drafts or the promissory notes as they come due, the exporter nomally requires the importer to make the importer's bank (avalizer or guarantor) add an aval, which is made by the written expression of intention, the words of "per aval", and the guarantor's signature on the drafts or promissory notes. The exporter endorses without recourse to transfer the drafts or the promissory notes to the forfaiter, typically a bank, who purchases the drafts or the promissory notes without recourse.

• Journal of Preventive Medicine and Public Health
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• v.36 no.4
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• pp.339-348
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• 2003

Objective : To quantify the economic value of the Sirolimus fluting Stent ($CYPHER^{TM}$) in treating acute coronary heart disease (CMD), and to assist in determining an adequate level of reimbursement for $CYPHER^{TM}$ in Korea. Methods : A decision-analytical model, developed by the Belgium Health Economics Disease Management group, was used to investigate the incremental cost-effectiveness of $CYPHER^{TM}$ versus conventional stenting. The time horizon was five years. The probabilities for clinical events at each node of the decision model were obtained from the results of large, randomized, controlled clinical trials. The initial care and follow-up direct medical costs were analyzed. The initial costs consisted of those for the initial procedure and hospitalization, The follow-vp costs included those for routine follow-up treatments, adverse reactions, revascularization and death. Defending on the perspective of the analysis, the costs were defined as insurance covered or total medical costs (=sum of insurance covered and uncovered medical costs). The cost data were obtained from the administrative data of 449 patients that received conventional stenting from five participating Korean hospitals during June 2002. Sensitivity analyses were peformed for discount rates of 3, 5 and 7%. Since the major clinical advantage of $CYPHER^{TM}$ over conventional stenting was the reduction in the revascularization rates, the economic value of $CYPHER^{TM}$, in relation to the direct medical costs of revascularization, were evaluated. If the incremental cost of $CYPHER^{TM}$ per revascularization avoided, compared to conventional stenting, was no higher than that of a revascularization itself, $CYPHER^{TM}$ would be considered as being cost-effective. Therefore, the maximum acceptable level for the reimbursement price of $CYPHER^{TM}$ making the incremental cost-effectiveness ratio equal to the cost of a revascularization was identified. Results : The average weighted initial insurance covered and total medical costs of conventional stenting were about 6,275,000 and 8,058,000 Won, respectively. The average weighted sum of the initial and 5-year follow-up insurance covered and total medical costs of conventional stenting were about 13,659,000 and 17,353,000 Won, respectively. The estimated maximum level of reimbursement price of $CYPHER^{TM}$ from the perspectives of the insurer and society were $4,126,897{\sim}4,325,161$ and $4,939,939{\sim}5,078,181$ Won, respectively. Conclusion : By evaluating the economic value of $CYPHER^{TM}$, as an alternative to conventional stenting, the results of this study are expected to provide a scientific basis for determining the acceptable level of reimbursement for $CYPHER^{TM}$.