• Korean Business Review
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• v.17 no.2
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• pp.25-39
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• 2004

This paper examines the effect of the amendment of the valuation method for unlisted stocks in the inheritance tax law. There were many criticisms on the valuation method of the inheritance tax law because the method is not effective in the respect of the fairness in taxation. The method in the inheritance tax law was amended four times since the year 1991. This research focused on whether these amendments increased the impartiality in taxation or not. The finding of the empirical test indicates that as the valuation method were amended, the stock prices calculated by the valuation method were closer to the real stock price. On this ground, I could conclude that the amendments were effective in decreasing the partiality in taxation. In spite of the result, considering the cycle of stock market, I found that the problem of unlisted stock valuation in the inheritance tax law. The law lacks flexibility and elasticity.

• Journal of Families and Better Life
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• v.10 no.2
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• pp.19-36
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• 1992

The purpose of this paper is to analyze empirically the tendency of household consumption expenditure according to the change of social and economical condition, and the factor which influences consumption expenditure of urban household. The data used in analysis are time-series. The data are statistic form Urban Household Economy Survey published by the Economic Planning Board, dating form the first quarter of 1970 to the fourth quarter of 1989. The income of household and consumption expenditure materials were deflated as consumer price index to exclude the influence of prices and the influence of household composition are considered to deflated as the size of the household under assumption of homogeneity. The consumption expenditure items were categorized to 12 relatively large range items. The time-series data were analyzed by using the Two Stage Least Squares and the Ordinary Least Squares. The following is the result of analysis. 1) Rather than the income increase of previous years. the average income increase for two years influences more significantly on consumption expenditure of household. In the case of influence on consumption expenditure for each item by increase in disposable income, such categories as furniture and utensils. clothing and footwear, housing, medical care, culture and recreation, and transportation and communication have significant influence. 2) Among consumption expenditure categories, the increasing factors were furniture and utensils, and clothing and footwear. And the decreasing factors were housing, medical care, culture and recreation ,and transportation and communication. The relative prices, however, had significant influence on categories such as housing, furniture and utensils, medical care , culture and recreation, and transportation and communication and all of them were the decreation factors. 3) Among with changes of social and economical conditions, miscellaneous showed the highest increase in marginal propensity to consume and foods was the lowest. Also culture and recreation and housing brought up a great change of the income elasticity of demand.

• Journal of Korean Society of Transportation
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• v.28 no.2
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• pp.33-43
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• 2010

The objective of this paper is to analyze expenditure structures and impact factors of household's transportation cost in order to provide policy-maker with quantitative and economic information for reducing household's transportation costs, using 1995-2007 household survey data. For this purpose, this study performed various economic analysis, including econometric regression analysis and income re-distributional effects. The four models were separately estimated with dependent variable (personal and public costs, public transit and private car costs) and independent variables (family, employ, age, education, cars, household income, region dummy variable). In addition, We analyzes impacts of transport policy instruments on the transportation expenditure. These instruments include changes of oil price and public transit fare, reform of public transport system, and extension of subway facilities. Finally, income re-distributional effects before and after transportation expenditure, using Pechman-Okner (PO) index and Wolfson index.

• Journal of Preventive Medicine and Public Health
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• v.33 no.4
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• pp.484-494
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• 2000

Objective : To evaluate the relative benefits and the costs associated with the introduction of the new pharmaceutical provision called 'Mandatory Prescription System' which separates the role of physicians from that of pharmacists with respect to the prescription and dispensation of from the perspective of consumers (i.e., patients). Methods : The costs of the system were measured by considering both direct and indirect costs. Direct costs included additional payments for ambulatory care and dispensing fees that occurred under the new system. indirect costs consisted of transportation expenses and costs related to time spent for physician consultation, waiting for the prescriptions to be filled, and extra traveling. Benefits identified in this study were the reduction of drug misuse and overuse, and the overall decrease in drug consumption among the Korean population. Sensitivity analysis was peformed for the inclusion of benefits for outpatients of hospitals, price elasticity, and increased fees for established patients. Results : The net benefit was estimated to be about minus 1,862 billion won and the benefit-cost ratio was 0.478. This indicates that the costs of 'Mandatory Prescription' outweigh its benefits, relative to the previous system. The sensitivity analysis results for all the variables considered in this study consistently showed the benefit-cost ratio to be less than 1. Conclusion : The results of this study suggest that implementing Mandatory Prescription System in Korea might be inefficient from the consumer's perspective. The results of this study do not coincide with the results of previous studies, presumably because of the differences in study design and in which items of costs and benefits were considered.

• International conference on construction engineering and project management
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• 2005.10a
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• pp.968-973
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• 2005

The purpose of this study is to clarify the reality of labor and capital productivity in the construction industry through an industry-level approach and to analyze the relationship between labor and capital productivity using a Cobb-Douglas production function. According to the research results, the construction industry has shown a very high capital productivity, while labor productivity has kept up a low level during the 1980s and 1990s. The reason was because of the lack of skillful construction workers and the decrease of capital. Meanwhile, the construction productivity has greatly increased since 2000 when there was no change in wages. This was because of a large inflow of low-wage foreign workers while the amount of value added has dramatically increased due to the liberalized sale price of apartment buildings. According to the analysis by the Cobb-Douglas production function, the elasticity coefficient of V/L to K/L in the construction industry had decreased from 1.1663 in the 1^st period(1971-1988) to 0.4465 in the 2^nd period(1989-1997), and to 0.1664 in the 3^rd period(1998-2003). Such a result means that the allocation of labor has gradually increased while the allocation of capital has decreased. Moreover there was a big increase in allocation of labor after 1998 due to the excessive deterioration of capital. In conclusion, in order to raise the construction productivity and to avoid labor-intensive production methods, investment for capital should be more increased. In particular, new machinery and equipment that can actually substitute human labor in construction sites should be more developed and applied to construction sites.

• Journal of the Korean Society of Industry Convergence
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• v.26 no.6_3
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• pp.1289-1295
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• 2023

Polyurethane foam insulation required for storing and transporting cryogenic liquefied gas is already widely used as a thermal insulation material for commercial LNG carriers and onshore due to its stable price and high insulation performance. These polyurethane foams are reported to have different mechanical performance depending on the density, and the density parameter is determined depending on the amount of the blowing agent. In this study, density-dependent polyurethane foam was fabricated by adjusting the amount of blowing agent. The mechanical properties of polyurethane foam were analyzed in the room temperature and cryogenic temperature range of -163℃ at 1.5 mm/min, which is a quasi-static load range, and the cells were observed through microstructure analysis. The characteristics of linear elasticity, plateau, and densification, which are quasi-static mechanical behaviors of polyurethane foam, were shown, and the correlation between density and mechanical properties in a cryogenic environment was confirmed. The correlation between mechanical behavior and cell size was also analyzed through SEM morphology analysis. Polyurethane foam with a density of 180 kg/m³ had a density about twice as high as that of a polyurethane foam with a density of 96 kg/m³, but yield strength was about 51% higher and cell size was about 9.5% smaller.

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.41-67
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• 1991

Local autonomy of Korea's lower-level local council has been reinstated following elections last March for the first time in thirty years. Last June, we had elections for the upper-level local council. Mayors, governors, and administrative chiefs of cities, provinces and other local government bodies are slated for elections in the first half of next year. The impacts of local autonomy are taking effect in not only the political sphere, but also the administrative and economic spheres. In fact, it seems that some modification of all economic policy making and administration is inevitable. Since the initiation of local autonomy, in order to make the economy work more efficiently, it has become quite important to examine the impact of local autonomy on the national economy. The areas of local autonomy include independent legislative power, administrative power, organizational power, and most important of all, the independent public financial power of the local governments. The purpose of this paper is to examine the effects of local autonomy on the national economy and ways of enhancing the role of local public finance to facilitate settlement and development of the local autonomy system. Local autonomy will contribute to the continuous growth of our economy, allow balanced development, and generate greater efficiency. However, local autonomy can also incur economic costs causing at times short-term price instability, inefficient resource allocation, through tax competition and tax exporting, and insolvency of local government due to abusive fiscal operation. To reduce these side effects, different alternatives must be considered. Local autonomy systems generally provide more efficient resource allocation than centralization. But in the model used in Chapter 3 of this paper, the relative efficiencies of both local autonomy and centralization are determined by comparing the elasticity of substitution between national public goods and local public goods. If the elasticity of substitution is bigger than one, centralization provides a more efficient resource allocation. The development of local autonomy could be attained through democratization of the local public finance system including the following three propositions. I) The independence of public financial power of local governments should be established over central government. Furthermore, a democratically operated scheme of intergovernmental fiscal coordination is especially necessary. 2) In the operation of local finance, direct democracy is needed to induce the voluntary participation of local residents. The residents can take part in planning both the local budget and the development of the community. To attain this goal, all the results of local finance operations should be made public. 3) Among economic ill-effects of the local autonomy system, the most serious one is the possibility of insolvency of local governments. Therefore, measures to limit abusive spending by the local governments should be introduced, such as the fiscal restraints system adopted in the United States.

• Journal of Korean Society of Forest Science
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• v.81 no.4
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• pp.383-392
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• 1992

The objective of this study is to evaluate the impacts on the domestic timber supply potential of forest resources management policies such as the extention of forest management infrastruture and setting aside more forest lands for the provision of environmental goods. To this end, the domestic timber supply functions were estimated using time series data for the period 1970-1990 and were used to predict the future trends in timber production in the Republic of Korea. For this purpose, a set of scenarios based on the forest road density and forest inventory growth were designed for the next 40 years. The timber supply behavior in Korea was found to be different by species group : domestic supply of softwood roundwood is inelastic with respect to its ovum price while that of hardwood elastic. The effect of forest road construction on the domestic timber production seems to be insignificant yet. The model simulation aided by policy scenarios revealed that the future timber supply potential will be largely restricted if the policy option with emphasis on the provision of environmental goods from the forest resources were adopted.

• Journal of Labour Economics
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• v.40 no.1
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• pp.1-36
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• 2017

This study aimed to analyze influencing factors to increase the wage differential between large enterprise and subcontracted small-medium enterprises by using panel data composed of 19 manufacturing industries for 16 years from 1999 to 2014. According to the results of analysis, in large enterprises the elasticity of substitution between the labor inputs and the subcontracted product supplies from small-medium enterprises was significantly less than 1. So, the increase in wages of workers of large enterprises, whose degree of employment protection was relatively high, seemed to increase the share of wage cost in total cost and was resulted to decrease the cost share of subcontracted product supplies significantly. This was interpreted to be able to exert a negative influence upon the price of subcontracted product supplies and the wages of workers in subcontracted small-medium enterprises, and, therefore, to increase the wage differentials between large enterprises and subcontracted small-medium enterprises. Furthermore, it was also found that the increases in the labor union participation rate at large enterprises and the openness rate of the industry concerned were contributing to make such effects much stronger significantly. In order to mitigate the wage differentials and the polarizing trend in labor market, we can suggest to establish a certain kind of flexible wage system and to introduce co-bargaining practices with the workers of subcontracted small-medium enterprises within large enterprises, and also for the workers of small-medium enterprises, to prepare new social systems to upgrade their human resources and job skills drastically.

• Journal of Korean Society of Transportation
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• v.31 no.3
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• pp.33-44
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• 2013

Personal Rapid Transit(PRT) has emerged as a promising transportation mode for transit-oriented sustainable communities. In this study, an alternative design of questionnaire survey is proposed in order to capture traveler's perception of an unexperienced transportation mode. This study aims at predicting the mode choice diversion behavior of potential PRT users who do not have experience of using it previously, considering their willingness-to-pay. The proposed model was applied to predict an aggregate forecast of PRT patronage for the city of Songdo where PRT is considered to be constructed. For validation of the proposed model, the price elasticity of PRT demand was analyzed, compared with existing models. The analysis results suggest that the proposed design of questionnaire survey is able to capture respondents' attitude and perception to unexperienced transportation mode in an effective manner. Also, they show that the proposed diversion rate model is more realistic than existing models in explaining the effects of users' willingness-to-pay for predicting PRT patronage.