• Journal of Electrical Engineering and Technology
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• v.13 no.1
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• pp.68-77
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• 2018

Regarding demand response (DR) by residential users (R-users), the users try to reduce electricity costs by adjusting their power consumption in response to the time-varying price. However, their power consumption may be affected not only by the price, but also by user convenience for using appliances. This paper proposes a methodology for appliance scheduling (AS) that considers the user convenience based on historical data. The usage pattern for appliances is first modeled applying the copula function or clustering method to evaluate user convenience. As the modeling results, the comfort distribution or representative scenarios are obtained, and then used to formulate a discomfort index (DI) to assess the degree of the user convenience. An AS optimization problem is formulated in terms of cost and DI. In the case study, various AS tasks are performed depending on the weights for cost and DI. The results show that user convenience has significant impacts on AS. The proposed methodology can contribute to induce more DR participation from R-users by reflecting properly user convenience to AS problem.

• Korean Management Science Review
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• v.32 no.1
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• pp.83-100
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• 2015

We analyze a duopoly competition when two firms face input cost increases. The objective of this study is to determine the firms' optimal strategy between a price increase and downsizing under conditions of a spatially differentiated market and consumers' diminishing utility on the product size. We develop a theoretical model of two competing firms offering homogenous products using the standard Hotelling model to determine how firms' optimal strategies change when facing input cost increases. In this paper, there are two types of duopoly competitions: symmetric and asymmetric. In the symmetric case, the two firms have the same marginal cost and are producing and selling identical products. In the asymmetric case, the two firms have different marginal costs. The results show that the optimal strategy decision depends on the size of the input cost increase and the cost differences between the two firms. We find that when two firms are asymmetric (i.e., they have different marginal costs), the two firms might choose asymmetric pairs of strategies in equilibrium under certain conditions. When the cost differences between the two firms are sufficiently large and the cost increase is sufficiently small, the cost leader chooses price increase, and the cost-disadvantaged firm chooses downsizing in equilibrium. This asymmetric strategy reduces price competition between two firms, and consumers are better off. When the cost differences between the two firms are sufficiently large, downsizing is the dominant strategy for the cost-disadvantaged firm. The cost-disadvantaged firm finds it more profitable to reduce the product size than to increase its price to reduce price competition, because consumers prefer downsizing to price increases. This paper might be a good starting point for further analytical research in this area.

• Environmental and Resource Economics Review
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• v.32 no.4
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• pp.267-292
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• 2023

In this paper, we estimate a time series model of energy demand in the industrial sector with an asymmetric response to energy prices. Including the asymmetric response to energy prices in the model strengthens robustness of the cointegration relationship and reduces the variation of the estimated coefficients across the estimating methods. We find that rising energy prices have a larger impact on energy demand than falling energy prices, with the largest impact occurring when energy prices rise to new highs. The estimation results are partially improved when using gross output rather than value added as a measure of production. Using single equation methods to estimate the asymmetric response model, the elasticity of gross output ranged from 1.05 to 1.09 and the elasticity of price-rise ranged from -0.48 to -0.56, which is similar to the results of international studies.

• Information Systems Review
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• v.5 no.1
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• pp.97-111
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• 2003

With the spread of electronic commerce on the Internet, comparison shopping sites with agent technique are getting popular for the best shopping. However, most consumers are still spending much time to search for the best price through the sites because each of them may show a different price even for the same goods or a site does not show any information about specific goods. Additionally, the search for the best price of the goods like books and CDs may cause the system to be overloaded and the response time to be long due to an on-line real-time search. In this paper, we have designed and implemented a meta-search system for comparison shopping sites with a local database and memory cache to resolve the above problems. The proposed system collects and maintains the price information of popular goods among the comparison shopping sites using several software agents. The experimental results show that our system is an efficient meta-comparison shopping engine and reduces the latency of the response time with little overhead.

• Korean journal of food and cookery science
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• v.29 no.2
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• pp.169-175
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• 2013

The purpose of this study was to provide the basic information necessary to efficiently run a coffee shop. It comparatively analyzes the relative importance and satisfaction of side menu selection characteristics through analyses on customer importance-satisfaction when selecting a side menu as well as their usage behavior of the side menu at coffee shops. According to reason price the analysis result on the differences in the coffee shop side menu importance and satisfaction, there was a difference because the importance of selecting a side menu was higher for the attributes of taste, health, packing & appearance, economics and personnel service compared to satisfaction among which the price of a side menu was found to be the top priority for improvement. The significance of coffee shop side menu for the respondents prior to usage as well as their satisfaction after usage was evaluated in order to comparatively analyze the relative importance and achievement of each characteristic through the IPA. The result indicated that the variables positioned in the Concentrate Here area (II) were related to economic feasibility such as reasonable price, appropriate price of set menu, telecommunication company affiliated service and coupon usage and point accumulation. As for the Keep up the Good Work area (I), there were many variables regarding personnel service including taste of side menu, blending with coffee, clean packing, clean packaging, staff's side menu knowledge, staff's quick response, staff's politeness and staff's sincere response. As for the variables in the Low Priority area (III), health variables on health such as nutritional value, eco-friendly food materials and calories were observed.

• KDI Journal of Economic Policy
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• v.26 no.2
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• pp.281-314
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• 2004

This paper theoretically formulated and empirically explored the relationship between exchange rate pass-through (ERPT) for (average) market price and an individual country's price, using steel products data in the US market, with special reference to two major steel exporting countries, Korea and Japan. It was found that the direction of market ERPT can be different from that of individual ERPT that each exporter experiences, due to strategic interactions among producers and different parameters. Vector error correction (VEC) models and impulse response analysis were used with the statistical inference based on the bootstrap-after- bootstrap of Kilian (1998) for short-run, and the fully modified estimation of Phillips and Hansen (1990) was used for long-run. Empirical results indicate that market ERPT in the US market due to changes in Korea-US exchange rates is different from those due to changes in Japan-US exchange rates. The framework developed in this study indicates that this phenomenon is attributed to either (i) the two countries have individual ERPTs of different magnitudes and directions for the products in the US market, or (ii) the pricing strategies of the other exporters' (to the US steel market) respond differently depending on whether the price of the product from Korea changes or that from Japan does. As each exporter's ERPT can be significantly different, and market response to each country's ERPT can be also different, this study concludes that it is crucial for an exporter to understand how competitors in the market respond to changes in its price, as well as to understand how its price changes when the relevant exchange rate fluctuates.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.22 no.1
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• pp.131-137
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• 2021

This study estimated acreage response functions for greenhouse paprika, greenhouse strawberry, open-land garlic, and open-land spinach by using Gyeongsangnamdo agricultural income data. The results show that the cultivation area for greenhouse paprika increased because the agricultural management costs decreased, and the risk of price volatility was relatively low. On the other hand, the cultivation area for greenhouse strawberries decreased due to increasing agricultural management costs and the greater risk of price volatility. In the case of open-land garlic and spinach, the cultivation area remained stagnant due to the greater risk of price volatility, despite increasing agricultural revenue. We derived several policy implications from our results. The risk of price volatility in agricultural products is greater for crops grown on land rather than crops grown in greenhouses. Therefore, the local government needs to adopt the "agricultural revenue guarantee insurance" in preference to crops grown on land rather than crops grown in greenhouses. On the other hand, in the case of greenhouse crops, agricultural management costs are very high. Thus, local government should focus on replacing old facilities and supplying smart-farm facilities that reduce agricultural management costs such as heating costs.

• Journal of the Korean Society of Food Science and Nutrition
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• v.34 no.9
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• pp.1407-1413
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• 2005

Korean households' expenditures on the eating -out have been steadily increasing except for the foreign exchange crisis period. This paper aimed to examine the eating-out expenditures of salary and wage earners's households by educational attainment of household head. We modeled the demand function of eating-out in terms of income and price, examining the responsiveness of eating-out demand to changes in income and price using econometric methods such as regression, rolling regression and impulse response. This paper showed that coefficients of income and price tended to decrease as the income rises in the long-run. Specifically, the higher the educational attainment of household head is, the smaller the coefficients of income and price we. The impulse response analysis also indicated that while price shocks decreased the demand for eating-out, income shocks tended to increase tile demand for eating-out in all the educational attainments. Furthermore income shocks were much greater and last longer than price shocks at all educational attainments of household heads.

• Environmental and Resource Economics Review
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• v.19 no.2
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• pp.283-301
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• 2010

This study estimated the paper demand and supply using VAR model. And the variance decomposition and impulse response were analyzed using the model. In the model of paper demand, the own price change accounts for about seventeen percent of variation in the demand, and the gross domestic product change accounts for about twenty eight percent of variation in the demand. And the impacts of a shock to the own price and gross domestic product are significant for about six months on the demand for paper. In the model of paper supply, the own price change accounts for about twenty nine percent of variation in the supply, and the pulp price change accounts for about twelve percent of variation in the supply. And the impacts of a shock to the own price and pulp price are significant for about six months on the supply of paper.

• Environmental and Resource Economics Review
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• v.21 no.1
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• pp.69-92
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• 2012

This paper analyzed price asymmetry of domestic petroleum products by distribution stage. Analyzing the asymmetry by distribution stage, we can investigate the gap between analysis results and consumers' perception. For the first stage, we analyzed asymmetries between retail prices including tax and the spot prices of crude oil. The results show that retail price increases more quickly in response to the crude oil prices rise than to the crude oil prices fall as consumers' perception. For the second stage, we analyzed asymmetry of international petroleum product prices in Korean Won with the change in the crude oil spot prices. The results show that international petroleum product prices increase higher in response to the crude oil prices increase than to the crude oil prices decrease. For the final stage, we examined the asymmetry of wholesale price and retail price with the change in the international petroleum product prices in Korean Won. The results show that wholesale prices increase more quickly in response to the crude oil prices rise than to the international petroleum product prices fall. The retail prices, however, decrease more quickly in response to the crude oil prices fall than to the international petroleum product prices rise.