• Management & Information Systems Review
• /
• v.37 no.3
• /
• pp.65-81
• /
• 2018

This study estimated the long-run and the short-run price and income elasticity of crude oil demand by using the ARDL model in Korea. First, the long-run cointegration relationship existed between crude oil demand and price or income in the ARDL-bounds tests. Second, the long-run own price, the cross price elasticity and the income elasticity were both statistically significant elastic and sensitive in the ARDL. Third, there was autocorrelation of the residuals, but no misspecification errors and heteroscedasticity, and then the residuals showed a normal distribution. And the CUSUM & CUSUMSQ tests showed that the coefficients were stable. Fourth, the short-run own price, the cross price elasticity and the income elasticity were both statistically significant elastic and sensitive in the ARDL-RECM. The ECM with the short-run dynamics showed rapid adjustments in the long-run equilibrium of oil demand after the economic crisis. In the short-run, the sensitivity of crude oil demand to price and income changes has moved in the same direction as the long-run case. Korea, depending too much on foreign crude oil, is vulnerable to the shocks of oil prices, so rising oil prices can certainly have a negative impact on Korea's trade balance. And the elasticity of long-run oil prices may help to control and manage Korea's oil demand. The government needs to strengthen monitoring of the country's policies and market trends related to crude oil, establish strategies to customize national policies and market conditions, and strengthen active market dominance efforts through pioneering new market and diversification.

• Transactions of the Korean Society of Automotive Engineers
• /
• v.21 no.6
• /
• pp.92-99
• /
• 2013

High oil price and global warming problem are being continued all over the world. For this reason, fuel economy and emission of greenhouse gas are regulated by law in many countries. Therefore many companies are researching and producing hybrid electric vehicles (HEVs) which substitute conventional internal combustion engine vehicle. However, these researches and productions are restricted to mainly passenger cars. Because of cost and physical problems, commercial vehicles are difficult to evaluate fuel economy. So simulations are important and it is necessary to know how sensitive parameters that enter into simulation affect. In this paper, forward simulations using AVL Cruise were conducted for analysis of fuel economy for parallel hybrid bus and were repeated by changing each parameter. Based on these results, root mean square errors (RMSE) are calculated for analysis of fuel economy sensitivity. The number of target parameters are 15. These parameters were classified with high and low sensitivity parameter relatively.

• The Transactions of the Korean Institute of Electrical Engineers A
• /
• v.52 no.7
• /
• pp.429-436
• /
• 2003

This paper presents a new approach for evaluating the transmission marginal loss factors (MLFs) considering the reactive power. Generally, MLFs are represented as the sensitivity of transmission losses, which is computed from the change of the generation at reference bus by the change of the load at the arbitrary bus-i. The conventional evaluation method for MLFs uses the only H matrix, which is a part of jacobian matrix. Therefore, the MLFs computed by the existing method, don't consider the effect of the reactive power, although the transmission losses are a function of the reactive power as well as the active power. To compensate the limits of the existing method for evaluating MLFs, the power factor at the bus-i is introduced for reflecting the effect of the reactive power in the evaluation method of the MLFs. Also, MLFs calculated by the developed method are applied to energy spot markets to reflect the impacts of reactive power. This method is tested with the sample system with 5-bus, and analyzed how much MLFs have an effect on the bidding/offer price, market clearing price(MCP), and settlement in the competitive energy spot market. This paper compared the results of MLFs calculated by the existing and proposed method for the IEEE 14-bus system, and the KEPCO system.

• Korean Journal of Clinical Pharmacy
• /
• v.20 no.3
• /
• pp.268-277
• /
• 2010

This study was conducted to analyze the cost-utility of ramosetron monotherapy, trimebutine monotherapy and trimebutine+loperamide combination therapy in male diarrhea-predominant patients with irritable bowel syndrome (IBS) in Korean healthcare setting. We constructed a decision-analytical model to estimate both total costs for each state of health and outcomes such as IBS-symptoms improvement for 3 and 6 months time horizon. Base analysis found that for ramosetron treatment with the price of KW910 for 5 ${\mu}g$ tablet, incremental cost effectiveness ratios (ICERs, cost per quality-adjusted life day) were KW85,000 and KW62,000 for 3 months and 6 months, respectively, compared with trimebutine. But ramosetron was a dominant strategy when compared with trimebutine+loperamide for both 3 months and 6 months. Sensitivity analyses showed robust results for drug acquisition costs till ramosetron price of KW950/tablet. In conclusion, ramosetron was a cost-effective regimen compared with trimebutine or trimebutine+loperamide from the societal perspective.

• Transactions of the Korean hydrogen and new energy society
• /
• v.21 no.1
• /
• pp.64-71
• /
• 2010

This paper deals with an economic evaluation of domestic immersing type photoelectrochemical hydrogen production. We also make some sensitivity analysis of hydrogen production prices by changing the values of input factors such as the initial capital cost, the solar to hydrogen conversion efficiency, and the system duration time. The hydrogen production price of the immersing type photoelectrochemical system was estimated as 8,264,324 won/$kgH_2$. It is expected that the production cost by photoelectrochemical hydrogen production can be reduced to 26,961 won/$kgH_2$ if the solar to hydrogen conversion efficiency is increased to 14%, the system duration time is increased to 20,000 hours, and the initial capital cost is decreased to 10% of the current level. The photoelectrochemical hydrogen production is evaluated as uneconomical at this time, and we need to enhance the solar to hydrogen conversion efficiency and the system duration time as well as to reduce prices of the system facilities.

• Journal of Agricultural Extension & Community Development
• /
• v.25 no.3
• /
• pp.149-160
• /
• 2018

This study aimed to analyze the replacement investment of the diesel fuel system with the pallet fuel system in the Korean farming sector. Equivalent annual annuity approach was used to resolve a discrepancy of useful life in capital goods and to facilitate investment analyses in an independent perspective. Data was obtained from previous studies on economic analysis of greenhouse tomato, paprika and cucumber. Results showed that the replacement with the pallet fuel system was acceptable irrespective of the remaining period of useful life for the diesel fuel system. In addition, sensitivity analysis with government support level, repair cost, and light and heat energy cost show ed robustness in the possibility of replacement with the pallet fuel system while the speed of replacement was accelerated with an increase in the amount of diesel fuel used and price of diesel fuel, and a decrease in price of the pallet fuel. The result implied that the replacement investment rather than a new investment was appropriate for existing greenhouse farmers and the pallet fuel system was acceptable to replace existing diesel fuel system in producing greenhouse tomato, paprika and cucumber.

• The Research Journal of the Costume Culture
• /
• v.10 no.5
• /
• pp.493-503
• /
• 2002

This study examined consumer characteristics and consumers' clothing purchase behavior for each of the four fashion brand types. The ultimate purpose of this study is to suggest the most effective marketing strategy for competitive advantage in fashion brand strategy. The subjects selected for the final analysis are 412 women of age 20 thru 34 in Seoul and areas. The data were analyzed using frequency, percentage, factor analysis, chi-square test, ANOVA, duncan test. The results of our study indicate that it is possible to meaningfully describe and contrast four brand types based on consumer's characteristics and purchase behavior. 1. The clothing brand is classified into four types : Designer brand 10.9%, National brand 27.2%, Middle-price brand 36.2%, Low-price brand 25.7%. 2. There are significant diferences according to four brand types in the demographic traits such as age education and income the average monthly spending on clothing. 3. There are an important discrimination according to tow brand types in their clothing purchase behavior such as information usage, clothing choice criterion and brand choice motivation. 4. Based on the result of this analysis and the review of literature, the brand strategy is suggested that characteristic and products development is efficient way to each brand consumers' purchase need. Therefore each brand which pursue an added value must frame marketing strategy on the basis of the target consumers' sensitivity characteristic according to the fashion consciousness.

• Journal of Fisheries and Marine Sciences Education
• /
• v.28 no.6
• /
• pp.1792-1800
• /
• 2016

This study is aimed to analyze the profitability of flatfish fry production farms in the Republic of Korea. The continuous and stable production of flatfish fries is one of important factors that increases the possibility of flatfish aquaculture's success. It is also the basis of aquaculture industry that estimates the quantity and quality of fishery products from aquaculture. Based on the surveyed data, production values and costs of flatfish fry production are estimated and compared to determine the profitability of flatfish fry production by farm. Results show that average return on sales of farms is 21.2%(12.4~26.3%), indicating that flatfish fry production would be profitable under the current production and market conditions. Sensitivity analyses of main variables (survival rate and selling price) indicate that the profitability of flatfish fry production farms can be significantly decreased when the survival rate and selling price would be slightly decreased.

• Environmental and Resource Economics Review
• /
• v.22 no.2
• /
• pp.367-391
• /
• 2013

After the Fukushima nuclear accident, the external costs of generating electricity from nuclear power plants such as additional safety compliance costs and possible accident risk action costs have gained increasing attention from the public, policy-makers and politicians. Consequently, estimates of the external costs of nuclear power are very deliberate issue that is at the center of the controversy in Korea. In this paper, we try to calculate the external costs associated with the safety of the nuclear power plants, particularly focusing on additional safety compliance costs and possible accident risk action costs. To estimate the possible accident risk action costs, we adopt the damages expectation approach that is very similar way from the external cost calculation of Japanese government after the Fukushima accident. In addition, to estimate additional safety compliance costs, we apply the levelized cost of generation method. Furthermore, we perform the sensitivity analysis to examine how much these social costs increase the electricity price rate. Estimation results of the additional security measure cost is 0.53Won/kWh ~ 0.80Won/kWh depending on the capacity factor, giving little change on the nuclear power generation cost. The estimates of possible accident risk action costs could be in the wide range depending on the different damages of the nuclear power accident, probability of the severe nuclear power accident and the capacity factor. The preliminary results show that it is 0.0025Won/kWh ~ 26.4188Won/kWh. After including those two external costs on the generation cost of a nuclear power plant, increasing rate of electricity price is 0.001%~10.0563% under the capacity factor from 70% to 90%. This paper tries to examine the external costs of nuclear power plants, so as to include it into the generation cost and the electricity price. This paper suggests one of the methodologies that we might internalize the nuclear power generations' external cost, including it into the internal generation cost.

• Ocean and Polar Research
• /
• v.40 no.4
• /
• pp.237-247
• /
• 2018

This study aims to estimate optimal harvests, fishing efforts, and stock levels of hairtail harvested by the large pair bottom trawl, the large otter trawl, the large purse seine, the offshore long line, and the offshore angling fisheries by using the surplus production models and the current value Hamiltonian method. Processes of this study are as follows. First of all, this study estimates the standardized fishing efforts regarding the harvesting of the hairtail by the above five fishing gears based on the general linear model developed by Gavaris. Secondly, this study estimates environmental carrying capacity (k), intrinsic growth rate (r), and catchability coefficient (q) by applying the Clarke Yoshimoto Pooley (CY&P) model among various surplus production models. Thirdly, this study estimates the optimal harvests, fishing efforts, and stock levels regarding the hairtail by the current value Hamiltonian method, including the average landing price, the average unit cost, and the social discount rate. Finally, this study attempts a sensitivity analysis to figure out changes in optimal harvests, fishing efforts, and stock levels due to changes in the average landing price and the average unit cost. As results induced by the current value Hamiltonian method, the optimal harvests, fishing efforts, and stock levels regarding the hairtail caught by several fishing gears were estimated as 33,133 tons, 901,080 horse power, and 79,877 tons, respectively. In addition, from the results of the sensitivity analysis, first of all, if the average landing price of the hairtail constantly increases, the optimal harvests of it increase at a decreasing rate, and then harvests finally slightly decrease as a result of decreases in stock levels. Secondly, if the average unit cost of fishing efforts continuously increases, the optimal fishing efforts decreases, but optimal stock levels increase. Optimal harvests start climbing and then decrease continuously due to increases in the average unit cost. In summary, this study suggests that the optimal harvests (33,133 tons) were larger than actual harvests (25,133 tons), but the optimal fishing efforts (901,080 horse power) were much less than estimated standardized fishing efforts (1,277,284 horse power), corresponding to the average of the recent three years (2014-2016). This result implies that the hairtail has been inefficiently harvested and recently overfished due to excessive fishing efforts. Efficient management and conservation policies on stock levels need to be urgently implemented. Some appropriate strategies would be to include the hairtail in the Korean TAC species or to extend the closed fishing season for this species.