• Journal of Environmental Impact Assessment
• /
• v.20 no.5
• /
• pp.729-745
• /
• 2011

The purpose of this paper is to estimate the external diseconomies of an unwelcomed facility on the nearby houses. The facility and the area studied are Dangin-Ri power plant in Mapo-Gu, Seoul and the residential district surrounding it respectively. The nearby housing prices have been changed according to the time and circumstances of the public announcements about the reconstruction or removal plans of the plant. These price changes are regarded as the capitalized values of the external diseconomies due to the plant. This study is based on the hedonic price theory in order to estimate the diseconomies in monetary value. The tools for the estimation are four models of multiple regression with the transaction price as the dependant variable and various housing characteristics including the external effects of the plant as the independent variables. The sample analyzed is 833 house transactions for the past 5 years in the research area. The facts found are as follows; First, the most suitable functional form for the estimation is confirmed to be the linear model. Second, there are significant differences in influence on the housing values among the independent variables, that is, locational characteristics, physical features, and environmental changes with time. Third, the external diseconomy is estimated as \80,137,807 in case that the plant would be reconstructed in the underground of the present site, whereon a substitutional public park would be constructed and as \59,142,248 in case that the plant would move away.

• KDI Journal of Economic Policy
• /
• v.36 no.3
• /
• pp.61-93
• /
• 2014

This paper analyzes Onbid car auction data by employing various methods, including structural estimation, to identify main factors which decides auction prices and figure out what effects those factors are making on the auction price. I then discuss on how to maximize sellers' revenue in OnBid car auctions. The government and public institutes sell their assets through the OnBid auction, hence the optimal design of the OnBid auction is important. The paper's main findings are as follows: (ⅰ) The independent private value model explains OnBid car auction data better than the correlated private value model or the interdependent value model; (ⅱ) Both the number of bidders and the ratios of the auction price to the evaluation value were lower in the auctions posted by the Kamco than auctions by institutes other than the Kamco; (ⅲ) Some auctions require that at least two bidders should submit a bid no less than the reserve price for sale. In those auctions, both the number of bidders and each bidder's valuation on the auctioned object were lower than in auctions without that requirement; (ⅳ) The sum of sellers' revenue would be decreased in the simulation with the reserve price higher by 5%, 10%, and 20% across auctions by institutes other than Kamco.

• Journal of the Korean Geographical Society
• /
• v.51 no.2
• /
• pp.219-233
• /
• 2016

In social science fields, statistical models are used almost exclusively for causal explanation, and explanatory modeling has been a mainstream until now. In contrast, predictive modeling has been rare in the fields. Hence, we focus on constructing the predictive non-parametric model, instead of the explanatory model. Gangnam-gu, Seoul was chosen as a study area and we collected single-family house sales data sold between 2011 and 2014. We applied non-parametric models proposed in machine learning area including generalized additive model(GAM), random forest, multivariate adaptive regression splines(MARS) and support vector machines(SVM). Models developed recently such as MARS and SVM were found to be superior in predictive power for house price estimation. Finally, spatial autocorrelation was accounted for in the non-parametric models additionally, and the result showed that their predictive power was enhanced further. We hope that this study will prompt methodology for property price estimation to be extended from traditional parametric models into non-parametric ones.

• Korean Journal of Construction Engineering and Management
• /
• v.13 no.2
• /
• pp.128-136
• /
• 2012

In this study, we investigated the macroeconomic variables that affect housing prices thus creating a large impact on people's lives as well as the real estate market. For the study, the macroeconomic variables able to influence the House Rental Price (housing price by lease or deposit) were used for an analysis as follows: housing sales price index, household loans rate, total household savings, the number of employees and a multiple regression analysis was performed using a time series for each macroeconomic variable. As a result of the analysis, the House Rental Price was affected by all of four macroeconomic variables. The House Rental Price increased as each variable enlarged. In conclusion, this study may be useful for finding a solution for stabilizing the House Rental Price as well as for the establishment of efficient and sustainable policies for the housing market.

• Environmental and Resource Economics Review
• /
• v.30 no.1
• /
• pp.107-128
• /
• 2021

It has been recognized that implementing the marginal price mechanism to CBP is not acceptable due to the lack of revenue of the marginal generators. This study shows that it is not the problem of marginal price mechanism but the structural problems originated by the suspension of restructuring, the technical limits of RSC program and inaccuracy of the generation cost estimation method. This study explains the method to calculate the cost function in operating modes of the CC generators and proposes the modeling for the CC generators in RSC program. To implementing the cost function in operating modes could give an opportunity to change the price setting mechanism from average to marginal cost. The price setting mechanism based on the marginal cost will be one of the main points to provide the right price signals and to introduce a real-time and A/S markets to prepare the energy transition era.

• Journal of applied mathematics & informatics
• /
• v.7 no.2
• /
• pp.517-525
• /
• 2000

A constrained rational cubic spline with linear denominator was constructed in [1]. In the present paper, the sufficient condition for convex interpolation and some properties in error estimation are given.

• 시스템엔지니어링워크숍
• /
• s.1
• /
• pp.54-59
• /
• 2003

A parametric cost estimation has a somewhat problem in the application of Korean defence acquisition program environment. In this paper, it is presented the solution suitable in the environment. The analysis is performed to the PRICE model and Korean defense industry cost accounting. Then, the scheme to solve such problems is presented is terms of data management and appropriate for usage.

• Asia pacific journal of information systems
• /
• v.17 no.4
• /
• pp.113-132
• /
• 2007

Price rigidity involves prices that do not change with the regularity predicted by standard economic theory. It is of long-standing interest for firms, industries and the economy as a whole. However, due to the difficulty of measuring price rigidity and price adjustments directly, only a few studies have attempted to provide empirical evidence for explanatory theories from Economics and Marketing. This paper proposes and validates a research model to examine different theories of price rigidity and to predict what variables can explain the observed empirical regularities and variations in price adjustment patterns of Internet-based retailers. I specify and test a model using more than 3 million daily observations on 385 books, 118 DVDs and 154 CDs, sold by 22 Internet-based retailers that were collected over a 676-day period from March 2003 to February 2005. I obtained a number of interesting findings from the estimation of our logit model. First, quality seems to play a role-I find that both price levels as proxies for store quality, and information on the quality of a product consumers have, affect online price rigidity. Second, greater competition(i.e., less industry concentration) leads to less price rigidity(i.e., more price changes) on the Internet. I also find that Internet-based sellers more frequently change the prices of popular products, and the sellers with broader product coverage change prices less frequently, which seem due to economic forces faced by these Internet-based sellers. To the best of my knowledge, this research is the first to empirically assess price rigidity patterns for multiple industries in Internet-based retailing, and attempt to explain the variation in these patterns. I found that price changes are more likely to be driven by quality, competitive and economic considerations. These results speak to both the IS and economics literatures. To the IS literature these results suggest we take economic considerations into account in more sophisticated ways. The existence and variation in price rigidity argue that simplistic assumptions about frictionless and completely flexible digital prices do not capture the richness of pricing behavior on the Internet. The quality, competitive and economic forces identified in this model suggest promising directions for future theoretical and empirical work on their role in these technologically changing markets. To the economics literature these results offer new evidence on the sources of price rigidity, which can then be incorporated into the development of models of pricing at the firm, industry and even macro-economic level of analysis. It also suggests that there is much to be learned through interdisciplinary research between the IS, economics and related business disciplines.

• Journal of Fisheries and Marine Sciences Education
• /
• v.28 no.1
• /
• pp.198-210
• /
• 2016

This study firstly aims to estimate a leading-price of Jeju flounders with various price-classes by fish weight and secondly plans to provide policy implications of flounder purchase projects by understanding dynamic changes and interactions among flounder producer price-classes caused by price impulses in the market. This study applies an unit root test for stability of data, uses a Granger causality test to estimate the leading-price among producer prices by fish weight, employs the vector autoregressive model to analyze statistical impacts among t-1 variables used in models, and finally utilizes impulse response analyses and forecast error variance decomposition analyses to understand dynamic changes and interactions among change rates of the producer prices caused by price impulses in the market. The results of the study are as follows. Firstly, KPSS, PP, and ADF tests show that the change rate of Jeju flounder monthly producer prices by fish weight differentiated by logarithm is stable. Secondly, the Granger causality test presents that the change rate of the 1kg flounder producer price strongly leads it of 500g, 700g, and 2kg flounder producer prices respectively. Thirdly, the vector autoregressive model indicates that the change rate of the 1kg producer price in t-1 period statistically, significantly influences it of own weight in t period and also slightly affects price change rates of other weights in t period. Fourthly, the impulse response analysis indicates that impulse responses of structural shocks for the change rate of the 1kg producer price are relatively more powerful in its own weight and in other weights than shocks emanating from price change rates of other weights. Fifthly, the variance decomposition analysis points out that the change rate of the 1kg producer price is relatively more influential than it of 500g, 700g, and 2kg producer prices respectively. In conclusion, the change rate of the 1kg Jeju flounder producer price leads the change rates of other ones and Jeju purchase projects need to be targeted to the 1kg Jeju flounder producer price as the purchase project implemented in 2014.

• Journal of Integrative Natural Science
• /
• v.4 no.2
• /
• pp.121-129
• /
• 2011

The purpose of this paper is to estimate the fluctuation of an earning rate and risk management using the price index of Korea stocks. After an observation of conception of fluctuation, we can show volatility clustering and fluctuation phenomenon in the Korea stock price index using GARCH model with heteroscedasticity. In addition, the effects of fluctuation on the time-series was evaluated, which showed the heteroscedasticity. MCMC method and Winbugs as Bayesian computation were used for analysis.