• Journal of Electrical Engineering and Technology
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• v.9 no.3
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• pp.1125-1131
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• 2014

Application of residential demand response (DR) programs are currently realized up to a limited extent due to customers' difficulty in manually responding to the time-differentiated prices. As a solution, this paper proposes an automatic home load management (HLM) framework to achieve the household minimum payment as well as meet the operational constraints to provide customer's comfort. The projected HLM method controls on/off statuses of responsive appliances and the charging/discharging periods of plug-in hybrid electric vehicle (PHEV) and battery storage at home. This paper also studies the impacts of different time-varying tariffs, i.e., time of use (TOU), real time pricing (RTP), and inclining block rate (IBR), on the home load management (HLM). The study is effectuated in a smart home with electrical appliances, a PHEV, and a storage system. The simulation results are presented to demonstrate the effectiveness of the proposed HLM program. Peak of household load demand along with the customer payment costs are reported as the consequence of applying different pricings models in HLM.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2005.05a
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• pp.904-913
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• 2005

This paper deals with an integrated problem of inventory control and dynamic pricing strategies for a commodity with price and sales-period dependent demand pattern, where a seller and customers have complete information of each other. The problem consists of two parts; one is each buyer's benefit problem which makes the best decision on price and time for buyer to purchase items, and the other one is a seller's profit problem which decides an optimal sales strategy concerned with inventory control and discount schedule. The seller's profit function consists of sales revenue and inventory holding cost functions. The two parts are closely related into each other with some related variables, so that any existing general solution methods can not be applied. Therefore, a simplified model with single seller and two customers in considered first, where demand for multiple units is allowed to each customer within a time limit. Therewith, the model is generalized for a n-customer-classes problem. To solve the proposed n-customer-set problem, a dynamic programming algorithm is derived. In the proposed dynamic programming algorithm, an intermediate profit function is used, which is computed in case of a fixed initial inventory level and then adjusted in searching for an optimal inventory level. This leads to an optimal sales strategy for a seller, which can derive an optimal decision on both an initial inventory level and a discount schedule, in $O(n^2)$ time. This result can be used for some extended problems with a small customer set and a short selling period, including sales strategy for department stores, Dutch auction for items with heavy holding cost, open tender of materials, quantity-limited sales, and cooperative buying in the on/off markets.

• Journal of the Korean Operations Research and Management Science Society
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• v.12 no.1
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• pp.157-157
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• 1987

Hydro-electric power generation from multi-purpose dams has been playing important roles in the electric power supply network in Korea. Although the total share of hydro power in national electricity supply now becomes very small, the peak-shaving and frequency control capability of hydro power helps the power company enormously in maintaining the quality of power. But since the company that builds and operates the multi-purpose dams in Korea has to sell all the electricity produced to the monopolistic utility, there have been various problems in justifying the investment, designing pricing mechanism, and controlling operations of the power plants. In addition, economic evaluation of the hydro power has been distorted by a variety of reasons and hence it has been very difficult to encourage effective development and utilization of national water resources. To make the problem worse, both parties are public companies with X-inefficiency problems. Thus, changing environment requires to reengineer the system that governs hydro power generation. We address the problems of Korean hydro-electric power generation system in four areas: the investment justification process, the operations decison right of the hydro power plants, the pricing of the purchased-power, and the negotiation of contract revision. Then we propose improvement directions of new hydro-electric power system in view of static and dynamic efficiency, X-inefficiency and equity.

• Korean Management Science Review
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• v.12 no.1
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• pp.157-173
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• 1995

Hydro-electric power generation from multi-purpose dams has been playing important roles in the electric power supply network in Korea. Although the total share of hydro power in national electricity supply now becomes very small, the peak-shaving and frequency control capability of hydro power helps the power company enormously in maintaining the quality of power. But since the company that builds and operates the multi-purpose dams in Korea has to sell all the electricity produced to the monopolistic utility, there have been various problems in justifying the investment, designing pricing mechanism, and controlling operations of the power plants. In addition, economic evaluation of the hydro power has been distorted by a variety of reasons and hence it has been very difficult to encourage effective development and utilization of national water resources. To make the problem worse, both parties are public companies with X-inefficiency problems. Thus, changing environment requires to reengineer the system that governs hydro power generation. We address the problems of Korean hydro-electric power generation system in four areas: the investment justification process, the operations decison right of the hydro power plants, the pricing of the purchased-power, and the negotiation of contract revision. Then we propose improvement directions of new hydro-electric power system in view of static and dynamic efficiency, X-inefficiency and equity.

• Korean Journal of Poultry Science
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• v.47 no.1
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• pp.39-48
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• 2020

The present study intended to analyze and detect any possible shortcomings in the current egg distribution system in Korea through a questionnaire. The institutional system and cases of operation thereof in advanced countries such as the USA, Japan, and Germany for the development of the egg distribution industry in Korea. The results revealed the following issues: absent pricing system, ineffective egg distribution, and difficulty in balancing supply and demand. Suggestions for addressing these issues and the subsequent improvement were based on cases found in the instated systems of advanced countries, and were given as follows: (i) The existing GP Center needs to be separated from the farms of laying hens, and the current institutional system and its operations need to be improved and should be approved by the government. Parallel to the institutional improvement, establishing a distribution system centered on the GP Center would be desirable. (ii) Egg pricing regulations are needed as a standard to determine the price of eggs. (iii) The reinforcing control standards and securing means for egg preservation are pertinent to each stage of egg distribution and should take into account environmental factors such as egg preservation temperature to guarantee high hygiene standards and egg safety.

• Journal of Electrical Engineering and Technology
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• v.11 no.4
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• pp.810-819
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• 2016

Uncoordinated charging of large-scale electric vehicles (EVs) will have a negative impact on the secure and economic operation of the power system, especially at the distribution level. Given that the charging load of EVs can be controlled to some extent, research on the optimal charging control of EVs has been extensively carried out. In this paper, two possible smart charging scenarios in China are studied: centralized optimal charging operated by an aggregator and decentralized optimal charging managed by individual users. Under the assumption that the aggregators and individual users only concern the economic benefits, new load peaks will arise under time of use (TOU) pricing which is extensively employed in China. To solve this problem, a simple incentive mechanism is proposed for centralized optimal charging while a rolling-update pricing scheme is devised for decentralized optimal charging. The original optimal charging models are modified to account for the developed schemes. Simulated tests corroborate the efficacy of optimal scheduling for charging EVs in various scenarios.

• 제어로봇시스템학회:학술대회논문집
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• 1991.10b
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• pp.1858-1863
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• 1991

The theory of stock option pricing has, recently, attracted attention of many researchers interested not only in finance but also in statistics and control theory. In this field, the problem of estimating stock return volatility is, above all, of great importance in calculating actual stock option value. In this paper, we assume that the stock market is represented by the stochastic volatility model which is the same as that of Hull and White. Then, we propose an approximation function of option value. It is a type of Black-Sholes option formula in which the first and the second order moments of logarithmic stock value are modified in a special form from the original model. Finally, an algorithm of estimating the parameters of the stochastic volatility model is given, and parameters are estimated by using Nikkei 225 index option data.

• Culinary science and hospitality research
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• v.3
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• pp.165-179
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• 1997

Cost-volume-profit analysis shows the relationship between these factors. The figures expressed in a break-even chart can be used planning control and decision making. The relation ships can also be helpful in understanding how all costs must be covered in menu pricing. Involved in these relationship is the contribution to overhead and profit, or contribution ratio. This study used the food service operation of H hotel. Assumed the FC would be 10% of the High Volume, the VC would be 76% of the high volume. And in the CVP of individual meals, selected labor cost of the VC, assumed labor cost would be 35% of the volume.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.7 no.12
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• pp.2957-2986
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• 2013

The traditional approach of fixed spectrum allocation to licensed networks has resulted in spectrum underutilisation. Cognitive radio technology is envisioned as a promising solution that can be used to resolve the ineffectiveness of the fixed spectrum allocation policy by accessing the underutilised spectrum of existing technologies opportunistically. The implementation of cognitive radio networks (CRNs) faces distinct challenges due to the fact that two systems (i.e., cognitive radio (CR) and primary users (PUs)) with conflicting interests interact with each other. Specially, in self-organised systems such as ad-hoc CRNs (AHCRNs), the coordination of spectrum access introduces challenges to researchers due to rapid utilisation changes in the available spectrum, as well as the multi-hop nature of ad-hoc networks, which creates additional challenges in the analysis of resource allocation (e.g., power control, channel and rate allocation). Instead, game theory has been adopted as a powerful mathematical tool in analysing and modelling the interaction processes of AHCRNs. In this survey, we first review the most fundamental concepts and architectures of CRNs and AHCRNs. We then introduce the concepts of game theory, utility function, Nash equilibrium and pricing techniques. Finally, we survey the recent literature on the game theoretic analysis of AHCRNs, highlighting its applicability to the physical layer PHY, the MAC layer and the network layer.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2005.05a
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• pp.938-946
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• 2005

We study the firm's strategy to price its products and plan the spare parts manufacturing so as to maximize its profit and at the same time to fulfill its commitment to providing the customers with the key parts continuously over the relevant decision time horizon, i.e., the production plus warrantee period. To examine the research question, we developed and solved a two-stage optimal control theory model. Our analysis suggests that if the cost to produce the spare part during the warrantee period is more expensive than that during the production period, the firm should increase its sales price gradually throughout the production period to control its sales. In addition, during the production period it is optimal for the firm to produce the spare parts more than needed so that the overproduced spare parts can be used to partially meet the demand during the warrantee period. We conducted numerical analysis to investigate the sensitivity dynamics among key variables and parameters such as inventory holding cost, unit spare part production costs, part failure rate, and parameters in the demand function.