• 대한전기학회논문지:전력기술부문A
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• 제52권6호
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• pp.333-339
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• 2003

Competition among electric generation companies is a major goal of restructuring in the electricity industry. In electricity market, a huge volume of commodities will be traded through competitive bidding. The choice between uniform and pay-as-bid pricing for electricity auction has been one of most important issues in deregulated electricity market. This paper proposes a constrained Bertrand model for analyzing the electricity auction market of price competition model. The issue of the two pricing rules of uniform and pay-as-bid is studied from the viewpoint of consumer's benefit. This paper also shows that transmission congestion depends on the pricing mechanism. Pay-as-bid pricing gives less possibility of transmission congestion by price competition, and less burden to consumers in the simulation results.

• 국제학술발표논문집
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• The 4th International Conference on Construction Engineering and Project Management Organized by the University of New South Wales
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• pp.241-248
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• 2011

Past theories on construction price formation have been shown to be inadequate in terms of their ability to represent real-life industry practice and price formation predictability. In this paper, we develop a theoretical framework on construction price formation that integrates four theories within the domains of marketing, learning, resource management and economics. These are: (i) marketing pricing theory; (ii) experiential and organisational learning theory; (iii) resourced based theory and (iv) microeconomic theory. Utilising pricing theory from marketing, a foundation is able to be created for the procedure of construction price formation, namely: (i) identifying the objectives; (ii) assessing the tendering environment; and (iii) formation of the price. However, understanding contractors' decision making process in tender pricing as such can be attributed to theories of experiential learning and consequently organisational learning. It is argued that contractors do learn from past experience and history and are able to adapt to different market conditions. In formation of the price, neoclassical microeconomics is able to provide additional insight in terms of the supply and demand model and consideration of the market conditions. Interrelated with the microeconomic concept of scarcity, we appreciate that contractors do have limited resources that affect their tender pricing decisions and resource based theory is used to substantiate this. Integrating the various theories as a unity allows the broader reality to be visualised and add to our theoretical understanding of construction price formation.

• 산학경영연구
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• 제6권
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• pp.135-152
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• 1993

The optional market segmentation pricing policy for rooms of hotels are investigated under the assumption of a linear demand function, and for four different situations: (1) single price market, (2) optimal segmentation of the unused capacity of a single-price-maeket, (3) optimal segmantation for all rooms, and (4) opimal segmentation for infiltration from higher priced to adjacent lower priced segments. The purpose of tis study is th show that with proper pricing policy, it would be possible to increase profits considerably. Such a profit increase might be achived by market segmentation coupled with product differentiation, where the different market segments are identified, sperated, and in each segment a different price per room is called for. The different prices are determined based on the specific price elasticity typical for each market segment and the relavant costs. The pricing model implied in this study is based on basic economic pricing theory and optimization techniques. While somewhat complex in its mathmatical solution, it can be easily programmed for use by practitioners, avoiding the need to cope with the technical aspects of the solution. In section II-1, the optimal single-market Single-price policy is evaluated. The optimal strategy under the constraint that only the previously unutilized rooms are segmented is analysed in section II-2, while the optimal strategy without this constraint is determined in section II-3. In section II-4, the optimal market-segmentation pricing policy is derived for the case in which market seperation is allowed for all the rooms under the assumption of custtomer infiltration from each market segment to the adjacent lower priced segment Finally, some considerations relating to the practicality of the model as a decision support tool and the requirements for its implementation are discussed in section III.

• 한국항만경제학회지
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• 제28권4호
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• pp.257-274
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• 2012

글로벌공급사슬간 경쟁이 격화됨에 따라 항만서비스도 항만의 존속과 경쟁력제고를 위한 시장지향적인 가격산정이 크게 필요하다. 협조적 게임이론의 오웬밸류는 선사주체의 시장지향적 항만서비스가격 산정에 활용될 수 있다. 이를 우리나라 광양항의 사례에 적용하여 그 유용성을 확인해보았다. 본 연구결과 부두용 특성함수를 사용하여 선석별 비용배분 문제를 해결하고, Budescu(1993)방법을 통해 안벽사용지수를 구하기 위한 관련요인의 상대적 가중치를 합리적으로 산정하였다. 또한 주요 선사에 대한 사용료 우대방안과 선사간 전략적 제휴에 의한 항만서비스 가격할인방안을 구축하였다. 본 연구를 결과를 활용하여 대형선박을 자주 운항하는 주요 선사에 대한 체계적인 요금할인을 통해 항만서비스요금을 전략적으로 책정 할 수 있을 것이다.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2005년도 춘계학술대회 논문집
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• pp.930-935
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• 2005

This study tried to suggest a new direction of rail freight pricing in Korea. Determinant factors of rail freight fare are collected and pricing principles are introduced. Marginal social costs are to be fare of rail freight in theory and those costs should be estimated in the near future. From the market pricing of North American rail freight carriers we can find a direction of future pricing and from the EU efforts to estimate social marginal costs we can also find research agenda.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• 제14권4호
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• pp.249-273
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• 2010

Often in practice, the implied volatility of an option is calculated to find the option price tomorrow or the prices of, nearby' options. To show that one does not need to adhere to the Black- Scholes formula in this scheme, Figlewski has provided a new pricing formula and has shown that his, alternating passive model' performs as well as the Black-Scholes formula [8]. The Figlewski model was modified by Henderson et al. so that the formula would have no static arbitrage [10]. In this paper, we show how to construct a huge class of such static no arbitrage pricing functions, making use of distortions, coherent risk measures and the pricing theory in incomplete markets by Carr et al. [4]. Through this construction, we provide a more elaborate static no arbitrage pricing formula than Black-Sholes in the above scheme. Moreover, using our pricing formula, we find a volatility curve which fits with striking accuracy the synthetic data used by Henderson et al. [10].

• 한국전산응용수학회:학술대회논문집
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• 한국전산응용수학회 2003년도 KSCAM 학술발표회 프로그램 및 초록집
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• pp.10-10
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• 2003

Option pricing theory developed by Black and Sholes depends on an arbitrage opportunity argument. An investor can exactly replicate the returns to any option on that stock by continuously adjusting a portfolio consisting of a stock and a riskless bond. The value of the option equal the value of the replicating portfolio. However, transactions costs invalidate the Black-Sholes arbitrage argument for option pricing, since continuous revision implies infinite trading, Discrete revision using Black-Sholes deltas generates errors which are correlated with the market, and do not approach zero with more frequent revision when transactions costs are included. Stochastic calculus serves as a fundamental tool in the mathematical finance. We closely look at the utility maximization theory which is one of the main option valuation methods. We also see that how the stochastic optimal control problems and their solution methods are applied to the theory.

• 대한산업공학회지
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• 제23권3호
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• pp.545-557
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• 1997

This paper deals with dynamic optimal pricing for new products by a firm which maximizes the discounted profit stream of it's own in a duopoly. The problem is constructed as differential games and dynamic optimization theory. Cost is assumed to decline as time goes on. A modified customer's choice model is formulated as a diffusion model and we solve a dynamic optimization problem by adopting the diffusion model. Since this paper focus on deriving real prices not showing a time trend, we formulate recursive form equations of costate variables(shadow price) and a simultaneous equation of price. Hence we derive a dynamic optimal pricing model for using in real market. In particular, we construct a dynamic optimal pricing model in the case that there are benefits from not only new subscribers but also previous subscribers. We analyze instant camera market in U.S.A(1976-1985) by utilizing the above model.

• 한국가스학회지
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• 제2권3호
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• pp.18-24
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• 1998

본 연구에서는 한계비용 이론에 바탕을 둔 램지가격결정방식과 효율적요소가격결정방식을 이용하여 천연가스 가격체계의 이론적 모형을 도출함으로써 사회후생의 최적화를 달성하기 위한 국내 가스가격결정방식의 개선방향을 제시하였다. 사례연구를 통하여 국내 가스산업의 현행 원가보상방식, 램지가격결정방식과 효율적요소가격결정방식에 의한 가격간에 배분효율성과 사회후생을 비교 분석하였다. 배분효율성은 도시가스용의 경우에 원가보상방식이 램지가격결정방식 및 효율적요소가격결정방식에 비하여 높게 나타났으나, 발전용의 경우는 원가보상방식이 두 방식에 비하여 낮음을 알 수 있었다. 반면에 사회후생효과는 현행의 원가보상에 의한 가격결정방식보다 램지가격결정방식과 효율적요소가격결정방식을 적용하는 것이 보다 더 향상되는 것으로 나타났다.

• 자원ㆍ환경경제연구
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• 제17권1호
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• pp.147-164
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• 2008

주택에 포함된 여러 가지 환경적 요인에 대한 가치추정을 시도할 경우 전형적인 헤도닉 가격기법에서는 시장균형을 가정한다. 이때 개별 요인들의 추정가치는 시장가격에 근거한 암묵적 가치가 된다. 따라서 이 접근법의 논리는 기본적으로 현시선호이론을 배경으로 한다. 그런데 주택시장의 참여자들이 주택과 관련된 요인들에 대해 완전한 정보를 갖지 못하거나 판단이 애매할 경우에는 전형적인 헤도닉 접근법이 제공하는 추정치의 적절성에 대해 의문이 제기될 수 있다. 이 문제의 해결방안으로 퍼지 헤도닉 기법이 제안된 바 있다. 본 논문은 우리나라 주요 공항주변의 비행기 소음이 주택가격에 미치는 영향을 추정하기 위해 퍼지 헤도닉 기법을 응용함으로써 추정치에 포함된 불확실성 또는 모호성 부분을 파악하고자 하였다.