• Journal of Korea Game Society
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• v.11 no.5
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• pp.31-41
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• 2011

To sustain the competitive edges in the online game industry, many publishers invest online game developers at early stages. However, the fair value of online game developers at early stages cannot be calculated with traditional valuation methods due to the high level of uncertainties in technology and market. Based on the literature reviews, we recommended real options analysis for the proper valuation methods of online game developers at early stages, and compared it with other methods using "Bluehole Studio" investment case. The case study result showed that real options analysis is better in explaining the market value as expected.

• Journal of Korea Game Society
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• v.14 no.4
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• pp.67-74
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• 2014

Real options valuation models are now proved as a effective valuation method both in Theoretically and empirically. However, to use real options model for early stage start-ups, additional non-financial information is crucial in the valuation process. Previous studies theoretically suggested the modified real options valuation model and process to use non-financial information in the valuation of early stage startups, but there is no empirical evidence on the suggested model. Therefore, this study investigated the effectiveness of the modified real options valuation model using a case study. The case study result showed that the modified real options valuation effectively reflect the non-financial information in early stage startups, and decrease the forecasting error in the valuation process.

• Journal of Korea Game Society
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• v.13 no.3
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• pp.69-76
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• 2013

The financial value of early stage start-up has a tendency to depend more on the non-financial factors, but these are not efficiently reflected in the traditional valuation models. Therefore, most of valuation practices for early stage start-ups heavily relied on the guts of experts. To remedy this, this study suggests a model to directly reflect the non-financial factors especially for the real options approach. Actual process of valuation and the adjustment way were developed considering the characteristics of early stage start-ups in the game industry.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2007.11a
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• pp.652-655
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• 2007

Due to stagnation of domestic market, increasing number of domestic construction companies started to make inroads into foreign market recently. Yet compared to domestic market, there are much more risks in the foreign market which companies may confront. So deliberate and rational decision making skills are required. Accordingly, there has been many researches which analyzed the risk of individual markets and also studies covering decision support models. In this study, we suggest a model concerning financial issues when branching out into a new market, specially in the construction companies' point of view. For this we used a real options game which shows real competition status of a new market and deduced a feature of that market, Upon these results, we also suggest a model which helps firms to decide whether investing in the expansion is smart action or not. The model developed in this study is made in specific circumstances of limited conditions. The future study makes more realistic models considering subjects like disproportion in information and generalization of competing companies.

• Journal of the Korea Society of Computer and Information
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• v.24 no.4
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• pp.73-81
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• 2019

Various 3D contents are being developed using Unity 3D game engine. In this paper, the 3D content of horseback riding game, the first VR game in the country, is designed and developed. The existing riding simulator is investigated and compared to the VR riding game developed. We consider various games developed using Unity 3D game engine and serve previously developed tangible games. It is expected that development of VR riding games will prepare a new chapter in VR experience-type games. We propose the content development environment and scenario of VR riding game and present the main algorithms and main modules for real-time synchronization. The developed riding game contents are deployed to the riding system and are operated for commercial use in conjunction with the riding device. Through monitoring VR riding system, problems are derived and improvement measures are proposed. We offer a variety of additional development options to make the game more realistic in the future.

• Asian Journal of Innovation and Policy
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• v.7 no.1
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• pp.178-189
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• 2018

In this paper, we present a case study of a new emerging business startup involved in smart house appliances. The irreversible investment concept and real-option theory are introduced as the fundamentals of the model. By using games theory we show that the startup's actions can trigger reactions from other firms. The first part covers initial the research and development stage, while the second part covers production and commercialization. The findings of this study suggest that, given a certain amount of initial investment, an open and shared innovation may lead to hurting a firm's investment while strengthening the competitors' position in the market. However, given the sensitivity analysis, when volatility and demand grow favorably, sharing R&D investment is not a bad option for a new player to adjust its position in the market while still maintaining positive returns.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2004.11a
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• pp.586-595
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• 2004

• East Asian Economic Review
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• v.19 no.3
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• pp.243-273
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• 2015

The purpose of this paper is to identify learning in games in experimental economic settings, and apply their results to real multilateral trade negotiations, such as the Doha Development Agenda (DDA) in the World Trade Organizations (WTO). This paper argues that the structure of games including a veto player (Veto games) is similar to the WTO/DDA negotiations in that the players do not possess identical power. This paper's main contribution to the literature involves showing that learning about power is dominant over learning from simple repetition in Veto games. Additionally, this paper shows that players are concerned about how much they have gained in previous games in Veto games, although their memories generally do not last beyond the next game, and thus they tend to be selfish as they have less shares. Based on these results, there is a possibility to be more generous in the distribution of benefits by allowing players without veto power to retain special rights so that they would not be totally powerless. It also shows the necessity of having "respite" in the process of negotiations and policy options for choosing partners for winning coalitions.

• Journal of the Korean Institute of Landscape Architecture
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• v.27 no.3
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• pp.98-108
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• 1999

The purpose of this research is to help outdoor space planning reflected real needs of apartment residents in the differentiation elements of outdoor space, by using USC trade-off game in three apartment complexes in Seoul. This game method was used to evaluate their preference, reliability of preference degree, satisfaction degree, requirement elements such as improvement, sacrifice, maintenance of present condition, and payment possibility for improving and maintaining present condition, in addition to their preference and payment possibility of differentiation of outdoor space in the apartment complex in the future. From the statical analysis, we found the following results: 1. Reliability of preference degree was valid, inasmuch as the first elements they preferred were the almost same as the last things. 2. Elements of preference were pedestrian ways, pedestrian security facilities, various athletic facilities, and variety and high-class facilities in a play ground. 3. Satisfaction degree of differentiation elements of outdoor space was low not only in total complexes but also in each complex. As a result of analysis, these elements were not satisfied with residents. 4. Most of the differentiation elements of outdoor space in three apartment complexes, except planting traditional trees, were required to improve and maintain present condition. The cost to improve and maintain these elements able to pay by them was about 2.18 million won. Through this result, these elements were not options but prerequisites for planning outdoor space in apartment complexes. 5. In the future preference elements of differentiation of outdoor space in apartment complexes were pedestrian and jogging ways, places with water, various athletic places and facilities, multi-function resting places, green spaces in experiences, pedestrian security facilities, various athletic facilities, variety and high-class facilities in a play ground, and payment possibility for these elements was about 3.20 million won.

• Korean Security Journal
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• no.42
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• pp.205-227
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• 2015

The Korean Peninsula is put in a position to carry out a highly strategic game vis-a-vis nK, which is asserting itself as a nuclear power amongst Northeast Asia's complex dynamics. While the international community recognizes nK's possession of nuclear weapons as released secret based on nK's three nuclear tests, shrewd strategic thinking is needed by ROK to secure itself as a non-nuclear nation in order to assume a responsible role to the international community, while simultaneously being ready to respond at all times for nK's military provocations. ROK must continue with its twofold strategy, by firm response to military confrontation with nK and maintaining flexible policy of tolerance in the areas of economy and ethnicity. Various strategic options to overcome nK's nuclear threats have been presented to ROK, whose possession of nuclear weapons have been difficult, and nK's nuclear capability is a real threat to ROK's national security. We must be able to respond to nK's nuclear threats strictly from ROK's national security perspective. This thesis aims to propose a response policy for nK's nuclear capability and nK's nuclear attack based on analysis of such nuclear damage, ROK Government's response posture against nK's nuclear threats, centered around ROK Government's non-military response posture.