• Title/Summary/Keyword: Senior discount

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A Study on the Evaluation of an Option on a Reverse Mortgage (주택연금의 옵션가치 평가 연구)

  • Wang, Ping;Kim, Jipyo
    • Korean Management Science Review
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    • v.32 no.1
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    • pp.1-13
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    • 2015
  • We estimate the option value embedded in reverse mortgages using the framework of European put option. The reverse mortgage is a very useful financial product for senior citizens who own homes but do not have a cash income while it is a high risk one from lender's perspective. One of benefits of the reverse mortgages is that the debt limit is restricted to the scope of the disposition price of the collateralized house, which is considered a put option to borrowers. The put option is evaluated using Black-Scholes model and a sensitive analysis is performed on variables such as discount rate, volatility, and time period. We confirm that the option value of reverse mortgages increases rapidly as the borrowers live longer than their life expectancy. The results of this study can be used to promote the reverse mortgage program more effectively in order to solve the problem of income shortage of the elderly homeowners.

Reforming the Free Fare System in Urban Railway : A Case Study on Shinbundang Line (도시철도 무임수송제도 개선 방안 : 신분당선 사례)

  • Kim, Ji Yeon;Kim, Sigon;Moon, Je Woong
    • KSCE Journal of Civil and Environmental Engineering Research
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    • v.37 no.6
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    • pp.1009-1015
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    • 2017
  • Since most of the urban railway operating agencies are established and operated by local governments, Public Service Obligation(PSO) is given priority. Therefore, free riding is carried out based on individual laws and regulations. In Korea, as the aging population goes, the increase in the number of elderly passengers on the urban railways is leading to a free rider as a big part of the fiscal deficit of the city railway operators. However, there have been no previous researches on free pass riding, and especially, it is necessary to study free ride on private investment projects. Several alternatives including a full charge case, free-ride for 70 years old over case, and separate fare charge (900won) are considered. Separate fare charge (900won) was selected as the optimal alternative since there is no fare income adjustment between operating agencies and no subsidy from government.

A Study on the Clothing Purchasing Behavior of Elderly Women (노년기 여성의 의복구매행동에 관한 연구)

  • 박재옥;정찬진
    • The Research Journal of the Costume Culture
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    • v.3 no.2
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    • pp.323-346
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    • 1995
  • The increasing number of senior citizens, combined with the power of purchasing due to discretionary income have vaulted the elderly into the position of an attractive future target market. Therefore, it would be crucial for marketers to understand elderly's purchasing behavior. The purpose of this study was to identify clothing purchasing behavior of elderly women. For this study, questionnaires were administered to 600 women over 55 years of age. However, the sample that was analyzed fer statistical analysis was involved 418 elderly women. Statistical analysis were majorly descriptives such as frequencies and percentages. The major results of this study were summarized as follows. 1. In relation to problem recognition in purchasing process, motives of purchasing apparel were identified as a happy event in home such as a wedding and a birthday, a change of seasons and a casual discovery of a suitable clothing in shopping, in orders. 2. In relation to information search, important information on apparel and fashionability were thought as display racks in a store, opinion from friends and family and fashionability from others or streets, in orders. 3. In relation to selecting a store in purchasing process, older consumers assessed that attractive price, design suited to my age, variety in one store and apparel product quality were important store attributes, in orders. In terms of a purchase place, older consumers purchased clothing mainly on department stores, wholesale stores such as Namdaemoon or Dongdaemoon market, mainly retail stores located close to home and discount stores of well known brand, in orders. 4. In relation to alternative evaluation in purchasing process, older consumeres considered that style or appearance suited to me, color, design, comfort and fitness were important selection criteria, in orders. 5. In relation to purchase choice, 61.7% of the respondents paid money by themselves and 68.9% paid on cash in purchasing apparel. 6. In relation to outcomes of purchase, older consumers solved their complaint against a unsatisfactory product mainly by returning the unsatisfactory clothing. Also, there were those who took no action against the unsatisfactory product and who altered the clothing for fitness by themselves.

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A comparative study between Korea and the USA on the development process in retail trade & its changing locations (소매업의 발달과정과 입지 변화에 관한 한.미 비교 연구)

  • Jeon, Kyung-Sook
    • Journal of the Korean association of regional geographers
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    • v.6 no.2
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    • pp.21-40
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    • 2000
  • The retail trades in many countries have changed recently according to the high quality, diversification, and marked individuality of consumer needs. Under the continually competing system of the WTO agreement, corporations based in the USA and the EU try to raise their market share in other countries so it is inevitable for Korean retail enterprises to compete with them. This paper is aimed at contributing to the efficient growth for Korean retail trade from the analysis of the development process in retail trade and its changing locations comparing Korea and the USA. Retailers in the USA have practiced diversified marketing strategies considerably in order to survive in a rapidly changing retailing environment. American retailing, which has the most advanced marketing system in the world, has been of growing concern to marketing strategies in Korea. The following is a brief summary of this study. 1. Speedy and higher quality consumption is needed in accordance with the great increase in the single-family household and the female labor force participation both in Korea and in the USA. Senior citizens have become a new consumer group due to the aging population. In the future the retail trade will switch over to diversified retail formats and internet shopping as countries are transformed into information and communication societies. 2. In Korea, the former retail system characterized by markets and department stores has been greatly changed since the late 1980s with emphasis on high quality and convenience in consumption behaviors, with large domestic enterprises and foreign distribution corporations participating in Korean retailing. In the USA, retailing mergers and takeovers by major retails, bankruptcies, and extra-large shopping centers have emerged since the late 1980s. Recently, the USA retailing formats have been changed from the lower price-oriented discount types to the large scale theme parks. Much emphasis was put on entertainment, resorts, and convention centers. On the other hand, non-store types, such as the internet shopping, the CATV shopping, as well as catalog and mail-order sales are drastically increasing, although the proportion of their sales is low up to now. 3. In Korea, most of the retail facilities are concentrated in Seoul and the Metropolitan Region, and the distribution ratio of facilities came to 52% in 1997. The periodic markets, traditional markets which open on a periodic basis, are located mainly in Chollanam-do and Kyungsangbuk-do. The large-sized discount stores have expanded their locations to the over-crowded apartment complexes in new towns, located in the Metropolitan Region, and the large provincial cities, unlike the suburban locations in the USA. Therefore we needed to give attention to the locational relations in retail facilities between Seoul & the Metropolitan Region and rural settlement areas. In the USA, urban areas grew quickly with the development of the automobile in the 1920s, and the location of stores changed from a dispersed style centering around rural areas to a centralized one in urban areas. There is an accelerated growth for suburban areas, which have grown rapidly since 1950. As the membership warehouse clubs were introduced in the 1970s, the decentralization of location was more intensified. On the other hand, inner cities were revitalized by rearranging existing facilities to cope with suburban areas. And the location-free virtual retailing & TV shopping are also growing every year. 4. In view of the above, the continuous and desirable development devices in Korean retail trade are summarized as follows: First, the countermeasures against economies of scale, increase in retailing sales, and rise of a employment percentage in retailing are in need. Second, a scheme of lowering the proportion of food retail sales, and increasing a ratio of durable goods sales need to be worked out. Third, the original ideas are needed to apply positively information, communication and technology to retailing, to graft the traditional types on modem ones based on the social culture. Fourth, strategies are needed to strengthen the competitiveness of our retail trade through cooperation and chains of smaller retailers, the large enterprises participating in the distribution industry. Fifth, in order to realize the above, the retail industry, the administration, and the academic world should support the retail segment with concern and a practical strategy plan.

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Potential Effects of Restaurant Selection Preferences by Elderly Consumers' Values and Lifestyle (노년소비자의 가치와 라이프스타일이 외식업체 선택속성에 미치는 영향)

  • Lee, Young-Joo;Hwang, Young-Jeong
    • Culinary science and hospitality research
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    • v.20 no.1
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    • pp.220-237
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    • 2014
  • This study was intended to survey on the restaurant selection preferences by elderly consumers' values and lifestyle. The survey was residing in Seoul and men and women who were 55 years of age or older to achieve the purpose of this study, the theoretical and empirical research methods research methods were combined. The results of the study are summarized as follows. First, Action oriented intrinsic value of elderly consumers highest lifestyle influence. This is an internal value-oriented elderly consumers to follow the latest fashion trends and challenges in the new one, we enjoyed the service and sometimes want to experience the frenetic fun means. Second, Realization oriented lifestyle on the Brand standards, food quality standards, environmental standards positive effect was found to be Principle oriented life style based on the environment positively influence. This trend Principle oriented lifestyle can talk comfortably while you can relax and quiet around people, mainly from a reputable place, and action-oriented selection of the hotels facilities and senior discount price menu and the service is friendly and Notice that if you use a little less meoleodo, and these results are only for the elderly consumers with access privileges and services using the factors of elderly consumers loyalty and Catering Food service satisfaction should be efforts to raise. Third, elderly consumers select attribute value and proven results Food service elderly consumers based on personal values and lifestyle are different catering companies can select the properties that standard means, elderly consumers are value-oriented properties and select the Food Service Industry catering companies by identifying the active elderly consumers in future marketing strategies to be able to bring a positive impact considered.

A Comparative Study of Economical Efficiency in Apartment Security System: Focused on a Enhancing the Effectiveness of Senior Employment Programs (아파트 유·무인 경비시스템의 경제성 비교 연구: 노인일자리 사업의 효용성 제고를 중심으로)

  • Ha, Jai-Ryong;Lee, Kwang-Won
    • Korean Security Journal
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    • no.41
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    • pp.7-36
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    • 2014
  • Recently the Korean government announced that minimum wage policy would be applied even to apartment security staffs by 2015 who had been waived from the policy enforcement for their unique work conditions. This caused apartment management to introduce unmanned security system instead of employing security staffs because of fearing possible hike of management fees. People recklessly tend to believe unmaned system is cheaper than maned system if minimum wage guideline is applied. This study examines the economic feasibility of two different apartment security systems by utilizing cost-benefit analysis: maned and unmaned security systems. The authors estimate the costs and the benefits of each security system for 5 years(2014-2018) with application of social discount rate(5.5%). Thirty six apartment complexes at 8 different areas(meons and dongs) in Asan, Chungcheongnam-do province were surveyed. And to attain the exact costs of unmaned system establishment and operation, the authors interviewed persons working for the unmaned security corporations. The benefit-cost(B/C) ratio for unmanned security system is 1.66% at minimum and 1.30% at maximum. while B/C ratio for manned security system is 1.42% and 1.66% respectively. This results mean that people's belief is not correct, that is, transferring from maned system to unmaned is not always economically efficient. Benefits of maned security system is more diverse than unmaned system. The former provides living conveniences(parking helps and keeping parcels) and social benefits(employing aged worker and giving them opportunities to enjoy happier lives) as well as security benefits like crime prevention. The latter provides security benefits only, but that effect is also doubtable. Taking into account these diverse benefits maned system provides, the B/C ratio of maned system is equitable or higher than unmaned system.

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