• Title/Summary/Keyword: Service characteristics

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Effect of Artificial Light Sources on the Growth of Apple Rootstock M.9 Seedling (인공광원이 사과 대목 M.9 묘 생육에 미치는 영향)

  • So, Eun Hee;An, Jin Hee;Kim, Jae Kyung;Yoon, Yeo Joong;Park, So Jeong;Na, Jong-Kuk;Choi, Ki Yong
    • Journal of Bio-Environment Control
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    • v.27 no.4
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    • pp.341-348
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    • 2018
  • To investigate the effect of light sources on the growth and photosynthesis of the dwarf apple rootstock M.9 for the production of standard seedlings, the plants were cultivated in a controlled environment for 6 weeks. The sources of light are six treatments [Red (R), Blue (B), White (W), RBUV (R7B3 containing UV-A), RBW (R3B1W1), SMF (high pressure sodium + metal halide + fluorescent lamp) under $154{\mu}mol{\cdot}m^{-2}{\cdot}s^{-1}$. Growth characteristics of apple seedlings varied depending on artificial light source at 3 weeks and 6 weeks. The plant height of apple seedling was high in the R, RBUV, RBW, and SMF light sources at 3 weeks, and in the R light at 6 weeks. There was no significant difference on stem diameter among the treatments at 3 weeks, but showed high in RBUV and RBW light at 6 weeks. Leaf number was the highest in RBUV light at 3 and 6 weeks. The chlorophyll content (SPAD value) was high in the B and RBUV light at 3 weeks, but it was not significant at 6 weeks. The growth rate to height of the R light (1.12mm/day) was the highest among the treatments, followed by RBUV, RBW, SMF, W and then B. Leaf area was the highest in RBUV and RBW lowest in B. Specific leaf area was high in W and fresh and dry weight were high in RBUV. The photosynthetic rate at 6 weeks was highest in the B and lowest in the R. Stomatal conductivity and transpiration rate were higher in the B and W compared to the other light sources. Therefore, we are considered that light sources for growth of dwarf apple rootstock M.9 seedlings are suitable the R, RBUV, and RBW light sources with a high mixing ratio of Red and Red +Blue.

Changes of Vegetation Structure in Naejangsan District, Najangsan National Park for Twenty Years(1991~2010), Korea (내장산국립공원 내장산지구 20년간(1991~2010년) 식생구조 변화 연구)

  • Bae, Ji-Yoon;Kim, Ji-Suk;Lee, Kyong-Jae;Kim, Jong-Yup;Yeum, Jung-Hun
    • Korean Journal of Environment and Ecology
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    • v.27 no.1
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    • pp.99-112
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    • 2013
  • This study aims to show the changes of characteristics of vegetation structure for 20 years(1991~2010) in Naejangsan National Park. As a result of analysis of actual vegetation, the mixed community of Quercus variabilis and Quercus serrata was distributed with 56.1%, and Q. variabilis community showed in southern steep slope with 17.6%. Pinus densiflora community(5.8%) was observed on the ridge and Carpinu tschonoskii community distributed in the slope of the valley with 6.6%. Zelkova serrata and Prunus sargentii community were distributed in valley. The classification by TWINSPAN, ordination by DCA considering importance percentage and property of vegetation class were divided into 4 communities, which are community I(P. densiflora-Q. variabilis community), community II(Q. variabilis community), community III(C. tschonoskii community) and community IV(Mixed deciduous broad-leaved trees community). The age of Pinus densiflora was 32years old and Q. serrata was 36 years old in the community I, that of Q. variabilis was 64 years old in the community II, Q. serrata was 46 years old and C. tschonoskii was 45 years old in the community III, and Acer palmatum was 54 years old and Cornus controversa was 47 years old in the community IV. As the result of Shannon's index of species diversity, the community Iwas ranged from 0.9751 to 1.4199, community II was ranged from 1.0765 to 1.3278, community III was ranged from 1.0353 to 1.2881, and community IV was ranged from 1.1412 to 1.3807. The change of vegetation structure analyzed through the comparison with results of studies carried out 20 years ago were natural selection of P. densiflora, expansion of Quercus spp. and increase of C. tschonoskii. Especially, A. palmatum is dominated by Q. variabilis in canopy layer like the result of study 20 years ago. A. palmatum was analysed by 14.6% in the canopy layer of only mixed deciduous broad-leaved trees community. As a result of analysis of habitat property of Q. variabilis and A. palmatum, Q. variabilis was distributed in dry area with the low value of pH, O.M., exchangeable cations and Avail. P, and A. palmatum was located in the wet valley with huge value of nourishment. The tendency of reduction of bio-diversity by Sasa borealis is same as previous study but, the distributed areas were reduced in Naejangsan area.

The Effects of e-Business on Business Performance - In the home-shopping industry - (e-비즈니스가 경영성과에 미치는 영향 -홈쇼핑을 중심으로-)

  • Kim, Sae-Jung;Ahn, Seon-Sook
    • Management & Information Systems Review
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    • v.22
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    • pp.137-165
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    • 2007
  • It seems high time to increase productivity by adopting e-business to overcome challenges posed by both external factors including the appreciation of Korean won, oil hikes and fierce global competition and domestic issues represented by disparities between large corporations and small and medium enterprises (SMEs), Seoul metropolitan and local cities, and export and domestic demand all of which weaken future growth engines in the Korean economy. The demands of the globalization era are for innovative changes in businessprocess and industrial structure aiming for creating new values. To this end, e-business is expected to play a core role in the sophistication of the Korean economy through new values and innovation. In order to examine business performance in e-business-adopting industries, this study analyzed the home shopping industry by closely looking into the financial ratios including the ratio of net profit to sales, the ratio of operation income to sales, the ratio of gross cost to sales cost, the ratio of gross cost to selling, general and administrative (SG&A) expense, and return of investment (ROI). This study, for best outcome, referred to corporate financial statements as a main resource to calculate financial ratios by utilizing Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service, one of the Korea's financial supervisory authorities. First of all, the result of the trend analysis on the ratio of net profit to sales is as following. CJ Home Shopping has registered a remarkable increase in its ratio of net profit rate to sales since 2002 while its competitors find it hard to catch up with CJ's stunning performances. This is partly due to the efficient management compared to CJ's value of capital. Such significance, if the current trend continues, will make the front-runner assume the largest market share. On the other hand, GS Home Shopping, despite its best organized system and largest value of capital among others, lacks efficiency in management. Second of all, the result of the trend analysis on the ratio of operation income to sales is as following. Both CJ Home Shopping and GS Home Shopping have, until 2004, recorded similar growth trend. However, while CJ Home Shopping's operating income continued to increase in 2005, GS Home Shopping observed its operating income declining which resulted in the increasing income gap with CJ Home Shopping. While CJ Home Shopping with the largest market share in home shopping industryis engaged in aggressive marketing, GS Home Shopping due to its stability-driven management strategies falls behind CJ again in the ratio of operation income to sales in spite of its favorable management environment including its large capital. Companies in the Group B were established in the same year of 2001. NS Home Shopping was the first in the Group B to shift its loss to profit. Woori Home Shopping has continued to post operating loss for three consecutive years and finally was sold to Lotte Group in 2007, but since then, has registered a continuing increase in net income on sales. Third of all, the result of the trend analysis on the ratio of gross cost to sales cost is as following. Since home shopping falls into sales business, its cost of sales is much lower than that of other types of business such as manufacturing industry. Since 2002 in gross costs including cost of sales, SG&A expense, and non-operating expense, cost of sales turned out to have remarkably decreased. Group B has also posted a notable decline in the same sector since 2002. Fourth of all, the result of the trend analysis on the ratio of gross cost to SG&A expense is as following. Due to its unique characteristics, the home shopping industry usually posts ahigh ratio of SG&A expense. However, more than 80% of SG&A expense means the result of lax management and at the same time, a sharp lower net income on sales than other industries. Last but not least, the result of the trend analysis on ROI is as following. As for CJ Home Shopping, the curve of ROI looks similar to that of its investment on fixed assets. As it turned out, the company's ratio of fixed assets to operating income skyrocketed in 2004 and 2005. As far as GS Home Shopping is concerned, its fixed assets are not as much as that of CJ Home Shopping. Consequently, competition in the home shopping industry, at the moment, is among CJ, GS, Hyundai, NS and Woori Home Shoppings, and all of them need to more thoroughly manage their costs. In order for the late-comers of Group B and other home shopping companies to advance further, the current lax management should be reformed particularly on their SG&A expense sector. Provided that the total sales volume in the Internet shopping sector is projected to grow over 20 trillion won by the year 2010, it is concluded that all the participants in the home shopping industry should put strategies on efficient management on costs and expenses as their top priority rather than increase revenues, if they hope to grow even further after 2007.

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The Excluded from Public Pension : Problem, Cause and Policy Measures (공적연금의 사각지대 : 실태, 원인과 정책방안)

  • Seok, Jae-Eun
    • Korean Journal of Social Welfare
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    • v.53
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    • pp.285-310
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    • 2003
  • As National Pension Scheme for all nation complete in 1999 through expanding application in cities, the public pension including Public Occupational Pension became main axis of old-age income maintenance. After 4years since then, now, it is only half of total National Pension insured persons who have been qualified to receive pension through participate and contribution. The other half of National Pension insured is left the excluded from public pension. This paper is intended to identify scale and characteristics of the excluded from public pension and to analysis its cause, and to explore policy measures for solving the excluded's problem. for current recipients over 60 years old generation, the its excluded's scale is no less than 86% of the old over 60 years. The probability of getting in the excluded is high in case of old elderly and female for current elderly generation. For future recipients 18-59 years working generation, the its excluded's scale is no less than 61% of the 18-59 years total population. The probability of getting in the excluded is high in case of 18-29 years and female for current working generation. As logistic regression analysis determinant factor of paying or not pension contribution for future recipients, it appear that probability of getting in the excluded for current working generation is high in case of younger old, lower education attainment, irregular employee, working at agriculture forestry fishery sector, construction sector, wholesale retail trade restaurants hotels sector, financial institution and insurance real estate renting and leasing sector in comparison with manufacturing sector, occpaying at elementary occupation, professionals technicians and associate professionals, sale and service workers, plant machine operators and assemblers, legislators senior officials and managers in comparison with clerks. The Policy measures for the current recipient old generation have need to reinforce supplemental role of Senior's pension(non-contribution pension) until maturing of public pension, because of no having chance of public pension participants for them. And the Policy measures for the future recipient working generation have need to restructure social security fundamentally corresponding with social-economic change as labour market and family structure etc. The pension system has need to change from one earner one pension to one citizen one pension with citizenship rights. At this point, public pension have need to manage with combining insurance's contribution principle and citizenship principle financing by taxes. Then public pension will become substantially universal social network for old-age income maintenance and we can find real solution for the excluded from.

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Timing and Risk Factors of Adoption for Legally-Free Foster Children after Having Parental Rights Terminated in the U. S. (미국 위탁아동의 친권상실선고 이후 입양 결정요인에 관한 생존분석)

  • Song, Min-Kyoung
    • Korean Journal of Social Welfare
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    • v.59 no.1
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    • pp.301-327
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    • 2007
  • The purpose of this study is to examine the timing and the risk factors associated with the adoption of legally-free foster children. The sample of the study was drawn from foster care files of Adoption and Foster Care Analysis and Reporting System(AFCARS) in 32 states between October 1998 (FY 1999) and September 2002(FY 2002). The timing post-TPR to adoption was examined by plotting the Kaplan-Meier cumulative hazard function for adoption and by plotting the KM hazard functions stratified by child's race and child's age at TPR. Cox proportional-hazards regression analysis was used to identify risk factors for adoption of legally-free foster children after TPR. The hazard of adoption was very low immediately after TPR but increased steadily starting at 3 months and then declined after 20 months. The cumulative hazard functions for White non-Hispanic children and Black non-Hispanic children crossed over at 13 months after TPR. Racial minority status, older age, and disability were negatively associated with the hazard of adoption. Physical abuse, sexual abuse had the lower hazard for adoption compared by neglect. Caretaker's inability to cope had the slightly lower hazard for adoption whereas inadequate housing showed the slightly greater hazard for adoption. Characteristics of foster care services turned into be powerful predictors of adoption. Specifically, legally-free children placed in pre-adoptive homes, those who shared the same racial/ethnic background with their foster caretakers, and those who were placed in two-parent families have a greater likelihood of adoption. The findings highlight the importance of foster care service provisions after TPR to facilitate adoption of legally-free foster children. Furthermore, a more substantial resources and targeted support for foster children who experience physical abuse and sexual abuse in need of adoption should be provided for moving the foster children into permanency.

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Recent Progress in Air Conditioning and Refrigeration Research - A Review of Papers Published in the Korean Journal of Air-Conditioning and Refrigeration Engineering in 2004 and 2005 - (공기조화, 냉동 분야의 최근 연구 동향 -2004년 및 2005년 학회지 논문에 대한 종합적 고찰-)

  • Choi, Yong-Don;Kang, Yong-Tae;Kim, Nae-Hyun;Kim, Man-Hoe;Park, Kyoung-Kuhn;Park, Byung-Yoon;Park, Jin-Chul;Hong, Hi-Ki
    • Korean Journal of Air-Conditioning and Refrigeration Engineering
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    • v.19 no.1
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    • pp.94-131
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    • 2007
  • A review on the papers published in the Korean Journal of Air-Conditioning and Refrigerating Engineering in 2004 and 2005 has been done. Focus has been put on current status of research in the aspect of heating, cooling, air-conditioning, ventilation, sanitation and building environment. The conclusions are as follows. (1) Most of fundamental studies on fluid flow were related with heat transportation of facilities. Drop formation and rivulet flow on solid surfaces were interesting topics related with condensation augmentation. Research on micro environment considering flow, heat, humidity was also interesting for comfortable living environment. It can be extended considering biological aspects. Development of fans and blowers of high performance and low noise were continuing topics. Well developed CFD and flow visualization(PIV, PTV and LDV methods) technologies were widely applied for developing facilities and their systems. (2) The research trends of the previous two yews are surveyed as groups of natural convection, forced convection, electronic cooling, heat transfer enhancement, frosting and defrosting, thermal properties, etc. New research topics introduced include natural convection heat transfer enhancement using nanofluid, supercritical cooling performance or oil miscibility of $CO_2$, enthalpy heat exchanger for heat recovery, heat transfer enhancement in a plate heat exchanger using fluid resonance. (3) The literature for the last two years($2004{\sim}2005$) is reviewed in the areas of heat pump, ice and water storage, cycle analysis and reused energy including geothermal, solar and unused energy). The research on cycle analysis and experiments for $CO_2$ was extensively carried out to replace the Ozone depleting and global warming refrigerants such as HFC and HCFC refrigerants. From the year of 2005, the Gas Engine Heat Pump(GHP) has been paid attention from the viewpoint of the gas cooling application. The heat pipe was focused on the performance improvement by the parametric analysis and the heat recovery applications. The storage systems were studied on the performance enhancement of the storage tank and cost analysis for heating and cooling applications. In the area of unused energy, the hybrid systems were extensively introduced and the life cycle cost analysis(LCCA) for the unused energy systems was also intensively carried out. (4) Recent studies of various refrigeration and air-conditioning systems have focused on the system performance and efficiency enhancement. Heat transfer characteristics during evaporation and condensation are investigated for several tube shapes and of alternative refrigerants including carbon dioxide. Efficiency of various compressors and expansion devices are also dealt with for better modeling and, in particular, performance improvement. Thermoelectric module and cooling systems are analyzed theoretically and experimentally. (5) According to the review of recent studies on ventilation systems, an appropriate ventilation systems including machenical and natural are required to satisfied the level of IAQ. Also, an recent studies on air-conditioning and absorption refrigeration systems, it has mainly focused on distribution and dehumidification of indoor air to improve the performance were carried out. (6) Based on a review of recent studies on indoor environment and building service systems, it is noticed that research issues have mainly focused on optimal thermal comfort, improvement of indoor air Quality and many innovative systems such as air-barrier type perimeter-less system with UFAC, radiant floor heating and cooling system and etc. New approaches are highlighted for improving indoor environmental condition as well as minimizing energy consumption, various activities of building control and operation strategy and energy performance analysis for economic evaluation.

Effect of extract temperature and duration on antioxidant activity and sensory characteristics of Ulmus pumila bark extract (추출온도 및 시간에 따른 유백피 추출물의 항산화 활성과 음료의 관능적 특성)

  • Cho, Myoung Lae;Oh, Yu-Na;Ma, Jin-Gyeong;Lee, Su-Jin;Choi, Young-Hee;Son, Dong-Hwa;Jang, Eun Hee;Kim, Jong-Yea
    • Food Science and Preservation
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    • v.23 no.7
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    • pp.995-1003
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    • 2016
  • Ulmus pumila L. bark underwent distilled water extraction under three temperature condition ($4^{\circ}C$, room temperature, or $80^{\circ}C$) and two extraction times (1, or 5 min) in order to develop a functional beverage products. Changes in yield, pH, color, total phenolic (TP) content, tannin content and antioxidant activity of the aqueous extracts were evaluated for each extraction temperature and duration. Extraction conditions did not affect yield or pH value of the extracts; however CIE $b^*$ values were high in extracts prepared under high extraction temperature ($80^{\circ}C$) and long extraction duration (5 min) conditions. Both extraction temperature and duration affected the TP and tannin contents of the extracts; however, all extraction conditions resulted in ${\geq}450\;mg\;GAE/g$ TP content and ${\geq}80\;mg\;CE/g$ tannin content. All extracts exhibited ABTS and DPPH radical scavenging ability similar to that of vitamin C. Nitric oxide inhibition activity was lower in the 5 min duration sample than in the 1 min sample. The $4^{\circ}C$ extraction temperature produced an extract with the highest reducing power and hydrogen peroxide values. Extraction temperature also affected sensory evaluation results with the $80^{\circ}C$ extraction temperature producing significantly higher flavor, bitterness, and color score, than those obtained under $4^{\circ}C$ and room temperature extraction conditions.

A Systematic Review on the Effects of Virtual reality-based Telerehabilitation for Stroke Patients (뇌졸중 환자를 위한 가상현실 기반의 원격재활 효과에 관한 체계적 고찰)

  • Lim, Young-Myoung;Lee, ji-Yong;Jo, Seong-Jun;Ahn, Ye-Seul;Yoo, Doo-Han
    • The Journal of Korean society of community based occupational therapy
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    • v.7 no.1
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    • pp.59-70
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    • 2017
  • Objective : The purpose of this study was to examine the effect of virtual reality-based remote rehabilitation on stroke patients systematically and to look for its effect and how to apply it domestically. Methods : In order to search data, EMBASE and CINAHL database were used. Relevant research used those terms of virtual reality, telerehabilitation, and stroke. A total of 10 studies satisfying the selection criteria was analyzed according to their qualitative level, general characteristics, and PICO method. Results : Based on the selected 10 studies, virtual reality-based telerehabilitation system was applied. Sensory and motor feedback was provided with inputting visual and auditory senses through a video in the home environment, and it stimulated changes in the client's nervous system. Tools to measure the results were upper extremity function, balance and gait, activities of daily living, etc. Those virtual reality-based telerehabilitation method had an effect on upper extremity function and ability of sense of balance in all studies, and on the activities of daily living partially. Telerehabilitation service to make up environmental specificity improved satisfaction of client. That meaned the effect of the intervention to maintain the function. Conclusion : The virtual reality-based telerehabilitation system was applied to upper extremity function, sense of balance, and activities of daily living largely, and it showed that it helped to improve functions through intervention, supervision, and training of therapist in the home environment as well. This study suggests the basis and possibility of clinical application on virtual-reality based telerehabilitation. Additional research is needed to diverse virtual reality intervention methods and the effect of telerehabilitation in the future.

The Effect of the Context Awareness Value on the Smartphone Adopter' Advertising Attitude (스마트폰광고 이용자의 광고태도에 영향을 미치는 상황인지가치에 관한 연구)

  • Yang, Chang-Gyu;Lee, Eui-Bang;Huang, Yunchu
    • Journal of Intelligence and Information Systems
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    • v.19 no.3
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    • pp.73-91
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    • 2013
  • Advertising market has been facing new challenges due to dramatic change in advertising channels and the advent of innovative media such as mobile devices. Recent research related to mobile devices is mainly focused on the fact that mobile devices could identify users'physical location in real-time, and this sheds light on how location-based technology is utilized to achieve competitive advantage in advertising market. With the introduction of smartphone, the functionality of smartphone has become much more diverse and context awareness is one of the areas that require further study. This work analyses the influence of context awareness value resulted from the transformation of advertising channel in mobile communication market, and our research result reflects recent trend in advertising market environment which is not considered in previous studies. Many constructs has intensively been studied in the context of advertising channel in traditional marketing environment, and entertainment, irritation and information are considered to be the most widely accepted variables that has positive relationship with advertising value. Also, in smartphone advertisement, four main dimensions of context awareness value are recognized: identification, activity, timing and location. In this study, we assume that these four constructs has positive relationship with context awareness value. Finally, we propose that advertising value and context awareness value positively influence smartphone advertising attitude. Partial Least Squares (PLS) structural model is used in our theoretical research model to test proposed hypotheses. A well designed survey is conducted for college students in Korea, and reliability, convergent validity and discriminant validity of constructs and measurement indicators are carefully evaluated and the results show that reliability and validity are confirmed according to predefined statistical criteria. Goodness-of-fit of our research model is also supported. In summary, the results collectively suggest good measurement properties for the proposed research model. The research outcomes are as follows. First, information has positive impact on advertising value while entertainment and irritation have no significant impact. Information, entertainment and irritation together account for 38.8% of advertising value. Second, along with the change in advertising market due to the advent of smartphone, activity, timing and location have positive impact on context awareness value while identification has no significant impact. In addition, identification, activity, location and time together account for 46.3% of context awareness value. Third, advertising value and context awareness value both positively influence smartphone advertising attitude, and these two constructs explain 31.7% of the variability of smartphone advertising attitude. The theoretical implication of our research is as follows. First, the influence of entertainment and irritation is reduced which are known to be crucial factors according to previous studies related to advertising value, while the influence of information is increased. It indicates that smartphone users are not likely interested in entertaining effect of smartphone advertisement, and are insensitive to the inconvenience due to smartphone advertisement. Second, in today' ubiquitous computing environment, it is effective to provide differentiated advertising service by utilizing smartphone users'context awareness values such as identification, activity, timing and location in order to achieve competitive business advantage in advertising market. For practical implications, enterprises should provide valuable and useful information that might attract smartphone users by adopting differentiation strategy as smartphone users are sensitive to the information provided via smartphone. Also enterprises not only provide useful information but also recognize and utilize smarphone users' unique characteristics and behaviors by increasing context awareness values. In summary, our result implies that smartphone advertisement should be optimized by considering the needed information of smartphone users in order to maximize advertisement effect.

A Study on the Determination of Tramp Freight Rates (부정기선 운임율의 결정에 관한 이론적 고찰)

  • 이종인
    • Journal of the Korean Institute of Navigation
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    • v.4 no.2
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    • pp.45-79
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    • 1980
  • The aim of this paper is to analyze the mechanics of price formation in the tramp shipping. For the purpose of this study, the main characteristics of tramp freight rates and the market is examined, and a brief examination of the nature ofthe costs of operation is given which are essential for the understanding of the functioning of shipping firms as well as for the understanding of developments in the tramp freight market. The demand and supply relationships in the market is also analysed in detail. Tramp shipping is an industry that has a market which functions under conditions that are not dissimilar to the theoretical model of perfect competition. However, it does notmean that tramp shipping market is a perfectly competitive market. It is apparent that this realworld competitive system has its imperfections, which means that the market for tramp shipping is near to being a perfectly competitive market on an internaitonal scale and it is freight are therefore subjext to the laws of supply and demand. In theory, the minimum freight rate in the short term is that at which the lowest cost vessels will lay-up in preference to operating, and is equal to the variable costs minus lay-up costs; and this would imply that in all times except those of full employment for ships there is a tendency for newer low-cost, and, probably, faster vessels to be driving the older high-cost vessels in the breaker's yards. In this case, shipowners may be reluctant to lay-up their ships becasue of obligations to crews, or because they would lose credibility with shippers or financiers, or simply because of lost prestige. Mainly, however, the decision is made on strictly economic grounds. When, for example, the total operating costs minus the likely freight earnings are greater than the cost of taking the ship out of service, maintaining it, and recommissioning it, then a ship may be considered for laying-up; shipowners will, in other words, run the ships at freight earnings below operating costs by as much as the cost of laying them up. As described above, the freight rates fixed on the tramp shipping market are subject to the laws of supply and demand. In other words, the basic properties of supply and demand are of significance so far as price or rate fluctuations in the tramp freight market are concerned. In connection with the same of the demand for tramp shipping services, the following points should be brone in mind: (a) That the magnitude of demand for sea transport of dry cargoes in general and for tramp shipping services in particular is increasing in the long run. (b) That owning to external factors, the demand for tramp shipping services is capable of varying sharphy at a given going of time. (c) The demad for the industry's services tends to be price inelastic in the short run. On the other hand the demand for the services offered by the individual shipping firm tends as a rule to be infinitely price elastic. In the meantime, the properties of the supply of the tramp shipping facilities are that it cannot expand or contract in the short run. Also, that in the long run there is a time-lag between entrepreneurs' decision to expand their fleets and the actual time of delivery of the new vessels. Thus, supply is inelastic and not capable of responding to demand and price changes at a given period of time. In conclusion, it can be safely stated that short-run changes in freight rates are a direct result of variations in the magnitude of demand for tramp shipping facilities, whilest the average level of freight rates is brought down to relatively low levels over prolonged periods of time.

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