• Proceedings of the Technology Innovation Conference
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• 2004.02a
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• pp.222-245
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• 2004

This paper has an intention of proposing useful parametric tables of each industry group within Korea. These parametric tables can be insightful criteria for those who are dealing with the exact valuation of company, technology or industry through Real Option Analysis (ROA) since the identification of the movement of underlying asset is the very first step to be done. To give the exact estimations of parameters and the most preferred model in each industry group, we cover topics on ROA, stochastic process, and parametric estimation method like Generalized Method of Moments (GMM) and Maximum Likelihood Estimation (MLE). Additionally, specific industry groups, such as, Internet service group and mobile telecommunication service group defined independently in this paper are also examined in terms of its property of movement with the suggesting of the most fitting stochastic model.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.8 no.4
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• pp.881-893
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• 2007

IT(Information Technology)-based industries have caused a recent digital revolution and the appearance of various types' information service, being largely expanded toward info-communication device company, info-communication service company, software company etc.. Therefore, the needs to evaluate the company value of IT business for M&A or liquidation are growing tremendously. Unlike other industries, however, IT industry has a short lift cycle and so it doesn't have not only a company value-evaluating model for general businesses but the objective one for IT companies yet. So, this thesis analyzes various value-evaluating technique and newly rising ROV. DCF, the change method of company's cash flow including tangible assets into future value, had been applied during the past industrialization economy era and has been persuasively applied to the present. However, the DCF valuation has no option but to make many mistakes because IT companies have more intangible assets than tangible assets. Accordingly, it is ROV, recognized as the new method of evaluating companies' various options normally and quantitatively, that is brought up recently. But the evaluation on the companies' various options is too subjective and theoretical up to now and due to the lack of objective ground and options, it's not possible to be applied to reality. In this thesis, it is found that ROV is more accurate than DCF, comparing DCF and ROV through four examples. As the options applied to ROV are excessively limited, we tried to develop ROV into a new method by deriving five invisible value factors within IT companies. Therefore, on this occasion, we should set up the basic valuation methods on IT companies and should research and develop an effective and various valuation methods suitable to each company like an internet-based company, a S/W developing enterprise, a network-related company among IT companies.

• Journal of the Korean Operations Research and Management Science Society
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• v.21 no.1
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• pp.51-69
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• 1996

We consider a consumer self-selection model in which a regulated firm faces two market segments with differing valuation of quality of telecommunication services and examine some economic implications from the behaviors of the firm. In the context of a regulated monopolist, even though the results depend on the degree of privatization, the firm could lower the quality of the low-end model and reduce the price of the high-end in order to alleviate cannibalization. This justifies the provision of universal service policy in the telecommunications market. Based on this self-selection model, we also analyze an extended model of product introduction and show that the monopolist will introduce new product with the same introduction time of social planner. However, when we consider competition among firms, the market equilibrium may not guarantee the efficient time of product introduction.

• The Journal of Society for e-Business Studies
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• v.4 no.2
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• pp.41-58
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• 1999

This paper is a study on a model of economic value of transmission speed of Internet Commerce. For this research, this paper searches the factors that influence the transmission speed of Internet and suggests the model for measurement of economic value. The model adopted in this research is CVM(contingent valuation method) using in environment economics and the research area in this paper is concentrated on Internet-based Electronic Commerce. For this purpose, this paper suggests econometrics model that measures customer's payment intention for transmission speed of Internet. This model can be used as the basic tool of feasibility of investment analysis and reasonable pricing on Internet service. For the more, it will be followed empirical study and more careful comprehension for objective validity of this study.

• Journal of Korea Technology Innovation Society
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• v.8 no.3
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• pp.1060-1086
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• 2005

In this paper, we attempt to predict the future of broadband access market where new convergence access technologies and additional services are introduced, based on consumer preferences. Conjoint analysis and mixed logit model is used for estimation, From the results, consumers value convergence access technologies such as PLC and wireless LAN, and TV-related service, However, valuation on new beneficial features of convergence access technologies is not enough to overcome their technological inferiorities in data transfer speed and quality stability at current technological stage, Additionally, consumer preferences are so heterogeneous that differentiated business strategies are required, Finally, some managerial and policy implications are presented.

• ETRI Journal
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• v.32 no.1
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• pp.169-171
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• 2010

Even though Internet phone service (IPS) continues to evolve in terms of quality and competitive pricing compared with the public switched telephone network (PSTN), the number of Internet phone subscribers is still low in South Korea. The Korean government decided to apply number portability to the IPS market in 2008. This study expresses its value in monetary terms with a contingent valuation approach. With this methodology, this study investigates the willingness of 316 current PSTN subscribers to pay for IPS, using a specific survey method called double-bounded dichotomous choices, to obtain more accurate data. The results show that the calculated value of Internet phone number portability positively impacts consumer welfare.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.11 no.5
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• pp.46-55
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• 2012

This study proposes an estimate method of willingness to pay(WTP) for real-time route guidance systems using contingent valuation method(CVM) under double bounded dichotomous choice question(DBDCQ) and analysis for impact factors of WTP estimation. This study assumed that provided real-time traffic information service is optimal route concepts dealing with traffic conditions on origin-destination. Analysis targets were classified into two groups as short distance path and middle distance path for estimating WTP for realtime route guidance system in a year using the survival analysis method and the regression model with personal information, actual condition and satisfaction of information usage and users' awareness and usage of facilities. As a result, mean WTP of realtime route guidance system is 4,034won/year in short distance path, and 4,884won/year in middle distance path. Therefore real-time route guidance system for longer distance path is recognized as more valuable than shorter distance path. Moreover, the necessity of information was required on a higher income group and higher WTP was estimated on owners of vehicle group and lower awareness of a route group.

• Journal of Korean Society of Transportation
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• v.23 no.6 s.84
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• pp.81-89
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• 2005

Real-time bus arrival information within the Bus Information System (BIS) is an invaluable resource for users that demand accurate and up-to-date bus headway information while waiting at a bus stop. The associated benefits of such a system come in two folds, that is to 1) resolve the psychological uncertainty caused by the lack of real-time bus arrival information and 2) empower the user waiting at bus stops with the ability to reliably coordinate various tasks and errands, such as a quick trip into a convenience store or restroom without fear of missing a bus pick-up. This paper discusses the appropriate methodology with which to measure the economic value of reliable bus arrival information, with particular emphasis on the psychological uncertainty in users associated with the lack of real-time headway information at bus stops. Data regarding bus transit users' willingness to pay for such a service is obtained through questionnaire surveys, and the Contingent Valuation Method is used to analyze and derive the associated economic value. Our findings indicate the monetary value associated with a real-time bus arrival information system is approximately 132.5 won/min at the 0.3 significance level.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2014.06a
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• pp.73-75
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• 2014

Marine transportation facility is public goods for the general public and their safety. The study used the Contingent Valuation Method (CVM), a method to estimate economic value of non-market goods, such as environmental goods. In order to analyze economic effects of marine accidents preventable by the VTS, the study estimated costs caused by marine accident cases. It conducted surveys with people and shipping companies in local areas where VTS is to be established in the future. According to a survey with people in areas where marine transportation control center is to be built (Tongyoung), the yearly benefit from building new VTS is estimated at KRW 11billion. If fees are paid in the form of income tax for five years from 2014, corresponding benefits during the same period will reach KRW 47.3 billion in current value. An analysis on economic validity of VTS establishment in Tongyong showed the B/C ration stood at 3.193, far higher than 1. The Net Present Value (NPV) was KRW 32.5 billion and the Internal Rate of Return (IRR) turned out to be 37.4% which was higher than social discount rates of 53.5%. On balance, the establishment has reasonable economic validity.

• Journal of Navigation and Port Research
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• v.40 no.6
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• pp.401-412
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• 2016

The sustainable operation and development of ports is a key industry for Korea's national economy. It is increasingly more important to resolve conflicts with local communities due to port environmental problems such as air pollution, water pollution, noise and ecosystem destruction while securing port competitiveness through infrastructure expansion. In case of the Busan New Port development project in Korea, construction has been temporally suspended due to conflict with local fishermen over marine sand mining for construction. A primary reason for this is the absence and limitation of qualitative port environmental impact assessment methodologies in Korea. This includes the current investigation of fisheries damaged by ports. Therefore, the main purpose of this study is to propose economic valuation methods for assessing environmental impacts that are essential for efficient port environmental management and for sustainable port operation and development in Korea. To do this, this study examines the overall port environmental problems and their effects (damages) through the analysis of environmental policies and case studies of domestic and overseas ports. Then economic valuation methods are suggested for total economic values (TEV) of damaged environmental goods and services. Among the proposed methods, Habitat Equivalency Analysis (HEA), as a more scientific data based method, was applied to estimate marine ecosystem service damages from the designation of Busan New Port Anchorages. Finally, based on the study results, more efficient port environmental management will be achieved through the institutional adoption of the proposed economic impact assessment methods for port environmental damages.