• Journal of Korea Technology Innovation Society
• /
• v.7 no.3
• /
• pp.533-554
• /
• 2004

Real option valuation considers the managerial flexibility to make ongoing decisions regarding implementation of investment projects and deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real asset based on Monte Carlo simulation. This research uses a binomial model to obtain point estimate of real option value with embedded expansion option case and provides also an array of numerical results to show the interval estimation of option value using Monte Carlo simulation.

• The Journal of the Convergence on Culture Technology
• /
• v.7 no.4
• /
• pp.705-710
• /
• 2021

Nowadays, cutting-edge information communication technology is the genuine core technology of the fourth Industrial Revolution and is still making great progress rapidly among various technology fields. The biggest issue in ICT fields is the machine learning based Artificial Intelligence applications using big data in cloud computing environment on the basis of wireless network, and also the technology fields of autonomous control applications such as Autonomous Car or Mobile Robot. Since value of the high-tech ICT technology depends on the surrounded environmental factors and is very flexible, the precise technology valuation method is urgently needed in order to get successful technology transfer, transaction and commercialization. In this research, we analyze the characteristics of the high-tech ICT technology and the main factors in technology transfer or commercialization process, and propose the precise technology valuation method that reflects the characteristics of the ICT technology through phased analysis of the existing technology valuationmodel.

• The Journal of the Korea Contents Association
• /
• v.17 no.10
• /
• pp.231-240
• /
• 2017

Although the value of technology is evaluated by various methods, the result of technology valuation is different from evaluator and evaluation methods. Also the uncertainty on the result occurs with respect to the evaluation factors and evaluation model which should be considered. In the case of lack of data or comparison target, the credibility of the technology valuation result could be unsure. To decrease uncertainty of the technology valuation, Fuzzy concept and Fuzzy Comprehensive Evaluation method are applied instead of using existing methods which evaluate technology value(level) by the number. In the research, we firstly devide evaluation criteria into technology value factor and business value factor and evaluate the technology level for micro pressure wave reduction technology which has been developed in Korea. Technology value factor is marked as high level with 46%, and business value factor is very high with 44%, and the overall level of technology is evaluated between very high and high. It helps to compare to other technology in the rivalry by the factors as it can evaluate the value of technology by factors. The technology valuation method which is applied in this research is expected to use on analyzing technology level of new technology or alternative technology in many different field.

• Journal of the Korean Society of Fisheries and Ocean Technology
• /
• v.46 no.3
• /
• pp.265-275
• /
• 2010

The main purpose of this study is to estimate willingness to pay (WTP) by the general publics, assuming that they pay tax or charge for protecting marine living resources and environment through developing and supplying biodegradable fishing nets. This study employed a contingent valuation method (CVM) which is an econometric method. The survey was conducted by using both double-bounded dichotomous choice and open-ended survey. Tobit model was used for the analysis. The variables included concerns about marine environment and fishing net discarded, sex, age profile, number of family members, educational level and personal disposable income. Annual average WTP per family for the biodegradable fishing net development and supply was estimated at 5,294 won and national WTP amounted to some 84.2 billion won. This includes both of use and non-use value of biodegradable fishing nets.

• Knowledge Management Research
• /
• v.6 no.1
• /
• pp.19-32
• /
• 2005

The reliability of technology valuation depends on, among other things, the reliability of the discount rate estimate. The weighted average cost of capital, generally accepted as discount rate, consists of cost of equity and cost of debt. The model used to estimate the cost of equity for publicly traded firms can not be used directly for small-sized venture firms. In addition, the estimation of cost of debt become very difficult, given the limited and volatile price history, because these small-sized venture firms do not have associated credit ratings. Since two kinds of cost of capital for the small-sized venture firms can not be estimated directly from market data, this study suggests statistical frame works for estimating unknown two kinds of cost of capital. The estimates of underlying cost of capital will help determine the size of appropriate discount rate with logical and scientific way when the technology valuation for small-sized venture firms is made. This study also suggests the necessity of the risk premium for the technology competitiveness to improve the estimation of the appropriate discount rate for small-sized venture firms.

• Journal of Service Research and Studies
• /
• v.6 no.3
• /
• pp.29-40
• /
• 2016

Since the late 20th century, there has been much effort to improve the market value of media contents which are commercialized in a digital format, by fusing digital data of video, audio, numerals, characters with IT technology together. Then by what criteria and methodologies could the market value for the drama "Sons of the Sun" or the animated film 'Frozen', often referred to in the meida, be estimated? In the circumstances there has been little or no research on the valuation framework of media contents and the status of their valuation system development to date, we propose a practical valuation models for various purposes such as contents trading, review of investment adequacy, etc., by formalizing and presenting a contents valuation framework for the four types of media of movies, online games, and broadcasting commercials, and animations. Therefore, we develope computational methods of cash flows which includes production cost by media content types, provide reference databases associated with key variables of valuation (economic life cycle, discount rates, contents contribution and royalty rates), and finally propose the valuation framework of media contents based on both income approach and relief-from-royalty method which has been applied to valuation of intangible assets so far.

• Journal of Korea Technology Innovation Society
• /
• v.8 no.1
• /
• pp.94-115
• /
• 2005

The purpose of this study is to evaluate the economic value of a biotechnology in the middle of R&D and to examine strategies to manage a variety of risks and uncertainties intrinsic in research and development of biotechnologies through economic valuation in consideration of technological and industrial characteristics of the technology. To do this, this study analyzes the probability of commercial success of the technology development in qualitative terms, evaluates the quantitative value of the technology on the basis of a determined model, and proposes the implications on R&D strategy. In concrete, this study analyzes the economic value of the technology by constructing a decision tree reflecting the characteristics of the R&D process of the technology and draw the implications on the future R&D strategies of the technology.

• Journal of Digital Convergence
• /
• v.9 no.3
• /
• pp.105-116
• /
• 2011

The innovation is an important element controlling national economic growth and the competitive power reinforcement of the company. The developed nations concentrate interest on upbringing and investment in knowledge intensive industry and advanced technology base industry for national competitive power reinforcement. I support in particular it as Korean representative industry in the case of the advanced technology base industry positively in the government. Though a patent can become the important competition predominance element of the company by such an advanced technology base industry, this and the proof study in the country to be concerned with are the facts that are not enough now. As for the article of the book, what kind of difference there is in importance by IT and BT industry distinction comment on current events value factors of the patent valuation; of the study is aimed. I derived an importance factor among factors shown in the valuation model of the patent valuation organization and an existing precedent study for comparison analysis in the study and used it. In addition, it was analysis hello it utilized AHP technique, and what kind of difference patent value evaluation important factors showed by IT and BT industry distinction. Analysis, Because patent value evaluation important factors showed a difference by industrial distinction, I appeared.

• Journal of Korea Technology Innovation Society
• /
• v.5 no.2
• /
• pp.141-151
• /
• 2002

Many technology investment projects can be considered as set of sequential options. A compound real option can be used for evaluating sequential technology investment decisions under significant uncertainty and measuring its value. In this paper, the formula developed by Geske and Johnson(1984) and Buraschi and Dumas(2001) was applied to evaluate the technology investment with related double real option. Also double real option was com-pared with net present value method and multiple linear regression model was used to assess the partial effects of risk free rate and log-term volatility on its value.

• Ocean and Polar Research
• /
• v.34 no.2
• /
• pp.175-183
• /
• 2012

A project to build a large oceanographic research ship was proposed to improve the level of ocean research. This paper attempts to measure the non-market benefits of the project. To this end, the dichotomous choice contingent valuation method is used. In particular, the recently proposed one and one-half bounded model is applied. The model can reduce the potential for response bias compared to the double bounded model, while maintaining much of its efficiency. Moreover, in order to deal with zero WTP observations, a spike model is adjusted for our data. A survey of 500 randomly selected households was implemented in the Metropolitan area. The respondents were asked in person-to-person interviews about how they would be willing to pay for implementing the project. Overall, respondents accepted the contingent market, and were willing to contribute a significant amount (3,244 won), on average, per household per year. The aggregate value of the project nationwide would amount to approximately 40.1 billion won per year.