• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.57
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• pp.111-135
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• 2013

This study analyzes some important spin-off effects of the provision, UCP600 Article 14(6), through the methodology of the expected utility maximization theory based on the state-contingent commodities model. Some technical implications of this study are as follows. First, the risk-averse beneficiary will choose to present his documents more than 5 days before expiry date by paying a higher risk premium (so-called cure period) for full assurance to cure documentary discrepancies, if expressed economically, he pursues loss reducing activities to the point where the expected marginal product of his activities is less than its marginal cost. Secondly, where the effectiveness of securing cure period is uncertain, the risk-averse beneficiary will choose to present documents just on the expiry date without securing any cure period by paying no risk premium. This study finally suggests the safe harbor standard should be optimal solution only if it is supplemented by the hidden reasonableness standard for balancing the conflicts of interest between beneficiaries and banks.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.38A no.6
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• pp.535-544
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• 2013

This paper considers an uplink power control scheme for a virtual multi-input multi-output (MIMO) multi-cell system where multiple mobile stations with single transmit antenna form a virtual MIMO link. Unlike the conventional approach of the game theoretic formulation to add a power penalty term to improve the performance, a constraint on the total effective interference power is introduced to the maximization of the utility function of the transmission rate with linear receive beamforming. Introducing inertia, we show that the proposed power control is guaranteed to converge. The simulation results verify that the proposed power allocation can significantly improve the performance in an interference limited multi-cell system.

• Journal of the Korean Society for Precision Engineering
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• v.24 no.4 s.193
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• pp.84-92
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• 2007

Dynamic process planning requires not only more flexible capabilities of a CAPP system but also higher utility of the generated process plans. In order to meet the requirements, this paper develops an algorithm that can select machines for the machining operations by calculating the machine loads. The developed algorithm is based on the multi-objective genetic algorithm that gives rise to a set of optimal solutions (in general, known as the Pareto-optimal solutions). The objective is to satisfy both the minimization number of part movements and the maximization of machine utilization. The algorithm is characterized by a new and efficient method for nondominated sorting through K-means algorithm, which can speed up the running time, as well as a method of two stages for genetic operations, which can maintain a diverse set of solutions. The performance of the algorithm is evaluated by comparing with another multiple objective genetic algorithm, called NSGA-II and branch and bound algorithm.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.13-22
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• 2020

This research explores the appropriate rubber pricing model and the consistent empirical evidence. This model has been derived from the utility function and firm profit-maximization model of commodity goods. The finding shows that the period t - 1 affects expected commodity price and expected profit of commodity production. In fact, a change in the world price of rubber in the past period led to a change in the expected price of rubber in the short run which influenced the expected rubber profit. As a result, the past-period free on board price has an entirety effect on expected farm price of rubber given an exchange rate. In addition, the rubber pricing model indicates that the profit of local farmer on rubber plant depends solely on the world price of rubber in the short run in case of Thailand. In an empirical study, it was found that a change in the price of ribbed smoke sheet 3 in Singapore Commodity Exchange significantly and positively determined the fluctuation of rubber price at the farm gate in Thailand which was consistent with the behavior of the Thai farmers. Both prices are also cointegrated in the long run. That is, the result states that the VECM is an appropriated pricing model for forecasting the farm price in Thailand.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.25 no.11
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• pp.39-49
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• 2011

Smart Grid has two main objectives on both supply and demand aspects which are to distribute the renewable energy sources on supply side and to develop realtime price responses on demand side. Renewable energy does not consume fossil fuels, therefore it improves the eco-friendliness and saves the cost of power system operation at the same time. Demand response increases the flexibility of the power system by mitigating the fluctuation from renewable energies, and reduces the capacity investment cost by shedding the peak load to off-peak periods. Currently Smart Grid technologies mainly focus on energy monitoring and display services but it has been proved that enabling technologies can induce the higher demand responses through many pilot projects in USA. On this context, this paper provides a price responsive algorithm for HEMS (home energy management system) on the real time pricing environment. This paper identifies the demand response as a core function of HEMS and classifies the demand into 3 categories of fixed, transferable, and realtime responsive loads which are coordinated and operated for the utility maximization or cost minimization with the optimal usage combination of three kinds of demand.

• ETRI Journal
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• v.37 no.5
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• pp.867-876
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• 2015

This paper proposes an efficient interference control scheme for vehicular moving networks. The features of the proposed scheme are as follows: radio resources are separated into two resource groups to avoid interference between the cellular and vehicle-to-vehicle (V2V) links; V2V links are able to share the same radio resources for an improvement in the resource efficiency; and vehicles can adaptively adjust their transmission power according to the interference among the V2V links (based on the distributed power control (DPC) scheme derived using the network utility maximization method). The DPC scheme, which is the main feature of the proposed scheme, can improve both the reliability and data rate of a V2V link. Simulation results show that the DPC scheme improves the average signal-to-interference-plus-noise ratio of V2V links by more than 4 dB, and the sum data rate of the V2V links by 15% and 137% compared with conventional schemes.

• International Journal of Highway Engineering
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• v.11 no.3
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• pp.13-21
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• 2009

The traveler's travel pattern has significantly changed due to the social and economic changes. The travel time among the traveler's pattern is the limited resource. The travelers are trying to maximize the utility of travel with the least travel cost. So, the travelers travel with their own travel time budget in mind, which they can pay or choose to pay for the optimal maximization of the utility of the individuals. This research is to group and extract the specific factors which affect the travel time budget by utilizing the CART analysis method, which enables the analysis of traveler's characteristics and their interrelationship based on the data collected from "2002 Household Travel Practice Research" and then try to derive a model for estimating the traveler’s travel time budget. The result of CART analysis shows that the factors which affect the travel time budget include the traveler's age, size of house, type of house, type of employment, job and relation to the head of household. Considering the affecting factors derived, I developed an estimation model. From that model, we found that the age, size of house and type of house were positively (+) related to the travel time budget while the homeworking people who have less travel frequency as a type of employment were negatively (-) related to it. In particular, from the point of type of job, the housewives, children not yet old enough to attend schools and people who are working in the agricultural, or marine product industries were found to have the negative (-) value while the people who have the administrative, office, management jobs were found to have the positive (+) value.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.38A no.12
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• pp.1125-1134
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• 2013

Small cells such as pico or femto cells are promising as a solution to cope with higher traffic explosion and the large number of users. However, the users within small cells are likely to suffer severe inter-cell interference (ICI) from neighboring base stations (BSs). To tackle this, several papers suggest BS transmit power on/off control algorithms which increase edge user throughput. However, these algorithms require centralized coordinator and have high computational complexity. This paper makes a contribution towards presenting fully distributed and low complex joint BS on/off control and user scheduling algorithm (FDA) by selecting on/off pattern of BSs. Throughput the extensive simulations, we verify the performance of our algorithm as follows: (i) Our FDA provides better throughput performance of cell edge users by 170% than the algorithm without the ICI management. (ii) Our FDA catches up with the performance of optimal algorithm by 88-96% in geometric average throughput and sufficiently small gap in edge user throughput.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.793-816
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• 2005

This paper proposes a new answering mechanism called RAM (Risk Answering Mechanism) which can be applied to a contingent valuation method. The RAM is derived from the theory of expected utility maximization under the assumption that there exists an uncertainty in a nonmarket good of interest. In RAM, a respondent would accept an uncertain offer only if his or her WTP for the mean of the offer is large enough to exceed the bidding price by more than a risk premium. This is in a striking contrast with a traditional answering mechanism (TAM) in which the WTP is simply compared with the bidding price. Therefore, the TAM would underestimate the WTP by a risk premium without considering the uncertainty a respondent may face. An empirical comparison is made between RAM and TAM using a survey data on the Tong river. It is found that underestimation problem is very serious in the TAM.

• Journal of KIISE
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• v.43 no.2
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• pp.246-255
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• 2016

The orthogonal frequency-division multiple access (OFDMA) systems are well suited to multi-rate multicast transmission, as they allow flexible resource allocation across both frequency and time, and provide adaptive modulation and coding schemes. Unlike layered video coding, the multiple description coding (MDC) enables flexible decomposition of the raw video stream into two or more substreams. The quality of the video stream is expected to be roughly proportional to data rate sustained by the receiver. This paper describes a mathematical model of resource allocation and throughput in the multi-rate video multicast for the OFDMA wireless and mobile networks. The impact on mean opinion score (MOS), as a measurement of user-perceived quality (by employing a variety of scheduling disciplines) is discussed in terms of utility maximization and proportional fairness. We propose a pruning algorithm to ensure a minimum video quality even for a subset of users at the resource limitation, and show the optimal number of substreams and their rates can sustain.