• Management Science and Financial Engineering
• /
• v.20 no.2
• /
• pp.13-25
• /
• 2014

We investigate an optimal retirement time and consumption/investment policy of a wage earner who expects to find a better investment opportunity after retirement by being freed from other work and participating fully in the financial market. We obtain a closed form solution to the optimization problem by using a dynamic programming method under general time-separable von Neumann-Morgenstern utility. It is optimal for the wage earner to retire from work if and only if his wealth exceeds a certain critical level which is obtained from a free boundary value problem. The wage earner consumes less and takes more risk than he would without anticipation of a better investment opportunity.

• Korean Management Science Review
• /
• v.18 no.1
• /
• pp.29-39
• /
• 2001

Traditionally, companies have been concerned with making an investment decision either to go now or never to go forever. However, owing to the development of the theory of options pricing in a financial investment field and its introduction to the appraisal of real investments in these days, we are now partially allowed to derive the value of a managerial flexibility of real investment projects. In this paper, we derived a general mathematical model to price the option value of real investment projects assuming that they have only one-period of time under which uncertainty exists. This mathematical model was developed based on the opportunity cost concept. We will show a simple numerical example to illustrate how the mathematical model works comparing it with the existing models.

• Proceedings of the Safety Management and Science Conference
• /
• 2003.11a
• /
• pp.113-116
• /
• 2003

In the recent environment of globalization where fierce competitions exist between manufacturers, SRM(Supplier Relationship Management) plays important role in the strategies of companies, and managements of companies try their best efforts in establishing the strategy to accomplish the innovative relationship between supply chain channels. The structure of the partnerships we develop with not only customers but also suppliers will in many cases determine the degree of success of the relationship. A successful partnership provides an opportunity for shared risk while maximizing the opportunity for mutual success whether it's with supplier. To follow this paper show how SLV(Supplier Lifetime Value) can be used to structure the supplier in automotive part manufacturer, This method of selection is described, and a detailed example of how SLY can be used and allocation of order quantity for the selected suppliers also are provided.

• Journal of Family Resource Management and Policy Review
• /
• v.17 no.2
• /
• pp.55-74
• /
• 2013

This research developed standardized satellite accounts for household production to measure the entire production in Korea using representative Korean data. This study utilized standardized methods for measuring the expenditure and consumption of expendable supplies as an element of intermediate goods in household production. The results of this research can be summarized as follows. First, the total value of household production in Korea in 2009 turned was 268 trillion won, which would be 10.16% of the GDP, based on using the method of replacement by specialty for estimating the value of housework, while it was 356 trillion won, which would be 13.5% of the GDP (2,636 trillion won), based on the method of opportunity cost. Second, the economic value of labor invested in household production was 220 trillion won when using the data from 12 main corresponding wages in the market, while it was 203 trillion won when using the method of total replacement, which used the wages of housekeepers, and 290 trillion won when using the method of opportunity cost in measuring the value of housework labor. Third, in estimating the proportion by section in terms of the total value of household production, the portion of labor in household production was measured from 76% to 82%, depending on the methods used, which is the most significant section. These results indicate that housework has the characteristics of labor-centered work. On the other hand, the value of expenditure on and consumption of expendable supplies, as one element of intermediate goods, is 63 trillion won, which is 17.7% (using the method of opportunity cost in measuring the labor of housework) of household production. Also, the value of capital goods, as the other element of intermediate goods is 2.3 trillion won, which is 0.9% (using the method of opportunity cost) of household production. In conclusion, as an element of household production, housework labor was higher in household production than expenditures on expendables, especially for cooking, cleaning, and caring for children. In the future, people should be cautious about estimating that the amount of household work could be reduced, as women's labor in the market and the household work produced by the market will increase.

• Journal of Distribution Science
• /
• v.17 no.3
• /
• pp.57-67
• /
• 2019

Purpose - This study aims to examine the impact of work values on entrepreneurial attitudes, and test the moderating effect of entrepreneurial opportunity identification on the above mentioned relationship as well. Research design, data, and methodology - A questionnaire survey was conducted to 258 employees who comes from 8 different types of the enterprises in northwestern of China, and the corresponding research model was verified. Results - The results show that "comfort and security" (one dimension of work values) has a significant negative impact on entrepreneurial attitudes. Another two dimensions of work values, such as "competence and growth" and "status and independence" have a significant positive impact on entrepreneurial attitudes. In addition, entrepreneurial opportunity identification has a significant moderating effect on the relations between work values and entrepreneurial attitudes. Specifically, only the entrepreneurship opportunity identification positively moderates the relationship between status & independence and entrepreneurial attitudes. Conclusions - This research further enriches the relevant theories of organizational behavior and entrepreneurships. This study also has guiding significance and value for management practice, especially for this research results implies, that is, individual's ability to entrepreneurial opportunity identification (e.g., identify feasible distribution channel for potential new venture) is important in entrepreneurship.

• Journal of the Korean Home Economics Association
• /
• v.40 no.10
• /
• pp.161-176
• /
• 2002

This study is a basic research for the estimation of the value of unpaid household labor within the national economy system to be reflected in the related policy-making. By measuring economic value of unpaid household labor and estimating the ration to GDP, this study attempted to confirm the productivity of the unpaid household labor and thus contribute to the improvement of socio-economic status of women. Especially, it focused on the development of a standard of estimating unpaid household labor as a method applicable to the present economic and legal system. To organize the method of economic valuation of unpaid household labor and calculate the ration to GDP, this study used three approaches: replacement cost method individual function, replacement cost method generalist and opportunity cost method. Although the estimated result revealed that the economic value of unpaid household labor showed a great extent of deviation according to the estimating methods and the wage rate, total value of household labor ranged from one hundred and thirty eight to two hundred and thirty trillion wens, about 28-48% of GDP in Korea.

• Journal of Technology Innovation
• /
• v.12 no.1
• /
• pp.49-65
• /
• 2004

This study investigates the effect of technology outsourcing on the value of the firm in Korea. The result shows that the technology outsourcing in the high growth industries gives positive effects on the value of the firm. The results supports the investment opportunity hypothesis. With respect to the free cash flow hypothesis, this study finds no supporting evidences. The paper concludes that growth is the dominant factor for determining the effect of technology outsourcing on the value of the firm.

• The Korean Journal of Community Living Science
• /
• v.13 no.1
• /
• pp.25-40
• /
• 2002

Recently the rural women's role has been changed from assisting men to leading major farm work. However, contribution of women in the rural area has not beers fairly evaluated. Hence, it has been difficult for the rural women to receive the reasonable compensation if they injured, had some disasters or were divorced. Therefore this study tried to suggest economic methods such as market cost approach, opportunity cost method and shadow wage method for evaluating rural women's labor. It might provide some information for helping to establish the status of rural women as a income earner through estimating money value of labor contributed by rural women and furthermore, be useful information to improve the efficiency of farm labor by exploring the relationship between value of labor and actual income. Hence, it might help improve the economic situation and life at home of rural women, solve difficulties in the real life and reduce disparity of economic distribution between urban and rural area.

• Journal of the Korean Society of Costume
• /
• v.62 no.7
• /
• pp.29-40
• /
• 2012

Using the official marker of the Korea's national symbol to inform the world of the country's existence to the global community in the $21^{st}$century enhances the autonomy and the competitiveness of Korea. It is thought that selecting a motif for promoting the national identity through cultural products or costumes can prepare an opportunity for gaining competitiveness internationally. The purpose of this study is to enhance understanding on the use of a traditional Korean symbol, Mugunghwa, and how it increases the cultural value of Korea, and develops the modern Korean image. The specific contents of this study are as follow. First, searching for the scope of usage of the national flower Mugunghwa from various angles for enhancing the Korean image. Second, developing a national symbol image of modern sense that reflects trend by using Mugunghwa. Third, clarifying the application scope and role of the national symbol image using Mugunghwa, and present a specific usage plan for creating more value. As for the study method, the study is conducted through theoretical and empirical research and six pieces of work of modern Mugunghwa image are presented as the result. Based on the development of the image of Mugunghwa as a national symbol, this study proposed a role of a cultural ambassador by applying Mugunghwa to fashion products or costumes. As for the expected effect, it can provide an opportunity for developing another national symbol and a new perspective on national symbol will appear. It is thought that the cultural value of a national symbol can be understood through this study and it can provide an opportunity for developing various national symbols for enhancing the national image.

• Korean Management Science Review
• /
• v.20 no.2
• /
• pp.197-204
• /
• 2003

Comparison challenge approach is proposed as a form of challenger-activated. just-in-time Internet advertising. To develop a framework for a comparison challenge, we propose a theory of comparison value. A comparison is regarded valuable if a comparison opportunity is available and if the comparison is relevant and informative, has an appropriate level of detail, and is advantageous and trustworthy. Based on this theory, the CompareMe and CompareThem strategies are devised, and comparable objects are classified in terms of price and performance dominance as well as the scope of proximity. The idea is demonstrated with a comparison of PCs from five leading manufacturers. To assist in the planning of the comparison challenge, a mathematical programming model was formulated to maximize the value of comparison under the constraints of the comparison opportunity and budget. The model is applied to eight scenarios in terms of the range of comparing objects. The models under various scenarios are tested and contrasted with the real-world example of PCs. We found the ad effect of comparison challenge to be substantially better than banners (4.75 times) and similarity-based comparisons (2.77 times), providing customers with better performance and reduced prices.