• 한국경영과학회지
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• 제13권2호
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• pp.66-71
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• 1988

Let B be present value of some sequence. This paper concerns the maximization of the expected utility of the present value B when the utility function is exponential.

• 재무관리연구
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• 제1권1호
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• pp.1-27
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• 1985

One of the most important research works in modern business enterpise is the relation between the purpose of business enterprise and decision making behavior of manager. It is because the coincidence of the former and the latter is considered an ideal type in evaluating the result of business management. Here I have set up assumptions in order to solve the above statements: (1) What purpose does the modern business enterprise set up and what kind of economic background does it have? (2) What is the theory of maximization of stock value among the purposes of business enterprise? (3) What kind of decision making do we do in the maximization of stock value in busiess administration? (4) How is the behavior of business financial manager's intention and decision made? The result pursued under the above assumptions shows that business manager's behavior of decision making is affected according to the degree that he gets some information, but basically is determined in consideration of his autonomous standpoint, namely the stability of business enterprise and the stability of manager himself while he faithfully performs his duty which is entrusted by stockholders. Therefore we come to the conclusion that there is a little gap between a manager's behavior of decision-making and the purpose of stock value maximization.

• Management Science and Financial Engineering
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• 제17권2호
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• pp.99-129
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• 2011

This paper analytically studies how to choose hedging instrument for firms with steady operating cash flows from value maximization perspective. I derive a formula to determine option's optimal strike that makes hedged cash flow have the best monetary payoff given a hedger's view on the underlying asset. I find that not only the expected mean but also the expected standard deviation of the underlying asset in relation to the forward price and the implied volatility play a crucial role in making optimal hedging decision. Higher moments play a certain part in hedging decision but to a lesser degree.

• 한국산업융합학회 논문집
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• 제8권2호
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• pp.85-95
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• 2005

The margin level in the futures market platys an important role in balancing the default probability with the investor's opportunity cost. In this paper, we investigate whether the movement of KOSPI200 futures daily prices can be modeled with the extreme value theory. Based on this investigation, we examine the validity of the margin level set by the extreme value theory. Moreover, we propose an expected profit-maximization model for securities companies. In this model, the extreme value theory is used for cost estimation, and a regression analysis is used for revenue calculation. Computational results are presented to compare the extreme value distribution with the empirical distribution of margin violation in KOSPI200 and to examine the suitability of the expected profit-maximization model.

• 한국CDE학회지
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• 제14권3호
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• pp.26-36
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• 2008

• 대기
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• 제16권2호
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• pp.55-65
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• 2006

The characteristics of Depth-Area-Duration (DAD) for 50 storms over the Geumgang river basin have been analysed in terms of various storm causes using the precipitation data during the period from 1984 to 2003. Results show that the ratio of the precipitation depth to duration, and the ratio of decrease in the precipitation depth to area are the largest in the case of the tropical cyclone. Storm maximization ratios are in the range 1.03 to 2.66 for the 50 selected heavy precipitation cases over Geumgang river basin, with the largest value for the tropical cyclone case, suggesting that the tropical cyclone could cause heavier precipitation than the other storms. In addition, the 24-hour probable maximum precipitation for the Geumgang river basin is estimated to be about 745 mm in the maximum precipitation area.

• 전기학회논문지
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• 제68권1호
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• pp.129-139
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• 2019

In order for a gun-launched guided projectile to glide to the maximum range, when to deploy the fin and start flight with guidance and control should be considered in range optimization process. This study suggests a solution to the optimal guidance problem for flight range maximization of the flight model of a guided projectile in vertical plane considering the aerodynamic properties. After converting the nonlinear Multi-Phase Optimal Control Problem to Two-Point Boundary Value Problem, the optimized guidance command and the best fin deployment timing are calculated by the proposed numerical method. The optimization results of the multiple flight rounds with various initial velocity and launch angle indicate that determining specific launch condition incorporated with the guidance scheme is of importance in terms of mechanical energy consumption.

• 수산경영론집
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• 제14권1호
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• pp.1-18
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• 1983

This study has examined the principle of rationalization as a guiding principle in fisheries management. Generally speaking, the guiding principle of business management is the principle of profitability which is oriented to the profit maximization, but it has been insisted by Dr, Mohri that the principle of profitability should be translated into the maximization of ratio of added value on gross capital, According to Dr. Durcker, added value (contributed value) can be used to analyze productivity only if the allocation of costs which together make up the figures is economically meaningful. Therefore, the rationalization of fisheries management can be measured as a result of economic allocation of costs, The analysis of economic allocation of costs divides into macro-allocation of costs and micro-allocation of costs. In fisheries management, the former makes use of the analysis of break-even point, and the latter analyzes the efficiency of individual cost respectively and the state of division of costs which allocate into above-the-line expenses of lay system and management's burden expenses. In macro-allocation of costs, it is advisable that fixed costs be converted into variable costs. This is characteristically possible in fisheries management, because wages belong to variable costs in fisheries management while they are regarde as fixed cost in the other industires. Because we could find that all costs would belong to above-the-line expenses, in micro-allocation analysis, the very costs which are directly related to fisherman's poduction activity should be classified into above-the-line expenses, and the other costs into management's burden expenses. This is a central problem in the rationalization of fisheries management.

• 한국정보과학회논문지:소프트웨어및응용
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• 제30권5_6호
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• pp.454-460
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• 2003

이 논문은 입술의 형태를 효과적으로 인식하는 방법을 제안하였다. 입술은 PDM(Point Distribution Model)을 기반으로 점들의 집합으로 표현하였다. 주성분 분석법을 적용하여 입술 모델을 구하고 모델에서 사용하는 형태계수의 분포를 GMM(Gaussian Mixture Model)을 이용하여 구하였다. 이 과정에서 계수를 정하기 위하여 EM(Expectation Maximization) 알고리듬을 사용하였다. 입술 경계선 모델은 입술을 구성하는 각 점과 주변 영역에서의 화소간 변화를 이용하여 구성하였으며 입술 탐색시 사용되었다. 여러 영상을 대상으로 실험한 결과 좋은 결과를 얻었다.

• 자원ㆍ환경경제연구
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• 제12권1호
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• pp.75-90
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• 2003

본 연구는 도로혼잡의 외부효과를 제거하기 위한 정책방안으로 선행연구들이 제안한 피구세의 타당성 여부를 편익측면의 분석을 통해 재조명하고 있다. 본 연구는 예산제약 조건과 시간제약 조건하의 효용극대화 모형을 이용하여 고속도로 이용을 통해 얻을 수 있는 사적 한계편익과 사회적 한계편익을 규명하고 있다. 그 결과 본 연구는 사적 한계편익과 사회적 한계편익의 차이인 외부 시간비용 만큼을 피구세로 부과할 것을 제안하고 있다. 이 때 외부 시간비용은 고속도로 혼잡으로 인해 고속도로 이용자가 추가로 부담하는 한계시간비용의 가치를 나타낸다. 그리고 본 연구는 효용 극대화 모형을 통해 도출한 피구세의 크기와 이윤(또는 부)의 극대화를 통해 선행연구들이 도출한 피구세의 크기가 동일하다는 사실을 이론적으로 보여주고 있다. 아울러 본 연구는 효용극대화 모형을 통하여 사회적 평균혼잡비용과 사적 한계혼잡비용이 일치한다는 사실도 동시에 보이고 있다.