• Journal of Applied Reliability
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• v.8 no.3
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• pp.135-144
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• 2008

The economic life for three types of military wheeled vehicles with load capacities of 1/4, $1{\cdot}1/4$, and $2{\cdot}1/2$ tones has been evaluated on the basis of the equivalent acquisition and operating costs. The economic life of wheeled vehicles were calculated from 12 to 18 years by using the annual equivalent cost method. The equivalent cost was decided at the lowest point of the total amount of equivalent acquisition cost and operating cost. The operating cost were collected from the field data. The evaluated economic life can be very useful for deciding the total life cycle of these three types of military vehicles. The annual equivalent cost method may be also applied to other military equipments such as communication electronics, weapon systems, and other type of vehicles.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.149-158
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• 2020

The purpose of this study was to investigate the impact of corporate governance index on the cost of equity in companies listed on the Tehran Stock Exchange. This study collects data from 975 observations during the period 2012 to 2018 to test the hypotheses using multiple linear regression model for the panel data. In this research, the independent variable of corporate governance index comprises of 27 specific corporate governance attributes. The results of hypothesis testing showed that corporate governance has a negative and significant effect on the rate of capital cost. In other words, the quality of corporate governance can lower the rate of capital cost. This result suggests that, by using a powerful corporate governance system and by declining the information asymmetry (increasing transparency) and agency conflict, we would be able to enhance the quality of financial reports. It would strengthen the capital market, attract financial suppliers and investors, and absorb the required financial resources of the firm by a lower rate. The findings of the study suggest that companies are able to reduce the cost of equity by establishing strong corporate governance. This conclusion suggests the importance and effectiveness of corporate governance in the cost of equity.

• Journal of the Korean Data and Information Science Society
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• v.21 no.2
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• pp.327-333
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• 2010

This study examines the impact different proxies of agency costs have on companies under different governance approaches. The two specific proxies of agency costs used include: (i) the ratio of operating expenses to annual sales; and (ii) the ratio of annual sales to total assets. Our study is based on earlier works of Ang et al. (2000) and Fleming et al. (2005). A comparison of results for small unlisted companies both in US and Australia indicate that agency cost measures have statistically: (1) different result under rule-based governance mechanisms; and (2) the same results under principle-based governance mechanisms. Our findings support the view that the effectiveness different measures of agency cost is dependent on country specific governance facto as well as on the governance approaches adopted. Our results offer insights to both practitioners and policy makers regarding the usefulness of different proxies of agency costs when companies adopt principle-based corporate governance approaches versus rule-based approaches.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.615-621
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• 2016

This study examines whether there is agency cost in a public R&D subsidy program by applying agency theory. If there is agency cost, the composition ratio of the government subsidy and the firm's own R&D fund would have a significant (-) effect on technological performance. Companies that received a public R&D subsidy in Korea from 2000 to 2009 were selected as a sample. Frequency analysis and multiple regression analysis were used. The independent variables was the ratio of public R&D subsidy cost to the Firm's own R&D cost, and the dependent variables were the number of patent applications and the number of patents registered. The control variables were firm size and R&D cost. The results show that there are agency problems in the government-sponsored R&D system. A future study is needed to examine how much agency problems deteriorate the efficiency of the system.

• Asian Pacific Journal of Cancer Prevention
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• v.15 no.8
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• pp.3383-3389
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• 2014

Background: Prostate cancer is rapidly increasing in Korea and professional societies have requested adding prostate specific antigen (PSA) testing to the National Cancer Screening Program (NCSP), but this started a controversy in Korea and neutral evidence on this issue is required more than ever. The purpose of this study was to provide economic evidence to the decision makers of the NCSP. Materials and Methods: A cost-utility analysis was performed on the adoption of PSA screening program among men aged 50-74-years in Korea from the healthcare system perspective. Several data sources were used for the cost-utility analysis, including general health screening data, the Korea Central Cancer Registry, national insurance claims data, and cause of mortality from the National Statistical Office. To solicit the utility index of prostate cancer, a face-to-face interview for typical men aged 40 to 69 was conducted using a Time-Trade Off method. Results: As a result, the increase of effectiveness was estimated to be very low, when adopting PSA screening, and the incremental cost effectiveness ratio (ICER) was analyzed as about 94 million KRW. Sensitivity analyses were performed on the incidence rate, screening rate, cancer stage distribution, utility index, and treatment costs but the results were consistent with the base analysis. Conclusions: Under Korean circumstances with a relatively low incidence rate of prostate cancer, PSA screening is not cost-effective. Therefore, we conclude that adopting national prostate cancer screening would not be beneficial until further evidence is provided in the future.

• Journal of Preventive Medicine and Public Health
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• v.55 no.5
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• pp.415-423
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• 2022

Economic evaluations in the healthcare are used to assess economic efficiency of pharmaceuticals and medical interventions such as diagnoses and medical procedures. This study introduces the main concepts of economic evaluation across its key steps: planning, outcome and cost calculation, modeling, cost-effectiveness results, uncertainty analysis, and decision-making. When planning an economic evaluation, we determine the study population, intervention, comparators, perspectives, time horizon, discount rates, and type of economic evaluation. In healthcare economic evaluations, outcomes include changes in mortality, the survival rate, life years, and quality-adjusted life years, while costs include medical, non-medical, and productivity costs. Model-based economic evaluations, including decision tree and Markov models, are mainly used to calculate the total costs and total effects. In cost-effectiveness or costutility analyses, cost-effectiveness is evaluated using the incremental cost-effectiveness ratio, which is the additional cost per one additional unit of effectiveness gained by an intervention compared with a comparator. All outcomes have uncertainties owing to limited evidence, diverse methodologies, and unexplained variation. Thus, researchers should review these uncertainties and confirm their robustness. We hope to contribute to the establishment and dissemination of economic evaluation methodologies that reflect Korean clinical and research environment and ultimately improve the rationality of healthcare policies.

• Journal of the Korea Institute of Military Science and Technology
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• v.12 no.5
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• pp.557-562
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• 2009

Weapon system currently considers the research about effect analysis including cost effectiveness methodology for a budget management and an achievement of the military strategy goal. So that, this study considers the theoretical background, strength and weakness of several Multi-Criteria Decision Making, and an effect analysis of weapon system. And AHP(Analytic Hierarchy Process) is selected for the best effect analysis methodology of weapon system. Therefore, we applied AHP to the case study of the new generation Multiple Launcher Rocket System, performing the analysis of cost effectiveness methodology. Using AHP and cost effectiveness methodology, we propose the actual and proper decision making result.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.376-380
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• 2015

Life-Cycle Cost Analysis (LCCA) for highway projects is known as an effective analytical technique that uses economic principles to evaluate long-term alternative investment options, especially for comparing the values of alternative pavement design structures and construction strategies. In the Unites States, the 2012 Moving Ahead for Progress in the 21^st Century Act (MAP-21) amended the United States Code to mandate that the United States Government Accountability Office (GOA) conducts a study of the best practices for calculating life-cycle costs and benefits for the federally funded highway projects in 2013. The RealCost 2.5CA program was developed and adapted as an official LCCA tool to comply with regulatory requirements for California state highway projects in 2013. Utilization of this California-customized LCCA software helps Caltrans to achieve substantial economic benefits (agency cost and road user cost savings) for highway projects. Proper implementation of LCCA for roadway construction and rehabilitation would deliver noticeable savings of agency's roadway maintenance cost especially in developing counties where financial difficulties exist.

• Health Policy and Management
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• v.25 no.2
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• pp.67-70
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• 2015

To establish an appropriate policy for robotic surgery in Korea, the National Evidence-based Collaborating Agency (NECA) and the Korean Society of Health Policy and Administration held a round-table conference (RTC) to gather opinions through a comprehensive discussion of scientific information in gastric cancer. The NECA RTC is a public discussion forum wherein experts from diverse fields and members of the lay public conduct in-depth discussions on a selected social issue in the health and medical field. For this study, representatives from the medical field, patient groups, industry, the press, and policy makers participated in a discussion focused on the medical and scientific evidence for the use of robotic surgery in gastric cancer. According to the RTC results, robotic surgery showed more favorable results in safety and efficacy than open surgery and it is similar to laparoscopy. When the cost-effectiveness of robotic surgery and laparoscopy is compared, robotic surgery costs are higher but there was no difference between the two of them in terms of effectiveness (pain, quality of life, complications, etc.). In order to resolve the high cost issue of the robotic surgery, a proper policy should be implemented to facilitate the development of a cost-effective model of the robotic surgery equipment. The higher cost of robotic surgery require more evidence of its safety and efficacy as well as the cost-effectiveness issues of this method. Discussions on the national insurance coverage of robotic surgery seems to be necessary in the near future.

• Journal of Preventive Medicine and Public Health
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• v.46 no.4
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• pp.201-209
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• 2013

Objectives: The goal of this study was to perform an economic analysis of a primary stenting with drug-eluting stents (DES) compared with bare-metal stents (BMS) in patients with acute myocardial infarction (AMI) admitted through an emergency room (ER) visit in Korea using population-based data. Methods: We employed a cost-minimization method using a decision analytic model with a two-year time period. Model probabilities and costs were obtained from a published systematic review and population-based data from which a retrospective database analysis of the national reimbursement database of Health Insurance Review and Assessment covering 2006 through 2010 was performed. Uncertainty was evaluated using one-way sensitivity analyses and probabilistic sensitivity analyses. Results: Among 513 979 cases with AMI during 2007 and 2008, 24 742 cases underwent stenting procedures and 20 320 patients admitted through an ER visit with primary stenting were identified in the base model. The transition probabilities of DES-to-DES, DES-to-BMS, DES-to-coronary artery bypass graft, and DES-to-balloon were 59.7%, 0.6%, 4.3%, and 35.3%, respectively, among these patients. The average two-year costs of DES and BMS in 2011 Korean won were 11 065 528 won/person and 9 647 647 won/person, respectively. DES resulted in higher costs than BMS by 1 417 882 won/person. The model was highly sensitive to the probability and costs of having no revascularization. Conclusions: Primary stenting with BMS for AMI with an ER visit was shown to be a cost-saving procedure compared with DES in Korea. Caution is needed when applying this finding to patients with a higher level of severity in health status.