• Environmental and Resource Economics Review
• /
• v.13 no.4
• /
• pp.735-761
• /
• 2004

As a possible alternative to Traditional Discounted Cash Flow Method, "Option Pricing Model" has drawn academic attentions for the last a few decades. However, it has failed to replace traditional DCF method practically due to its mathematical complexity. This paper introduces an option pricing valuation model specifically adjusted for the natural resource development projects. We add market information and industry-specific features into the model so that the model remains objective as well as realistic after the adjustment. The following two features of natural resource development projects take central parts in model construction; product price is a unique source of cash flow's uncertainty, and the projects have cost structure from capital-intense industry, in which initial capital cost takes most part of total cost during the projects. To improve the adaptability of Option Pricing Model specifically to the natural resource development projects, we use Two-Factor Model and Long-term Asset Model for the analysis. Although the model introduced in this paper is still simple and reflects limited reality, we expect an improvement in applicability of option pricing method for the evaluation of natural resource development projects can be made through the process taken in this paper.

• The Journal of Art Theory & Practice
• /
• no.16
• /
• pp.175-199
• /
• 2013

Capriccio which has emersed in Italy of the 18th century is a new genre of the landscape painting. This genre represents reality, but it is very artificial product correspondingly its concept and character. It's birth place is distributed on various regions in Italy, but the main stage was Rome. Till the middle of the 18th century Rome was the Holy city of the Grand tour, the home of the Neo-Classicism and furthermore the field where archaeology and art history began to be instituted. On such historical situation the Capriccio came out and was recognized as the best popular genre in the visual art. It was favor of the art collection with the antiquity together and reflected the consciousness of the contemporary to the ancient. This study will examine the phenomena in the newly-developed archaeology and with few representative works of Giovanni Paolo Pannini as central term consider the Capriccio and the archaeological connotation. The systematical and institutional archeology which appeared at the age of the Enlightenment, on the contrary to the critical theories at the same time against capriccio, because it was regarded by them as paradoxical and too much sensitive, utilized it as a theoretical method very actively. Some among Historians and archaeologists did it, especially Francesco Bianchini distinguished the capriccio from simple imagination and made it a capacity of the knowledge. And through it he wanted to find out the historical truth. The visual art was influenced and encouraged by such attitude of the archaeology. However it's output spreaded out in various courses. While Giovanni Battista Piranesi, the best known Capriccist of the 18th century, tried to revive the antique through the epical value and his own imagination, Pannini gave priority to the strict historical research. In the such context Panni succeed Giovanni Battista Nolli who made the great map of the city Rome. Their Capriccio profited motive and was inspired by the historians and archaeologists such as Bianchini and Muratori. The Capriccio reflects not only the academic and popular interest for the antique, but also influenced on the upcoming scientific archaeology vice versa. It caused by their reasonable Interpretation and restoration of the antique through the visual medium. Finally as archaeological landscape Pannini's Capriccio is a historical case, in that the Capriccio applied the theoretical method of the archaeology to make art. It served as a momentum for the connotation to the archaeological thought.

• Applied Biological Chemistry
• /
• v.40 no.1
• /
• pp.53-57
• /
• 1997

The rate of hydrolysis of insecticidal 1-(6-chloro-3-pyridylmethyl) -2-nitro-iminoimidazolidine (common name; imidacloprid) have been investigated in 15%(v/v) aqueous dioxane at $45^{\circ}C$. From the kinetics and non-kinetics data such as pH-effect, solvent effect(m=0.04, n=0.30 IT m<${\Delta}H^{\neq}=16.14kcal{\cdot}mol^{-1}\;&\;{\Delta}S^{\neq}=-0.03e.u.$), rate equation ($k_{obs.}=4.56{\times}10^{-3}[OH^-]$) and analysis of hydrolysis product, 1-(6-chloro-3-pyridylmethyl-2)-imidazolidinon, the hydrolysis mechanism of imidacloprid is proposed that the specific base catalyzed hydrolysis($K_{OH^-}$) through nucleophilic addition-elimination ($Ad_N-E$) mechanism proceed via intermediate, 1-(6-chloro-3- pyridylmethyl)-2-hydroxy-2-imidazolidinylisonitraminate (I) and ${\beta}$-3-(6-chloro-3-pyridylmethyl)aminoethyl-1-nitrourea(III). And the half-life(t1/2) of hydrolytic degradation at pH 8.0 and $45^{\circ}C$ was about 4.5 months.

• Journal of the Korean Association of Geographic Information Studies
• /
• v.19 no.3
• /
• pp.16-28
• /
• 2016

Advancing geo-spatial web technologies and their applications require compatible and interoperable heterogeneous browsers and platforms. Reduction of common or supporting components for web-based system development is also necessary. If properly understood and applied, OGC-based standards can be utilized as effective solutions for these problems. Thus, OGC standards are central to the design and development of web-based geo-spatial systems, and are particularly applicable to web services, which contain data processing modules. However, the application for OGC WPS 2.0 is at an early stage as compared with other OGC standards; thus, this study describes a test implementation of a web-based geo-spatial processing system with OGC WPS 2.0 focused on asynchronous processing functionality. While a binary thresholding algorithm was tested in this system, further experiments with other processing modules can be performed on requests for many types of processing from multiple users. The client system of the implemented product was based on open sources such as jQuery and OpenLayers, and server-side running on Spring framework also used various types of open sources such as ZOO project, and GeoServer. The results of geo-spatial image processing by this system implies further applicability and extensibility of OGC WPS 2.0 on user interfaces for practical applications.

• Korean Journal of Food Science and Technology
• /
• v.29 no.1
• /
• pp.156-160
• /
• 1997

The monoamine oxidase (MAO, EC 1.4.3.4) plays a central role in the metabolism of many amines including the neurotransmitter monoamines. MAO is a flavoprotein found exclusively in the mitochondrial outer membrane, occuring in the MAO-A and MAO-B subtypes. MAO-A deaminates serotonin and noradrenaline much better than phenethylamine (PEA) or benzylamine (BA), and is preferentially inhibited by clorgyline, whereas MAO-B prefers PEA and BA as substrates and is preferentially inhibited by deprenyl. MAO inhibitors were among the first drugs used in the treatment of depression, and it is known to be the inhibition of MAO-A which is important for the antidepressant effect of MAO inhibitors. For the purpose of evaluating MAO inhibitory activities from natural resources, three kinds of edible mushrooms were screened by tracing the inhibitory activities against rat brain mitochondrial MAO-A, utilizing serotonin as a substrate and rat liver mitochondrial MAO-B utilizing benzylamine as a substrate. Among the tested mushrooms, Ganoderma lucidium and Lentinus edodes showed the weak inhibitory activities against MAO-B.

• Journal of the Mineralogical Society of Korea
• /
• v.25 no.1
• /
• pp.23-36
• /
• 2012

Morphological and mineralogical characteristics of laumontite and adularia in the breccia zone in a fault, Yangbuk-myeon, Gyeongju, Korea suggest that they formed by reaction with hydrothermal alteration related to fault activity. Laumontite commonly occurring in the breccia zone is related to the presence of hydrothermal fluids bearing alkaline elements in the zone. Laumonite is characterized by elongated columnar form with aspect ratio varying 5~10. Laumontite and adularia whose characteristic euhedral forms are indicative of the latest product formed as rapid precipitation from fluids or replacements of Ca-plagioclase. Hydrothermal fluids reacted with intensively fractured granite, typical with high permeability, leached alkaline elements such as Ca, K, allowing laumontite and adularia to be precipitated under neutral to weak alkaline conditions. It is noteworthy that the formation process and genesis of low temperature minerals such as laumontite and adularia are very similar to those formed by wallrock alteration or hydrothermal alteration that occurred in epithermal deposits. Taking into account its characteristic morphology and chemistry, authigenic K-feldspar that commonly forms at low temperature in many fault zones must be adularia.

• Proceedings of the Korean Society of Applied Pharmacology
• /
• 1996.04a
• /
• pp.246-246
• /
• 1996

The glucuronide conjugates of morphine have been claimed to exert significant neuropharmacological effects. Morphine-6-glucuronide (M6G) may be a potent opioid agonist in vivo, and morphine-3-glucuronide (M3G) may act as a weak opioid antagonist. The present study addressed the permeability of the blood-brain barrier (BBB) for these metabolites compared to morphine. Tracers were prepared by enzymatic glucuronidation of U-methyl-$^3$H]-morphine. Brain uptake in rats was measured by the internal carotid artery perfusion technique and after i.v. bolus injections. In the perfusion experiments morphine showed a permeability-surface area product (PS) of 3.52${\pm}$0.61 ${\mu}$L min$\^$-1/ g$\^$-1/ Uptake seems to be mediated by passive diffusion and was not saturable by 100 ${\mu}$M morphine in the perfusate. The BBB permeability of [$^3$H]-M3G and [$^3$H]-M6G was too low to be quantified after 5 min of perfusion. Brain uptake of [$^3$H]-M3G and [$^3$H]-M6G 60 min after i.v. bolus injection reached 0.0060${\pm}$0.0003 and 0.0030${\pm}$0.0005% injected dose per g, respectively. From these brain concentrations and from the corresponding plasma concentration - time curves, BBB PS values of 0.14${\pm}$ 0.02 ${\mu}$L min$\^$-1/g$\^$-1/ and 0.11 ${\pm}$ 0.01 ${\mu}$L min$\^$-1/g$\^$-1/, respectively, were calculated. The ratio of BBB PS values is complementary to the analgesic potencies of morphine and M6G after different routes of administration. The low PS of MSG explains, why it is approximate]y equipotent to morphine after systemic injection, although it is about 2 orders of magnitude more potent than morphine after administration directly into the central nervous system.

• The Korean Journal of Ecology
• /
• v.27 no.3
• /
• pp.185-192
• /
• 2004

Vegetation established through the natural process, such as Quercus mongolica, Pinus densiflora, Q. variabilis, Q. acutissima, Carpinus laxiflora, Q. aliena and Q. serrata communities and artificially introduced vegetation, which are composed of Larix leptolepis and P. rigida plantations, are established in the mountainous land of the Mt. Songnisan National Park. On the other hand, the developed lands, which are consisted of agricultural folds, residential areas, commercial areas related to tourism, etc. appear in the lowland around streams. Based on the spatial distribution of vegetation, the southern district, which is attributed to Naesongni-myun by administrative system, showed higher natural degree and vegetation diversity. However, most of the other districts, which are attributed to Cheongcheon- and Chilseong-myuns, are covered with the Korean red pine forest, a product of artificial influence, and plantation also occupied higher percentage. Thereby both vegetation diversity and natural degree are lowering. A result of ordination by DCA showed that sands tended to be arranged by depending on the topographic condition. Species diversity of plant communities was higher in broad-leaved stands rather than in coniferous ones and in stands of the early stage than in ones of the late stage. The result of analysis on vegetation dynamics implied that vegetation of this region would be dominated by Carpinus laxiflora, Quercus mongolica and Pinus densiflora communities in the future. However, considered occurrence the of disturbance and response of vegetation on that, this estimation may different somewhat from an actual situation. Conservation strategies of the Mt. Songnisan National Park were discussed in viewpoints of landscape ecology, and conservation of major plant communities and biodiversity.

• Journal of Korea Technology Innovation Society
• /
• v.20 no.3
• /
• pp.805-836
• /
• 2017

China has become the group of two (G2) in almost fields including the scientific technology following the economic growth and joining the WTO in 2001. The main reason is that the government had strong intention for the industrialization of the scientific technology and connected the scientific technology and the economy. Typically, for analyzing the cause of the meteoric rise of China, the competitiveness of the scientific technology was analyzed by the entire score of the nation. However, in the case of China, there are differences in the pattern of the development between the eastern, central, and western province. Also, the industrialization and the competitiveness of the scientific technology are difference because each province established the decentralization of power. Therefore, it is more meaningful to analyze the main factors of Chinese economic growth on a province unit. In this study, therefore, we analyzed the competitive of R&D in China by 124 indexes in 31 areas. The data was analyzed by Partial least squares regression analysis. In conclusion, the scale of the area and the ability of R&D of the company are very important factors for total amount of production in the area. And the journals, patents, the transfer of technical know-how and the investment of R&D are main factors of the amount of export on the high-tech product. According to these results, the factors which make the difference in the industrialization and the competitiveness of the scientific technology in China were analyzed. Finally, it will be helpful to establish the policy for the development of the industrialization and the scientific technology in Korea.

• Journal of Distribution Science
• /
• v.11 no.12
• /
• pp.25-37
• /
• 2013

Purpose - The structure of retailing has changed as retailers develop markets in response to business environment changes. This study aims to analyze the general situation of retailers in order to predict future global strategy using case studies of overseas expansion strategy and the Metro Group's global strategy. Research design, data, and methodology - The backgrounds to the new retail business model and retailer classification are analyzed as theoretical data. In addition, the key success point of the Metro Group's "cash and carry" strategy is analyzed as is the Metro Group's global CFAR (collaborative planning, forecasting, and replenishment) strategy. Finally, the plan for cooperation and precise forecasting under the Metro Group's supply chain management are analyzed from the promotion environment viewpoint. Related materials analyzed included the 2012 annual report, the Metro Group's web page, and a video interview with the executive in charge of global strategy and the new market development department. Some data were revised to avoid disrupting essential aspects of the case studies. Results - The important finding was that the Metro Group could be a world-class retail company with its successful global expansion strategy. The Metro Group's global strategy's primary goal is to have a leading business position in Eastern and Western Europe. The "cash and carry" strategy is highest priority in its overseas expansion strategy. Moreover, the Metro Group has standardized product planning capacity, which could be applied in various countries with different structural and cultural backgrounds. This is the main reason that the Metro Group could rapidly become successful in the Eastern Europe and Asian markets through its structural overseas expansion strategies. In addition, the Metro Group emphasizes the importance of supply chain management. Conclusions - First, retailers should create additional value through utilizing the domestic market, market power, and economies of scale to launch a global strategy to maximize benefits from diversification. Second, the political, economic, and cultural background of the target country needs to be understood to successfully implement the overseas expansion strategy. Third, the main factor of successful cooperation with a local partner is how quickly the company gains total understanding of the business resources and core competence of its partner. All organizations should focus on the achievement of goals in order to successfully operate the partnership. Fourth, retailers should improve their business, financial and organizational structure. Moreover, the work processes and company culture should also be improved to respond strongly in the competitive global market. Fifth, the essential point of a successful retail business is the control capacity of its branding and format. The retailer could avoid forecasting errors through supply chain management by perfectly distributing the actual amount of its inventory. In addition, the risks along the supply chain are effectively shared between the supply chain partners. Finally, the central tendency of the market is to gain in strength with this taking place across all parts of the business.