• Korean Journal of Logic
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• v.15 no.2
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• pp.273-294
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• 2012

In my previous article "An Inferentialist Account of Indicative Conditionals" and "An Inferentialist Account of Indicative Conditionals and Hasuk Song's Objections", I argued that the so-called Uncontested Principle is not uncontestable. According to the Uncontested Principle, an indicative conditional '$A{\rightarrow}C$' logically implies a material conditional '$A{\supset}C$'. In his recent paper "On the Recent Controversies surrounding the Uncontested Principle" Wonbae Choi presents three objections to my claim. First, my denial of the Uncontested Principle implies rejecting modus ponens. Second, my denial of the Uncontested Principle is tantamount to taking the truth-conditions of an indicative conditional as weaker than those of a material conditional, which are usually taken to be the weakest among conditionals. Third, my view that we can warrantedly assert '$A{\rightarrow}C$' even when 'A ${\therefore}$ C' is inductively justified is based on a misunderstanding of the way in which indicative conditionals are justified. In this paper I argue that Choi's objections are all based on misunderstandings of my view. First, I do not deny the validity of modus ponens (as a form of deductive reasoning). Second, the fact that the inductive warrantability of 'A ${\therefore}$ C' does not imply the truth of '$A{\supset}C$' does not show that the truth-conditions of an indicative conditional is weaker than those of a material conditional. Third, Choi's claim that a contingent conditional '$A{\rightarrow}C$' is true only when 'C' can be deductively derived from 'A' in conjunction with a hidden premiss is not well grounded, nor does it fit the facts.

• The Korean Journal of Financial Management
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• v.8 no.2
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• pp.165-208
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• 1991

This paper develops an intertemporal general equilibrium model of asset pricing with taxes under the noisy and the incomplete information structure and examines theoretically the stochastic behavior of general equilibrium asset prices in a one-good, production, and exchange economy in continuous time markets. The important features of the model are its integration of real and financial markets and the analysis of the effects of differential tax rates between ordinary income and capital gains. The model developed here can provide answers to a wide variety of questions about stochastic structure of asset prices and the effect of tax on them.

• Journal of Korean Society of Transportation
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• v.35 no.4
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• pp.360-373
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• 2017

The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.