• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.27-49
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• 1992

This paper stresses the role of market fundamentals rather than bubbles in explaining Korea's recent experience of large fluctuations of stock and real estate prices. The bubble story that emphasizes the self-fulfilling prophecies of investors seems to be inappropriate to explain the recent changes of assets prices in Korea. Those who argue for bubble phenomenon in Korea tend to interpret the volatile movements of assets prices as some form of bubbles, but without implementing a rigorous test on the presence of bubbles. Even when some bubble tests are carried out, such studies exhibit various econometric problems in testing. More seriously, they suffer from the misspecification problems in setting up a market model. This paper has shown that Korea's recent changes in assets prices could be explained by changes in market fundamentals according to the emergence and the subsequent fading of 'three lows'. First, it tried to explain changes in assets prices by changes in such market fundamentals as real interest rates and economic growth. Second, it showed that the real estate prices overshoot when the liquidity and exchange rates change, using the two-sector general equilibrium portfolio balance model. It is argued that the rapid rise in real estate prices during 1986-89 stems from Yen's and Won's appreciation $vis-{\grave{a}}-vis$ the U.S. dollar and liquidity expansion (or decreases in real interest rates), while the downturn in real estate prices since 1990 is associated with Yen's and Won's depreciation $vis-{\grave{a}}-vis$ the U.S. dollar and rises in real interest rates in reflection of the excess demand for liquidity.

• Journal of Bio-Environment Control
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• v.23 no.4
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• pp.371-375
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• 2014

This study was carried out to get the basic data to practically design an artificial light-used plant factory system for common ice plant (Mesembryanthemum crystallinum L.) cultivation. The adequate range of light intensity was $120-200{\mu}mol{\cdot}m^{-2}{\cdot}s^{-1}$ and the carbon fixed rates was $0.84nmolCO_2{\cdot}cm^{-2}{\cdot}s^{-1}$. When the planting density, light intensity, and yield were $0.0225m^2$ ($15{\times}15cm$), $200{\mu}mol{\cdot}m^{-2}{\cdot}s^{-1}$, and 1,000 plants per day, the total number of the plants, cultivated area, and total light intensities were estimated as 25,000 plants, $563m^2$, and $140,625{\mu}mol{\cdot}s^{-1}$, respectively. About 153.2kW with 2,785 fluorescent lights (FL) needed for the electric power and the electricity charges was 2.46 million won for one month. At a harvest rate of 1,000 plants per day in closed-type plant factory, the light installation cost, total installation cost, and total production cost were 27.85, 83.56, and 100.27 million won, respectively. The production cost per plant including labor cost was calculated as 370 won, providing that the cultivation period was 25 days and marketable ratio was 80%. Considering the annual total expenses, incomes, and depreciation cost, the sales cost per plant could be estimated around 970 won or higher.

• The Journal of Korean Academy of Prosthodontics
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• v.52 no.1
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• pp.18-26
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• 2014

Purpose: The purpose of this study was to estimate the cost of dental implant using the bottom-up approach with the current data from dental clinics. Materials and methods: In this study, direct and indirect costs required for each treatment were calculated using the bottom-up approach. In the bottom-up costing, the average monthly total cost of dental clinic includes labor and material costs, administrative expenses, medical malpractice costs, and opportunity costs of invested capital. For the dental implant cost components, those include direct costs (labor costs, laboratory costs, material costs, depreciation or other operating costs), indirect costs (administrative costs), and the opportunity costs of investment for dental clinic. Results: Dental implant costs of metal crown, porcelain crown and over-denture were 1,449,000 won, 1,583,000 won, and 2,471,000 won respectively. The proportion of cost components was as follows. The labor cost were 50%, and material, administrative and other cost were 33%, 15% and 2%, respectively. For direct, indirect and investment cost, the ratio were 83%, 15% and 2%, respectively. Conclusion: The labor costs were evaluated to comprise largest proportion (about 50%, 730,000 won). Dental implant cost using Bottom-up costing was 1,450,000 won for metal crown and 1,580,000 won for porcelain crown.

• Information Systems Review
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• v.16 no.3
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• pp.215-242
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• 2014

This paper investigates accounting principles about social infrastructure on Korean National Accounting Standard and on National Accounting Standards from other countries that adopted a accruals- based national accounting standards. Social infrastructure as assets has important value in financial statements of Korea and deterioration or insufficient management of social infrastructure accompanies a huge social cost. Therefore, understanding the characteristics and related accounting standard for social infrastructure is necessary. To do this, we examine the accounting standards of U.S., New Zealand, and Australia. We also review the financial statement of local government. Based on these findings, this paper suggests that a preventive-asset management approach should be applied and alternative depreciation method for social infrastructures is developed. Moreover, a local government needs to provide important accounting information to the public in a timely and reliably manner.

• The Journal of the Korea Contents Association
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• v.15 no.6
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• pp.43-53
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• 2015

This study analyzes economic feasibility of the LED lighting system compare to the halogen. To evaluate economic feasibility of the LED devices, we analyzed the size of theater, current value of the lighting devices in kinds, annual cost and annual cost according to the surface in case of designing stage lighting system with LED using WEELS 2011. Also, to compare energy consumption, we analyzed consumption and amount of electric energy by the surface and the amount of CO2 emission. Data showed that annual cost of the LED devices are highly inexpensive than halogen and now the value is of great. However initial cost of the equipment 200% higher than halogen. Though LED devices are expensive in startup setting, the value of utilization factor is large and depreciation years of LED(30years) are longer than halogen(2years). Therefore, annual cost of LED can make up the minus. Consider the tendency of reducing price of LED devices, we can assume that annual cost of the LED will be lower than halogen devices. Further, in 3years the expense of LED and halogen is reversed.

• Korean Journal of Microbiology
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• v.37 no.1
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• pp.92-99
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• 2001

High-cell-density cultivation of Ralstonia eutopha KHB 8862 by fed-batch fermentation in a 200 l pilot plant was carried out for the mass production of poly(3-hydroxybutyrate) (PHB). After 80 h of cultivation, the dry cell weight (DCW), PHB concentration, and PHB yield from fructose syrup reached 168 g/l, 74%DCW, and 0.27 (w/w), respectively, resulting in a productivity of 1.6 g of PHB/L/h. Based on these results, the PHB production cost from bacterial fermentation was analyzed and economic evaluation was performed. In the case of new investment being implemented or not, the production cost of PHB was US$ 3.15/kg and US$ 2.41/kg, respectively. PHB productivity and PHB yield on a carbon substrate were both important factors to be optimized. The increase of PHB yield on a carbon sources significantly decreased the PHB production cost but the increase in productivity had a relatively slight effect on the decrease in PHB production cost because the cost of carbon sources (37%) for PHB was larger in proportion to total cost than the depreciation cost (17%). These results suggest that the increased PHB yield from carbon sources and the development of new cheaper substrates would be more effective in decreasing PHB production cost than the increase in productivity. It was demonstrated that PHB is not in competition with consumable plastics such as PET in present market. Therefore, it is essential to lower production cost to be used as a bulk product and desirable to develop new application fields for PHB such as biomedical and cosmeceuticals.

• Korea Journal of Hospital Management
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• v.6 no.2
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• pp.37-69
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• 2001

A new cost management system, called Activity Based Costing (ABC) system, has arisen to solve the limitation of a Traditional Cost Accounting (TCA) system until last two decades and ABC has been applied by many companies. TCA systems have limitation in tracing cost because they arbitrarily allocate overhead cost to the cost objects without standard for direct cost distribution. ABC is an accounting system that assigns costs to products or services based on the resources they consume. The costs of all activities are traced to the products for which they are performed. Therefore ABC is a cost management system that provides a matrix to accurately quantify consumed resources triggered by activities and activities triggered by products and services. There is little implementation of ABC in the health services field, one of service industries, due to complicated and many activities, and volatile cost object. However, the necessity for applying reasonable cost accounting system is largely issuing as strategy responding hostile environment, and financial pressure, and it is imperative to implement the Activity Based Costing (ABC) system. Therefore, this study presents the framework to develop ABC system for total health service organizations. Cost objects in this study base on medical service activities per health insurance claim from one general hospital located in Metropolitan Statistical Areas (MSAs). Medical service activities include all health insurance claims in the hospital. The purpose of the study is presenting useful tools and basic frame to develop Activity Based Costing system for health service organizations which want to use ABC system. The steps to develop ABC system for health service organizations are following: 1. Identifying of activity centers; 2. Definition of cost objects and activity by activity center; 3. Analysis of activity and tracing activity contribution; 4. Allocation of direct cost for specific activity; 5. Allocation of indirect cost for specific activity; 6. Allocation of depreciation for facilities, applicants, and consumption goods; 7. Allocation of administration cost; 8. Allocation of cost among activity centers; and 9. Tracing cost of cost objects by activity center. This study identified necessary information from existing reports which hospitals generally made by each step, and defined outcome which had to be produced in each step using this information. The steps of this study had limitation to apply all different size hospitals because the steps were structured ABC system by one hospital, however, this study used similar basic framework and methods with general cases. When a health service organization want to apply Activity Based Costing (ABC) system on all activities of it in future days, this study is very useful to design system structure in the health service organization.

• Korean Journal of Construction Engineering and Management
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• v.14 no.4
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• pp.97-107
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• 2013

Occupational safety and health management expense in construction industry means the monetary amount that the purchaser appropriates to prevent various disaster from happening during the construction period by setting aside a certain amount from subcontract based on the construction type and scale. The current appropriation standard of the Ministry of Employment and Labor has been enforced since its stipulation in 1988 although various policy changes for the safety in construction industry, e.g. the development of occupational safety management techniques in construction industry, changes in construction field site environment, cost depreciation, etc., are happening in Korea and overseas. Therefore, it is required at this point to examine whether the current occupational safety and health management expense appropriation is proper or not on the basis of time trend and the changes in the construction industry environment. Accordingly, this study aims at investigating the appropriation of occupational safety and health management expense for construction industry by the construction type and target expense in response to current construction industry environment and proposing the proper appropriation. The above research result proposes the calibration of the appropriation as specified and stipulated by the Ministry of Employment and Labor by the construction type and target expense, which is necessary to reflect the actual condition of the current construction industry environment.

• The Journal of the Korea Contents Association
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• v.20 no.3
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• pp.245-253
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• 2020

If the conversion rate of jeonse price to monthly rent is the market interest rate or the landlord's expected return, then the conversion rate of jeonse price to monthly rent in the country should be the same. However, the conversion rate of jeonse price to monthly rent has always been higher than the market interest rate. This study identifies the supply cost components of rental housing as a risk premium in the presence of current housing prices, market interest rates, depreciation costs, holding taxes, and leases, and identifies the relationship between the current housing prices and each factor. Housing rent is expressed as the current price. This overcomes the shortcomings that implicitly assume fluctuations in housing prices or do not include current housing prices in the conversion rate of jeonse price to monthly rent. This study found that the conversion rate of jeonse price to monthly rent is the required rate of return or required rate of renter, not market interest rate, by expressing the supply cost of rental housing as a combination of components. This not only explained the fact that the conversion rate of jeonse price to monthly rent was always higher than the market interest rate, but also explained the regional differences. It also explained why the conversion rate of jeonse price to monthly rent varies by type of housing.

• 유체기계공업학회:학술대회논문집
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• 2004.12a
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• pp.193-198
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• 2004

In general, the function of intake structure, whether it be a open channel, a fully wetted tunnel, a sump or a tank is to supply an evenly distributed flow to a pump station. An even distribution of flow, characterized by strong local flow, can result in formation of surface or submerged vortices, and with certain low values of submergence, my introduce air into pun, causing a reduction of capacity and efficiency, an increase in vibration and additional noise. This study investigated experimentally the formation of the vortex to understand the mechanism of vortex formation and to prevent the formation of vortex in the sump model using by the model test and PIV tool. Sump model was manufactured to 1/8 scale with the drawing of W intake pumping station. from the results of model test and PIV, the vortex were occurred the in the whole section. Thus, sump model tests with the anti-vortex device might be considered to prevent the formation of vortex in the sump model.