• Title/Summary/Keyword: discounting rate

Search Result 20, Processing Time 0.028 seconds

A Study on the Liquid Phase Sintering of Tungsten-Nickel-Manganese alloy (텅스텐-니켈-망간 합금의 액상소결에 관한연구)

  • Hong, Mun-Hui;Lee, Seong;Roh, Jun-Ung;Paik, Un-Hyeong
    • Proceedings of the Korean Powder Metallurgy Institute Conference
    • /
    • 1995.11a
    • /
    • pp.25-25
    • /
    • 1995
  • Liquid phase sintering of 90W-6Ni-4Mn alloy has been investigated as functions of sintering atmosphere, heating rate, and reduction temperature. The present work accounts for the thermodynamic oxidatiodreduction reactions of constituent powders of W, Ni and Mn. By discounting these reactions, the previous investigations would obtain only the alloy with large pores and the lowered relative sintered density, by the liquid phase sintering under a dry hydrogen atmosphere. the sintering cycle consisted of a rapid heating to reduction temperatures under high purity nitrogen atmosphere, and holding for 4 hours and sintering at $1260^{\circ}C$ for 1 hour under a dry hydrogen gas. The relative density of the sintered alloy increased with increasing heating rate. As the reduction temperature increased, the relative density increased to the lm theotical density at the duction temture above $1150^{\circ}C$. The mimsturcatre of sintered alloys has been analysed by a scanning election microscope. The sintered density was compared with those obtained from the other investigators. It was found that the reduction $1150^{\circ}C$ results in the lowered densification of 90W-6Ni-4Mn alloy. This is caused by the fact that reducing reactions of W and Ni oxides contained in W an Ni powders concomitantly leads to oxidizing reaction of Mn powder the oxidized Mn is hardly reduced at sintering temperature and thereby remains large pores in the alloy. It is concluded that the W-Ni-Mn alloy with full density can be obtained by the precise control of atmosphere, heating rate, and sintering temperature.

  • PDF

Fundamental Economic Feasibility Analysis on the Transition of Production Structure for a Forest Village in LAO PDR (라오스 산촌마을의 생산구조전환을 위한 투자 경제성 기초 분석)

  • Lee, Bohwe;Kim, Sebin;Lee, Joon-Woo;Rhee, Hakjun;Lee, Sangjin;Lee, Joong-goo;Baek, Woongi;Park, Bum-Jin;Koo, Seungmo
    • The Journal of the Korean Institute of Forest Recreation
    • /
    • v.22 no.4
    • /
    • pp.11-22
    • /
    • 2018
  • This study analyzes the economic feasibility on the transition of production structure to increase income for a local forest village in Laos PDR. The study area was the Nongboua village in Sangthong district where the primary product is rice from rice paddy. Possible strategies were considered to increase the villagers' revenue, and Noni (Morinda citrifolia) was production in the short-term. We assumed that the project period was for 20 years for the analysis, and a total of 1,100 Noni tree was planted in 1 ha by $3m{\times}3m$ spacing. This study classified basic scenario one, scenario two, scenario three by the survival rate and purchase pirce of Noni. Generally Noni grows well. However, the seedlings' average survival rate (= production volume) was set up conservatively in this study to consider potential risks such as no production experience of Noni and tree disease. The scenario one assumed that the survival rate of Noni seedlings was 50% for 0-1 years, 60% for 0-2 years, and 70% for 3-20 years; the scenario two, 10% less, i.e., 40%, 50%, and 60%; and the scenario three, 10% less, i.e., 40%, 50%, 60% and purchase price 10% less, i.e., $0.29 to $0.26, respectively. Our analysis showed that all 3 scenarios resulted in economically-feasible IRR (internal rate of return) of 24.81%, 19.02%, and 16.30% of with a discounting rate of 10%. The B/C (benefit/cost) ratio for a unit area (1ha) was also analyzed for the three scenarios with a discounting rate of 10%, resutling in the B/C ratio of 1.71, 1.47, and 1.31. The study results showed that the Nongboua village would have a good opportunity to improve its low-income structure through planting and managing alternative crops such as Noni. Also the results can be used as useful decision-making information at a preliminary analysis level for planning other government and public investment projects for the Nonboua village.

A Study on the Build-up Model for the Discount Rate of Technology Valuation including Intellectual Property Risk (지식자산위험을 고려한 기술가치평가 할인율 적산모형에 관한 연구)

  • Sung, Oong-Hyun
    • Journal of Korea Technology Innovation Society
    • /
    • v.11 no.2
    • /
    • pp.241-263
    • /
    • 2008
  • Within any income approach, a discount rate is used to convert some projected free cash flow to its presented value. In case of valuing companies, the most frequently used discount rate is the weighted average cost of capital(WACC) at the aggregate level. But technology valuation is different to discounting aggregate corporate cash flow since it is concerned about individual Intellectual property. Therefore, blindly applying standard discount rate such as WACC in technology valuation is unlikely to lead to the right result. The primary focus of this paper is to establish the structure of discount rate for technology valuation and to suggest the method of estimation. To determine an appropriate discount rate for technology valuation, the level of technology risk, market risk and competitive risk should be included in the structure of discount rate. This paper suggests the build-up model which consists of three components as a expansion of the CAPM. It includes (1) a risk-free rate of return, (2) general market risk premium and beta and (3) intellectual property risk premium related to technology risk and specific target market risk. However, there is no specific check list for examining the intellectual property risk until now and no specific method for quantifying its risk into risk premium. This paper developed the 10 element to determine the level of the intellectual property risk and applied estimation function such as linear function, natural log function and exponential function to transform the level of risk into risk premium. The limitation of this paper is that the range of intellectual property risk premium is inferred based on the information of foreign and domestic valuation agency. Finally, this paper explored the development of an intellectual property discount rate for technology valuation and presented the method in order to quantify the intellectual property risk premium.

  • PDF

Economic Feasibility Analysis of Applepear(Ping Guo Li) Farm Development in Yanbian Area in China ('사과배' 원 조성사업의 경제적 타당성분석 - 중국 연변지역을 중심으로 -)

  • Zhao, Lan-Hua;Lim, Jae-Hwan
    • Korean Journal of Agricultural Science
    • /
    • v.29 no.1
    • /
    • pp.55-65
    • /
    • 2002
  • The most representative fruit in Yanbian area is Applepear(Ping Guo Li). It has been a important resource of farm income. According to the economic growth and income Increase of individual consumers, food consumption pattern will be changed from grain to high value cash crops such as Applepear and vegetables. The globalization and adapt ion of free market oriented economic policy of China government have led to change the collective farming system to individual farm management system. The institutional transformation have brought about high productivity of farm products and incomes of farmers. Therefore the plantation area of Applepear and requirement of investment cost for establishment of Applepear farms have increased rapidly since the 1980's, the time of perestroika and glasnost in Chinese economy. In prosperity of Chinese agriculture, individual farmer's decision making as free selection of farmland use, selection of high pay-off crops, free sale of the products in free market and credit support for the project might be the most important factors. In case of Applepear farm development, net present value of the project net benefit was estimated at 55.518won per hectare and financial rate of return was 21%. The benefit/cost ratio of the project was 2.11. Considering 10% of discounting rate or the opportunity cost of capital in China the Applepear farm development project showed us economically feasible in the light of the above efficiency indices. The Chinese government has to support Applepear farm development project financially and institutionally considering the high-payoff benefit of the fruit and farmer's in come increase in the future.

  • PDF

The Effect of Price Discount Rate According to Brand Loyalty on Consumer's Acquisition Value and Transaction Value (브랜드애호도에 따른 가격할인율의 차이가 소비자의 획득가치와 거래가치에 미치는 영향)

  • Kim, Young-Ei;Kim, Jae-Yeong;Shin, Chang-Nag
    • Journal of Global Scholars of Marketing Science
    • /
    • v.17 no.4
    • /
    • pp.247-269
    • /
    • 2007
  • In recent years, one of the major reasons for the fierce competition amongst firms is that they strive to increase their own market shares and customer acquisition rate in the same market with similar and apparently undifferentiated products in terms of quality and perceived benefit. Because of this change in recent marketing environment, the differentiated after-sales service and diversified promotion strategies have become more important to gain competitive advantage. Price promotion is the favorite strategy that most retailers use to achieve short-term sales increase, induce consumer's brand switch, in troduce new product into market, and so forth. However, if marketers apply or copy an identical price promotion strategy without considering the characteristic differences in product and consumer preference, it will cause serious problems because discounted price itself could make people skeptical about product quality, and the changes of perceived value might appear differently depending on other factors such as consumer involvement or brand attitude. Previous studies showed that price promotion would certainly increase sales, and the discounted price compared to regular price would enhance the consumer's perceived values. On the other hand, discounted price itself could make people depreciate or skeptical about product quality, and reduce the consumers' positivity bias because consumers might be unsure whether the current price promotion is the retailer's best price offer. Moreover, we cannot say that discounted price absolutely enhances the consumer's perceived values regardless of product category and purchase situations. That is, the factors that affect consumers' value perceptions and buying behavior are so diverse in reality that the results of studies on the same dependent variable come out differently depending on what variable was used or how experiment conditions were designed. Majority of previous researches on the effect of price-comparison advertising have used consumers' buying behavior as dependent variable. In order to figure out consumers' buying behavior theoretically, analysis of value perceptions which influence buying intentions is needed. In addition, they did not combined the independent variables such as brand loyalty and price discount rate together. For this reason, this paper tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception. And we provided with theoretical and managerial implications that marketers need to consider such variables as product attributes, brand loyalty, and consumer involvement at the same time, and then establish a differentiated pricing strategy case by case in order to enhance consumer's perceived values properl. Three research concepts were used in our study and each concept based on past researches was defined. The perceived acquisition value in this study was defined as the perceived net gains associated with the products or services acquired. That is, the perceived acquisition value of the product will be positively influenced by the benefits buyers believe they are getting by acquiring and using the product, and negatively influenced by the money given up to acquire the product. And the perceived transaction value was defined as the perception of psychological satisfaction or pleasure obtained from taking advantage of the financial terms of the price deal. Lastly, the brand loyalty was defined as favorable attitude towards a purchased product. Thus, a consumer loyal to a brand has an emotional attachment to the brand or firm. Repeat purchasers continue to buy the same brand even though they do not have an emotional attachment to it. We assumed that if the degree of brand loyalty is high, the perceived acquisition value and the perceived transaction value will increase when higher discount rate is provided. But we found that there are no significant differences in values between two different discount rates as a result of empirical analysis. It means that price reduction did not affect consumer's brand choice significantly because the perceived sacrifice decreased only a little, and customers are satisfied with product's benefits when brand loyalty is high. From the result, we confirmed that consumers with high degree of brand loyalty to a specific product are less sensitive to price change. Thus, using price promotion strategy to merely expect sale increase is not recommendable. Instead of discounting price, marketers need to strengthen consumers' brand loyalty and maintain the skimming strategy. On the contrary, when the degree of brand loyalty is low, the perceived acquisition value and the perceived transaction value decreased significantly when higher discount rate is provided. Generally brands that are considered inferior might be able to draw attention away from the quality of the product by making consumers focus more on the sacrifice component of price. But considering the fact that consumers with low degree of brand loyalty are known to be unsatisfied with product's benefits and have relatively negative brand attitude, bigger price reduction offered in experiment condition of this paper made consumers depreciate product's quality and benefit more and more, and consumer's psychological perceived sacrifice increased while perceived values decreased accordingly. We infer that, in the case of inferior brand, a drastic price-cut or frequent price promotion may increase consumers' uncertainty about overall components of product. Therefore, it appears that reinforcing the augmented product such as after-sale service, delivery and giving credit which is one of the levels consisting of product would be more effective in reality. This will be better rather than competing with product that holds high brand loyalty by reducing sale price. Although this study tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception, there are several limitations. This study was conducted in controlled conditions where the high involvement product and two different levels of discount rate were applied. Given the presence of low involvement product, when both pieces of information are available, it is likely that the results we have reported here may have been different. Thus, this research results explain only the specific situation. Second, the sample selected in this study was university students in their twenties, so we cannot say that the results are firmly effective to all generations. Future research that manipulates the level of discount along with the consumer involvement might lead to a more robust understanding of the effects various discount rate. And, we used a cellular phone as a product stimulus, so it would be very interesting to analyze the result when the product stimulus is an intangible product such as service. It could be also valuable to analyze whether the change of perceived value affects consumers' final buying behavior positively or negatively.

  • PDF

The Weekly and Daily Energy Expenditure and Nutrition Survey on the Republic of Bores Army Cadets (육군 사관생도의 에너지소비량 및 영양섭취량에 관한 연구)

  • Cho, T.H.
    • The Korean Journal of Physiology
    • /
    • v.1 no.1
    • /
    • pp.121-130
    • /
    • 1967
  • Determination of weekly and daily energy expenditure was made on 62 Republic of Korea Army cadets who were selected at random in order to estimate the weekly and daily ealorie expenditure. Basal metabolic rate (B.M.R.), and energy cost of various military and daily activities were measured by indirect calorimetry using open circuit method. Time-motion studies were also carried on using a stop-watch. The total weekly energy expenditure was calculated by summation of data using energy cost per minute, and the time spent on each activity. Determination of daily energy expenditure was deduced from each data of weekly energy expenditure. Food survey was also carried on for a week, and daily calorie intake was determined by a weekly average discounting loss in cooking. All measurements were determined from the Standard Table of Food Composition published by the Ministry of National Defense (1961). Following data were observed. 1. Physical status of cadets are as follows. Please note that the height and weight averages are 1-2cm and 4-5kg respectively over that of the Seoul National University students. First year Height 167.92 cm $(S.D.{\pm}4.09)$ Weight 61.72 kg $(S.D.{\pm}4.53)$ Second year Height 167.89 cm $(S.D.{\pm}3.46)$ Weight 63.01 kg $(S.D.{\pm}4.61)$ Third year Height 168.15 cm $(S.D.{\pm}4.24)$ Weight 43.48 kg $(S.D.{\pm}5.03)$ Fourth year Height 168.10 cm $(S.D.{\pm}3.70)$ Weight 64.02kg $(S.D.{\pm}5.10)$ 2. The B.M.R. of cadets averaged $36.57\;Cal./m^2/hr.(S.D.{\pm}3.63\;Cal./m^2/hr.)$ is almost equal with data on the same ages of civilians and the Japanese, but a lower average of $5.1\;Cal./m^2/hr.$ than that of a common soldier. 3. The energy expenditure during various military activities is close agreement with Consolazio. Passmore and Durnin, and Japanese reports.

  • PDF

International Comparison of Fare Policy in Urban Metro (도시철도 운임정책 국제비교)

  • Chung, Sung Bong;Choi, Ji Ho;Kim, Ji Yeon;Kim, Dong Sun
    • KSCE Journal of Civil and Environmental Engineering Research
    • /
    • v.38 no.5
    • /
    • pp.703-711
    • /
    • 2018
  • Recently, as various metro lines have been constructed and connected to other lines the rate of utilization has also been increased. However, the existing fare policy which the government does still stick to causes not only inappropriate action to the demand pattern but aggravation of the profit of the operation company. This study reviewed rail fare policy of major countries such as Japan and U.K etc. to improve the rationality of fare policy in Korea. In order to systematical analysis of fare policy, such viewpoints as of fare decision method, the card fare discounting system, the structure of fare, and the government subsidy policy were reviewed. Based on the results from the review, various problems and improvement plans were drawn. Through this study, appropriate fare systems to urban railway users could be given to improve the chronic deficit problem of urban railway operators.

Studies on the Appraisal of Stumpage Value in the Forest Land - With Respect to Kyung-Ju Area - (산원지(山元地) 임목평가(林木平価)에 관(関)한 연구(研究) - 경주지방(慶州地方)을 중심(中心)으로 -)

  • Rha, Sang Soo;Park, Tai Sik
    • Journal of Korean Society of Forest Science
    • /
    • v.52 no.1
    • /
    • pp.37-49
    • /
    • 1981
  • The purpose of the study is to find out the objective method of valuation on the forest stands through the analysis of logging costs that is positively related to timber production. The two forest (Amgog, Whangryoung), located nereby, but forest type, logging and skidding conditions being slightly different, were slected to carry out the study. The objective timber stumpage value were determined by investigating the appropriate timber production costs and profits of logging operations. The main result obtained in this study are as follows: 1. The rate of logging cost in consisting of timber market price is 13.15% in the area of Amgog logging place and 19.48% in Whangryoung. 2. The rate of the other production cost excluding logging cost is 15.36% in the area of Amgog logging place and 28.85% in Whangryoung. 3. The total rate of timber production cost in consisting of the market price is more than 28.51% in the area of Amgog logging place and 48.33% in Whangryoung, 4. Though the productivity of forest land is affected by the selection of tree species, tending, treatments and effective management of forest land, the more important problem is improvement of logging condition. 5. The rate of production cost in timber price is so high that we should endeavore to improve the productivity of labour and its quality, and minimize the difference of piece work per day in accordance to the various site condition. 6. Although the profit of forest industry is related to the period of recapturing investment, it is more closely related to the working condition, risk of investment and continuous change of social investment interest. 7. If the right variables which are related to the timber market, are objectively obtained, the stumpage value of mature forests can be objectively caculated by applying straight line discounting method or compound discounting method in caculating the stump to market price.

  • PDF

Assessments of Negotiation Options Regarding Post-2012 Rules for Land Use, Land-Use Change and Forestry (LULUCF) -With a Focus on the Forest Management Activities under the Kyoto Protocol - (Post-2012 LULUCF 협상 대안 평가 -산림경영 활동을 중심으로 -)

  • Bae, Jae-Soo
    • Journal of Korean Society of Forest Science
    • /
    • v.98 no.1
    • /
    • pp.55-65
    • /
    • 2009
  • Annex I parties continued its consideration of how to address, the definitions, modalities, rules and guidelines for the treatment of Land Use, Land-use Change and Forestry (LULUCF) in the second commitment period of the Kyoto Protocol by the year of 2009. In the AWG-KP conference held in Accra, Ghana in 2008, four alternatives (gross-net carbon accounting, net-net with base year or base period accounting, net-net with forward looking baseline accounting, and land-based accounting method) for negotiations were decided in order to revise gross-net accounting method applied during the first commitment period of the Kyoto Protocol. In this study, alternative scenarios are set in consideration with reporting system (voluntary or compulsory), discount factors and cap about these three alternatives except for the method of net-net with forward looking baseline accounting, and then estimates the Removal Unit (RMU) among the countries. In the case that article 3.4 activities under the Kyoto Protocol revises from voluntary reporting to mandatory reporting, it is estimated that the loss of RMU would be huge in Russia, Australia, New Zealand, as well as Canada potentially. Net-net with base year or base period carbon accounting and land-based carbon accounting method have big difference of RMU in accordance with the base year or the base period. So the more unfavorable the country with a lot of old-age forests was, the closer the base year or period comes to the commitment period in the context of RMU. If it is getting lowered for the current rate of 85% in discount factors, RMU is getting higher to the whole countries. Therefore in Korea with little potential for afforestation and reforestation, there was the most sensitive response to the change of discount factors. Post-2012 LULUCF hereafter, it is strongly expected for the succession of current carbon accounting system which is voluntary reporting of gross-net carbon accounting and the activity for article 3.4. Other carbon accounting method is hard to accept in aspect that there is big differentiated interests among the countries and it is required enormous cost and time to develop reliable method. Provide for Post-2012 mandatory greenhouse gas reduction, Korea needs to have a competitive negotiation strategies differentiated from Annex I countries. The most reliable alternative would be to lower the discounting factors about the activities for forest management.

Discounted Cost Model of Condition-Based Maintenance Regarding Cumulative Damage of Armor Units of Rubble-Mound Breakwaters as a Discrete-Time Stochastic Process (경사제 피복재의 누적피해를 이산시간 확률과정으로 고려한 조건기반 유지관리의 할인비용모형)

  • Lee, Cheol-Eung;Park, Dong-Heon
    • Journal of Korean Society of Coastal and Ocean Engineers
    • /
    • v.29 no.2
    • /
    • pp.109-120
    • /
    • 2017
  • A discounted cost model for preventive maintenance of armor units of rubble-mound breakwaters is mathematically derived by combining the deterioration model based on a discrete-time stochastic process of shock occurrence with the cost model of renewal process together. The discounted cost model of condition-based maintenance proposed in this paper can take into account the nonlinearity of cumulative damage process as well as the discounting effect of cost. By comparing the present results with the previous other results, the verification is carried out satisfactorily. In addition, it is known from the sensitivity analysis on variables related to the model that the more often preventive maintenance should be implemented, the more crucial the level of importance of system is. However, the tendency is shown in reverse as the interest rate is increased. Meanwhile, the present model has been applied to the armor units of rubble-mound breakwaters. The parameters of damage intensity function have been estimated through the time-dependent prediction of the expected cumulative damage level obtained from the sample path method. In particular, it is confirmed that the shock occurrences can be considered to be a discrete-time stochastic process by investigating the effects of uncertainty of the shock occurrences on the expected cumulative damage level with homogeneous Poisson process and doubly stochastic Poisson process that are the continuous-time stochastic processes. It can be also seen that the stochastic process of cumulative damage would depend directly on the design conditions, thus the preventive maintenance would be varied due to those. Finally, the optimal periods and scale for the preventive maintenance of armor units of rubble-mound breakwaters can be quantitatively determined with the failure limits, the levels of importance of structure, and the interest rates.