• Management Science and Financial Engineering
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• v.2 no.1
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• pp.73-101
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• 1996

We show assets can be classified into diversifiable risks and non-diversifiable risks based on aggregate endowment and spanning so that in equilibrium agents eliminate diversifiable risks which must have zero values. Consequently, the benchmark portfolio that represents a pricing operator should have only a non-diversifiable risk, aggregate endowment should earn a positive risk premium over a riskless asset, and, even in incomplete markets, there should be a pricing operator represented by a function of aggregate endowment if any asset mean-independent of aggregate endowment is diversifiable. These results apply to both the CAPM and a representative agent model.

• Journal of the Economic Geographical Society of Korea
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• v.9 no.1
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• pp.7-22
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• 2006

This study examines the mud-based cosmetic business by the City of Boryeong, as a case of commodifying a locality's endowment or assets for local development. Concretely, the study discusses current status, history, and challenges of the business, which is an integral component of the key industry Boryeong seeks to promote by using mud materials. The discussion also encompasses the factors behind the development of the business. From the discussion, my work presents the business‘s implications for the commodification of local endowment/assets and promotion of relevant key industries that not a few localities across Korea pursue for their development. I deal with such implications, primarily in terms of the local institutional capacity that induces the consistent participation and cooperation from a wide variety of stake-holder as well as the shared vision among such stake-holders in order to enable a locality to effectively use its endowments/assets for local development. And this work reiterates that the institutional capacity which is significant for local development has to be analyzed in depth and such an analysis should produce codified knowledge which can function as guidances or manuals for many localities.

• Journal of Digital Convergence
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• v.19 no.3
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• pp.65-79
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• 2021

The purpose of this study was to research how emotional factors affect decision-making on the maintenance and abandonment of a patent, and to present new criteria for patent policies. The types of Korean patent abandonment were analyzed according to the patent holding period, and a questionnaire survey was carried out to verify whether there are differences among patentees in terms of sunk cost bias, endowment effect, and coupling or not. Individuals and small and medium-sized enterprises showed relatively greater emotional bias toward sunk cost and endowment effect than large companies, and the sunk cost effect decreased as decision-making experience increased. In addition, the reduction in the payment cycle of the patent renewal fee has a positive effect on the increase in the willingness to use the patent right, and the individuals and small and medium-sized enterprises has a greater synergistic effect than the case of large companies, in particular. This study are expected to play a part in establishing policies to minimize wasteful factors of patent assets based on the propensity of the patentees.

• Journal of the Korean Society for information Management
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• v.31 no.4
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• pp.249-266
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• 2014

In South Korea, systems related to the provision of public data were recently implemented. As a result, policy changes have been made that are headed in the direction of actively providing open access to data held by public institutions, such as government agencies and local municipalities. The purpose of the open I will be divided into two broad. To ensure the transparency of government operations, and is intended to satisfy the right to know the people. The other one is to create national interest by utilizing the public data as one country endowment assets. In this study, we analyze the open situation of public data, were presented the improvement measures. Range of research, the public data that local government owns, to determine to have a central information and other limitations and characteristics, Seoul the beginning to the seventeen regional support municipality 228 that you have held for city districts were census. According to the research results, local governments, themselves produced, is a relatively reluctant to disclosure and understanding of the list of public data that are holdings. According to the research results, local governments, themselves produced, is a relatively reluctant to disclosure and understanding of the list of public data that are holdings, also emphasizes the conservative value than take advantage of value have had. Therefore, it was determined that there is a need to resolve several issues through disclosure via a linked data format as a strategy to increase the openness and utilization of local public data.