• Journal of Korean Society of Transportation
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• v.23 no.7 s.85
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• pp.165-179
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• 2005

The object of this study is a development of a stochastic user equilibrium transit assignment algorithm for multiple user classes considering stochastic characteristics and heterogeneous attributes of passengers. The existing transit assignment algorithms have limits to attain realistic results because they assume a characteristic of passengers to be equal. Although one group with transit information and the other group without it have different trip patterns, the past studies could not explain the differences. For overcoming the problems, we use following methods. First, we apply a stochastic transit assignment model to obtain the difference of the perceived travel cost between passengers and apply a multiple user class assignment model to obtain the heterogeneous qualify of groups to get realistic results. Second, we assume that person trips have influence on the travel cost function in the development of model. Third, we use a C-logit model for solving IIA(independence of irrelevant alternatives) problems. According to repetition assigned trips and equivalent path cost have difference by each group and each path. The result comes close to stochastic user equilibrium and converging speed is very fast. The algorithm of this study is expected to make good use of evaluation tools in the transit policies by applying heterogeneous attributes and OD data.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.191-212
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• 1992

This paper discusses the role of money in the process of capital accumulation where financial markets are impeded by contract enforcement problems in the context of overlapping generations framework. In particular, in less developed countries (LDCs) creditors may know little about the repayment capability of potential debtors due to incomplete information so that financial instruments other than money may not acceptable to them. In this paper the impediments to the operation of the private finanical markets are explicitly modelled. We argue that creditors cannot observe actual investment decisions made by the potential borrowers, and as a result, loan contracts may not be fully enforceable. Therefore, a laissez-faire regime may fail to provide the economy with the appropriate financial instruments. Under these circumstances, we introduce a government operated discount window (DW) that acts as an open market buyer of private debt. This theoretical structure represents the practice of governments of many LDCs to provide loans (typically at subsidized interest rates) to preferred borrowers either directly or indirectly through the commercial banking system. It is shown that the DW can substantially overcome impediments to trade which are caused by the credit market failure. An appropriate supply of the DW loan enables producers to purchase the resources they cannot obtain through direct transactions in the credit market. This result obtains even if the DW is subject to the same enforcement constraint that is responsible for the market failure. Thus, the DW intervention implies higher investment and output. However, the operation of the DW may cause inflation. Furthermore, the provision of cheap loans through the DW results in a worse income distribution. Therefore, there is room for welfare enhancing schemes that utilize the higher output to develop. We demonstrate that adequate lump sum taxes-cum-transfers along with the operation of the DW can support an allocation that is Pareto superior to the laissez-faire equilibrium allocation.

• Journal of the Korean Geotechnical Society
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• v.15 no.6
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• pp.263-272
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• 1999

Slice method is commonly used in solving slope stability problems since it is easy to use and its computation time is rather short. But depending upon the assumptions on the inter-slice forces, different methods are available. Quite often the difference between methods are so big that it is very difficult to make engineering decisions. This paper describes a method to calculate the factor of safety of a slope using FLAC, a finite difference based program. A FISH routine is developed to calculate the factor of safety, and verified by comparing with Chen's limit equilibrium solution. An example problem was selected from Fredlund and Krhan's paper, and results were compared for different soil and water conditions. The difference was less than 0.01 when the soil is homogeneous, and less than 5 % when a weak layer is embedded. Since most geotechnical application programs are capable of considering complicated ground conditions as well as the effect of ground supports, numerical methods are believed to be very useful in making engineering decisions. The developed routine can be applied to the calculation of the factor of safety of jointed rock slopes or weathered rock slopes where the use of slice method is limited.

• Journal of Korean Society of Transportation
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• v.29 no.1
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• pp.81-93
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• 2011

This research deals with the multi-modal continuous network design problem to resolve the transportation policy problems for constructing and operating transportation facilities with considering the mutual decision-making process between transportation operator and user in the multi-modal network. Particularly, in the consideration of changes in travel pattern between transport modes due to the changes in transportation policy, road network for passenger car and transit network for public transportation are considered together. In the development of network design model, more rational Stackelberg equilibrium(cooperative game) rather than more general Nash equilibrium(non-cooperative game) approach is used and sensitivity analysis considering transport mode is used. A multi-modal continuous network design model in this study is developed for the arbitrary continuous network design parameters(${\epsilon},\hat{\epsilon},p$) of transportation policy decisions. As examples of application and evaluation for these design parameters, the developed model is applied to calculate 1)the optimal capacity of road link in the road transport policy, 2)the optimal frequency of transit line in public transport policy and 3)the optimal modal split in transport modal share policy.

• Journal of the Korean Chemical Society
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• v.62 no.4
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• pp.279-287
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• 2018

In this study, we analyzed the explanations and examples of Brønsted-Lowry model in Chemistry I and Chemistry II textbooks of the 2009 revised curriculum. In particular, the definition of the Brønsted-Lowry model, the examples, and the content of experiments were analyzed by the process perspective of chemical equilibrium, emergent process. The analyzed textbooks were 4 kinds of Chemistry I textbooks and 4 kinds of Chemistry II textbooks in 2009 revision curriculum. As a result, Chemical I textbooks did not adequately show the chemical equilibrium viewpoint when explaining the Brønsted-Lowry model. In the Chemistry II textbooks, the examples of Brønsted-Lowry model were not present emergent process viewpoint, and those were described as sequential viewpoint of Arrhenius model. In addition, examples of experiments to demonstrate the Brønsted-Lowry model of Chemistry II textbooks were insufficient. The experimental examples related to the definition of acid bases were at the level of classification by the color change of indicators. The experimental examples for explaining the strength of acid and base were to compare current intensity or amount of hydrogen gas generated from the reaction with metal. In addition, all textbooks presented the state of aqueous solution when describing the Brønsted-Lowry model, causing problems with differentiation from the Arrhenius model. Therefore, it is necessary to develop examples of experiments to help students understand Brønsted-Lowry model by presenting acid and base reaction in the non-aqueous solution state.

• Journal of Korean Society of Transportation
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• v.17 no.5
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• pp.99-110
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• 1999

This study deals with the adaptability questions of O-D table estimation models. Its objectives are two-fold; (1) to estimate the characteristics of various O-D table estimation models(i.e. linear regression models. entropy models and statistic models) and (2) to find the model which estimates the O-D table with the best accuracy under the various data conditions. In Pursuing the above, this study gives the particular attentions to the test of the models, using the Sioux Falls network and equilibrium assignment method of MINUTP. The major findings are the followings. Firstly. it finds that the statistic models have the most goodness of fat among all models, if the required data are all Prepared. But it Presents that statistic models are the most sensitive against the underspecification and inconsistency problems of link data. Secondly, It shows that the linear regression models have the worst goodness of fat among all models. But the linear regression models are the most insensitive to the underspecification and inconsistency problems. Thirdly, THE/1 model of entropy model is sensitive against the underspecification and incon-sistency problems, but THE/2 model is insensitive. Finally, other informations like total volume, zonal Production and attraction volumes in 0-D table, help models to gain the better goodness of fit. Especially, in the statistic models. both the zonal production and attraction volume data are helpful to estimate the link volumes. It can be expected that the results dive some implications not only to the selection of optimal model under the various given data, but also to the development or modification of model.

• Journal of Korean Society of Coastal and Ocean Engineers
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• v.28 no.6
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• pp.408-415
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• 2016

Small fishing ports and coastal structures installed in a relatively low sea water depth disturb the wave induced current and cause the collapse of equilibrium state of sediment transport. These structures creates diffracted waves and matter the concentration of waves to cause the beach erosion. In order to mitigate these eroding problems on the beach, many counter measurements were proposed such as detached breakwater, groin or headland; however, these methods interrupt the aesthetic view of sandy beach due to the exposed structures above the sea level and have difficulty of applying to those beaches with the good scenery. Furthermore, some of these methods create secondary environmental problems after the installations. To eliminate these problems, one of the countermeasures, artificial reefs have been selected and used worldwide to minimize the disturbance of the scenery and secondary effects on the environment. Meanwhile, it is important to set the design elements for installing the artificial reefs such as that of length, opening width, clearing distances from the shoreline and more. Nevertheless, there are no construction manuals or standards for designing the artificial reefs with these important design elements yet. In this study, different conditions of artificial reefs were used with various cases throughout hydraulic model test to precisely analyze the changes of waves and currents to propose the standards of design elements to install the artificial reefs.

• Journal of the Korean Society of Radiology
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• v.7 no.1
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• pp.31-36
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• 2013

The radioactive gas radon ($^{222}Rn$), which is generated from the decay process of uranium ($^{238}U$) originating from the soil of more than 85 percent higher the porosity of the soil, the soil can radiate out the possibility that many isotopes. In order to protect the human body from radon, above all, the development of accurate measurement techniques to formulate appropriate measures should be followed. This study Gamma-ray spectrometry using a high purity germanium (HPGe) detector, if you want to measure radon unstable the nature radiation of the background problems can be reduced, radium and radon daughter nuclides after radioactive equilibrium leads to Radon concentration was measured, the soil samples from the Gamma-ray emitting nuclides, and the energy spectrum is analyzed.

• Geomechanics and Engineering
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• v.14 no.6
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• pp.519-532
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• 2018

In this work, two dimensional (2D) and quasi three-dimensional (quasi-3D) HSDTs are proposed for bending and free vibration investigation of functionally graded (FG) plates using hyperbolic shape function. Unlike the existing HSDT, the proposed theories have a novel displacement field which include undetermined integral terms and contains fewer unknowns. The material properties of the plate is inhomogeneous and are considered to vary continuously in the thickness direction by three different distributions; power-law, exponential and Mori-Tanaka model, in terms of the volume fractions of the constituents. The governing equations which consider the effects of both transverse shear and thickness stretching are determined through the Hamilton's principle. The closed form solutions are deduced by employing Navier method and then fundamental frequencies are obtained by solving the results of eigenvalue problems. In-plane stress components have been determined by the constitutive equations of composite plates. The transverse stress components have been determined by integrating the 3D stress equilibrium equations in the thickness direction of the FG plate. The accuracy of the present formulation is demonstrated by comparisons with the different 2D, 3D and quasi-3D solutions available in the literature.