• The Pure and Applied Mathematics
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• v.21 no.1
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• pp.77-93
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• 2014

This paper focuses on computational contractual distinctions as an explanation for the spread between a forward contract and a similar futures contract which is derived and investigated. We evaluate this spread by constructing a time series model, which was established based on copula functions, and also show that the forward-futures spread is more significant for long maturity.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.53 no.7
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• pp.414-419
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• 2004

In TWBP new uncertainty will be increased. Risk management is risen to a important problem. Vesting contract makes market Players trade at fixed price in TWBP early stages. In the case of advanced country, market players manage risk with a future contract. When a risk management method moves from vesting contract to future contract, it may have to use together two contracts for schedule period. In this paper, risk management strategy that use vesting contract and forward contract at the same time is proposed.

• The Transactions of the Korean Institute of Electrical Engineers P
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• v.59 no.3
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• pp.263-267
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• 2010

Although electricity market structures may be different from each country, they have a long-term forward market and a short-term spot market in general. Particularly, a bilateral contract transacted at a long-term forward market fixes the electricity price between a genco and a customer so that the customer can avoid risk due to price-spike in the spot market. The genco also can make an efficient risk-hedging strategy through the bilateral contract. In this paper, we propose a new mechanism for deriving the optimal bilateral contract price using game theory. This mechanism can make the customer reveal his true willingness to purchase so that an adequate bilateral contract price is derived.

• Proceedings of the KIEE Conference
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• summer
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• pp.701-703
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• 2004

Although the electricity market structure worldwide may be different in kinds, there generally exists long-term forward market and short-term spot market. Particularly, the bilateral contract in long-term forward market fixes the price between a genco and a customer so that the customer can avoid risks due to price-spike in spot market. The genco also can make an efficient risk-hedge strategy through this bilateral contract. In this paper, we propose a new mechanism for evaluating the optimal bilateral contract price using game theory. This mechanism makes a customer reveal his/her own willingness to purchase electricity so that a fair bilateral contract price can be derived.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.11 no.12
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• pp.5803-5819
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• 2017

In this paper, we proposed a contract theory based cooperative spectrum sharing scheme with joint power and bandwidth optimization under asymmetric information, where the primary user (PU) does not know the secondary users' (SUs) private information. To improve performance, PU needs to provide incentives to stimulate nearby SUs to help forward its signal. By using contract theory, PU and SUs' negotiations are modeled as a labor market. PU and SUs act as the employer and employees, respectively. Specifically, SUs provide labor (i.e. the relay power, which can be used for forwarding PU's signal) in exchange for the reward (i.e. the spectrum access bandwidth which can be used for transmitting their own signals). PU needs to overcome a challenge how to balance the relationship between contributions and incentives for the SUs. We study the optimal contract design which consists of relay power and spectrum access bandwidth allocation. We show that the most efficient SUs will be hired by the PU to attend the cooperative communication. PU can achieve the same maximum utility as in the symmetric information scenario. Simulation results confirm that the utility of PU is significantly enhanced with our proposed cooperative spectrum sharing scheme.

• Environmental and Resource Economics Review
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• v.15 no.2
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• pp.319-353
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• 2006

This paper shows how weather derivatives can be used to hedge against the price risk and volume risk of purchasing relatively large amounts of electricity. Our specific approach to designing new contracts for electricity is to focus on the return over a summer season rather than on the daily levels of demand and price. It is shown that correct market signals can be preserved in a contract and the associated financial risk can be offset by weather options. The advantage of combining a forward contract with a weather derivative is that the high prices on hot days or when the temperature is high reflect the underlying high cost of producing power when the load is high and that the combined contract with a weather derivative substantially reduces the volatility of the return.

• Korea Trade Review
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• v.47 no.1
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• pp.131-144
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• 2022

This study primarily concerns the Model Contract for International Sale of Manufactured Goods recently published by International Chamber of Commerce in 2020. To this end, this study examines the importance of the ICC model contract and its main characteristics, and considers in what form the contract is composed of and the scope of its application by classifying it according to the object of the contract, the subject and type of the transaction. In addition, this study divides the main contents of the ICC model contract into special conditions and general conditions, and attempts to scrutinize details of each condition in connection with the United Nations Convention on Contracts for International Sale of Goods(1980) as a governing law taken by the ICC model contract. Furthermore, this study puts forward, on the basis of the detailed examination of main conditions of ICC Model Contract, practical implications on what the parties to the contract should be aware of when using the ICC model contract.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.50
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• pp.27-59
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• 2011

This article attempts to describe and analyze the rules on the service provider's duty to provide his service in conformity with the contract under the Draft Common Frame of Reference (here-in-after DCFR), which are applied to construction, storage, design and factual information contracts. It categorizes such rules in accordance with the requirements of conformity with the contract, the time when the service provided must be in conformity with the contract, and the exemptions of the service provider's duty. On the basis of such categorization, it examines the rules on the service provider's duty in each type of service contract under the DCFR. By doing so, it seeks to figure out how the members of EU compromised on the various issues of the service provider's duty under the DCFR which is regarded as the first uniformed legislation in the area of the service contract. This may provide some guidance to the legislators of domestic law for their amendment or interpretation of their laws. In addition to them, this article also seeks to point out problems in terms of their interpretations and gaps in their rules to cover various aspects of non-conformity and put forward some solutions for such problems and gaps.

• Journal of Electrical Engineering and Technology
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• v.1 no.1
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• pp.1-7
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• 2006

In an electricity market, the spot market is normally integrated with a forward or future market. The advantage of the forward market is to allow the market participants to deal in a part or the whole trading portfolio at a fix price in advance and to avoid risk associated to the uncertain price of the spot market. Japan has introduced a continuous auction base forward market from April 2005. This paper analyzes the Japanese forward market rules and operations, and introduces a new algorithm that may improve the efficiency of the market itself. The proposed algorithm enables us to give consideration to the specific characteristics of the power system and to integrate them in the auction mechanism. The benefits of the proposed algorithm are verified on an electronic simulation platform and the results described in this paper.

• Journal of the Economic Geographical Society of Korea
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• v.19 no.3
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• pp.535-549
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• 2016

The contract farming scheme of today is a new system that allows the forward and backward linkage of the agribusiness through vertical coordination while also leading the changes within the agri-food system. As contract farming of agricultural products becomes routine in both advanced and developing countries alike, it is gaining the attention of researchers in various fields, including geography. This research discusses the research trends and problems regarding contract farming through literary research on the research progress of foreign researchers on contract farming. The content of the research specifically includes explanations regarding the relationships between the rise of contract farming and changes in the agri-food system and discusses the basic theoretical foundations of contract farming. The research also defines the economic and environmental effects of contract farming and its purpose in regional development policies and concludes with discussions of the possible future research subjects on contract farming.