• 재무관리연구
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• 제2권1호
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• Korean Chemical Engineering Research
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• 제57권5호
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• pp.628-636
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• 2019

다양한 산업 공정에서 배관은 각 단위공정 사이의 연결 매개체의 역할을 하며, 내부의 유동에 있어 필수적인 장치이다. 따라서 배관의 최적설계는 안전과 비용의 측면에서 매우 중요한 문제이며, 설계 시 필수적인 사항은 배관 내 압력강하 및 유속, 배관 지름 등을 결정하는 일이다. 본 연구에서는 배관 지름 및 유속이 정해졌을 때 발생하는 압력강하, 배관의 압력강하 및 유속이 정해졌을 때의 배관 지름, 배관 지름 및 압력강하가 정해졌을 때의 유속을 결정하는 소프트웨어를 개발하였다. 배관 내 유동을 단일 상 흐름, 균질 2 상 유동, 분리 2 상 유동으로 구분하였으며 이에 따라 적절한 계산 모델을 적용하였다. 파이프의 재질 및 상대 거칠기, 유체의 물성치, 마찰계수의 계산을 위한 시스템 라이브러리를 구축하여 사용자의 입력을 최소화하였다. 배관 재질에 따른 가격 라이브러리를 구축하여 단위 길이당 배관 투자 비용의 산출을 가능하도록 구성하였다. 이러한 모든 기능은 사용자 편의를 위한 그래픽 사용자 인터페이스를 이용한 통합 환경에서 구현할 수 있으며, C# 언어를 개발 언어로 사용하였다. 소프트웨어의 정확도를 문헌 자료와 실 수행 과제의 예제를 통하여 검증하였으며 단일 상의 경우 1% 미만, 2 상의 경우 최고 8.8% 정도의 차이를 보였으며, 이에 따라 개발된 소프트웨어가 실제 공정의 계산에 유용하게 쓰일 수 있음을 알 수 있었다.

• 한국지진공학회논문집
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• 제26권5호
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• pp.191-202
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• 2022

Markov envelope as a theoretical solution of the parabolic wave equation with Markov approximation for the von Kármán type random medium is studied and approximated with the convolution of two probability density functions (pdf) of normal and gamma distributions considering the previous studies on the applications of Radiative Transfer Theory (RTT) and the analysis results of earthquake records. Through the approximation with gamma pdf, the constant shape parameter of 2 was determined regardless of the source distance r_o. This finding means that the scattering process has the property of an inhomogeneous single-scattering Poisson process, unlike the previous studies, which resulted in a homogeneous multiple-scattering Poisson process. Approximated Markov envelope can be treated as the normalized mean square (MS) envelope for ground acceleration because of the flat source Fourier spectrum. Based on such characteristics, the path duration is estimated from the approximated MS envelope and compared to the empirical formula derived by Boore and Thompson. The results clearly show that the path duration increases proportionately to r_o^1/2-r_o², and the peak value of the RMS envelope is attenuated by exp (-0.0033r_o), excluding the geometrical attenuation. The attenuation slope for r_o≤100 km is quite similar to that of effective attenuation for shallow crustal earthquakes, and it may be difficult to distinguish the contribution of intrinsic attenuation from effective attenuation. Slowly varying dispersive delay, also called the medium effect, represented by regular pdf, governs the path duration for the source distance shorter than 100 km. Moreover, the diffraction term, also called the distance effect because of scattering, fully controls the path duration beyond the source distance of 300 km and has a steep gradient compared to the medium effect. Source distance 100-300 km is a transition range of the path duration governing effect from random medium to distance. This means that the scattering may not be the prime cause of peak attenuation and envelope broadening for the source distance of less than 200 km. Furthermore, it is also shown that normal distribution is appropriate for the probability distribution of phase difference, as asserted in the previous studies.