• Journal of the Korea Convergence Society
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• v.10 no.11
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• pp.149-159
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• 2019

Six sigma is an innovative management movement which provides improved business process by adapting the paradigm and the trend of market and customers. Suitable selection of six sigma project could highly reduce the costs, improve the quality, and enhance the customer satisfaction. There are existing studies on the selection of Six Sigma projects, but few studies have been conducted to select the correct project under an incomplete information environment. The purpose of this study is to propose the application of integrated MCDM techniques for correct project selection under incomplete information. The project selection process of six sigma involves four steps as follows: 1) determination of project selection criteria 2) calculation of relative importance of team member's competencies 3) assessment with project preference scale 4) finalization of ranking the projects. This study proposes the combination methods by applying group fuzzy Analytical Hierarchy Process (AHP), an easy defuzzified number of Trapezoidal Fuzzy Number (TrFN) and Grey Relational Analysis (GRA). Both of the weight of project selection criteria and the relative importance of team member's competencies can be evaluated by group fuzzy AHP. Project preferences are assessed by easy defuzzified scale of TrFN in case of incomplete information.)

• The Korean Journal of Financial Management
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• v.2 no.1
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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.

• Fashion & Textile Research Journal
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• v.15 no.1
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• pp.35-45
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• 2013

The purposes of this study were to segment the women's plus-size market by the types of store patronage, profile the segments, and examine the differences in satisfaction with clothing attributes and variety of plus-size apparels according to different segments. The questionnaires included the 7-point likert scales on store patronage, satisfaction, clothing involvement and body cathexis. Five body measurements were recorded by sales people, and the respondents also provided information on their weight, height and garment size in addition to demographic characteristics. Questionnaires were collected from 7 franchise stores in Seoul, Anyang, Daegu, and Cheonan during the months of February, 2011 to April, 2011. 210 questionnaires were distributed and 160 were returned. Excluding incomplete questionnaires, a total of 149 questionnaires were used in the final analysis. The cluster analysis based on store patronage identified four segments- major patrons of specialty stores, multi-channel users, regular store users, and internet shopping mall users. Significant differences were found among the four segments of women's plus-size consumers in terms of clothing involvement, age, occupation, education and clothing expenditures. Internet shopping mall user group were in overall less satisfied with several clothing attributes and variety compared to other groups.

• Journal of the Korean Society of Food Science and Nutrition
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• v.46 no.1
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• pp.123-131
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• 2017

The aim of this paper was to provide basic data on revitalizing traditional markets in 389 undergraduate students who had purchased foods sold at a traditional market in order to understand the current state of usage of traditional market foods and to analyze degree of importance and satisfaction. From September 2015 to November 2015, questionnaires were filled out by respondents. Of the 389 questionnaires that were returned, 343 were used while 46 were discarded as incomplete. In the traditional market, high popularity was detected in foods such as 'Hotteok', 'stir-fried rice cake', 'Korean sausage', and so on in that order, which were mainly simple foods. There was a tendency that 'taste', 'hygiene', 'price', and 'quality' were considered as important, all of which scored more than 4 points for all residence types. In the difference analysis of the degree of satisfaction and importance in traditional market foods according to residence types, degree of importance was much higher than that of satisfaction for all selective attributes. In the results of ISA analysis for attributes of traditional market foods, those selling food in the second quadrant need to make more effort to improve 'hygiene' and 'quality' of food.

• Journal of the Korean Society of Industry Convergence
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• v.10 no.4
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• pp.291-298
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• 2007

In 1994, the house construction work was separated from design part to prevent incomplete work and to improve quality. During that time, the supervision in the house construction work has made a great development in the quantity phase, but there is no study case about the satisfaction degree of clients on the supervision job. This study presents the improvement schemes of the supervision job rationality, the revision of supervision system and supervisor's improved construction management ability. also, This paper aims at advancing our construction field and enhancing competitive power by seeking for solutions to problems and improving current system to a reasonable supervision in the house construction work comparing and analyzing by questionnaire in Taegu, Kyungbuk area. The further study will be needed about the whole Korean construction market.

• Proceedings of the KIEE Conference
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• 2006.07a
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• pp.378-379
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• 2006

향후 나타날 가격 입찰방식 시장(Price-Bidding Generation Pool; PBP)에서는 발전사업자가 전략적으로 제출하는 비용특성에 의해 전력거래가 결정되기 때문에 상대기업의 비용특성을 정확히 안다는 것은 힘들다. 본 연구는 경쟁상황에서 상대사업자의 비용특성을 모르는 경우, 비용특성을 추정하고 추정을 통해 입찰전략을 결정하는 기법을 제안한다. 추정은 시장실적을 이용하여 이루어지며 이득을 최대화시킬 것이라 예상되는 입찰전략을 결정한다. 또한 정확성을 높이기 위해 평균이득 개념을 사용하여 추정을 시도한다.

• KDI Journal of Economic Policy
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• v.23 no.1_2
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• pp.149-191
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• 2001

In this paper, we propose a new bankruptcy algorithm. The proposed algorithm is comprised of four tasks. Task A is the procedure of soliciting bids, Task B is the procedure of allocating claims, Task C is the procedure of trading claims, and Task D is the procedure of exercising options and holding shareholders' meeting. Tasks A, B, and D are based on Bebchuk(1988) and Aghion, Hart, ad Moore(1992). This paper adds Task C, the procedure of trading claims. Claims are in the form of options which are written on the new shares of the bankrupt firm. Trading options expedites the process of finding the value of the bankrupt firm, and also it mitigates the problem of incomplete capital market by expanding the pool of new investors.

• Journal of applied mathematics & informatics
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• v.29 no.3_4
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• pp.987-1000
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• 2011

We show how the dynamic optimization problem with the capital constraint can be reduced to the problem to find an optimal modified claim $\tilde{\psi}H$ where $\tilde{\psi}$ is a randomized test in the static problem. Coherent risk measure is used as risk measure in the $L^{\infty}$ random variable spaces. The paper is written in expository style to some degree. We use an average risk of measure(AVaR), which is a special coherent risk measure, to see how to hedge the modified claim in a complete market model.

• Journal of the Korean Data and Information Science Society
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• v.23 no.2
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• pp.365-374
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• 2012

Weather derivatives designed to manage casual changes of weather, as opposed to catastrophic risks of weather, are relatively a new class of financial instruments. There are still many theoretical and practical challenges to the effective use of these instruments. The objective of this paper is to develop a pricing approach for valuing weather derivatives and presents a case study that is practical enough to be used by the risk managers of electrical utility firms. Utilizing daily average temperature data of Guangzhou, China from $1^{st}$ January 1978 to $31^{st}$ December 2010, this paper adopted a univariate time series model to describe weather behavior dynamics and calculates equilibrium prices for weather futures and options for an electrical utility firm in the region. The results imply that the risk premium is an important part of derivatives prices and the market price of risk affects option values much more than forward prices. It also demonstrates that weather innovation as well as weather risk management significantly affect the utility's financial outcomes.

• KDI Journal of Economic Policy
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• v.43 no.2
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• pp.1-22
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• 2021

The effects of social distancing measures on income distributions and aggregate variables are examined with an off-the-shelf heterogeneous-agent incomplete-market model. The model shows that social distancing measures, which limit households' labor supply, can decrease the labor supply of low-income households who hold insufficient assets and need income the most given their borrowing constraints. Social distancing measures can therefore exacerbate income inequality by lowering the incomes of the poor. An equilibrium interest rate can fall when the social distancing shock is expected to be persistent because households save more to prepare for rising consumption volatility given the possibility of binding to the labor supply constraint over time. When the shock is expected to be transitory, in contrast, the interest rate can rise upon the arrival of the shock because constrained households choose to borrow more to smooth consumption given the expectation that the shock will fade away. The model also shows that social distancing shocks, which diminish households' consumption demand, can decrease households' incomes evenly for every income quantile, having a limited impact on income inequality.