• Journal of Distribution Science
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• v.18 no.10
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• pp.25-38
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• 2020

Purpose: Traditional markets have served as important locations for social-cultural and economic activities. It is a hub of economic transactions and where people gather and exchange information and goods, while also serving as the center of social activities, including commercial exchanges. Accordingly, this study aimed to contribute to the studies on the perceived value in traditional markets for customers in different aspects. Research design, data, and methodology: To analyze the proposed model, data was collected from 456 respondents and analyzed with SPSS 21.0 and AMOS 21.0. The data was analyzed with structural equation modeling (SEM) using path analysis. Results: According to the results of the analysis, the perceived value comprises utilitarian value, emotional value, economic value, and social value, all of which had a positive impact on attitude. Emotional value and social value had a positive impact on subjective norms, while utilitarian value and economic value did not have an impact on subjective norms. Also, attitudes and subjective norms were found to have a positive impact on behavioral intention. Conclusions: Through this study, the value that the traditional markets need to provide to consumers have been identified. Traditional markets should develop into places that can provide value for their consumers.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.52 no.9
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• pp.542-549
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• 2003

In this paper, a novel approach to generator maintenance scheduling strategy in competitive electricity markets based on non-cooperative dynamic game theory is presented. The main contribution of this study can be considered to develop a game-theoretic framework for analyzing strategic behaviors of generating companies (Gencos) from the standpoints of the generator maintenance-scheduling problem (GMP) game. To obtain the equilibrium solution for the GMP game, the GMP problem is formulated as a dynamic non-cooperative game with complete information. In the proposed game, the players correspond to the profit-maximizing individual Gencos, and the payoff of each player is defined as the profits from the energy market. The optimal maintenance schedule is defined by subgame perfect equilibrium of the game. Numerical results for two-Genco system by both proposed method and conventional one are used to demonstrate that 1) the proposed framework can be successfully applied in analyzing the strategic behaviors of each Genco in changed markets and 2) both methods show considerably different results in terms of market stability or system reliability. The result indicates that generator maintenance scheduling strategy is one of the crucial strategic decision-makings whereby Gencos can maximize their profits in a competitive market environment.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.2
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• pp.759-770
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• 2021

Using a DCC - GARCH model analysis, this paper examines the existence of financial contagion from the U.S. stock market to the Vietnamese and the Philippine stock markets during the global financial crisis and the COVID-19 pandemic crisis. We use daily data from the S&P 500 (U.S.), VN-Index (Vietnam), and the PSEi (the Philippines). As a result, there is no evidence of contagion from the U.S stock market to the Philippine stock market that can be found during global financial crisis, while the Vietnamese market is influenced by this effect. Besides, both these developing stock markets (the Vietnamese and Philippine stock markets) are influenced by the contagion effect in COVID-19 pandemic crisis. Another finding is that the contagion effect during the coronavirus pandemic crisis in Vietnam is smaller than that during the global financial crisis, however, the opposite is the case for the Philippines. It is noticed that the Philippines seems to be more affected by the contagion effect from the COVID-19 pandemic than Vietnam at the time of this study. Because financial contagion is important for monetary policy, asset pricing, risk measurement, and portfolio allocation, the findings in this paper may give some useful information for policymakers and investors.

• Asia-Pacific Journal of Business
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• v.12 no.4
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• pp.13-40
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• 2021

Purpose - The purpose of this study is to predict corporate corruption in emerging markets such as Brazil, Russia, India, and China (BRIC) using different machine learning techniques. Since corruption is a significant problem that can affect corporate performance, particularly in emerging markets, it is important to correctly identify whether a company engages in corrupt practices. Design/methodology/approach - In order to address the research question, we employ predictive analytic techniques (machine learning methods). Using the World Bank Enterprise Survey Data, this study evaluates various predictive models generated by seven supervised learning algorithms: k-Nearest Neighbour (k-NN), Naïve Bayes (NB), Decision Tree (DT), Decision Rules (DR), Logistic Regression (LR), Support Vector Machines (SVM), and Artificial Neural Network (ANN). Findings - We find that DT, DR, SVM and ANN create highly accurate models (over 90% of accuracy). Among various factors, firm age is the most significant, while several other determinants such as source of working capital, top manager experience, and the number of permanent full-time employees also contribute to company corruption. Research implications or Originality - This research successfully demonstrates how machine learning can be applied to predict corporate corruption and also identifies the major causes of corporate corruption.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.59 no.12
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• pp.2150-2156
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• 2010

In this paper, we investigate how an electricity capacity market design may encourage generators to exaggerate their available capacity. In order for an analytical approach, a two player game model is introduced. We focus on two pure strategy Nash equilibria: an equilibrium at which generators offer their true capacities, and an equilibrium at which generators offer exaggerated capacities. The latter case is caused by asymmetries of information between players and so called 'moral hazard' in terms of the economics literature. This paper shows that, considering practical electricity markets, the moral hazard case is highly probable. Moreover, it is shown that, with the considered capacity market design in the real world, the better the electricity energy market performs, the higher the risk of moral hazard becomes.

• Journal of the Korean Operations Research and Management Science Society
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• v.27 no.3
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• pp.75-92
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• 2002

This paper is concerned with proposing a new market strategy for the segmented markets of the Internet stock trading. Many companies are providing various services for customers. However, the internet stock trading market is glowing rapidly absorbing a wide variety of customers showing different tastes and demographic information, so that it is necessary for us to investigate specific strategy for the segmented markets. General strategy so far in the Internet stock trading market has been to lower transaction fee according to the market trend. As the advent of rapidly enlarging market, however, more specific strategies need to be suggested for the segmented markets. In this respect, this paper applied a self-organizing map (SOM) to 83 questionnaire data collected from the Internet stock trading market in Korea, and obtained meaningful results.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.5 no.1
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• pp.69-80
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• 2010

The purpose of this study is to help the companies that have the experience and know-how about ASP and that want to go abroad. This study analyzed information and communication infrastructure of Asia, foreign investment of Korean companies, and market attractiveness, selected China, Japan, Indonesia, and Malaysia as the target for the advance into overseas markets, and then suggested the strategy for ASP overseas markets. This study can contribute ASP-related venture company or entrepreneur.

• IE interfaces
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• v.19 no.1
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• pp.53-61
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• 2006

We propose a new supply chain planning methodology for both a manufacturer and a distributor in order to find a global supply chain plan for functional product markets. Functional products as opposed to innovative products include the staples that people buy regularly from their nearby places to satisfy basic needs. In the functional product market, the distributor has an initiative of supply chain control and planning with a freedom to request any profit maximizing order quantities until the manufacturer refuses, whereas the manufacturer may not provide more than requested. In this paper, two independent agents on behalf of the manufacturer and the distributor are introduced, and supply chain planning can be conducted by collaboration between them. In addition, mathematical models and a numerical example are presented to show the possibility of the proposed methodology.

• The International Journal of Costume Culture
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• v.13 no.1
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• pp.9-11
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• 2010

East and West meet in Kenya as tourists to enjoy the climate, hospitality and tourist attractions. Handicraft traders target tourists from the East and the West to buy handicrafts. This research was carried out among textile handicraft traders in open air markets in Nairobi, Kenya to find out their product range, customer base and issues affecting their businesses. The study found that only 25% of the handicraft traders exported abroad. Most of the traders would like to and would benefit more from export trade; however they face challenges in doing so. Handicraft traders are constrained in exporting their products to the East and West because of insufficient information, inadequate capital and lack of contacts in the export location.

• The Journal of Economics, Marketing and Management
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• v.3 no.2
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• pp.21-28
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• 2015

The purpose of the study was to investigate state and problems of Seongnam Jungang Market that lost competitiveness under rapidly changing logistics environment, and to give market redevelopment model, project validity and operation management plan considering commercial area and location of the market. The public market at the community that has tradition and culture of the residents provides small merchants with employment chance and to let residents buy daily necessities. The market allows farmers to sell agriculture products by themselves and to increase income. Most of public markets that open every five days help residents meet each other to exchange information. Most of public markets have been placed at local towns and rural areas to lose distribution functions remarkably at less population and quick aging.