• Korean Journal of Organic Agriculture
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• v.32 no.1
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• pp.25-37
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• 2024

This study is to apply behavioral economics-an economics that studies actual human behavior based on cognitive psychology-to the farming decision-making process of onion and garlic farmers. Of behavioral economic theories, dual system theory and prospect theory (value function), heuristic and bias were surveyed and examined in the field. The reference point of farmers was farming experience of the previous year, and so they showed reference dependence and anchoring heuristic, not rational thinking on production cost plan. And they showed status quo bias that cultivated continuously the previous year or the present crop. This status quo bias is related to loss aversion propensity. Farmers did not usually change cultivating crops, in other words, they showed diminishing sensitivity-insensitive to those that the more revenue or loss was increased. This diminishing sensitivity is related to loss aversion propensity and status quo bias. Also, farmers had representativeness heuristic because they regarded auction price of Garakdong wholesale market as the standard price level despite various prices by production region. And farmers had the affect heuristic that they depended on producers' organization data more than the state-run research institute ones about cultivation intentions and actual situations.

• Journal of Wind Energy
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• v.14 no.1
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• pp.5-13
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• 2023

The commercialization has been of great importance to the clean energy research sector for investing the wind farm development, but it would be difficult to reach a social consensus on the need to expand the economic feasibility of renewable energy due to the lack of reliable and continuous information on levelized cost of Energy (LCOE). Regarding this fact, this paper presents the evaluation of LCOE, focusing on Ulsan offshore region targeting to build the first floating offshore wind farm. Energy production is estimated by the meteorology data combined with the Leanwind Project power curve of an exemplar wind turbine. This work aims to analyze the costs of the Capex depending on site-specific variables. The cost of final LCOE was estimated by using Monte-Carlo method, and it became an average range 297,090 KRW/MWh, a minimum of 251,080 KRW/MWh, and a maximum of 341,910 KRW/MWh. In the year 2021, the SMP (system marginal price) and 4.5 REC (renewable energy certificate) can be paid if 1 MWh of electricity is generated by renewable energy. Considering current SMP and REC price, the floating platform industry, which can earn around 502,000 KRW/MWh, can be finally estimated highly competitive in the Korean market.

• The Korean Journal of Financial Studies
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• v.3 no.1
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• pp.233-265
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• 1996

We examine the impact of public and private information on price movements using the thirty DJIA stocks and twenty-one NASDAQ stocks. We find that the standard deviation of daily returns on information days (dividend announcement, earnings announcement, insider purchase, or insider sale) is much higher than on no-information days. Both public information matters at the NYSE, probably due to masked identification of insiders. Earnings announcement has the greatest impact for both DJIA and NASDAQ stocks, and there is some evidence of positive impact of insider asle on return volatility of NASDAQ stocks. There has been considerable debate, e.g., French and Roll (1986), over whether market volatility is due to public information or private information-the latter gathered through costly search and only revealed through trading. Public information is composed of (1) marketwide public information such as regularly scheduled federal economic announcements (e.g., employment, GNP, leading indicators) and (2) company-specific public information such as dividend and earnings announcements. Policy makers and corporate insiders have a better access to marketwide private information (e.g., a new monetary policy decision made in the Federal Reserve Board meeting) and company-specific private information, respectively, compated to the general public. Ederington and Lee (1993) show that marketwide public information accounts for most of the observed volatility patterns in interest rate and foreign exchange futures markets. Company-specific public information is explored by Patell and Wolfson (1984) and Jennings and Starks (1985). They show that dividend and earnings announcements induce higher than normal volatility in equity prices. Kyle (1985), Admati and Pfleiderer (1988), Barclay, Litzenberger and Warner (1990), Foster and Viswanathan (1990), Back (1992), and Barclay and Warner (1993) show that the private information help by informed traders and revealed through trading influences market volatility. Cornell and Sirri (1992)' and Meulbroek (1992) investigate the actual insider trading activities in a tender offer case and the prosecuted illegal trading cased, respectively. This paper examines the aggregate and individual impact of marketwide information, company-specific public information, and company-specific private information on equity prices. Specifically, we use the thirty common stocks in the Dow Jones Industrial Average (DJIA) and twenty one National Association of Securities Dealers Automated Quotations (NASDAQ) common stocks to examine how their prices react to information. Marketwide information (public and private) is estimated by the movement in the Standard and Poors (S & P) 500 Index price for the DJIA stocks and the movement in the NASDAQ Composite Index price for the NASDAQ stocks. Divedend and earnings announcements are used as a subset of company-specific public information. The trading activity of corporate insiders (major corporate officers, members of the board of directors, and owners of at least 10 percent of any equity class) with an access to private information can be cannot legally trade on private information. Therefore, most insider transactions are not necessarily based on private information. Nevertheless, we hypothesize that market participants observe how insiders trade in order to infer any information that they cannot possess because insiders tend to buy (sell) when they have good (bad) information about their company. For example, Damodaran and Liu (1993) show that insiders of real estate investment trusts buy (sell) after they receive favorable (unfavorable) appraisal news before the information in these appraisals is released to the public. Price discovery in a competitive multiple-dealership market (NASDAQ) would be different from that in a monopolistic specialist system (NYSE). Consequently, we hypothesize that NASDAQ stocks are affected more by private information (or more precisely, insider trading) than the DJIA stocks. In the next section, we describe our choices of the fifty-one stocks and the public and private information set. We also discuss institutional differences between the NYSE and the NASDAQ market. In Section II, we examine the implications of public and private information for the volatility of daily returns of each stock. In Section III, we turn to the question of the relative importance of individual elements of our information set. Further analysis of the five DJIA stocks and the four NASDAQ stocks that are most sensitive to earnings announcements is given in Section IV, and our results are summarized in Section V.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.60 no.12
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• pp.2215-2220
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• 2011

The accurate short-term load forecasting is essential for the efficient power system operation and the system marginal price decision of the electricity market. So far, errors of load forecasting for Chuseok Holiday are very big compared with forecasting errors for the other special days. In order to improve the accuracy of load forecasting for Chuseok Holiday, selection of input data, the daily normalized load patterns and load forecasting model are investigated. The efficient data selection and daily normalized load pattern based on fuzzy linear regression model is proposed. The proposed load forecasting method for Chuseok Holiday is tested in recent 5 years from 2006 to 2010, and improved the accuracy of the load forecasting compared with the former research.

• Proceedings of the Korea Society of Information Technology Applications Conference
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• 2005.11a
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• pp.305-310
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• 2005

Recently, many organizations in various industries have introduced e-businesses for the purpose of adding value to their businesses. However, due to no comparable business models to e-business in the past, there are no reliable yardsticks to predict the performance of an e-business. This paper considers an environmental change analysis as a means to resolve this difficulty. System Dynamics (SD) could be a useful tool to generate effective results by examining the e-business model. SD model is developed to analyze the effects of an e-sales channel which was appended to the existing sales channels in the steel manufacturing industry. The results show an increase in average price and sales volume through the use of an auction process on the e-marketplace. Stocking expenses are reduced as well by the increase of the sales turnover. A possible scenario was adopted to the developed simulation model and investigated strategic issues to draw desirable strategies with market changes.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 1996.04a
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• pp.328-332
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• 1996

B-ISDN is expected to be a main vehicle of future telecommunications. There has been a series fo studies on the demand and the market prospect of B-ISDN services. It is true, however, that they lacked some economic reality since the price of services has been overlooked which is a critical economic factor. In this study, we analyze some aspects of the tariff system of B-ISDN services. First, we explore and summarize the billing parameters of B-ISDN services from diverse characteristics of services and ATM network. These parameters are essential if the services are to be charged based on usage. Secondly, we discuss what factors be considered in the design fo B-ISDN services tariff systems from various points of view shch as traffic charactristics, information types and connection types, etc. The results of this study will offer fundamental insights in the design of B-ISDN service pricing scheme and provide reference for efficient services providing.

• Corrosion Science and Technology
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• v.11 no.5
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• pp.179-183
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• 2012

As one of promising solutions to overcome high oil price and energy crisis, the construction market of high value-added LNG plants is spotlighted world widely. The purpose of this study is to introduce LNG-RBI system to develop risk assessment technology with RAM(Reliability, Availability, Maintainability) modules against overseas monopolization. After analyzing relevant specific features and their technical levels, risk assessment program, non-destructive reliability evaluation strategy and safety criteria unification class are derived as core technologies. These IT-based convergence technologies can be used for enhancement of LNG plant efficiency, in which the modular parts are related to a system with artificial optimized algorithms as well as diverse databases of facility inspection and diagnosis fields.

• Proceedings of the KIEE Conference
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• 1999.11b
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• pp.181-183
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• 1999

As one of ancillary services, voltage support and reactive power service should be compensed properly for its contribution. In this paper, a cost-based reactive power planning is presented. which minimizes the total cost of reactive power support of generators and VAR compensation facility installation. Reactive power support of generator is evaluated by the opportunity costs of reduced energy sale considering the varying SMP(system marginal price) in power market, Gradient projection method is applied to solve this reactive power planning using IEEE14 bus system.

• Journal of the Korean Society of Manufacturing Technology Engineers
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• v.26 no.2
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• pp.257-261
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• 2017

Drilling file is medical mini-drill which is made of Ni-Ti material and has tapered shape. It's for removing teeth nervine which helps the endodontic treatment. All files, saled at domestic market, are imported from U.S. and Europe. Also they have low manufacturing efficiency and high price because it is made by universal 5 axis CNC grinding machine. To solve these problem, 3 axis CNC table, controllable tilting angle spindle and helix angle moving table are devised. To confirm divised CNC grinding machine's manufacturing accuracy, conveying amount and finish product size measurement expreiment has been practiced. Also to automate all manufacturing processes, automatic mechanism is designed.

• International Journal of Fuzzy Logic and Intelligent Systems
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• v.3 no.1
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• pp.7-12
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• 2003

In recent years, many attempts have been made to predict the behavior of bonds, currencies, stock or other economic markets. Most previous experiments used the neural network models for the stock market forecasting. The KOSPI 200 (Korea Composite Stock Price Index 200) is modeled by using different neural networks and fuzzy logic. In this paper, the neural network, the dynamic polynomial neural network (DPNN) and the fuzzy logic employed for the prediction of the KOSPI 200. The prediction results are compared by the root mean squared error (RMSE) and scatter plot, respectively. The results show that the performance of the fuzzy system is little bit worse than that of the DPNN but better than that of the neural network. We can develop the desired fuzzy system by optimization methods.