• THE INTERNATIONAL COMMERCE & LAW REVIEW
• /
• v.48
• /
• pp.57-76
• /
• 2010

This study reviews maritime transport policy regarding liner conference and the changes in the liner market over the decades. Liner shipping industry has long been protected from competition by block exemption. To prevent excessive competition in punctual operation and its inelastic market structure, liner shipping companies formed conferences that are protected to fix the prices under the law. In the US, deregulation in transport sector began from 80's and continuing with OSRA 1998, conferences were dissolving. On the other hand, the EU with close conference system, Regulation 4056/86 contained block exemption remained in force for unlimited time without review clause. However, in Oct 2008, the EU has announced its removal, and conferences were no longer permitted to fix the price nor exchange information. Although OSRA 1998 has already broken up conferences by allowing individual service contracts, but the repeal of the immunity for price fixing will alter significantly the rule on cooperation in the industry since it is a unilateral move by the EU, especially in transatlantic lane. There are rapid changes in shipping market getting much more complicated, and with removal of 4056/86 allowing the market to be more competitive, opening up the industry with far more diverse strategic options. Hence this paper reviews on liner shipping industry and its changes of policies over the years from protected market to open competition market of today.

• Plant Journal
• /
• v.14 no.1
• /
• pp.47-51
• /
• 2018

This study analyzed the effect of power output reduction in coal fired power generation on the change of system marginal price and green house gas emissions. Analytical method was used for electricity market forecasting system used in korea state owned companies. Operating conditions of the power system was based on the the 7th Basic Plan for Electricity Demand and Supply. This as a reference, I analyzed change of system marginal price and green house gas emission by reduced power output in coal fired power generation. The results, if the maximum output was declined as 29 [%] to overall coal-fired power plant, system marginal price is reduced 12 [%p] compared to before and decreasing greenhouse gas emissions were 9,966 [kton]. And if the low efficiency coal fired power plant that accounted for 30 [%] in overall coal-fired power plant stopped by year, system marginal price is reduced 14 [%p] compared to before and decreasing greenhouse gas emissions were 12,874 [kton].

• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.64 no.5
• /
• pp.667-679
• /
• 2015

The bearer of the power sector's ETS compliance cost is power consumer for the following reasons. Firstly, power companies are constrained in establishing appropriate strategies to comply with ETS regulations due to the structural differences between the domestic power market and emission trading system. In other words, because power companies do not have a right to determine price and production of electricity, they have to compete with other companies under disadvantaged conditions in the emission trading market. Secondly, because ETS compliance cost is part of power production costs as it is also clearly written in the national greenhouse gas reduction road-map and the second energy supply plan, the cost should be included in power price following the power market operation rule. Thirdly, the most effective method to reduce carbon emissions in power sector is to reduce power demand, which is efficiently achieved through raising power price to a realistic level. Low power price in Korea is the major cause of rising power demand which is also the major cause of rising GHG emission. Therefore, power sector's ETS compliance cost should be included in power price to encourage power consumers' actions on reducing power consumption. Fourthly, when externality cost occurs in the process of delivering public services, usually beneficiary pay principle is applied to identify the cost bearer. Since electricity is one representative public good, the bearer of power sector's ETS compliance cost is power consumer.

• Proceedings of the KIEE Conference
• /
• 2003.07a
• /
• pp.661-663
• /
• 2003

Electric generation cost in district Heating CHP system has close relationship with the level of heating price. So far, the calculation of CHP generation cost has been based on cost recovery system in which revenue requirement deducted the revenue from heating-sales. The restructuring of electricity industry determines the market-clearing price every hour and made it impossible that the loss due to the above market cost can be attributed to the generation cost. Hence, the loss is compensated by energy subsidy program in public benefit charge. This analysis derives an efficient action plan for future subsidy program.

• Journal of Electrical Engineering and Technology
• /
• v.12 no.3
• /
• pp.1038-1045
• /
• 2017

To address mounting concerns over global warming, the Paris Agreement was reached in December 2015, which aims to limit the increase in global average temperature. South Korea has set a highly ambitious target to reduce emissions and submitted an Intended Nationally Determined Contribution (INDC). Based on the INDC, we investigated the impact of limiting carbon emissions on the power system and the electricity market in Korea. Through detailed simulations on assumed plausible scenarios, this work highlights a) the effects of different carbon emission targets on the annual carbon emission volumes, generation costs, and carbon price; b) the generation mix changes induced by carbon emission limits; and c) the difference in system marginal price and payments for generator owners that carbon emission constraint creates in electricity markets under three different pricing rules.

• Journal of The Korean Digital Architecture Interior Association
• /
• v.8 no.1
• /
• pp.15-21
• /
• 2008

The district unit planning (DUP) in Korea is a planning instrument. One of the key methods is the incentive system focused on the mitigation of the financial charge of business proprietors with use of various planning deregulation. Here in this paper, it is examined whether the incentive system is indiscriminately applied not only in the metropolitan cities but also in the rural cities. The analysis is carried out with six indicators in relation to the effect on the incentive system on the market of Apartment Housing Development. The indicators are a. the building-to-land ratio(BLR), b. the floor area ratio(FAR) c. the publicly assessed value of land(PAVL), d. the sale price of land(SPL), e. the sale/lease price of apartment house(SLPH) and f. the ratio of housing subscription(RHS). The final result is that the incentive system has different effects between metropolitan cities and rural cities. One of reasons lies on the too high FAR in rural cities to be given basically. Another reason lies on the difference between the cost for purchasing public installation and the profit of the sale & lease price of apartment house. In rural cities their difference becomes much narrow. Finally, the low ratio of housing subscription(RHS) in rural cities makes the effect of the incentive system nearby meaningless.

• Journal of Information Technology Applications and Management
• /
• v.19 no.2
• /
• pp.217-231
• /
• 2012

In the past, companies should make enormous facility investment and acquire a right to do business in order to join communication markets, but now they can do business without important facilities, such as communication networks. Such a movement to ease regulations about companies which want to newly join the communication industry is expected not only to change a competition frame of the mobile communication market but also to greatly affect the entire communication industry. Through this study aiming to look into a way to calculate a reasonable wholesale price related to the government's introduction of the Mobile Virtual Network Operator (MVNO) system, I came up with a following result. I applied the operating profit percentage and the ratio of operating gain to cost to the cost plus model and retail minus model, respectively, to calculate the wholesale price and found that when I calculated with the cost plus model applying the operating profit percentage, I could get the highest wholesale price. On the other hand, I got the lowest wholesale price with the retail minus model by applying the operating profit percentage. Division of expenses and calculation of profit percentage are important factors in calculating the wholesale price and such results are expected to help accurate calculation of the MVNO wholesale price.

• The Journal of Fisheries Business Administration
• /
• v.51 no.4
• /
• pp.69-83
• /
• 2020

The purpose of this paper is to empirically investigate whether asymmetric price transmission exists in the distribution stage of farmed olive flounder market. For the analysis, time series data were used for the producer prices of Jeju and Wando, and the wholesale prices of Incheon, Hanam and Busan. Through the Granger causality test, the causal relationship from the producer price to the wholesale price was derived and the asymmetric price transmission was analyzed using the autoregressive distributed lag model (ARDL). As a result of the analysis, it was found that there is a phenomenon of 'positive asymmetric price transmission' from the producer price to the wholesale price. This result can be one evidence that excess profits are received in the intermediate distribution stage, and can be said to be a result showing the incompleteness and inefficiency of the distribution structure of the farmed olive flounder. In the future, it is required to establish an information-sharing system in all stages of production, distribution, and consumption that can create a competitive environment for distribution participants and resolve information asymmetry. Also, it is necessary to review the distribution center specializing in live fish from the viewpoint of the establishment of new distribution channels and sales diversification strategy under the rapidly changing fisheries environment.

• Journal of Intelligence and Information Systems
• /
• v.18 no.2
• /
• pp.143-156
• /
• 2012

People easily believe that news and stock index are closely related. They think that securing news before anyone else can help them forecast the stock prices and enjoy great profit, or perhaps capture the investment opportunity. However, it is no easy feat to determine to what extent the two are related, come up with the investment decision based on news, or find out such investment information is valid. If the significance of news and its impact on the stock market are analyzed, it will be possible to extract the information that can assist the investment decisions. The reality however is that the world is inundated with a massive wave of news in real time. And news is not patterned text. This study suggests the stock-index invest model based on "News Big Data" opinion mining that systematically collects, categorizes and analyzes the news and creates investment information. To verify the validity of the model, the relationship between the result of news opinion mining and stock-index was empirically analyzed by using statistics. Steps in the mining that converts news into information for investment decision making, are as follows. First, it is indexing information of news after getting a supply of news from news provider that collects news on real-time basis. Not only contents of news but also various information such as media, time, and news type and so on are collected and classified, and then are reworked as variable from which investment decision making can be inferred. Next step is to derive word that can judge polarity by separating text of news contents into morpheme, and to tag positive/negative polarity of each word by comparing this with sentimental dictionary. Third, positive/negative polarity of news is judged by using indexed classification information and scoring rule, and then final investment decision making information is derived according to daily scoring criteria. For this study, KOSPI index and its fluctuation range has been collected for 63 days that stock market was open during 3 months from July 2011 to September in Korea Exchange, and news data was collected by parsing 766 articles of economic news media M company on web page among article carried on stock information>news>main news of portal site Naver.com. In change of the price index of stocks during 3 months, it rose on 33 days and fell on 30 days, and news contents included 197 news articles before opening of stock market, 385 news articles during the session, 184 news articles after closing of market. Results of mining of collected news contents and of comparison with stock price showed that positive/negative opinion of news contents had significant relation with stock price, and change of the price index of stocks could be better explained in case of applying news opinion by deriving in positive/negative ratio instead of judging between simplified positive and negative opinion. And in order to check whether news had an effect on fluctuation of stock price, or at least went ahead of fluctuation of stock price, in the results that change of stock price was compared only with news happening before opening of stock market, it was verified to be statistically significant as well. In addition, because news contained various type and information such as social, economic, and overseas news, and corporate earnings, the present condition of type of industry, market outlook, the present condition of market and so on, it was expected that influence on stock market or significance of the relation would be different according to the type of news, and therefore each type of news was compared with fluctuation of stock price, and the results showed that market condition, outlook, and overseas news was the most useful to explain fluctuation of news. On the contrary, news about individual company was not statistically significant, but opinion mining value showed tendency opposite to stock price, and the reason can be thought to be the appearance of promotional and planned news for preventing stock price from falling. Finally, multiple regression analysis and logistic regression analysis was carried out in order to derive function of investment decision making on the basis of relation between positive/negative opinion of news and stock price, and the results showed that regression equation using variable of market conditions, outlook, and overseas news before opening of stock market was statistically significant, and classification accuracy of logistic regression accuracy results was shown to be 70.0% in rise of stock price, 78.8% in fall of stock price, and 74.6% on average. This study first analyzed relation between news and stock price through analyzing and quantifying sensitivity of atypical news contents by using opinion mining among big data analysis techniques, and furthermore, proposed and verified smart investment decision making model that could systematically carry out opinion mining and derive and support investment information. This shows that news can be used as variable to predict the price index of stocks for investment, and it is expected the model can be used as real investment support system if it is implemented as system and verified in the future.

• Journal of Intelligence and Information Systems
• /
• v.12 no.4
• /
• pp.15-37
• /
• 2006

In this paper, we discuss a data mining approach to detection of stock price manipulation in the Korean stock market. First of all, we review current methods which is being exercised in the Korean stock market as well as in the US stock market. And then we apply data mining techniques to the problem using data from the Korean stock market and discuss the results along with their implications.