• Korean Journal of Agricultural Science
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• v.31 no.2
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• pp.123-134
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• 2004

Since 1989, 9 major complex have been invested with government funds, for the purpose of developing agricultural tourism to increase agricultural income and job opportunity, as well as providing urban population leisure opportunity. However, systematic and comprehensive approaches were rarely done in analyzing its economic impacts. This study, therefore, focuses on analyzing tourism effect and its economic value and implication for a representative rural tourism site,"Daeho rural tourism complex". To analyze travel pattern, expenditure pattern, and degree of satisfaction from travel to Daeho complex, Travel Cost Method(TCM) was employed based on survey method. Results from linear model with statistical significance implies that tourism benefit for each visitor is 28,373 won and total annual benefit for the Daeho site is 7 billion won. Considering annual benefit stream, the present value of total benefits are 132.9 billion won and 70 billion won at 5% and 10% of discounting rate, respectively. Using the values of benefit estimated from this study and investment cost, B/C ratio, IRR, and NPV were calculated to be 1.01, 1.67 billion won, and 5.19% at 5% of discounting rate. These results could be directly compared with the previous analyses.

• Journal of Intelligence and Information Systems
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• v.15 no.3
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• pp.137-150
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• 2009

This paper proposes the hybrid heuristic method to apply the opportunity time to solve the vehicle routing and scheduling problem with time constraints(VRSPTW). The opportunity time indicates the idle time which remains after the vehicle performs the unloading service required by each customer's node. In this proposed heuristic, we add the constraints to VRSPTW model for the opportunity time. We also obtain the initial solution by applying the cost evaluation function to the insertion strategy considering the opportunity time. In addition, we improve the former result by applying the opportunity time to the tabu search strategy by swapping the customer's node. Finally, we suggest the construction strategies of initial routing which can efficiently acquire the nearest optimal solution from various types of data in terms of geographical condition, scheduling horizon and vehicle capacity. Our experiment show that our heuristic can get the nearest optimal solution more efficiently than the Solomon's I1 heuristic.

• Journal of Families and Better Life
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• v.7 no.1
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• pp.43-57
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• 1989

In the materialistic societies, individuals get money return according to the importance of their roles. But unlike wage workers who are engaged in market production , housewives engaged in home production do not get that return. It is because the result of home production is not transacted in the market and the price is not given to it, so the value of home production is not estimated. Hence this study trcognizes again the value of home production, suggests the estimation methods of it in input and output based on home production systems and attempts to actualize those methods socially. This home production develops the human attributes of family members to act as a member of a society and potentially contributes to home income and Gross National Products, so it has social and economic value. In spite of that significance, the value of home production is not estimated, so its nor recognized and housewives engaged in home production are not acknowledged their ability. Hence based on home production systems form input to output, this study suggested opportunity cost method and market cost method in input, method by saving money expenditure, hybrid method and method by comparing with market in output.

• Asian Journal of Innovation and Policy
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• v.6 no.2
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• pp.225-244
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• 2017

When evaluating the economic value of technology or business project, we need to consider the period and cost for commercialization. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialization cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialization cost, and volatility, while regarding the value of technology and investment as the opportunity value. We at this moment provide more elaborated real options model with the effective region of volatility, which reflects the uncertainty in the option pricing model (OPM).

• Journal of the Korean Home Economics Association
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• v.28 no.2
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• pp.73-89
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• 1990

The aim of the present study is to estimates the economic value of household work done by fulltime home makers, using alternative methods of valuation household work in Pusan Korea. Eight findings, five different methods -Self Estimation by Home Makers, Reservation Wage, Opportunity Cost, Individual function Cost, Replacement Cost(Visiting Housekeeper, Housekeeper, General Managemet, Housekeeper & General Management)- are tried for the estimation of economic value of household work. The results of this study can be outlined as follows : 1) The economic value of household work varies substantially by the methods of estimating. The averages are : 2) The economic value of household work varies with the level of education, ages, the number of children, the stage of FLC in all method of estimation, and the level of income in self estimation by home makers, Reservation wage. Specially, FLC revealed good explanation variable in method of estimation as input household work time. 3) The gap between two-day survey and three-day survey in household work time questionaire didn't so much.

• KIEE International Transactions on Power Engineering
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• v.4A no.4
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• pp.262-267
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• 2004

With the advent of electric power systems moving from a vertically integrated structure to a deregulated environment, calculating reactive power service charges has become a new and challenging theme for market operators. This paper examines various methods for reactive power management adopted throughout various deregulated foreign and domestic markets and then proposes an innovative method to calculate reactive power service charges using a reactive power market in a wholesale electricity market. The reactive power market is operated based on bids from the generating sources and it settles on uniform prices by running the reactive OPF programs of the day-ahead electricity market. The proposed method takes into account recovering not only the costs of installed capacity but also the lost opportunity costs incurred by reducing active power output to increase reactive power production. Based on the result of the reactive OPF program, the generators that produce reactive power within the obligatory range do not make payments whereas the generators producing reactive power beyond the obligatory range receive compensation by the price determined in the market. A numerical sample study is carried out to illustrate the processes and appropriateness of the proposed method.

• Journal of Korea Port Economic Association
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• v.25 no.4
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• pp.183-202
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• 2009

This study estimates the port waiting cost of international trade ports in Korea by an opportunity cost approach. In the next step, we present a method to assess the levels of port services by the average waiting cost of ships derived from the results of the first step. Because the port waiting cost reflects the social cost, it is difficult to use as a service indicator even though it is the decision support information for a particular port facility expansion. The percentages of waiting ships and time also are insufficient indicators to reflect only the quantitative aspects by the time. However, the average waiting cost of ships in this study can be utilized as a service indicator to reflect waiting time and the loss of economic value simultaneously. It is also very useful information for a shipper and a carrier to select a port. Based on the average waiting cost of ships in 2007, it is analyzed in order of lowest service ports sequentially such as Pyeongtaek-Dangjin, Pohang, Donghae, and Samcheonpo. It is different from the sequential order of ports by the port waiting cost such as Pohang, Incheon, Gwangyang, Pyeongtak-Dangjin, and Ulsan. The port waiting cost is to a port authority as a key indicator what the average waiting cost of ships is to a port user as a useful indicator to evaluate the levels of port services.

• Journal of the Korean Home Economics Association
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• v.25 no.4
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• pp.99-111
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• 1987

The purpose of this study is to survey alternative methods of valuation of housework, and then to estimate the economic value of housework done by fulltime housewives in Korea. Four different methods-Self Estimation by Housewives, Opportunity Cost, Individual Function Cost and Housekeeper Replacement cost-are tried for the estimation of economic value of housework. The results of this study can be summarized as follows: (1) The economic value of housework varies substantially by the methods of estimation. The average are: *Estimates of Economic values of Housework by Each Method of Estimation (2) The economic value of housework varies with the level of education, ages, household income, the size of family, the number of children, the number of preschool children.

• 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 Operations Research and Management Science Society
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• v.31 no.3
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• pp.27-40
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• 2006

Today's customer demands in supply chains tend to change quickly, variously even in a short time Interval. The uncertainties of customer demands make it difficult for supply chains to achieve efficient inventory replenishment, resulting in loosing sales opportunity or keeping excessive chain wide inventories. Un this paper, we propose an adaptive vendor managed inventory (VMI) model for a two-echelon supply chain with non-stationary customer demands using the action-reward learning method. The Purpose of this model is to decrease the inventory cost adaptively. The control Parameter, a compensation factor, is designed to adaptively change as customer demand pattern changes. A simulation-based experiment was performed to compare the performance of the adaptive VMI model.