• Korean Journal of Agricultural Science
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• v.29 no.1
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• pp.55-65
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• 2002

The most representative fruit in Yanbian area is Applepear(Ping Guo Li). It has been a important resource of farm income. According to the economic growth and income Increase of individual consumers, food consumption pattern will be changed from grain to high value cash crops such as Applepear and vegetables. The globalization and adapt ion of free market oriented economic policy of China government have led to change the collective farming system to individual farm management system. The institutional transformation have brought about high productivity of farm products and incomes of farmers. Therefore the plantation area of Applepear and requirement of investment cost for establishment of Applepear farms have increased rapidly since the 1980's, the time of perestroika and glasnost in Chinese economy. In prosperity of Chinese agriculture, individual farmer's decision making as free selection of farmland use, selection of high pay-off crops, free sale of the products in free market and credit support for the project might be the most important factors. In case of Applepear farm development, net present value of the project net benefit was estimated at 55.518won per hectare and financial rate of return was 21%. The benefit/cost ratio of the project was 2.11. Considering 10% of discounting rate or the opportunity cost of capital in China the Applepear farm development project showed us economically feasible in the light of the above efficiency indices. The Chinese government has to support Applepear farm development project financially and institutionally considering the high-payoff benefit of the fruit and farmer's in come increase in the future.

• Journal of Korea Society of Industrial Information Systems
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• v.20 no.4
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• pp.1-9
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• 2015

This paper proposes CAC method that is more efficient for RRM using game theory combined with Multiple Attribute Decision Making(MADM). Because users request services with different Quality of Service(QoS), the network preference values to alternative networks for each service are calculated by MADM methods such as Grey Relational Analysis(GRA), Simple Additive Weighting(SAW) and Technique for Order Preference by Similarity to Ideal Solution(TOPSIS). According to a utility function representing preference value, non-cooperative game is played, and then network provider select the requested service that provide maximum payoff. The appropriate service is selected through Nash Equilibrium that is the solution of game and the game is played repeated. We analyze two overlaid networks among four Wireless LAN(WLAN) systems with different properties. Simulation results show that proposed MADM techniques have same outcomes for every game round.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.38B no.7
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• pp.543-552
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• 2013

For the safety messages in IEEE 802.11p/WAVE vehicles network environment, strict periodic beacon broadcasting requires status advertisement to assist the driver for safety. In crowded networks where beacon message are broadcasted at a high number of frequencies by many vehicles, which used for beacon sending, will be congested by the wireless medium due to the contention-window based IEEE 802.11p MAC. To resolve the congestion, we consider a MAC scheme based on slotted p-persistent CSMA as a simple non-cooperative Bayesian game which involves payoffs reflecting the attempt probability. Then, we derive Bayesian Nash Equilibrium (BNE) in a closed form. Using the BNE, we propose new congestion control algorithm to improve the performance of the beacon rate under saturation condition in IEEE 802.11p/WAVE vehicular networks. This algorithm explicitly computes packet delivery probability as a function of contention window (CW) size and number of vehicles. The proposed algorithm is validated against numerical simulation results to demonstrate its stability.

• KIEE International Transactions on Power Engineering
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• v.5A no.1
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• pp.85-92
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• 2005

In this paper, Nash equilibriums of generation markets are investigated using a game theory application for simplified competitive electricity markets. We analyze the characteristics of equilibrium states in N-company spot markets modeled by uniform pricing auctions and propose a new method for obtaining Nash equilibriums of the auction. We assume that spot markets are operated as uniform pricing auctions and that each generation company submits its bids into the auction in the form of a seal-bid. Depending on the bids of generation companies, market demands are allocated to each company accordingly. The uniform pricing auction in this analysis can be formulated as a non-cooperative and static game in which generation companies correspond to players of the game. The coefficient of the bidding function of company-n is the strategy of player-n (company-n) and the payoff of player-n is defined as its profit from the uniform price auction. The solution of this game can be obtained using the concept of the non-cooperative equilibrium originating from the Nash idea. Based on the so called residual demand curve, we can derive the best response function of each generation company in the uniform pricing auction with N companies, analytically. Finally, we present an efficient means to obtain all the possible equilibrium set pairs and to examine their feasibilities as Nash equilibriums. A simple numerical example with three generation companies is demonstrated to illustrate the basic idea of the proposed methodology. From this, we can see the applicability of the proposed method to the real-world problem, even though further future analysis is required.

• Environmental and Resource Economics Review
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• v.27 no.1
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• pp.1-28
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• 2018

This study investigates the strategic environmental corporate social responsibility (ECSR) of polluting duopoly when two firms have different production costs and compete with prices. We then examine an endogenous timing game in choosing ECSR and its effects on environmental damage and social welfare. The followings are the main findings: First, sequential choice of ECSR is strategic complements and it provides late adopter advantage irrespective of cost difference. Second, sequential choice of ECSR is the equilibrium of endogenous timing game. In particular, an efficient firm-leading ECSR is the payoff dominance equilibrium when cost difference is significant. Finally, environmental damage and social welfare depend on the social cost of pollution. In particular, an efficient firm-leading ECSR is socially desirable when social cost is high. However, an inefficient firm-leading ECSR increases environmental damage irrespective of social cost and it reduces social welfare when cost difference is significant.

• Proceedings of the Korea Water Resources Association Conference
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• 2016.05a
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• pp.322-322
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• 2016

국내 1, 2종 댐 시설물은 "시설물의 안전관리에 관한 특별법(이하 시특법)" 제7조에 의해 주기적으로 정밀안전진단을 실시하여 상태평가 및 안전성평가에 의한 종합평가 등급을 부여하고 있다. 정밀안전진단 중 안전성 평가의 수문학적 안전성 평가는 댐의 구조형식과 현장진단 결과에 의한 댐의 상태평가에 따라 1차적으로 수행된다. 여유고 부족 또는 월류 발생 등의 1차적인 조건을 만족시키지 못할 경우 그에 따른 댐체의 구조적 안전을 검토(콘크리트댐)하고, 최종적으로 댐 붕괴 발생 시 하류에 미치는 인적, 경제적 위험요인 등을 기준으로 평가하는 3단계 평가가 수행된다. 본 논문에서는 위 단계적 평가가 수행된 기존댐의 수문학적 안전성 평가 및 상태평가 결과를 사용하여, 1종 기존댐에 대한 수문학적 안전성 취약 순위를 선정하고자 한다. 취약 순위를 선정하기 위하여 다기준의사결정기법(Multi-Criteria Decision Making: 이하 MCDM)을 적용하였고, MC DM의 Payoff Matrix 설정을 위하여 수문학적 안전성 평가 지표를 기준으로 설정하였으며, 이 외의 기준으로는 대상 댐의 연최대 강수량 값을 사용하였다. 연최대강수량값을 산정하기 위하여 기상관측소별 연최대 강수량 30년치의 평균값을 kriging 기법에 적용하여 대상댐에 대한 연최대강수량 값을 도출하여 수문학적 안전성 평가 지표 및 기존댐의 기상 관측값에 따른 댐별 수문학적 안전성 취약 순위 선정에 관한 연구를 수행하였다. 위 결과를 활용하여 수문학적 안전성 평가등급에 대한 검토 및 기후변화 적응 댐 수문학적 안전성 평가 프레임워크 개발을 위한 기초 자료로 활용될 것으로 기대된다.

• Communications for Statistical Applications and Methods
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• v.29 no.1
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• pp.85-101
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• 2022

Derivative-linked securities (DLS) is a type of derivatives that offer an agreed return when the underlying asset price moves within a specified range by the maturity date. The underlying assets of DLS are diverse such as interest rates, exchange rates, crude oil, or gold. A German 10-year bond rate-linked DLS and a USD-GBP CMS rate-linked DLS have recently become a social issue in Korea due to a huge loss to investors. In this regard, this paper accounts for the payoff structure of these products and evaluates their prices and fair coupon rates as well as risk measures such as Value-at-Risk (VaR) and Tail-Value-at-Risk (TVaR). We would like to examine how risky these products were and whether or not their coupon rates were appropriate. We use Hull-White Model as the stochastic model for the underlying assets and Monte Carlo (MC) methods to obtain numerical results. The no-arbitrage prices of the German 10-year bond rate-linked DLS and the USD-GBP CMS rate-linked DLS at the center of the social issue turned out to be 0.9662% and 0.9355% of the original investment, respectively. Considering that Korea government bond rate for 2018 is about 2%, these values are quite low. The fair coupon rates that make the prices of DLS equal to the original investment are computed as 4.76% for the German 10-year bond rate-linked DLS and 7% for the USD-GBP CMS rate-linked DLS. Their actual coupon rates were 1.4% and 3.5%. The 95% VaR and TVaR of the loss for German 10-year bond rate-linked DLS are 37.30% and 64.45%, and those of the loss for USD-GBP CMS rate-linked DLS are 73.98% and 87.43% of the initial investment. Summing up the numerical results obtained, we could see that the DLS products of our interest were indeed quite unfavorable to individual investors.

• Journal of Korea Trade
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• v.23 no.5
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• pp.118-128
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• 2019

Purpose - This paper examines the international R&D contest in which the extent of intellectual property right (IPR) affects both the size of prize for the winning firm and the extent of positive spillover through cost of firms. Recognizing the possibility of incomplete protection of IPR, the present paper analyzes the effect of changes in the extent of IPR on payoffs to firms and social welfare. Design/methodology - This paper examines coordination of IPRs by countries in economic integration. The paper then develops a general model of international R&D contest with incomplete protection of IPR. An increase in the extent of IPR augments the share of the prize the winning firm can appropriate, while decreasing the positive cost externality. To derive sharper results, the paper considers the cases of linear and fixed spillovers. Findings - Under plausible assumptions, an increase in the IPR augments the payoff to each firm and the aggregate payoffs as well. The paper also shows that the number of firms participating in the R&D contest can be endogenously determined in the two-stage R&D contest. The higher the extent of cost spillover, and the larger the effective prize, the more firms participate in the international R&D contest. Originality/value - Existing studies assume that firms winning the R&D contest enjoy perfect IPR to the output of their R&D activities. This is a very restrictive assumption in that other firms can copy the new products or processes. By allowing for the incompleteness of the IPR, the present paper develops a more realistic model of R&D contest. The novelty of the present paper is to allow for the possibility that the higher extent of IPR increases the prize and decreases positive cost externality at the same time. The findings of the present paper can serve as a basis for government policy toward R&D activities of firms and protection of IPRs.

• Asia-Pacific Journal of Business
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• v.12 no.3
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• pp.379-396
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• 2021

Purpose - The purpose of this paper is to study the rational payoff from the standpoint of foreign investors and the government when the government issues GDP-linked bonds to foreign investors. Design/methodology/approach - In this paper, the prices of 12 types of GDP-linked bond structures, which are classified according to the calculation cycle of the rate of change of linked GDP, the currency issued, and whether options are embedded, were evaluated. The Fama-French 3-factor model and the GMM-SDF model are used in the asset pricing model, and domestic and overseas investors used different basis assets. Findings - The KRW premium for US investors is estimated to be 43bp on a quarterly basis and 30bp on an annual basis, respectively, meaning that when the government issues bonds in KRW, the interest rate paid to US investors will be reduced by 30bp to 160bp (annually converted). Using the Fama-French 3 factor model, the KRW premium is the risk premium for the US market beta, meaning that if US investors do not intend to invest in US market beta, it is advantageous to receive an additional interest rate by investing in USD-denominated GDP-linked bonds. Korea's GDP- linked bond give US investors diversified investment utility, so they are willing to incorporate Korean GDP-linked bonds even if -150bp of interest is deducted from the structure issued to Korean investors. And as a result of estimating the value of the option through the GDP-linked bond with options that provides a floor for guaranteeing the principal, the value of the option linked to the annual GDP issued in dollars was the lowest. Research implications or Originality - Issuing dollar-denominated GDP-linked bonds linked to annual GDP with the option of guaranteeing the principal by the government is a way to increase investment opportunities for US investors and achieve financial stability of the government.

• Korean Journal of Agricultural Science
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• v.24 no.1
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• pp.94-107
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• 1997

Producing organic farm products is one of the high-payoff farming practices considering the rapid increase of consumer's purchasing power. The purpose of this study is to identify the optimal organic farming system in relation to farm income. To cope with the above objectives, present farming conditions and profitability of 15 farmers producing organic products including rice and leaf vegetables as lettuse and cabbage were surveyed in Hongsung and Ahsan Gun, Chungnam Province. Based on the surveyed data, maximization of organic farm income were analyzed under the constrained conditions such as limited monthly labour inputs and competitive use of land by Linear Programming Model. The results of this study can be summarized as follows. 1. In the profitability analysis of 15 farmers producing organic products, rice farmers could earn their farm income more than that of conventional farmers by 50%. On the other hand, the controlled lettuce farmers could get more about 100% than that of it. But the controlled cabbage farm could get more about 40% of it. These organic farm products were saled at high prices comparing with the prices of conventional farm products by 170% ~ 230% even though the crop yields produced by organic materials had decreased. 2. According to the labor requirement of the organically produced crops, rice cultivation was needed more labour inputs than the conventional farming method by 130%. On the other hand lettuce and cabbage could saved labour requirement by 40% and 80% of those respectively. Especially for the rice cultivation concern, higher labor requirement was due to the activities as organic fertilization, soil preparation and pest and weed controll, etc. 3. With the surveyed data from farmers who produced farm commodities, L.P. analysis was implemented to find out the optimul farming system and the maximum income. According to the results of L.P. analysis, 58% of total farm income could get more than the conventional farming system In the case of rice cultivation, one ha of paddy was recommendable to save more labour inputs than the controlled leaf vegetables such as lettuse and cabbage. However, in the controlled leaf vegatables, only 73% of total upland equivalent to 0.3 ha should be cultivated under the condition of labor shortage as the restricted 4 workers. And increasing the size of hogs raising should be recommened to achieve self-sufficiency of organic fertilizer. As pointed out the possibility of organic farming, present farmers producing organic farm products could be able to maximize their income by expanding organic farm size with regard to all conditions of our organic industry. Of course, there are many difficulties in the course of developing organic agriculture. So Government should effort to support the development of our organic agriculture considering the various aspects of production, marketing, Quality certification of organic produces.