• Proceedings of the Korea Society for Energy Engineering kosee Conference
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• 1999.11a
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• pp.225-230
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• 1999

Since changes in crude oil price exert colossal influence upon most national economy, it is important to investigate about factors that cause the change through an appropriate crude oil price forecast. This paper examines the relationship among crude oil price, OPEC production and U.S. inventory using cointegration and error correction model. We found that crude oil price is likely to increase significantly for a given decrease in not only the OPEC production but also the U.S. inventory. Furthermore, we found that crude oil price is more elastic with respect to OPEC production in the short-run, and more elastic with respect to U.S. inventory in the long-run. Moreover, in the long-run, U.S. inventory have more an effect on crude oil price than OPEC production. Finally, crude oil price adjusts to their respective long-run equilibrium at a moderate speed, about 12% of adjustment taking place in the first year.

• Environmental and Resource Economics Review
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• v.30 no.1
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• pp.107-128
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• 2021

It has been recognized that implementing the marginal price mechanism to CBP is not acceptable due to the lack of revenue of the marginal generators. This study shows that it is not the problem of marginal price mechanism but the structural problems originated by the suspension of restructuring, the technical limits of RSC program and inaccuracy of the generation cost estimation method. This study explains the method to calculate the cost function in operating modes of the CC generators and proposes the modeling for the CC generators in RSC program. To implementing the cost function in operating modes could give an opportunity to change the price setting mechanism from average to marginal cost. The price setting mechanism based on the marginal cost will be one of the main points to provide the right price signals and to introduce a real-time and A/S markets to prepare the energy transition era.

• Information Systems Review
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• v.17 no.2
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• pp.1-27
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• 2015

Internet shopping has continued to grow rapidly in the past decade. The main cause of this growth was the cheap price and convenience. However, internet shopping is uncertain compared to off-line shopping malls. Consumers don't have a chance to directly see and touch the products they will purchase. Many previous studies have suggested a trust to resolve this uncertainty. For purposes of the study, we examined how trust affects word-of-mouth effect and third-party assurance. Furthermore, using perceived risk and perceived price as moderating effects, we analyzed to see how each group-that is, those with high perceived risk and low perceived risk and those with high perceived price and low perceived price-shows differences in trust building. The results of empirical study found that both two variables of word-of-mouth effect and third-party assurance have significant impacts in trust building of internet shopping malls. It was proven that each group-those with high perceived risk and low perceived risk and those with high perceived price and low perceived price-showed differences in trust building. The results are expected to provide both the researchers of the trust study and hands-on worker with important implications.

• The Journal of Korean Medicine
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• v.17 no.2 s.32
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• pp.34-47
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• 1996

We have seen a sharp increase in the utilization rate of medical services since the launch of Nation Health Insurance system in 1989. However, the market share of oriental medicine in the Korean health sector has been gradually diminished mainly due to low insurance coverage and high price. Especially high price as an entry barrier to oriental medical services has played a major role in decreasing market share. This paper investigated the effects of price discount on the financial condition and market share of oriental medical institutions. Microeconomic theory and multiple regression analysis were used as a methodology in testing the alternative hypothesis: price discount of enveloped herb drug will result in increases in both the revenue and market share of oriental medical institutions. Data was collected from the statistical yearbook and sample survey. The price elasticity of demand for enveloped herb drug was estimated at 5.8 during 1987-1995 period, which means that a 1% decrease in price will bring about a 5.8% increase in the utilization of oriental medical services. The empirical result shows that a drastic price discount for the enveloped herb drug will eventually improve the financial status of the oriental medical institutions and enlarge the market share of oriental medicine in the Korean health care sector.

• Korean Journal of Construction Engineering and Management
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• v.19 no.4
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• pp.102-110
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• 2018

The study analyzed the effects of the floor plan characteristics on the apartment price under the national housing size in 3 Gangnam districts for decades, the primary apartment markets in Korea. The analysis showed that the storage spaces such as kitchen, warehouses and dressage rooms have a positive effect on the price. Especially, the highly opened space with three-side open plan and the one with the unified type of livingroom, diningroom and kitchen have shown the strong effect on the price. For the kitchen spaces, the I-shaped kitchen tends to be more expensive while a centered living room has a positive effect on the price. These findings have an academic significance as the direct effects of plan characteristics on price has been examined unlike prior research focused on the analysis of trend, basic statistics, and satisfaction level. It is noteworthy that these research finding has identified the productive implication for the future floor plan design and pricing and also be implemented in the purchasing decision making by buyers in the housing market.

• Korean Journal of Agricultural Science
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• v.43 no.1
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• pp.136-143
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• 2016

Garlic and onion are staple agricultural products to Koreans and also are important with regard to agricultural producers' income. These products' acreage responses are highly correlated with each other. Therefore, it is necessary to test whether there is a cointegration relationship between garlic acreage and onion acreage when one tries to estimate the acreage response's function. Based upon the test result of cointegration, it is confirmed that there is no statistically significant cointegration relationship between garlic acreage and onion acreage. In this case, vector autoregressive model is preferred to vector error correction model. This study investigated the dynamic relationship between garlic and onion acreage responses using vector autoregressive (VAR) model. The estimated results of VAR acreage response models show that there is a statistically significant relationship between current and lagged acreage of more than one lag. Therefore, it is recommended that government should consider the long-run period's relationship of each product's acreage when it plans a policy for stabilizing the supply and demand of garlic and onion. For the price variables, garlic price only affects garlic acreage response while onion price affects not only onion acreage response but also garlic acreage response. This implies that the stabilizing policy for onion price could have bigger effects than that for garlic price stabilization.

• Land and Housing Review
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• v.10 no.1
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• pp.9-18
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• 2019

This study examined the dynamic change in the co-movement between the house price rates with the network methods of Mantegna (1999). First, Capital area and non-capital area form independent clusters which have the heterogeneous co-movement pattern. In other words, Capital and non-capital areas have low connectivity in the housing market. Also, if the co-movement between capital areas have been strengthened, the co-movement between non-capital areas have been weakened. The results of the dynamic analysis show that the degree of the co-movement in the housing market is continuously increased. The members of the co-movement group in the capital area are strongly steadied by all periods. However, the members in the non-capital area have been changed according to the period. Accordingly, it is necessary to establish policies based on various information for the housing market of the non-capital area rather than policies targeting the capital area. In addition, Apartments in Korea are more likely to be used as investment or speculative assets than other types of houses. It has been confirmed that this is Gangbuk, which is locatied in the northern part of Seoul, appears to be a region where the Spillover Effects of price fluctuation can be triggered in the housing and apartment market. However, the housing market in Gangnam, which is locatied in the southern part of Seoul, was divided into low systematic risk.

• Fashion & Textile Research Journal
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• v.10 no.2
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• pp.164-172
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• 2008

This study explores the attributes of the on-line shopping products and prices, and their effects on the customer satisfaction. In doing so, the sample population has been segmented according to their shopping propensity of consumption on clothing to understand the group differences. Based on the previous researches, the researcher have chosen four important characteristics of the customer's shopping propensity. The number of iteration on factor analysis revealed that the sample population can be classified into three different groups; the convenience/pleasure-seeking group, the fashion/utility-seeking group, and the unconcerned group. The significant group differences resulted on the following study variables; the product assortment, the price rationality, and the value of the price. Also, from the product aspect, the characteristic, the assortment, and the expression in order, explained the significant portion of the Y variance. While, on the aspect of price, the rationality, and information in order, significantly contributed on the customer satisfaction.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.4
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• pp.107-119
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• 2020

The study investigates the effect of the widened daily stock price limits on the usefulness of accounting information in Korea: 1) whether investors place a higher importance on audit quality, an indicator of the reliability of accounting information, and 2) whether there are differences in the relationships between audit quality and stock-price earning-rates two years before and after June 15, 2016. This study employs samples of two years (2013 to 2015) before the widening and two years after the widening (2016 to 2017). The samples are limited to the companies listed on the Korea Stock Exchange, accounting settled in December, collected from Fn-Guide and TS-2000 of the Korea Listed Companies Association. The results show that the positive association between audit quality and stock return was increased during the later period, compared to the preceding period. This tendency was more evident in companies with higher debt ratios and companies with lower levels of income smoothing, which is considered to have higher risks. The findings suggest that it is the first study evaluating the effect of widening daily stock price limits, made on June 15, 2015, on the usefulness of audit quality information by examining the relevance between audit quality and stock return.

• Korean Journal of Human Ecology
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• v.17 no.5
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• pp.1015-1026
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• 2008

This study explores the attributes of the color cosmetic products and prices, and their effects on the brand trust. In doing so, our sample population has been segmented according to their lifestyle on color cosmetic to understand the group differences. Based on the previous researches, we have chosen four important characteristics of the customer's lifestyle. The number of iteration on factor analysis revealed that our sample population can be formed into three different groups. The significant group differences resulted on the following study variables; the product functionality, the product fragrance/color, the product vessel design, the price value, the price information, the price rationality. Also, from the product aspect, the product functionality, the product fragrance/color, the product vessel design, explained the significant portion of the Y variance. While, on the aspect of price, the value, the rationality, and information in order, significantly contributed on the brand trust.