• Asian-Australasian Journal of Animal Sciences
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• 제23권10호
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• pp.1308-1318
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• 2010

The purpose of this study was to evaluate the effect of replacing soybean meal with treated castor meal with (CMT) or without lime (CMNT) on the nutrient intake, performance, carcass characteristics, and yield of commercial cuts of beef cattle from a feedlot. Thirty male, castrated, crossbreed zebu cattle were used in the study, with an average initial weight of $360{\pm}30.27\;kg$. Five animals were used as a control group and were slaughtered at the beginning of the experiment; the remaining animals (n = 25) were distributed in random blocks (repetitions), with body weight as the criterion for block assignment. The animals were fed a diet containing 65% corn silage and 35% of concentrate on dry matter (DM) basis. Five diets consisted of four levels of soybean meal (SM) substituted with CMT (0, 33, 67 and 100%) on a DM basis and a diet with 100% of SM replaced with CMNT. At the end of the experiment, all animals were slaughtered, and their gastrointestinal tracts were emptied to determine their empty body weights (EBW). No significant effects were observed (p>0.05) for the substitution of soybean meal with CMT on intake of dietary nutrients, the average daily body weight gain (ADG) or EBW gain (EBWG). In spite of greater (p<0.05) ricin intake for the diet containing CMNT (3.06 mg/kg BW) compared to the CMT diet (0.10 mg/kg BW/d), there were no effects (p>0.05) on intake of dietary nutrients, ADG or EBWG. The average intake of DM and the ADG were 10,664.63 and 1,353.04 g/d, respectively. Regarding carcass characteristics, only carcass yield in relation to body weight was linearly reduced (p<0.05) upon substitution of SM by CMT. There was no effect (p>0.05) of the substitution of SM by CMT or CMNT on the yield of carcass basic cuts. CMT prices that are higher than 85% of the SM price do not economically justify the use of CMT. For CMT prices between 20 and 80% of the SM price, the optimal level was 67% substitution, while for prices below 15% of the SM price, the optimal level was 100% substitution with CMT. It can be concluded that treated castor meal with 6% lime can totally replace soybean meal in beef cattle diets.

• Asia Marketing Journal
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• 제16권1호
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• pp.35-69
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• 2014

The impact of competition on pricing has been studied in the context of counterfactual merger analyses where expected optimal prices in a hypothetical monopoly are compared with observed prices in an oligopolistic market. Such analyses would typically assume static decision making by consumers and firms and thus have been applied mostly to data obtained from consumer packed goods such as cereal and soft drinks. However such static modeling approach is not suitable when decision makers are forward looking. When it comes to the markets for durable products with indirect network effects, consumer purchase decisions and firm pricing decisions are inherently dynamic as they take into account future states when making purchase and pricing decisions. Researchers need to take into account the dynamic aspects of decision making both in the consumer side and in the supplier side for such markets. Firms in a two-sided market typically subsidize one side of the market to exploit the indirect network effect. Such pricing behaviors would be more prevalent in competitive markets where firms would try to win over the battle for standard. While such qualitative expectation on the relationship between pricing behaviors and competitive structures could be easily formed, little empirical studies have measured the extent to which the distinct pricing structure in two-sided markets depends on the competitive structure of the market. This paper develops an empirical model to measure the impact of competition on optimal pricing of durable products under indirect network effects. In order to measure the impact of exogenously determined competition among firms on pricing, we compare the equilibrium prices in the observed oligopoly market to those in a hypothetical monopoly market. In computing the equilibrium prices, we account for the forward looking behaviors of consumers and supplier. We first estimate a demand function that accounts for consumers' forward-looking behaviors and indirect network effects. And then, for the supply side, the pricing equation is obtained as an outcome of the Markov Perfect Nash Equilibrium in pricing. In doing so, we utilize numerical dynamic programming techniques. We apply our model to a data set obtained from the U.S. video game console market. The video game console market is considered a prototypical case of two-sided markets in which the platform typically subsidizes one side of market to expand the installed base anticipating larger revenues in the other side of market resulting from the expanded installed base. The data consist of monthly observations of price, hardware unit sales and the number of compatible software titles for Sony PlayStation and Nintendo 64 from September 1996 to August 2002. Sony PlayStation was released to the market a year before Nintendo 64 was launched. We compute the expected equilibrium price path for Nintendo 64 and Playstation for both oligopoly and for monopoly. Our analysis reveals that the price level differs significantly between two competition structures. The merged monopoly is expected to set prices higher by 14.8% for Sony PlayStation and 21.8% for Nintendo 64 on average than the independent firms in an oligopoly would do. And such removal of competition would result in a reduction in consumer value by 43.1%. Higher prices are expected for the hypothetical monopoly because the merged firm does not need to engage in the battle for industry standard. This result is attributed to the distinct property of a two-sided market that competing firms tend to set low prices particularly at the initial period to attract consumers at the introductory stage and to reinforce their own networks and eventually finally to dominate the market.

• 한국연초학회지
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• 제9권1호
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• pp.3-10
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• 1987

This study was conducted to investigate the effects of plant density and urea supplement on the yield, quality, value and total nitrogen, alkaloid contents of burley tobacco leaves. The results were as fellows; As urea supplement were increased from 0kg/10a to 50kg/10a, yield, total alkaloid, total nitrogen of cured leaf were significantly increased. The lower plant density levels also increased dry weight and leaf area per plant. Price of cured leaves were not influenced by plant density and amounts of urea supplemented. The effects of plant density and urea supplement on the number of leaves were not detected.

• 한국경영과학회지
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• 제34권1호
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• pp.85-100
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• 2009

An online marketplace, such as eBay, is an example of two-sided markets. In online marketplaces, there are transactions between sellers and buyers and direct competition effects among sellers and among buyers. Previous research on two-sided market has not handle these competition effects and mostly focused on indirect network externalities between sellers and buyers. We analyze the fee structure of an online marketplace considering direct competition effects among sellers and among buyers. We find that when fees for sellers and buyers can be imposed, an auction or fixed-pricing rule can be chosen according to the characteristics of a product traded. But when only fees for sellers can be imposed, an auction can be taken as a trading mechanism solely.

• 한국의류학회지
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• 제20권5호
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• pp.877-892
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• 1996

The purpose of this was to test the interactive effects of usage situation and personal characteristics on perceived risk, importance of store attributes and store-type choice. The data were collected via a questionnaire from 601 housewives of ages 20's∼ 50's living in Seoul, Korea, and analyzed by factor analysis and repeated measure two-way ANOVA. The results of this study were as follows: First, the interactive effect of age and situation on economic risk was significant. Second, the significant infraction of age and situation on importance of product price/variety was found, and there were significant intractions of education and situation on importance of service/convenience, discount policy and product information sources/promotion. Third, the interactive effects of situation and personal characteristics (age, income, education or job) on store-type choice (brand chain store, discount store, department store, designer boutique, local store or a wholesale market) were significant.

• 가정과삶의질연구
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• 제19권6호
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• pp.145-155
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• 2001

The purposes of this study were first to construct statistical and econometric models based on Amemiya\`s Type I Tobit mainly addressing the issue of statistical efficiency; second to explore income, price, and curvilinear age effects on the explained variable in order to illustrates its statistical marginal effects related to econometric issues; finally to provide invaluable insight for graphical simulations as a new interpretation approach using Tobit analysis. Results indicated that interpretation for the mean marginal effects of three possible cases of dependent variable was more likely to be evident to understand Tobit results compared to conventional analysis only using latent variable, beta. Results also revealed that prediction value of dependent variable can be possibly and easily projected by the independent variable changed whereas only beta value can not illustrate its projection as independent variables'changes.

• 한국의류학회지
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• 제31권4호
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• pp.594-603
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• 2007

The purpose of this study was to examine which variables affect customer relationship management in TV home shopping. Three hundred customers who had purchased fashion products in TV home shopping had participated in this study. The data was analyzed by factor analysis, t-test, correlation analysis and path analysis using SPSS program. As the result, 'service', 'information', 'contents', 'reputation', and 'benefits' variables had the effects on 'trust': especially, 'service' had the major effects on 'trust' The 'trust' and 'security' had the effects on 'commitment'. The 'price' variable had only effect on relationship maintenance. Also, 'trust' and 'commitment' had the 'relationship maintenance' Specifically 'commitment' had higher effect on relationship maintenance than 'trust' did. The results of this study would provide CRM marketing strategy for fashion marketers of TV home shopping.

• 무역학회지
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• 제47권4호
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• pp.125-135
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• 2022

This study is to analyze the economic effects of tariff reduction using computable general equilibrium(CGE) model. We set up the social accounting matrix for five-base equilibrium year. Our main findings are as follows. First, the impact of tariff reduction on GDP was different from time to time. It meas that the differentiated economics structure was affected by tariff reduction. As our economic grew up, the impact of tariff reduction was measured much higher. Second, until 1995 the impact of tariff reduction on total export and import was increased, then while 1995 the increase was dropped. This is because we reduced the tariff by the WTO negotiations. Third, the tariff reduction affected the price of imported goods, so it contributed to substitute effects between domestic and imported goods. According to these results, we found out the importance of the linkage between the tariff reduction and economic structure.

• 유통과학연구
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• 제10권4호
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• pp.29-36
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• 2012

주관적 행복이 각광 받고 있다. 주관적 행복에 따라 사회비교 및 인지부조화 해소가 달라지는 것처럼, 주관적 행복이 소비자의 대안 비교와 평가에 영향을 미칠 것이다. 본 연구는 소비자가 선택한 혹은 선택하지 않은 대안에 대한 추가 정보로 인해 대안의 절대적 가치 및 상대적 가치가 변동할 때, 대안에 대한 평가가 소비자의 주관적 행복에 따라 어떻게 달라지는지 연구하는 것을 목적으로 하였다. 특히, 소비자가 제품에 대해 지각하는 가치를 반영하는 소비자가 생각하는 대안의 적정가격을 사용하여 대안에 대한 평가를 측정하였다. 즉, 선택 혹은 비선택 대안의 상대적 가치 및 절대적 가치의 변화가 대안의 적정가격에 미치는 영향이 주관적 행복에 따라 달라지는지 살펴보고자 하였다. 연구를 위하여 98명의 대학생을 대상으로 실험을 실시하였다. 먼저, 학생들을 두 집단(비선택 대안 악화, 선택 대안 개선)에 무작위 할당한 후, 실험실 모니터에 2개의 대안에 대한 소비자 리포트를 제시하였다. 학생들이 하나의 대안을 선택하면, 대안에 대한 소비자 리포트의 평가가 변동(비선택 대안 악화, 선택 대안 개선)하면서 비선택 대안의 가격이 주어지고, 학생들은 선택 대안의 적정가격을 답하였다. 2주 후 학생들의 주관적 행복을 설문지로 측정하였다. 연구 결과, 집단, 주관적 행복의 단순효과 및 이 둘의 상호작용효과가 유의하였다. 또한, 행복한 사람은 비선택 대안이 악화될 때 보다 선택 대안이 좋아질 때 선택 대안의 적정가격을 높게 평가한 반면, 불행한 사람은 이러한 차이가 없었다. 이는 행복한 사람은 선택 대안의 절대적 가치 상승에 민감한 반면, 불행한 사람은 선택 대안의 절대적, 상대적 가치 상승 모두에 민감하며, 불행한 사람은 행복한 사람보다 비선택 대안의 악화 정보에 집중함을 의미한다. 본 연구는 소비자의 주관적 행복이 대안 평가에 미치는 영향을 제시함으로써 기존 연구를 확장하였다. 특히, 타인의 존재가 명시되지 않은 상황에서도 행복한 사람보다 불행한 사람이 부정적인 사회비교 정보에 민감함을 보였다는 점에서 이론적 의의가 있다. 아울러, 이러한 결과는 소비자의 주관적 행복 수준에 따라 대안을 어떻게 제시해야 하는지에 대한 시사점을 유통업체들에 제공한다. 본 연구는 한국의 소비자를 대상으로 진행하였으나, 향후 연구에서 국가간 차이를 비교하는 것도 의미 있을 것이다. 또한, 주관적 행복이 대안 평가에 미치는 영향의 메커니즘을 밝히기 위하여 예상되는 후회감, 고통, 기쁨 등을 매개변수로 놓고 추가 연구를 진행할 필요가 있다.

• 유통과학연구
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• 제15권8호
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• pp.47-54
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• 2017

Purpose - According to agency theory, managers have incentives to adjust firm revenues to meet earnings expectations or delay bad news disclosure because of performance-based compensation and their reputation in the market. When the bad news accumulates, stock prices fail to reflect all available information. Thus, market prices of stocks are higher than their intrinsic value. After all, bad news crosses the tipping point, it comes out all at once. That results in stock crashes. Auditors can decrease stock crash risk by reducing agency costs through their informational role. Especially, stock price crash risk is expected to be lower for firms adopting high-quality audits. We focus on distribution and service industry to examine the relation between audit quality and stock price crash risk. Industry specialization and auditor size are used as proxies for auditor quality. Research design, data and methodology - Our sample contains distribution and service industry firms listed in KOSPI and KOSDAQ during a period of 2004-2011. We use a logistic regression to test whether auditor quality influences crash risk. Auditor quality was measured by industry specialist auditor and Big4 / non-Big4 dichotomy. Following the approach in prior researches, we use firm-specific weekly returns to measure crash risk. Firms experiencing at least one stock price crash in a specific week during year are classified as the high risk group. Results - The result of analyzing 429 companies in distribution and service industry is summarized as follows: Above all, it is shown that higher audit quality has a significant negative(-) effect on the crash risk. Crash risk is alleviated for firms audited by industry specialist auditors and Big 4 audit firms. Therefore, our results show that hypotheses are supported. Conclusions - This study is very meaningful as the first study which investigated the effects of high audit quality on stock price crash risk. We provide evidence that high-quality auditors reduce stock price crash risk. Our finding implies that the risk of extreme losses can be reduced through screening of high-quality auditors. Therefore investors and regulators may utilize our findings in their investment and rule making decisions.