• Environmental and Resource Economics Review
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• v.31 no.4
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• pp.755-775
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• 2022

This study empirically analyzes that the asymmetry of domestic gasoline price adjustment to the crude oil price changes can vary depending on the level of gasoline price using quantile autoregressive distributed lag model. The data used are the weekly average Dubai price, domestic gasoline price at refiners and gas stations from the first week of May 2008 to the second week of October 2022. The study estimates three price transmission channels: changes in gas station gasoline prices in response to changes in Dubai oil prices, changes in refiners gasoline prices in response to changes in Dubai oil prices, and changes in gas station prices relative to refiners gasoline prices. As a result, the price adjustment of refiner's gasoline price with respect to Dubai oil price appears asymmetrically across all quantiles of gasoline price, whereas the adjustment of gas station prices for Dubai oil price and refiner's gasoline price tend to be more asymmetric as the quantile of gasoline price increases. Such a result is presumed to be due to changes in the inventory cost of gas stations. When the burden of inventory cost is high, gas stations have an incentive to more actively pass the increased buying price on their selling price.

• International Journal of Control, Automation, and Systems
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• v.6 no.5
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• pp.639-650
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• 2008

Electricity price forecasting has become an integral part of power system operation and control. In this paper, a wavelet transform (WT) based neural network (NN) model to forecast price profile in a deregulated electricity market has been presented. The historical price data has been decomposed into wavelet domain constitutive sub series using WT and then combined with the other time domain variables to form the set of input variables for the proposed forecasting model. The behavior of the wavelet domain constitutive series has been studied based on statistical analysis. It has been observed that forecasting accuracy can be improved by the use of WT in a forecasting model. Multi-scale analysis from one to seven levels of decomposition has been performed and the empirical evidence suggests that accuracy improvement is highest at third level of decomposition. Forecasting performance of the proposed model has been compared with (i) a heuristic technique, (ii) a simulation model used by Ontario's Independent Electricity System Operator (IESO), (iii) a Multiple Linear Regression (MLR) model, (iv) NN model, (v) Auto Regressive Integrated Moving Average (ARIMA) model, (vi) Dynamic Regression (DR) model, and (vii) Transfer Function (TF) model. Forecasting results show that the performance of the proposed WT based NN model is satisfactory and it can be used by the participants to respond properly as it predicts price before closing of window for submission of initial bids.

• Journal of the military operations research society of Korea
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• v.36 no.1
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• pp.29-38
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• 2010

In Korea weapon system acquisition processes, it's required a cost estimation report obtained from a commercial cost model. The PRICE model is generally used as a cost estimation model in Korea. However, the model uses American historical R&D data and it's output cost component is different from our cost component of defense accounting system. Also, we found that estimating results show about 10% of difference when we comparing with actual costs in 44 finished weapon acquisition projects. There are some limitations in calibration to increase an accuracy of the PRICE model because it's difficult obtain good real input data, detailed cost and technical data in low level WBS. So, only 8% of the defense R&D projects are calibrated and validation of calibration results is more difficult. Therefore, we studied the standard calibration process and performed the calibration about the MCPLXS/E parameters of the PRICE model based on actual cost data. In order to obtain a good calculation result, we collected the actual material costs from the defense industry companies. Our results can be used for an reference in similar weapon system R&D and production cost estimation cases.

• Journal of the Korean Home Economics Association
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• v.46 no.4
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• pp.107-117
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• 2008

The aim of this study is to promote an appropriate consumption culture given the features of the segmented female college student group and to utilize these features as basic data at the level of consumer education. The lifestyle of female college students will be identified, along with the current use and customer satisfaction of low price cosmetics that are aimed at this group. The conclusion will be proposed on the basis of the results of this study: Firstly, low price cosmetics producers need to develop products that satisfy the needs of customers and to establish marketing strategies such as sales promotions according to the current trend. Secondly, in order to establish rational purchasing, it is necessary to promote an appropriate consumption culture by offering consumer education to college students. Thirdly, most consumers equate brands with quality. Therefore, companies need to continually produce quality products that may be differentiated from other low price cosmetics, not only in terms of price but also in terms of product quality, in order to enhance the reliability of their brand. Furthermore, it is necessary for consumers to be able to purchase products by considering product quality through searching for diverse information and not merely by depending on any particular brand.

• Korean journal of food and cookery science
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• v.29 no.5
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• pp.553-562
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• 2013

The purpose of this study was to analyze the key factors considered important by customers in the selection of a Korean restaurant through the use of conjoint analysis techniques. A total of 400 questionnaires were distributed over a 2-week period in October 2011, of which 354 were completed (88.5%). Statistical analysis was then carried out using the Windows 18.0 Statistics package. The research was based on the analysis of two target areas - daily meals and special purpose meals. Responses were measured by using Zaichkowsky's Personal Involvement Inventory (PII) and a 7-point Likert Scale. Overall it was found that in all areas of the results regarding the involvement related analyses, daily meals scored lower than special purpose meals. This implied that the choice of daily meals is more applicable to customers with a low level of involvement, whereas high-involvement customers were more likely to focus on special purpose meals. The analysis of high-involvement customers revealed that the quality of food, price, service quality and physical environment, in order of priority, were the most important factors in selecting a restaurant. The use of the optimum attribute combination revealed the following results: delicious food (0.601); friendly staff (0.170); clean restaurant (0.191); price of 20,000 won (-0.513). Furthermore, low-involvement customers considered the following factors as important when selecting a Korean restaurant: quality of food, followed by price, physical environment and service quality in that order. In this instance, the optimum attribute combination showed the following outcomes: tasty food (0.645); friendly staff (0.418); clean restaurant (0.365); price of 5,000 won (-0.847). These results indicated the importance of developing a marketing plan which was based specifically on a customer's involvement level, focusing on their main selection criteria when choosing a Korean restaurant.

• Journal of the Korean Society of Costume
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• v.51 no.7
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• pp.49-62
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• 2001

The purposes of this study were to find out the catalogue and online-order apparel shoppers' impulsive purchase orientation and impulsive purchase stimuli. Self-administered questionnaires were distributed to women over than 20 years, and collected from middle to the end of November in 2000. Frequencies, percentages, and mean were calculated. One-way ANOVA, chi-square test, factor analysis, and cluster analysis were used, and Duncan's Multiple Range test was followed. 1. Factors of impulsive purchase orientation were relax from negative moods, design property, inducement from neighbors, taste congruence, price property of apparel, positive moods, and loose-control, and were segmented into the low impulsive purchaser, the reasonable purchaser, the fulfilled with positive moods, and the high impulsive purchaser. The factors of impulsive purchase stimuli were apparel property, consumer service, sales promotion on the point of sales, and low price. 2. The low impulsive Purchaser was affected little by impulsive purchase stimuli, spent a little money on apparel, and the married with high education level were the most. The reasonable purchaser was affected by sales promotion on the point of sales or low price, spent a little money on apparel, and students or house-wives were the most The fulfilled with positive moods was affected by low price, and students or career women with high education level were the most, but spent less money on apparel. The high impulsive purchaser was affected by various impulsive purchase stimuli, the young unmarried with high education level were the most, and spent more money on apparel. 3. The younger, the unmarried, students or career women, and shoppers with higher income or apparel expenditure showed a higher impulsive purchase tendency for relax from negative mood, design property, for inducement from neighbor, taste congruence, and positive moods. 4. The older, the married, house wives, and shoppers with higher apparel expenditure were stimulated by apparel property or consumer services.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.12 no.4
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• pp.271-287
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• 2008

This paper deals with American call and put options. Determining the fair price and the free boundary of an American option is a very difficult problem since they depends on each other. This paper presents numerical algorithms of finite element method based on the three-level scheme to compute both the price and the free boundary. One algorithm is designed for American call options and the other one for American put options. These algorithms are formulated on the system of the Jamshidian equation for the option price and the free boundary. Here, the Jamshidian equation is of a kind of the nonhomogeneous Black-Scholes equations. We prove the existence and uniqueness of the numerical solution by the Lax-Milgram lemma and carried out extensive numerical experiments to compare with various methods.

• Korean Journal of Construction Engineering and Management
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• v.4 no.4 s.16
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• pp.220-226
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• 2003

The Residential Building Cost Index which presents price variation of construction resources required in a residential building project in single value, has been compiled to evaluate appropriate level of the price variation. This research reviewed the compilation methodology for Residential Building Cost Index based on comparative analysis on domestic statistics and proposed the Residential Building Cost Index through a variety of case studies. It would facilitate monitoring the price variation of a residential building cost and contributes to enhancing the applicability of construction cost data.

• Journal of the Korean Operations Research and Management Science Society
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• v.33 no.2
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• pp.137-151
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• 2008

This paper deals with two shops dealing with single perishable product the fresh items are sold at a list price in the primary shop and the unsold items that have reached a certain allowed age are transferred to the secondary shop to be sold at a discounted price. It is assumed that the demand rates in two shops are Independent each other and can be expressed as a function of inventory level and price. With the objective of maximizing the profit under a Last-In-first-Out. (LIFO) issuing policy, we develop mathematical models for the following two cases : (1) opening primary shop only and (2) opening both primary shop and secondary shop. There are three decision variables, i.e., the reduced price in the secondary shop, the allowed age at the primary shop, and the order quantities at the primary shop. A solution procedure is developed based on tabu search and its validity is illustrated through a comparative study.

• Korean Journal of Organic Agriculture
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• v.16 no.1
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• pp.1-19
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• 2008

Producing Korean organic beef cattle costs a great deal because it needs breeding conditions like the organic feed, an uncontaminated breeding farm and so on. So the price of Korean organic beef (KOB) is more expensive than that of Korean general beef (KGB). To overcome this adverse price condition, a case production organization in Asan will choose direct marketing routes for consumers or the shop under direct management of the organization, or franchise shops. As a result, these marketing routes are expected to narrow the price gap between KOB and KGB. And consumers will accept the price of KOB if quality of KOB is very high level, for example the first grade++.