• 유통과학연구
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• 제11권10호
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• pp.63-72
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• 2013

Purpose - This study analyzes the relationship and dynamic interactions between stock price index, interest rate, price index, and housing price indices using Korean monthly data from 2000 to 2013, based on a VAR model. This study also examines Granger causal relationships among these variables in order to determine whether the time series of one is useful in forecasting another, or to infer certain types of causal dependency between stochastic variables. Research design, data, and methodology - We used Korean monthly data for all variables from 2000: M1 to 2013: M3. First, we checked the correlations among different variables. Second, we conducted the Augmented Dickey-Fuller (ADF) test and the co-integration test using the VAR model. Third, we employed Granger Causality tests to quantify the causal effect from time series observations. Fourth, we used the impulse response function and variance decomposition based on the VAR model to examine the dynamic relationships among the variables. Results - First, stock price Granger affects interest rate and all housing price indices. Price index Granger, in turn, affects the stock price and six metropolitan housing price indices. However, none of the Granger variables affect the price index. Therefore, it is the stock markets (and not the housing market) that affects the housing prices. Second, the impulse response tests show that maximum influence on stock price is its own, and though it is influenced a little by interest rate, price index affects it negatively. One standard deviation (S.D.) shock to stock price increases the housing price by 0.08 units after two months, whereas an impulse shock to the interest rate negatively impacts the housing price. Third, the variance decomposition results report that the shock to the stock price accounts for 96% of the variation in the stock price, and the shock to the price index accounts for 2.8% after two periods. In contrast, the shock to the interest rate accounts for 80% of the variation in the interest rate after ten periods; the shock to the stock price accounts for 19% of the variation; however, shock to the price index does not affect the interest rate. The housing price index in 10 periods is explained up to 96.7% by itself, 2.62% by stock price, 0.68% by price index, and 0.04% by interest rate. Therefore, the housing market is explained most by its own variation, whereas the interest rate has little impact on housing price. Conclusions - The results of the study elucidate the relationship and dynamic interactions among stock price index, interest rate, price index, and housing price indices using VAR model. This study could help form the basis for more appropriate economic policies in the future. As the housing market is very important in Korean economy, any changes in house price affect the other markets, thereby resulting in a shock to the entire economy. Therefore, the analysis on the dynamic relationships between the housing market and economic variables will help with the decision making regarding the housing market policy.

• 산경연구논집
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• 제10권7호
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• pp.83-89
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• 2019

Purpose - It is a very important issue for the Korean tourism industry to increase tourism revenue by attracting foreign tourists. Although Japanese tourists have been an important part of the Korean tourism industry for a long time, the level of tourist satisfaction including accommodation has been at the worst compared to other foreign visitors, which strongly requires concrete solutions. Therefore, this study focuses on improving the satisfaction level of Japanese visitors in the use of accommodation, and find out the influence of the managerial response. Research design, data, and methodology - In this study, customer review and managerial response of hotels in Seoul were collected from "Rakuten Travel" which is the most representative online travel agency in Japan. As a result of collecting data from 2016 to 2018, 6,190 customer reviews and 1,241 managerial responses from 120 hotels were used for analysis. In addition, information on the properties of 120 hotels, such as the number of rooms, classification, types of hotel facilities, types of room facilities, accessibility and prices, were collected. To test the hypotheses, moderated multiple regression analysis was conducted with SPSS 22.0. Results - It was found that only 25 sites, 20.8% of the total 120 sites, were implementing managerial response and average response rate was 66.42% among them. As a result of examining the main effects of the hotel attributes on the ratings, accessibility and price are confirmed as effective variables. We also found that the response rate has a significant moderate effect in both the accessibility and price. In other words, there was a significant difference in the influence of accessibility and price on the ratings depending on the response rate. Also, it was confirmed that the response rate is not a pure moderator variable but a quasi moderator variable. Overall, the evidences partially supported the hypothesis. Conclusion - It was possible to provide important suggestions to the hotel managers who were concerned about managing tourist satisfaction with accessibility problems. It was found that the accessibility problem could be overcome by increasing the response rate. It was also confirmed that high ratings can be more effectively achieved for high priced hotels by increasing the response rate.

• 전기학회논문지
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• 제66권8호
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• pp.1181-1186
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• 2017

The purpose of Demand Response is to reduce the cost of excessive resources and equipment by spontaneous load reductions at peak loads. Having enough power consumers participating in these schemes is key to achieving the goal. Demand Response Aggregator (DRA) is responsible for recruiting demand resources and managing them to participate in reducing the load. DRAs change the price elasticity of demand functions by providing incentives to demand response, thereby affecting price formation in the electricity market. In this paper, this process is modeled to analyze the relationship between DRA's strategic bidding and market outcomes and load reductions. It analyzes the results by applying to competition between DRAs, competition between DR and Gencos, and coexistence of DR load and non-DR load. It is noteworthy that we have found a phenomenon called the Balloon Effect.

• 유통과학연구
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• 제16권12호
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• pp.5-11
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• 2018

Purpose - We investigate the relationship between economic policy uncertainty (EPU) of the US and China and housing distribution economy in Korea using EPU indexes of two countries and the economic indicators in Korea. Research design, data, and methodology - We use the data such as the Korean housing price stability index (HPSI), housing purchase price index (HPPI), housing lease price index (HLPI), banking stock index (BSI), and consumer price index (CPI) with EPU indexes from January 1999 to December 2017. As an empirical methodology, we select the vector error correction model (VECM) due to the existence of cointegration. Result - As results of the impulse response function, the impact of the US EPU index has initially a negative response on the Korean HPSI, HPPI, and HLPI referring the housing distribution market including the economic variables, BSI, and CPI. Likewise, the impact of index in China has initially a negative response on economic indicators except the BSI in Korea. Conclusions - This study shows that the EPU index of the US has significantly negative relationships on all economic indicators in Korea. In this study, we reveal EPU of the US and China has dynamic impact on housing distribution economy returns in Korea.

• International Journal of Human Ecology
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• 제7권1호
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• pp.25-36
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• 2006

The purpose of this study was to investigate and compare visiting intentions by positive and negative Word-of-Mouth (WOM) and/or information of beauty shop between female college students and adult women. Data were collected from 500 consumers (250 from female students and 250 adult women) and was analyzed by using frequencies, factor analysis, t-tests and multiple regression utilizing SPSS/PC+. The findings revealed positive experience factors to prudent service, time saving/consideration for customer's position, kindness/operating system in waiting time, added services, employees' attitudes, excellent beauty and response skill, rational price and recall system/remind for customer. The negative experiences were inconsistent service, operators' convenient service, irrational price/poor skill/non-recall, non-customer central service, inappropriate face-to-face management to customer. Also, the results showed that the positive WOM information such as prudent service, time saving/consideration for customer's position, excellent beauty and response skill and rational price had influence on the visiting intention in case of female college students. The negative WOM information like non-customer central service, had influence on the visiting intention in cases of adult women.

• 산경연구논집
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• 제8권7호
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• pp.7-12
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• 2017

Purpose - This research examines the short-run and long-run effect of external shocks (oil price and exchange rate) on domestic food price in Indonesia. Research design, data, and methodology - Three variables are used in this research. The variables are food price index, Rupiah's exchange rate of Indonesia, and crude oil price from 1998 until 2015 using Vector Error Correction Model (VECM). Results - The increasing of oil price and the depreciation of Rupiah's rate push the domestic food price in long-run, but do not impact significantly in short- term. The response of food price to oil prices shock and exchange rate shock are positive and persistent throughout the entire sample period. The exchange rate and oil price shocks have a small proportion explaining for the fluctuations of food price index but increasing over time. Conclusions - The policymaker should concern on solving the problem of oil price increase and depreciation of exchange rate on Indonesia's food price as they are important factors that can affect the price stability. The government should not rely on food imports because the price is strongly influenced by the movements in the exchange rate.

• 대한가정학회지
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• 제45권6호
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• pp.49-59
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• 2007

The purposes of this study were to determine the price elasticities of foodcourt-styled university foodservice, and to identify the attributes that affect these price elasticities. Questionnaires were distributed to 700 students at the K University in Masan, from September 21-27, 2006. 478 questionnaires were ultimately included in the final analysis(response rate: 68.3%). For statistical analysis, SPSS(12.0) was used to conduct the descriptive analysis, t-test, and ANOVA. The results of this study were as follows. The average meal price for in-campus foodservice was \ 2,196 and the average meal price for an off-campus restaurant was \3,044. The university students recognized that the proper price for in-campus foodservice and an off-campus restaurant were, respectively, \2,127 and \ 2,884. The price elasticities for foodcourt-styled university foodservice were 4.20(Kko-Bul-Kko-Bul), 3.83(Il-Poom-Hyang), and 4.10(Ne-Mo-Baek_Ban). The factors that affected price elasticity included the frequency of visiting foodservice, foodservice satisfaction, price satisfaction, and customer's responses to increased meal prices. The recommended price strategy for foodcourt-styled university foodservice was to lower meal price, which would attract more students and increase the sales volume. Simultaneously, foodservice managers should attempt to improve and increase customer satisfaction and the customer's perceived value for meal price. Overall, price elasticity may prove helpful in predicting the customer's behaviors on price changes, and may provide useful basic data for foodservice managers when establishing price strategy.

• 디지털융복합연구
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• 제17권1호
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• pp.55-62
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• 2019

본 연구는 주택가격의 변화가 거시경제변수와 소득불평등에 영향을 미치는 중요한 요인으로 작용하였을 것으로 판단하여 주택 전세가격과 매매가격, 지니계수, 금리, 취업자수와의 관계를 분석하였다. 2003년부터 2016년까지 국내 16개 광역시 도의 자료를 활용한 패널분석을 하였고 패널자료임을 감안하여 패널 VAR모형을 구축한 뒤 그랜저인과관계, 충격반응함수, 분산분해분석을 실시하였다. 그랜저인과성 검사와 충격반응검사 결과, 주택시장의 매매가격과 취업자수, 금리가 소득불평등에 유의한 영향을 미치는 것으로 나타났다. 글로벌 금융위기 이전에는 전세가격만이 통계적으로 유의한 결과를 보였지만 금융위기 이후에는 주택 전세가격과 매매가격이 유의한 영향을 미치는 것으로 나타났다. 또한 분산분해분석 결과에서는 금융위기 이전에는 전세가격이 소득불평등에 미치는 영향력이 크게 나타난 반면에 금융위기 이후에는 전세가격의 영향력이 낮아지고 금리가 큰 영향을 미치는 것으로 나타나, 금리, 취업자수, 주택시장의 매매가격과 전세가격이 소득불평등에 주요한 요인으로 작용할 수 있다는 것으로 확인되었다. 따라서 정부의 부동산 정책을 비롯한 경제 활성화를 위한 정책시 변수들간의 영향력을 고려하여 소득불평등을 완화시킬 수 있는 정책수립이 될 수 있길 기대한다.

• 조명전기설비학회논문지
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• 제25권11호
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• pp.39-49
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• 2011

Smart Grid has two main objectives on both supply and demand aspects which are to distribute the renewable energy sources on supply side and to develop realtime price responses on demand side. Renewable energy does not consume fossil fuels, therefore it improves the eco-friendliness and saves the cost of power system operation at the same time. Demand response increases the flexibility of the power system by mitigating the fluctuation from renewable energies, and reduces the capacity investment cost by shedding the peak load to off-peak periods. Currently Smart Grid technologies mainly focus on energy monitoring and display services but it has been proved that enabling technologies can induce the higher demand responses through many pilot projects in USA. On this context, this paper provides a price responsive algorithm for HEMS (home energy management system) on the real time pricing environment. This paper identifies the demand response as a core function of HEMS and classifies the demand into 3 categories of fixed, transferable, and realtime responsive loads which are coordinated and operated for the utility maximization or cost minimization with the optimal usage combination of three kinds of demand.

• 자원ㆍ환경경제연구
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• 제31권4호
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• pp.755-775
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• 2022

동 연구는 휘발유 가격 수준에 따른 국제 유가에 대한 국내 가격 조정의 비대칭성을 분위수 자기회귀시차분포 모형을 사용하여 확인한다. 추정에 사용된 자료는 2008년 5월 첫 번째 주부터 2022년 10월 두 번째 주까지의 주간 평균 두바이유가, 정유사 휘발유가, 주유소 휘발유가이다. 추정은 두바이유가에 대한 주유소 휘발유 가격, 두바이유가에 대한 정유사 휘발유 가격, 정유사 휘발유 가격에 대한 주유소 가격의 변화, 세 가지에 대해 이루어졌다. 추정 결과, 두바이유가에 대한 정유사 휘발유 가격의 조정은 휘발유 가격의 모든 분위에 걸쳐 비대칭적으로 나타난 반면 두바이유가와 정유사 휘발유 가격에 대한 주유소 가격의 조정은 휘발유 가격의 분위수가 높을수록 비대칭적으로 나타났다. 이와 같은 결과는 휘발유 가격 변화에 따른 주유소의 재고 비용 변화에 기인하는 것으로 추측된다. 재고 비용에 대한 부담이 높을수록 주유소에게는 상승한 휘발유의 매입가격을 보다 적극적으로 판매가격에 전가하고자 하는 유인이 있다.