• Asian Journal of Innovation and Policy
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• 제6권2호
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• pp.225-244
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• 2017

When evaluating the economic value of technology or business project, we need to consider the period and cost for commercialization. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialization cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialization cost, and volatility, while regarding the value of technology and investment as the opportunity value. We at this moment provide more elaborated real options model with the effective region of volatility, which reflects the uncertainty in the option pricing model (OPM).

• KDI Journal of Economic Policy
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• 제40권1호
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• pp.45-66
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• 2018

This paper measures the extent of comovements in stock returns between Korea and three major countries (China, Japan and the U.S.) using industry-level data for Korea from 2003 to 2016 in the spirit of the international capital asset pricing model. It also examines what drives the comovements between Korea and the three countries. We find that the comovements of Korean stock returns with those of the U.S. and Japan became smaller after the global financial crisis. In contrast, the comovement in stock returns between Korea and China became larger after the crisis. After an additional analysis, we conclude that trade linkage is the main driver of the comovements between Korea and the three countries.

• KIEE International Transactions on Power Engineering
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• 제4A권3호
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• pp.159-166
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• 2004

Forecasting prices in electricity markets is critical for consumers and producers in planning their operations and managing their price risk. We utilize the generalized autoregressive conditionally heteroskedastic (GARCH) method to forecast the electricity prices in two regions of New York： New York City and Central New York State. We contrast the one-day forecasts of the GARCH against techniques such as dynamic regression, transfer function models, and exponential smoothing. We also examine the effect on our forecasting of omitting some of the extreme values in the electricity prices. We show that accounting for the extreme values and the heteroskedactic variance in the electricity price time-series can significantly improve the accuracy of the forecasting. Additionally, we document the higher volatility in New York City electricity prices. Differences in volatility between regions are important in the pricing of electricity options and for analyzing market performance.

• 대한전기학회:학술대회논문집
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• 대한전기학회 1998년도 하계학술대회 논문집 B
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• pp.760-762
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• 1998

Due to the reinforcement of government's DSM(Demand Side Management) policy. Solid State Meter was introduced in Korea since 1993 and it is applied to the high voltage customer exceeding 100kW in order to equalize daily load curve. In recent days, KEPCO has a Plan to use the Solid State Meter which has a data recording and remote meter-reading function for low voltage customer to introduce the real-time pricing system and reduce peak power in the near future. So, this paper suggests the specification and function of Solid State Meter.

• 수산해양교육연구
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• 제28권6호
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• pp.1724-1738
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• 2016

This paper was researched on economic feasibility and sensibility of operation to offshore cage culture for cod. Offshore cage culture for cod needs to invest high budget what to construction and operation. And it was required variety methods about analysis of economic feasibility. Therefore, these were studied NPV, B/C and sensitivity for each by assuming a six scenarios considering the product performance according to the size of cod and culturing methods of fingerlings, etc. As a results, even though economy, if efficiency is low, it is a priority need the technical development to promote the feed efficiency to increase economic feasibility and should make efforts to enhance the business economy to strengthen the price competitiveness pricing with high quality products through quality control and brand recognition of cod. It expects to be used as a reference for related research in the future by deriving policy implications based on the method of analysis of the economic feasibility on offshore cage culture for cod.

• 한국수자원학회논문집
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• 제40권11호
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• pp.869-876
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• 2007

본 연구는 수자원정책의 효율성 제고를 위한 판단 자료 제공을 목적으로 업종별 공업용수의 한계생산가치 및 공업용수의 가격탄력성을 추정하였다. 두 가지 형태의 생산함수를 설정하여 추정한 공업용수의 한계가치 및 가격탄력성을 추정 결과를 보면 공업용수의 한계가치는 산업별로 차이가 있으나 공업용수의 평균 가격에 비하여 매우 큰 것으로 추정되었으며 가격탄력성 추정결과는 가격 현실화 정책 효과가 있음을 보여주고 있다.

• 한국산림과학회지
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• 제95권5호
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• pp.551-555
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• 2006

This research was conducted to estimate the use and preservation values of Jirisan national park, using a dichotomous choice contingent valuation. Jirisan national park was estimated to have the use value of 6,377 won per visitor. In terms of preservation value was estimated 13,030 won per housed per year. The results of this research show that Jirisan national park generated considerable use and preservation values, exceeding far greater than current admission fees. The findings also indicate that the estimated economic value provides enough justification for the national park service to increase admission fees in order to maintain the quality of the natural environment. This result may contribute to guidance on the pricing policy of national park managers and practitioners, although public policy may be made in the political arena.

• 자원ㆍ환경경제연구
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• 제27권4호
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• pp.639-666
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• 2018

This paper analyses the investment options of groundwater development project under water price uncertainty. The optimal investment threshold price which trigger the investment are calibrated base on monopolistic real options model. Stochastic dynamic model is set to reflect the uncertainty of water price which follows the GBM (Geometric Brownian Motion) process. Our finding from non-cooperative investment decision model is that uncertainty of water price could deter the groundwater investment by considering the existence of option values. For policy markers, it is easy to manage 'charges for utilization of groundwater' rather than 'performance guarantee ratio' when managing groundwater investment with pricing policy. And it is necessary to make comprehensive and well-designed policies considering the characteristics of regional groundwater reservoir and groundwater developers.

• KDI Journal of Economic Policy
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• 제12권1호
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• pp.127-148
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• 1990

이 논문의 기본목표는 Bain 이래 논란의 대상이 되어 온 기존기업들에 의한 진입제한가격(進入制限價格)의 형성이 일반적으로 가능한가, 가능하다면 어떠한 메커니즘을 통해 형성되는 가를 밝히고, 진입제한가격이론(進入制限價格理論)이 한국경제에 갖는 의의를 찾아보는데 있다, 이 논문에서 밝혀질 주요결과는 다음과 같다. 첫째, 다수의 기존기업(旣存企業)이 각자의 이윤극대화(利潤極大化)를 추구하며 카르텔을 형성하지 않는 때에도 기존기업(旣存企業)과 잠재적(潛在的) 신규기업간(新規企業間)에 정보의 불균형이 존재하는 경우 진입제한가격(進入制限價格)이 채택될 가능성이 있다. 둘째, 이러한 과점기업(寡占企業)들에 의한 진입제한가격형성(進入制限價格形成)은 암묵적 담합의 새로운 형태로 해석할 수 있다. 셋째, 진입제한가격형성(進入制限價格形成)은 각종 회계자료(會計資料)가 공표되지 않을 경우에 가능하다. 넷째, 기존기업(旣存企業)의 수(數)가 증가하여 산업(産業)이 완전경쟁산업(完全競爭産業)에 접근해 감에 따라 진입제한가격(進入制限價格)이 형성될 가능성은 사라지게 된다.

• Journal of Electrical Engineering and Technology
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• 제11권2호
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• pp.285-299
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• 2016

Although South Korea experienced a rolling blackout in 2011, the possibility of a blackout in South Korea continues to increase due to rapid electrification. This study examines the problems of energy taxation and price distortions as possible reasons for the rapid electrification in South Korea, which is occurring at a faster rate than in Japan, Europe, and other developed countries. Further, we suggest new energy taxation and price systems designed to normalize electricity prices. In order to do so, we consider two possible scenarios: the first imposes a tax on bituminous coal for electricity generation and the second levies a tax to provide compensation for the potential damages from a nuclear accident. Based on these scenarios, we analyze the effects of a new energy system on electricity price and demand. The results show that a new energy system could guarantee the power generation costs and balance the relative prices between energy sources, and could also help prevent rapid electrification. Therefore, the suggested new energy system is expected to be utilized as a basis for energy policy to decrease the speed of electrification, thus preventing a blackout, and to induce the rational consumption of energy in South Korea.