• 사회경제평론
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• v.29 no.1
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• pp.31-70
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• 2016

This study provides a comprehensive survey of Post Keynesian economics. The global financial crisis 2008-2009 has triggered an important debate concerning economic theory, policy and methodology. The most important thing that this economic crisis has done for economics is that it revealed mainstream economics was wrong. Mainstream economics has been unable to offer clear answers for the crisis. The economic crisis, at the same time, brought about a crisis in the field of economics. This study suggests that economics needs to be altered into a new form that can explain the real world economy. In this paper, it is argued that Post Keynesian economics can be understood as the alternative economics. The paper begins with the vision and the origins of several Post Keynesian ideas, leading to an examination of certain features of the various groups, including their methodology and their approaches to uncertainty, their pricing theories and their growth theories. The focus, however, is on the stage reflected in Post Keynesian economics which is concerned with the conception of Lakatos's 'Scientific Research Programmes'. It is recognized that more research is necessary in order to complete the post keynesian economics as a standard science or as a progressive Scientific Research Programmes in economics.

• Proceedings of the Korea Port Economic Association Conference
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• 2006.08a
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• pp.1-12
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• 2006

As national economies globalize, demand for intercontinental container shipping services is growing rapidly, providing a potential economic boon for the countries and communities that provide port services. On the promise of profits, many governments are investing heavily in port infrastructure, leading to a possible glut in port capacity, driving down prices for port services and eliminating profits as ports compete for business. Further, existing ports are making strategic investments to protect their market share, increasing the chance new ports will be overcapitalized and unprofitable. Governments and port researchers need a tool for understanding how local competition in their region will affect demand for port services at their location, and thus better assess the profitability of a prospective port. We propose to develop such a tool by extending our existing simulation model of global container traffic to incorporate demand-side shipper preferences and supply-side strategic responses by incumbent ports to changes in the global port network, including building new ports, scaling up existing ports, and unexpected port closures. We will estimate shipper preferences over routes, port attributes and port services based on US and international shipping data, and redesign the simulation model to maximize the shipper's revealed preference functions rather than simply minimize costs. As demand shifts, competing ports will adjust their pricing (short term) and infrastructure (long term) to remain competitive or defend market share, a reaction we will capture with a game theoretic model of local monopoly that will predict changes in port characteristics. The model's hypotheses will be tested in a controlled laboratory experiment tailored to local port competition in Asia, which will also serve to demonstrate the subtle game theoretic concepts of imperfect competition to a policy and industry audience. We will apply the simulation model to analyze changes in global container traffic in three scenarios: addition of a new large port in the US, extended closure of an existing large port in the US, and cooperative and competitive port infrastructure development among Korean partner countries in Asia.

• The Journal of the Convergence on Culture Technology
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• v.8 no.3
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• pp.405-413
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• 2022

Since the COVID-19 outbreak, the active utilization of new health care service utilizing the ICT technology and data science such as telemedicine, smart hospital, AI dignosis has been increasingly found. In this study we examined the business model of Amazon healthcare which leads disruptive innovation in U.S. health care industry with the introduction of hybrid model of telemedicin, in-person care and customer-centric online drug delivery, home-use diagnostic kit, characterized by the integrated model combining medical care, drug delivery and the use of diagnostic kit. We showed using the multiproduct competition model that the synergy effect between the Amazon's original business areas and the healthcare business area causes the active market penetration and the increase in the customer value from utilization of the Amazon care. Using Hotelling's spatial competition model, we also showed that the competition in the health care market can be greater when consumer's choice of health care providers are available in telemedicine platform. In the long, run the issue of competition being weakened due to the exit of less competent healthcare providers may arise, to which the policymakers in the charge of fair competition in health care industry should pay attention.

• Journal of Korea Trade
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• v.26 no.2
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• pp.45-64
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• 2022

Purpose - This paper examines South Korea's potential status as a carbon leakage country, and the level of risk posed by the Korean emissions trading scheme (ETS) for Korean industries. The economic effects of border carbon adjustments (BCAs) to protect energy-intensive Korean industries in the process of achieving the carbon reduction target by 2030 through the Korean ETS are also analyzed. Design/methodology - First, using the Korean Input-Output (IO) table, this paper calculates the balance of emissions embodied in trade (BEET) and the pollution terms of trade (PTT) to determine Korean industries' carbon leakage status. Analyses of the risk level posed by carbon reduction policy implementation in international trade are conducted for some sectors by applying the EU criteria. Second, using a computable general equilibrium (CGE) model, three BCA scenarios, exemption regulations (EXE), reimbursement (REB), and tariff reduction (TAR) to protect the energy-intensive industries under the Korean ETS are addressed. Compared to the baseline scenario of achieving carbon reduction targets by 2030, the effects of BCAs on welfare, carbon leakage, outputs, and trading are analyzed. Findings - As Korea's industrial structure has been transitioning from a carbon importing to a carbon leaking country. The results indicate that some industrial sectors could face the risk of losing international competitiveness due to the Korean ETS. South Korea's industries are basically exposed to risk of carbon leakage because most industries have a trade intensity higher than 30%. This could be interpreted as disproving vulnerability to carbon leakage. Although the petroleum and coal sector is not in carbon leakage, according to BEET and PTT, the Korean ETS exposes this sector to a high risk of carbon leakage. Non-metallic minerals and iron and steel sectors are also exposed to a high risk of carbon leakage due to the increased burden of carbon reduction costs embodied in the Korean ETS, despite relatively low levels of trade intensity. BCAs are demonstrated to have an influential role in protecting energy-intensive industries while achieving the carbon reduction target by 2030. The EXE scenario has the greatest impact on mitigation of welfare losses and carbon leakage, and the TAF scenario causes a disturbance in the international trade market because of the pricing adjustment system. In reality, the EXE scenario, which implies completely exempting energy-intensive industries, could be difficult to implement due to various practical constraints, such as equity and reduction targets and other industries; therefore, the REB scenario presents the most realistic approach and appears to have an effect that could compensate for the burden of economic activities and emissions regulations in these industries. Originality/value - This paper confirms the vulnerability of the Korean industrial the risk of carbon leakage, demonstrating that some industrial sectors could be exposed to losing international competitiveness by implementing carbon reduction policies such as the Korean ETS. The contribution of this paper is the identification of proposed approaches to protect Korean industries in the process of achieving the 2030 reduction target by analyzing the effects of BCA scenarios using a CGE model.

• Asia Marketing Journal
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• v.14 no.3
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• pp.27-48
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• 2012

Temperature and weather are all around us, quite literally. Furthermore, temperature and weather not only permeate our atmosphere, constantly affecting our visceral states of warmth and coldness, but they metaphorically permeate our language. People, products, and ideas can all be "hot" or "cold." Given this ubiquity, it is perhaps surprising that relatively little research has systematically examined the influence of temperature on choice and judgment. Temperature-related words such as "hot" and "cold" are often used to describe impulsive and calculated behaviors, respectively. These metaphoric connotations of thermal concepts raise the question as to whether temperature, psychological states and decision making are related to each other, and if so, how. The current research examines these questions and finds support for a relationship. Across one field study and one laboratory experiment, I demonstrate that both hot ambient room temperature (Spa) and hot temperature primes (words) trigger decision outcomes in line with the metaphoric association between hot temperature and impulsivity. In the field study, participants were recruited in hot (40-50 degrees Celsius) and cold (10 degrees Celsius) rooms at a spa. Participants were simply asked to indicate their willingness-to-pay (WTP) for three product categories (travel package, birthday dinner, and cell phone). The results showed that participants in the hot room in comparison to those in the cold room were willing to pay more for the same products. Next, I tested if our results would go beyond ambient temperature and would hold if I were to prime temperature concepts by using a different priming method (i.e., subliminal vs. supraliminal). In line with the previous findings in the spa, participants in the hot priming condition were more likely to choose the wrong answer for the bat and baseball question than those in the cold priming condition. In addition, product type (e.g., pleasure vs. necessity) can moderate the effect of hot temperature on impulsivity. Mood and arousal did not mediate participants' responses. My findings seem to suggest that the effects of temperature on decision outcomes can be attributed to metaphoric associations rather than incidental mood or arousal. The current research applies a novel perspective in understanding the relationship between temperature and judgment and decision making. Also, the results have practical implications for packaging, advertising, merchandising, and pricing of goods and services, as well as for public policy and awareness. One of the most natural implications of my findings would be that retailers would be better off carrying more impulse purchase items on hot days. Furthermore, point-of-purchase promotions encouraging impulse purchase is more likely to be effective in retail environments with higher temperature than with lower temperature. In addition, advertisements and product packages evoking hot temperature associations (e.g., beach, sunshine, summer) might lead consumers to pay higher price for the advertised product than those with cold temperature associations.

• Journal of Distribution Science
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• v.12 no.4
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• pp.5-9
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• 2014

Purpose - The purpose of this study was to compare and contrast the applicability and effectiveness of both teukyakmeip contracts of Korea and consignment contracts of the United State to demonstrate the effectiveness and practicability of teukyakmeip in Korea. These are popular contract agreements between large retailers and their suppliers and vendors. In recent years, teukyakmeip was critically examined and scrutinized by the politicians, the media, and the public of Korea. Consequently, this paper focusesheavily on identifying and analyzing different types of contract agreements between large retailers and their suppliers that currently exist in Korea and compares and contrasts those analyzed contract agreements with teukyakmeip. The article also comparesand contrasts teukyakmeip with the consignment agreements of the United States to identify similarities and differences. Research design, data, and methodology - This study is a descriptive study and has used personal interviews to collect and analyze the data. This study also fits the definition of the case study wherein it is entirely focused on investigating a real-life event: analyzing and examining contract agreements in the distribution industry. Both randomly selected management and vendor representatives from the three major department stores, Lotte, Hyundai, and Shinsegae, in Korea were interviewed between July and September 2013. The analysis of the consignment agreement was conducted based on existing secondary data. Results - Although the evidence of the abuse of teukyakmeip and consignment by large retailers from both countries clearly exists, the findings suggestthat both contract agreements would remain as the most relevant and effective legal contracts between large retailers and their suppliers. Based on the comparisonanalysis of teukyakmeip and consignment, both contracts indicated that suppliers are fully responsible for inventory and inventory management. If sales person is necessary for promoting special product, then suppliers are responsible for providing a sales person and their wages under both contracts. However, American department stores, those located outside urban area, tend to use their own employees to perform special product and sales promotion. The retailersare fully responsible for any interior or floor design or redesign of the retail store to accommodate the products from vendors under consignment; however, both suppliers and retailers share the cost of designing and redesigning the interior to accommodate vendors'products under teukyakmeip. Suppliers are responsible for pricing and supplying the quantity of the products under both agreements. Both contracts allow special sales commission as long as vendors agreed. Vendors use this special commissionto introduce their new products or apply market penetration strategy. Conclusions -The findings of this study showed the changing pattern of contract agreements between large retailers and their suppliers from both countries. Furthermore, this study evidently generated policy implications of teukyakmeip which recently became the major social issue in Korea and attracted many policymakers to gain political points by criticizing the teukyakmeip system and the large retailers. The findings of the study would be valuable to policy makers in making appropriate decisions and to large retailers and vendors in making beneficial agreements. The major implication of this study is that teukyakmeip and consignment agreements include very similar or almost identical characteristics, and they are popular among department stores and suppliers. The issue of abolishing teukyakmeip in Korea needs to be examined cautiously because teukyakmeip is the best one available at the moment, and the study suggests that no one benefits from abolishing this system.

• Journal of Technology Innovation
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• v.17 no.2
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• pp.55-80
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• 2009

Technology innovation activity plays a pivotal role in constructing the entrance barrier for other firms and making process improvement and new product. and these activities give a profit increase and growth to firms. Thus, technology innovation activity can reduce the default risk of firms. However, technology innovation activity can also increase the firm's default risk because technology innovation activity requires too much investment of the firm's resources and has the uncertainty on success. The purpose of this study is to examine the effect of technology innovation activity on the default risk of firms. This study's sample consists of manufacturing firms listed on the Korea Securities Market and The Kosdaq Market from January 1,2000 to December 31, 2008. This study makes use of R&D intensity as an proxy variable of technology innovation activity. The default probability which proxies the default risk of firms is measured by the Merton's(l974) debt pricing model. The main empirical results are as follows. First, from the empirical results, it is found that technology innovation activity has a negative and significant effect on the default risk of firms independent of the Korea Securities Market and Kosdaq Market. In other words, technology innovation activity reduces the default risk of firms. Second, technology innovation activity reduces the default risk of firms independent of firm size, firm age, and credit score. Third, the results of robust analysis also show that technology innovation activity is the important factor which decreases the default risk of firms. These results imply that a manager must show continuous interest and investment in technology innovation activity of one's firm. And a policymaker also need design an economic policy to promote the technology innovation activity of firms.