• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.8
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• pp.251-261
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• 2016

Recently, many weapon related quality issues have arisen in the armed forces, such as failures of K-21 Infantry Fighting Vehicles, K-9 self-propelled mounts, and grenade explosion during boot training. Since all of the issues are repetitive phenomena, we examined the defense quality management system and identified the possible solutions for it. Since the government quality assurance agency performs their quality assurance activity using the system evaluation technique, we first reviewed the regulations related to the defense quality management system. Then, we benchmarked some other advanced quality management systems. We suggested two types of defense quality management system, one for small (in terms of the amount of the contract) competitive contracts and the other for large private contracts. For the first one, we adopted the framework of MIL-I-45208 (Inspection System Requirement), while for the second one, we adopted the framework of NATO AQAP 2310 (Quality Management System Requirements for Aviation, Space and Defense Suppliers).

• Korean Journal of Construction Engineering and Management
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• v.21 no.4
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• pp.3-11
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• 2020

Problems related to construction contracts arise if they are not reflected in the design phase from the planning phase of the construction project, or if they are not properly dealt with despite various changes in the construction phase. So far, there have been a number of discussions in Korea regarding the improvement of the procedures for resolving construction disputes, and the problems related to the procedures for solving construction disputes have been raised steadily, but the problems related to the procedures for solving construction disputes are still unresolved. Therefore, in this study, the followings were proposed to strengthen the international competitiveness of the construction industry. First, the so-called Construction Dispute Mediation Act should be enacted to prepare the basis for the establishment of a tentatively named Construction Dispute Mediation and Arbitration Agency(CDMA). Second, the work of the CDMA should be limited to the work of supporting the DRB, mediation and Arbitration the private and public sectors. Third, it is required to choose between adjustment and arbitration when obtaining a contract and to operate the DRB during construction phase. Fourth, CDMA should be established as standing bodies, and branches should be operated in various parts of the country. Fifth, construction experts from various areas should be included as members so that disputes over construction contracts can be dealt with quickly. And finally, relevant laws that specify the procedures for dealing with construction disputes should be amended together.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.31 no.1D
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• pp.119-126
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• 2011

High-speed railway raises global interests with the growing concerns on the green development and the green energy. However, since most of the infrastructure investment of Korea was focused on the highway projects for last forty years, the investment on the railway has been limited around 40~50% of that of the highway projects. In addition, due to the world economy crisis and unsatisfactory support of existing policy for the private investment project, the private investment is given a small deal of weight on the social overhead capital investment. Meanwhile, despite the world high-speed railway market is growing rapidly and the Korean contractors have won the international construction contracts over 70 billion USD, past records of railway projects are very rare. Therefore, it is required to develop strategies for encouraging private investment in the domestic market to achieve efficient high-speed railway development and for advancing into foreign high-speed railway market. This study carried out data collection and market analysis for both domestic and foreign market respectively. Through a structured questionnaire survey and expert interviews, contractors' perceptions on the high-speed railway market and needs for the government support are collected. Summary of strategies drawn from this study are as follows: 1) carrying out BTL high-speed railway projects and revising related policies; 2) upwarding incentive level for the private pre-investment projects considering the contractors' credit rating; 3) carrying out Honam-Jeju submarine railway project; 4) establishing a efficient consortium model for foreign market; 5) improving the capacity of the Korea Railway Association that support Korean contractors' foreign advancement; and 6) expand the budget for Global Infra-fund.

• Korean Journal of Construction Engineering and Management
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• v.17 no.2
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• pp.127-134
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• 2016

Design modification is one of the elements that must be controlled in the process of any construction project. Especially a military facility project comes with more obstacles than private work due to the unique characteristics and closeness of the military. As there are both the project manager and the user within the ordering body, it is likely to have difficulties unless communication is conducted smoothly. The reason is that such issues regarding communication lead to design modification and it will result in the user's dissatisfaction. Thus this study aimed to identify the elements that generally cause design modification by analyzing characteristics of military projects from the status of current project contracts, analyzing past elements that lead to design modification and comprehensively researching responds from the survey on operators of facility projects. It is expected that loss from design modification of military facility projects is reduced by proposing feasible and practical improvements.

• Journal of Labour Economics
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• v.38 no.4
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• pp.83-107
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• 2015

Free Agent(FA) system allows a professional player to make a salary contract with the other clubs as well as the incumbent one after the player has played in one club for a fixed periods. Sometimes compared with the salary FA players performs very poorly, which leads to a debate about FA busts. We extend the model of Yang and Wang(2013) to the one with incomplete information about the productivity of the player to explain the possibility of FA busts. FA busts do not arise in the separating equilibrium where the private information is fully revealed. The FA busts do occur in the pooling equilibrium We show that the separating equilibrium does not exist. We also show that under some conditions, in particular with strong compensation rule, the unique pooling equilibrium exists.

• Korea Trade Review
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• v.42 no.5
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• pp.19-42
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• 2017

Nowaday typically international commercial transaction, buyer and seller communicate with each other using standard forms. So called "the battle of forms" results from the exchanges of these forms. There are several problems that have to be solved in the battle of the forms. For example, Do the exchanges of the different terms form a contract? What are the contract terms? Which party's terms could apply? etc. Around the world, two basic types of rules are applied to solve the problem as to the battle of forms : last-shot rule and knock-out rule. In 2015, Hague Conference in Private International Law finally approved Hague Principles. The principles deal with the battle of the forms. Also in 2013, CISG Advisory Council adopted the "Black letter rules" to provide an effective way of resolving regarding the inclusion of standard terms under the CISG. This study would try to comprehensively review the battle of forms concerning Hague Principles and CISG. The aim of this study is to propose the most appropriate way to resolve the problem of the battle of forms both parties.

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
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• v.8 no.3
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• pp.895-905
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• 2018

Public opinion polls have a strong influence on modern society as a means of examining the tendency of social groups on specific issues. As the influence of the polls increases, the problem of forgery and falsification of the results becomes an important issue. So, to guarantee the reliability of the results, our society needs novel mechanisms. As one of such mechanisms, the Ethereum blockchain is an environment for developing decentralized applications with the reliable blockchain technology. Ethereum decentralized applications can utilize smart contracts to provide services for users in transparent and reliable ways. In this paper, we propose a polling method that guarantees reliability using the blockchain technology, which is a distributed ledger technique that makes forgery or falsification actually impossible. The proposed method provides a robust verification function on the results of the associated polls for individual voters and verification organizations. Also, we present a distributed opinion polling application running on our private Ethereum blockchain network, showing the effectiveness of the proposed method.

• KDI Journal of Economic Policy
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• v.14 no.1
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• pp.191-212
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• 1992

This paper discusses the role of money in the process of capital accumulation where financial markets are impeded by contract enforcement problems in the context of overlapping generations framework. In particular, in less developed countries (LDCs) creditors may know little about the repayment capability of potential debtors due to incomplete information so that financial instruments other than money may not acceptable to them. In this paper the impediments to the operation of the private finanical markets are explicitly modelled. We argue that creditors cannot observe actual investment decisions made by the potential borrowers, and as a result, loan contracts may not be fully enforceable. Therefore, a laissez-faire regime may fail to provide the economy with the appropriate financial instruments. Under these circumstances, we introduce a government operated discount window (DW) that acts as an open market buyer of private debt. This theoretical structure represents the practice of governments of many LDCs to provide loans (typically at subsidized interest rates) to preferred borrowers either directly or indirectly through the commercial banking system. It is shown that the DW can substantially overcome impediments to trade which are caused by the credit market failure. An appropriate supply of the DW loan enables producers to purchase the resources they cannot obtain through direct transactions in the credit market. This result obtains even if the DW is subject to the same enforcement constraint that is responsible for the market failure. Thus, the DW intervention implies higher investment and output. However, the operation of the DW may cause inflation. Furthermore, the provision of cheap loans through the DW results in a worse income distribution. Therefore, there is room for welfare enhancing schemes that utilize the higher output to develop. We demonstrate that adequate lump sum taxes-cum-transfers along with the operation of the DW can support an allocation that is Pareto superior to the laissez-faire equilibrium allocation.

• Journal of Distribution Research
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• v.16 no.5
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• pp.1-18
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• 2011

Local assemblers of agricultural products perform important distribution functions such as providing sales outlets, labor forces, market information, and financing, forward contracting, farming, physical distribution, and etc. However, their business activities are not transparent and producers are not effectively protected from unfair practices done by local assemblers. In order to enhance transparency and to increase effectiveness of governmental policies, local assemblers, which are mostly private management, should be organized as corporations. In order to organize corporations, the government should emphasize the importance of education and should provide corporations with governmental funds for improvement of agricultural distribution. Corporations should be developed to marketing cooperatives in the long run, and are requested to form their federations. It is also necessary to have transparent forward contracting system by local assemblers. In order to have transparent system, producers and local assemblers are guided to use standard contract forms and to operate offices handling unfair trade practices by local assemblers. We also need a place to exchange forward contracts, which can be developed to a futures market in the long run. In summary, local assemblers of agricultural products, which are mostly private management, should be developed to corporations and be operated by a transparent manner in order to protect agricultural producers and increase efficiency of trading.

• Korean Journal of Construction Engineering and Management
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• v.12 no.2
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• pp.121-132
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• 2011

One of the advantages of BOT PF(Project Finance) is the government can be protected from risks involved in projects as the private finances, builds, and operates relevant projects. Moreover, the private may avoid outstanding responsibility in case of default thanks to BOT PF's unique financial structure and characteristics. However, despite increasing attention on risk mitigation effect of financial structure and characteristic of BOT PF to default risk with emerging controversies of capital crunch, introduction of IFRS, and contingent liabilities, valuation of default risk mitigation effect caused by financial structure and characteristics of BOT PF still seems sophisticated due to uncertain cash flows, complexly layered contracts, and their interaction. So, this paper is to show the theoretical frame to assess the default risk mitigation effect of financial structure and characteristic of BOT PF with option pricing and related financial economic theories and to provide some meaningful implications. Finally, this research shows that the financial structure and characteristics of BOT PF help mitigate the default risk and default risk mitigation effect increases as change of relevant variables on financial feasibility gets the BOT project less financially feasible.