• STI Policy Review
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• v.9 no.1
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• pp.133-157
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• 2018

The divide between the "digital" economy and the traditional "physical" economy is outdated. In fact, we are in a transition to a singular economy. This paper classifies economic objects (including actors) as either physical or virtual and argues that due to emerging technologies, these objects are interacting with each other in both physical and increasingly digital spheres in tandem. This paper recognizes the elemental difference between atoms and bytes but argues that physical and digital economic activities are becoming inseparably intertwined. Furthermore, arbitrarily dividing the economy into two categories - one "physical" and the other "digital" - distorts the overall view of the actual execution of economic activity. A wide range of innovations emerging concurrently is fueling the transition to a singular economy. Often referred to as the elements of the Fourth Industrial Revolution (4IR), four emerging technological areas are reviewed here: distributed ledger technology, artificial intelligence/machine learning/data sciences, biometrics and remote sensor technologies, and access infrastructure (universal internet access/electricity/cloud computing). The financial services sector is presented as a case study for the potential impact of these 4IR technologies and the blurring physical/digital line. To reach the potential of these innovations and a truly singular economy, it requires the concurrent development of social, organizational, and regulatory innovations, though they lag in terms of technological progress thus far.

• Proceedings of the KIEE Conference
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• 2001.04a
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• pp.198-201
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• 2001

The mixed gas of Hydrogen and Oxygen is gained from water electrolysis reaction. It has constant volume ratio 2 : 1 Hydrogen and Oxygen, and it is used as a source of thermal energy by combustion reaction. This gas has better characteristics in the field of economy, efficiency of energy, and environmental intimacy than acetylene gas and LPG used for gas welding machine. So several studies of this gas are actively in progress nowadays. The object of this study is the optimization of power condition in the side of electrical for the high efficiency of water electrolysis equipment. First, chemical analysis of electrolysis is conducted, and the relation of electrical energy and chemical energy is quantitatively investigated. For basic experiment, unit electrode of singular electrolysis electrode is manufactured and experimented, results are compared and analyzed with simulation, and the electrolysis is electrically equivalent.

• Journal of Korea Game Society
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• v.10 no.3
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• pp.47-59
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• 2010

Differing from most of current studies which recognizing game item cash-trade as simple static system, this study approaches game item cash-trade as Complex Adaptive System through historical analysis. The item-trade is a complex phenomenon converging between cyber-economy and real-economy, and production and consumption process of game-item are evolving dynamically over time. The results are following: first, the early item-trade emerges in endogenously rather than results from purposed system designed by singular actor. Second, after the early item-trade, the trade system as a CAS which various voluntary actors(single user, factory, game company, user community, agency, etc.) participates in is self-organizing for trading safety and efficiency. Third, the complex adaptive item-trade system satisfies actor's needs interdependently and accelerate positive feedback powerfully. This study implies that purposeful control disregarding emergent adaptive item-trade system distorts system efficiency and can lead to unintended policy failure.

• Asia-Pacific Journal of Business
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• v.11 no.4
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• pp.37-48
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• 2020

Purpose - This study empirically investigates whether the risk property included in fat-tails of return distributions is systematic or unsystematic based on the devised statistical methods. Design/methodology/approach - This study devised empirical designs based on two traditional methods: principal component analysis (PCA) and the testing method of portfolio diversification effect. The fatness of the tails in return distributions is quantitatively measured by statistical probability. Findings - According to the results, the risk property in the fat-tails of return distributions has the economic meanings of eigenvalues having a value greater than 1 through PCA, and also systematic risk that cannot be removed through portfolio diversification. In other words, the fat-tails of return distributions have the properties of the common factors, which may explain the changes of stock returns. Meanwhile, the fatness of the tails in the portfolio return distributions shows the asymmetric relationship of common factors on the tails of return distributions. The negative tail in the portfolio return distribution has a much closer relation with the property of common factors, compared to the positive tail. Research implications or Originality - This empirical evidence may complement the existing studies related to tail risk which is utilized in pricing models as a common factor.

• Journal of the Korean Society of Marine Environment & Safety
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• v.28 no.2
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• pp.361-369
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• 2022

Countries worldwide are shifting to a hydrogen economy to respond to stringent environmental regulations, and the transport of hydrogen between countries is expected to increase in the mid- to long-term. Hydrogen is traded between countries in different forms, such as ammonia, liquid hydrogen, and LOHC (Liquid Organic Hydrogen Carrier), on account of the renewable energy resources in exporting countries, the type of hydrogen use in importing countries, and the technological maturity; however, it is not traded only in a singular form. As marine transportation of ammonia and LOHC is a relatively mature technology compared to that of liquid hydrogen, in this article, we analyzed the technical feasibility of liquid hydrogen carriers while identifying detailed technologies required for their future development and securing possible designs through various technical alternatives.

• Journal of Distribution Research
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• v.17 no.5
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• pp.39-57
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• 2012

The unabated influx of micro businesses has turned the Korean retailing market to a rat race, which causes severe financial distress for micro business owners due to heavy competition. The woes of these micro business owner's are exacerbated by the presence of large scale distributors such as Super Supermarket(SSM) and large discount stores. In summary, the Korean retail market is overburdened an uneconomically viable. Retailing has low barriers to entry which attracts unskilled labor or those with little capital. These start-ups have low opportunity costs since they would make low wages elsewhere in the economy. Thus, these owners are content with relatively low returns on their investment. These 'subsistence ventures' are maintained for economical viability rather than economic growth. These 'subsistence ventures' intensifies competition among small-scale businesses. The presence of large retail corporations also aggravates the situation. The recent stagnation of the economy has worsened the retail market in Korea. The overwhelming competition solidifies the coarse structural system and the prolonged economic sluggishness has increased the risk of insolvency for micro business owners. As the economy continues to stagnate, the imminent risk in retailing market will rise up to surface threatening economic stability. More systematic inflows and outflows of retailers are required in order to redress this structural problem. It has been empirically shown that the self-employment rate is high in Korea compared to other OECD countries. To draw the comparison of self-employment rate by industry, Korea shows high rates among transportation, whole sale, retail, education, lodging, and restaurants. In the case of the transportation and education service sectors, this high rate can be explained by the idiosyncratic nature of Korean culture. In the transportation sector, political policies favor private cap service and private freight carriers. In the education service sector, Koreans put particular emphasis on education that leads to many private institutions that outnumber other OECD countries. For these singular reasons, Korea maintains high micro business, self-employed rates particularly in retailing. A comparable nation is Japan, with its similar social, economic, cultural environment among OECD countries. Unlike Korea, Japan has much lower rates of micro business which continues to decrease. Also Korean retailers are much more destitute than Japanese. The fundamental problem of Korean retailing is the involuntary exit of these 'subsistence ventures,' micro businesses with low margins, in which a small drop in demand can lead to financial difficulties for the owner. This problem will be exacerbated when Korean babyboomers retire and join the micro business ventures. The first priority in order to cope with the severity of oversupply in retailing is to provide better opportunities for the potential self-employers. There should be viable alternatives to subsistent ventures. Strengthening the retirement program, scrutiny of exit process, reconfiguration of policy funds are the recommendations.