• Journal of Korea Technology Innovation Society
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• v.11 no.2
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• pp.241-263
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• 2008

Within any income approach, a discount rate is used to convert some projected free cash flow to its presented value. In case of valuing companies, the most frequently used discount rate is the weighted average cost of capital(WACC) at the aggregate level. But technology valuation is different to discounting aggregate corporate cash flow since it is concerned about individual Intellectual property. Therefore, blindly applying standard discount rate such as WACC in technology valuation is unlikely to lead to the right result. The primary focus of this paper is to establish the structure of discount rate for technology valuation and to suggest the method of estimation. To determine an appropriate discount rate for technology valuation, the level of technology risk, market risk and competitive risk should be included in the structure of discount rate. This paper suggests the build-up model which consists of three components as a expansion of the CAPM. It includes (1) a risk-free rate of return, (2) general market risk premium and beta and (3) intellectual property risk premium related to technology risk and specific target market risk. However, there is no specific check list for examining the intellectual property risk until now and no specific method for quantifying its risk into risk premium. This paper developed the 10 element to determine the level of the intellectual property risk and applied estimation function such as linear function, natural log function and exponential function to transform the level of risk into risk premium. The limitation of this paper is that the range of intellectual property risk premium is inferred based on the information of foreign and domestic valuation agency. Finally, this paper explored the development of an intellectual property discount rate for technology valuation and presented the method in order to quantify the intellectual property risk premium.

• Journal of the Institute of Electronics and Information Engineers
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• v.53 no.11
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• pp.32-40
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• 2016

IEEE 802.15.4 is the one of the protocols for radio communication in a personal area network. Because of low cost and low power communication for IoT communication, it requires the highest optimization level in the implementation. Recently, the studies of location aware algorithm based on IEEE802.15.4 standard has been achieved. Location estimation is performed basically in equal consideration of reference node information and blind node information. However, an error is not calculated in this algorithm despite the fact that the coordinates of the estimated location of the blind node include an error. In this paper, we enhanced a conventual maximum likelihood estimation using weighted coefficient and implement the hardwired location aware engine for small code size and low power consumption. On the field test using test-beds, the suggested hardware based location awareness method results better accuracy by 10 percents and reduces both calculation and memory access by 30 percents, which improves the systems power consumption.

• Journal of Environmental Science International
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• v.27 no.5
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• pp.281-289
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• 2018

The Korean environmental impact assessment(EIA) system, and explored ways to improve it as a more efficient and viable institution relevant to the demand of our time and conditions in study. The first problem this study identified is found in the fact that the party to write up the assessment report is itself the business operator or the one who is planning to work out the business plan. This structure translates into placing an order with an agent for EIA report. The reporting job may br subcontracted to the agent at a cost far below the rate specified in the 'Standard for Estimate of Agency Fee for Environmental Impact Assessment.' This practice also causes the vicious circle of producing a report that is written to justify the project or business in question or it leads to rough-and ready and poor documentation to minimize the time required. Second, in order to achieve the goal of the plan or business, which is the target of EIA, the local residents tend to ve regarded as an obstacle. This means elimination of the local people from participating in the EIA or their opinion being frequently ignored. This is the seed of distrust and hostility that sometimes provoke disagreements or fierce conflicts. The first proposal to improve these problem is to improve the factors that cause poor documentation of the assessment report as well as improve the understanding of the EIA system. This study proposes the following measures for improvement. The agency cost for EIA should be paid by the business operator or a third party that can ensure faithful implementation of the payment. A system should be established to verify transparent estimation of the agency cost. In order to enhance the professional quality of EIA agents, there should be implementation of qualification test for industrial engineer of related engineers in addition to the current EIA Qualification Test. The second proposal for improvement is to improve the citizen participation process by instituting a legal framework to make clear the purpose of the briefing session for local residents, which is held as a procedure of EIA, and to ensure more positive publicity during the stage of listening to the opinion of the local community. For a smooth and rational communication process, a moderator and a communicator of opinion, as is the case in a public hearing, could be instituted to clearly get the purpose of the briefing session across to the residents and to help to carry out the explanation and Q & A sessions according to the categories of the opinion of the residents. At present, the notification of the public inspection of the draft of the assessment report and briefing session for the residents is made on the newspaper and internet network. But some people have difficulty with access to this method of announcement. A higher participation rate could be secured if a legal provision is added to specify putting up placards in specific places such as the entrance to the place for the briefing session for residents or the building of administrative agencies of the area concerned.

• Review of Culture and Economy
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• v.19 no.2
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• pp.29-50
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• 2016

This paper is to apply an individual travel cost method(TCM) to estimate demand functions for cultural services enjoyed by visiting 3 branches of the National Museum of Modern and Contemporary Art located in the Seoul Metropolitan area. This paper extends the standard TCM by incorporating opportunity costs of leisure time and two different data generating process - 398 respondents from an on-site survey and 600 respondents from a general household survey. Negative binomial models reflecting the non-negative integer nature of visiting frequency with over-dispersed variance were best fitted for demand functions, in which residents of Seoul metropolitan area surveyed from on the site exhibited higher visitation demand for the national art museum. Price elasticity and income elasticity differed by respondents' residency. Price elasticity of long distance visitors (-0.21) was more inelastic from those of Seoul residents (-0.34 ~ -0.5). Moreover, regional residents outside of Seoul area seemed to consider that services from the national art museum is a normal good with income elasticity of 0.5, whereas the Seoul residents seemed to perceive it to be an inferior good with income elasticity of -0.05.

• Korean Journal of Construction Engineering and Management
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• v.9 no.2
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• pp.182-189
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• 2008

In private and public construction works, cost estimation and site productivity management are based on designed labor quantities calculated by the Standard Quantities per Unit (SQU). The designed labor quantities are regarded as the basis for insurance costs and safety and environmental costs and also affect the progress measurement of construction works. Even though the designed labor quantities from the SQU has been considered to be different from actual labor quantities put to construction works, there is no research that empirically analyzes the statistical differences. This study analyzes actual labor quantities of form workers, steel-bar fabricators, concrete pourers in reinforced concrete works of the 43 apartment projects, and compares the actual labor quantities to labor quantities from the SQU. It goes further to scrutinize the critical reasons underlying the differences through a survey on 65 practitioners and interviews with 32 site managers and supervisors. The regression models of labor quantities of the apartment concrete work produced by the present study will contribute to reasonable construction contracts based on the past actual costs and practical site management by the actual labor quantities.

• Archives of design research
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• v.14
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• pp.181-191
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• 1996

The '10 Productivity' -a combined term of 'ID'

• The Korean Journal of Applied Statistics
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• v.14 no.1
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• pp.39-57
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• 2001

Categorical data has sometimes misclassification errors. If this data will be analyzed, then estimated cell probabilities could be biased and the standard Pearson X2 tests may have inflated true type I error rates. On the other hand, if we regard wellclassified data with misclassified one, then we might spend lots of cost and time on adjustment of misclassification. It is a necessary and important step to ask whether categorical data is misclassified before analyzing data. In this paper, when data is misclassified at one of two variables for two-dimensional contingency table and marginal sums of a well-classified variable are fixed. We explore to partition marginal sums into each cells via the concepts of Bound and Collapse of Sebastiani and Ramoni (1997). The double sampling scheme (Tenenbein 1970) is used to obtain informations of misclassification. We propose test statistics in order to solve misclassification problems and examine behaviors of the statistics by simulation studies.

• Journal of the Korean GEO-environmental Society
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• v.13 no.1
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• pp.15-20
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• 2012

Field measurement is a very essential factor for economic aspect and estimation of stability of tunnels. In this paper, various types of support element based on field test data in 4-lane wide road tunnel were evaluated. And stability and economical efficiency were also estimated. The estimated value were compared with design value and the type of support element which is applicable to site condition was evaluated. The results show that most of support elements were modified under the standard value(30mm) and type of support element which is already constructed was overestimated. So, appropriate level of support element have to be presented to save the time and cost during construction.

• Journal of Radiation Protection and Research
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• v.28 no.2
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• pp.145-154
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• 2003

By optimizing the radiation protection the collective dose and individual dose could be reduced during YGN #4 $5^{th}$ outage in 2001. The collective doses for the two high radiation jobs decreased to 85% and 65% of expected doses. The proportion of workers with low dose (below 1mSv) exposure increased 4% while the proportion of workers with over 3mSv and 5mSv exposure are decreased to 2%, 1% respectively. But none is exposed over 8mSv for the annual dose. To aid decision of utilizing the robot, cost- benefit analysis was performed and reasonable point was proposed to use the robot. For the first time job, repeated ALARA meeting and mock up training were implemented to set up working procedure by identifying the trouble. To easily set up standard procedure, mockup process was videotaped and reviewed during ALARA meeting. Monitoring is a good approach to chase radiological working condition such as working time, dose rate. behavior of workers, especially for high radiation work. Those data were estimated and adjusted from the stage of work planning to mock up. At the stage of actual work the monitoring data were compared to the estimation and recorded to database. This database will not only be used as a powerful tool for dose optimization at the following outage but also as a guideline to dose constraint set up for optimization for each specific situation.

• Environmental and Resource Economics Review
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• v.30 no.1
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• pp.49-77
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• 2021

This study uses a choice experiment approach to examine whether different types of feedstocks as well as other attributes such as the cost of bioethanol, bioethanol blending ratio, and government support policies affect consumers' biofuel preferences. We apply a standard conditional logit model, a mixed logit model (MLM), and individual coefficient estimation model (ICM) to estimate the parameters of the investigated attributes. The results show that people prefer domestic and non-food feedstock, along with tax exemption as a support policy. All the attributes show unobservable preference heterogeneity in the MLM and ICM. In particular, willingness to pay for attributes are higher in the genetically modified (GM) feedstock-unknown group than in the known one. We show the importance of using domestic and non-food feedstocks and managing GM feedstocks carefully to avoid consumer resistance when producing bioethanol in South Korea.