• Journal of applied mathematics & informatics
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• v.38 no.5_6
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• pp.439-461
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• 2020

A step-up option is a newly developed financial instrument that simultaneously provides higher security and profitability. This paper introduces two step-up options: step-up type1 and step-up type2 options, and derives the option pricing formulas using the Laplace transform. We assume that the underlying equity price follows a regime-switching model that reflects the long-term maturity of these options. The option prices are calculated for the two types of funds, a pure stock fund composed of risky assets only and a mixed fund composed of stocks and bonds, to reflect possible variety in the fund underlying asset mix. The impact of changes in the model parameters on the option prices is analyzed. This paper provides information crucial to product developments.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.19 no.1
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• pp.1-21
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• 2015

This paper presents two algorithms based on the Jamshidian equation which is from the Black-Scholes partial differential equation. The first algorithm is for American call options and the second one is for American put options. They compute numerically free boundary and then option price, iteratively, because the free boundary and the option price are coupled implicitly. By the upwind finite-difference scheme, we discretize the Jamshidian equation with respect to asset variable s and set up a linear system whose solution is an approximation to the option value. Using the property that the coefficient matrix of this linear system is an M-matrix, we prove several theorems in order to formulate a bisection method, which generates a sequence of intervals converging to the fixed interval containing the free boundary value with error bound h. These algorithms have the accuracy of O(k + h), where k and h are step sizes of variables t and s, respectively. We prove that they are unconditionally stable. We applied our algorithms for a series of numerical experiments and compared them with other algorithms. Our algorithms are efficient and applicable to options with such constraints as r > d, $r{\leq}d$, long-time or short-time maturity T.

• Journal of The Korean Association For Science Education
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• v.35 no.1
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• pp.121-130
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• 2015

Identifying students' achievement level and reflecting it on educational policy making or instructional improvement by analyzing the results of nationwide standardized assessment is an integral part of accountability in education. On the basis of this premise, we analyzed the characteristics of National Assessment of Educational Achievement (NAEA) items for middle school science subject conducted from 2010 to 2013 by using the option response rate distribution curve, the fittest graph estimated from the response rate of correct/incorrect options by achievement score. Furthermore, we classified the type of option response rate curve in terms of correct and incorrect options. Results of the analysis of option response curve showed that five types of correct option response curve (S-shaped, J-shaped, straight-shaped, F-shaped, and step-shaped) and 4 types of incorrect option response curve (down-slope, flat, mound, and up-slope) were identified. The most common type of items was the combination of S-shaped correct option response curve and down-slope incorrect option response curve, which are considered as appropriate items to discriminate the students according to achievement level. Moreover, correct option response was found to be correlated with incorrect option response. Based on the results, we also discussed some implications on teaching-learning method and classroom assessment in science education.

• Nuclear Engineering and Technology
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• v.39 no.4
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• pp.249-256
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• 2007

Light water reactors operated under supercritical pressure conditions have been selected as one of the promising future reactor concepts to be studied by the Generation IV International Forum. Whereas the steam cycle of such reactors can be derived from modem fossil fired power plants, the reactor itself, and in particular the reactor core, still need to be developed. Different core design concepts shall be described here to outline the strategy. A first option for near future applications is a pressurized water reactor with $380^{\circ}C$ core exit temperature, having a closed primary loop and achieving 2% pts. higher net efficiency and 24% higher specific turbine power than latest pressurized water reactors. More efficiency and turbine power can be gained from core exit temperatures around $500^{\circ}C$, which require a multi step heat up process in the core with intermediate coolant mixing, achieving up to 44% net efficiency. The paper summarizes different core and assembly design approaches which have been studied recently for such High Performance Light Water Reactors.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.28 no.3
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• pp.88-95
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• 2024

In this article, we propose an efficient and accurate adaptive time-stepping numerical method for the Black-Scholes (BS) equations. The numerical scheme used is the finite difference method (FDM). The proposed adaptive time-stepping computational scheme is based on the maximum norm of the discrete Laplacian values of option values on a discrete domain. Most numerical solvers for the BS equations require a small time step when there are large variations in the solutions. To resolve this problem, we propose an adaptive time-stepping algorithm that uses a small time step size when the maximum norm of the discrete Laplacian values on a discrete domain is large; otherwise, a larger time step size is used to speed up the computation. To demonstrate the high performance of the proposed adaptive time-stepping methodology, we conduct several computational experiments. The numerical tests confirm that the proposed adaptive time-stepping method improves both the efficiency and accuracy of computations for the BS equations.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2002.11a
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• pp.45-57
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• 2002

Since a new entrant in the telecommunications market requires time in order to construct its own network, a requirement on the incumbent operator to implement carrier selection and pre-selection can enable a new entrant to immediately attract customers and earn revenue. Carrier selection can normally be accomplished in two ways, on a call-by-call basis or through carrel pre-selection. Call-by-call selection allows customers to choose a new entrant rather than the incumbent carrier using a specific code designated to the new carrier each time a call is made. Carrier Pre-Selection, on the other hand, allows customers directly connect to the network of one provider to have access automatically to another company's services when they pick up the phone to make certain types of calls. The carrier pre-selection option is generally considered to be a second regulatory step following the implementation of the call-by-call carrier selection option. Carrier pre-selection with the ability to override on a call-by-call basis for long distance, international, local, and fixed-to-mobile calls has now been implemented in many EU countries. This paper attempts to identify the issues in introducing CPS and to draw policy implications from other countries' experiences.

• Archives of Plastic Surgery
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• v.36 no.1
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• pp.66-74
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• 2009

Purpose: The importance of the deformities in alar - columellar complex has been underestimated in Asian ethnic groups for the last decades. Fortunately, with increasing familiarity of the open rhinoplasty techniques, the anatomic details of the nasal tip have been pointed up. Definitely, having an interest and demand for improving the sub - normal relationship between the alar rim and columella are indebted for such growing of knowledge about nasal tip anatomy. However, it is true that any single procedure is not settled as versatile and fully confident modality to correct the retracted notching of the alar rim. With this article, I should like to propose another useful option for treating retracted ala. Methods: The author has tried to correct alar rim retraction by means of: (1) Triangular onlay septal cartilage graft on the lower lateral cartilage with the medial end fixed to the anterior surface of the lateral crus(Alar extension graft), (2) Inserting lateral end of the alar extension graft to the vestibular skin pocket in the form of a finger - in - groove, (3) using the vestibular skin in the form of an advancement flap, and (4) using the soft shield graft to prevent possible visible step - off of the alar margin. Results: The author applied an alar extension graft to 16 patients in order to correct a retracted ala for the last 27 months (August, 2003 - October, 2005). The distances from alar rim to long axis of nostril were improved to be within 2 mm in all of the cases, and also the shape of the alar rim changed to a round form. Nostril asymmetry (6%) in one case, temporary palpable step - off (18%) in three cases, temporary visible step - off (6%) in one case, and temporary paresthesia of the tip (25%) in four cases were observed. Conclusion: The alar extension graft is simple and efficacious. It does not need donor sites other than the operative field, and its results are predictable. In particular, since it may give structural intensity to a weak lower lateral cartilage, it may be preferentially used for the correction of a retracted ala that arises from hypoplastic lower lateral cartilage. Moreover intensified lower lateral cartilage also improves the esthetic shape of lobule.

• Archives of Plastic Surgery
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• v.37 no.6
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• pp.775-778
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• 2010

Purpose: Reconstruction of soft tissue defects with osteomyelitis in the lower third of the leg represents a challenge to plastic surgeons. Moreover, it is more arduous in multimorbid patients. One excellent option for reconstruction of these defects is to use a delayed distally based sural flap. Methods: We successfully used delayed distally based sural flap with a two-step procedure. During the first operation, radical debridement and elevation of flap were performed. The raised flap was fixed again at the donor site. The delay period ranged from seven to ten days. Between August 2008 and July 2009, we underwent operations for five patients using this technique. The size of flap varied from $10{\times}6\;cm$ to $12{\times}14\;cm$. Results: All flaps successfully survived. Partial skin loss of the grafted site was seen in two patients but no further surgical procedure was required for wound healing. Complaints of hypoesthesia on the lateral part of the foot was observed. In a three month follow-up period, hypoesthesia was resolved spontaneously. Conclusion: Delayed procedure improves the viability of distally based sural flap in high risk, critically multimorbid patients. We recommend that, if a two-stage operative approach is required, the delayed procedure should be considered.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.55
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• pp.265-290
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• 2012

CEPA (Comprehensive Economic Partnership Agreement) between India and Korea may vitalize Korean economy more and more. Currently most of Korean firms have entered into manufacturing industries like electronics and automobiles. But only a few Korean companies are trying to penetrate into Indian green industry so this paper suggest how to enter into Indian green industry, especially renewable energy sectors. First, Exporting main shaft, tower-flange and polysilicon products can be considered, as a first step of entry mode. Second, entry mode based on contract like technology licensing, strategic alliance and joint venture establishment can be also one of options. For example, Korean solar energy industry which show more competitiveness than that of Indians should try to make technological licensing on PV modules. In addition to this, they should also try to make joint ventures with right Indian partners and build up 'Solar City' nearby regions like Gurgaon in India where many Korean firms are located. Korean shipbuilding firms like Hyundai Engineering which keep on developing wind turbo engines can also try to make strategic alliance with Indian firms like Suzlon which has strong competitiveness. After that, they should explore Korean and Indian wind sector markets together. Third, brownfield investment can be last and final option as a entry mode as we consider the peculiar characteristics of renewable energy industry. Lastly, Korean government which are rush to indulge into green business should formulate more proper and realistic policies to give big incentives the concerned firms which are trying to open international green market so government should make Korean green firms not to lose good market opportunities related to green industry like renewable energy sectors. Renewable energy sectors are basically regarded as infrastructures so close contact to Indian central government as well as state government will be also required.

• Journal of Korean Foot and Ankle Society
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• v.18 no.1
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• pp.29-35
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• 2014

Purpose: The purpose of this study is to compare the radiologic and clinical results of syndesmotic screw fixation and posterior malleolar fixation for syndesmotic injury in Lauge-Hansen classification pronation-external rotation (PER) stage IV ankle fractures with posterior malleolus fracture. Materials and Methods: We designed a retrospective study that included patients with Lauge-Hansen classification PER stage IV ankle fracture with posterior malleolus fracture. Of 723 patients who underwent ankle fracture surgery from March 2005 to November 2012, 29 were included in this study. In this study, syndesmotic injury was treated with syndesmotic screw fixation or posterior malleolus fixation. There were 15 cases of syndesmotic screw fixation and 14 cases of posterior malleolar fixation. We compared the radiologic and clinical results at one year postoperatively. Posterior malleolus fragment size on a pre-operative computed tomographic image, and tibiofibular overlap, medial clear space, articular step-off, Kellgren-Lawrence grade, and Takakura classification on a postoperative one year followup radiograph were used for comparison of the radiologic results. The clinical results were assessed using the American Orthopaedic Foot and Ankle Society score, visual analogue scale score, and patient subjective satisfaction score. Results: Posterior malleolar fragment size was $12.62%{\pm}3.01%$ of the joint space in the syndesmotic screw fixation group and $27.04%{\pm}4.34%$ in the posterior malleolar fixation group. A statistical difference was observed between the two groups. However, other results, including tibiofibular overlap, medial clear space, articular step-off, Kellgren-Lawrence grade, Takakura classification, and clinical scores showed no statistical difference. Conclusion: In the Lauge-Hansen classification PER stage IV ankle fracture with posterior malleolus fracture, if the posterior malleolus fracture can be reduced anatomically and fixated rigidly, syndesmotic screw fixation, which can cause several complications, is usually not required for achievement of a satisfactory syndesmotic stability; this would be a recommendable option for treatment of syndesmotic injury.