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Real Option Analysis to Value Government Risk Share Liability in BTO-a Projects (손익공유형 민간투자사업의 투자위험분담 가치 산정)

  • KU, Sukmo;LEE, Sunghoon;LEE, Seungjae
    • Journal of Korean Society of Transportation
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    • v.35 no.4
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    • pp.360-373
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    • 2017
  • The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

Study on Dehydrogenative Polymerization of Monolignols by Peroxidase/H2O2 (Peroxidase/H2O2 조건에서 리그닌 전구물질에 따른 탈수소 중합반응 특성 연구)

  • Moon, Sun-Joo;Kim, Kwang-Ho;Eom, In-Yong;Lee, Soo-Min;Kim, Yong-Hwan;Choi, Joon-Weon
    • Journal of the Korean Wood Science and Technology
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    • v.38 no.3
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    • pp.223-229
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    • 2010
  • In this study diverse dehydrogenative polymers (DHPs) were synthesized with three precursors of native lignin [p-coumaryl alcohol (PCA), coniferyl alcohol (CA), sinapyl alcohol (SA)] in the presence of horseradish peroxidase (HRP, EC. 1.11.1.7)/$H_2O_2$. To compare the structural features between DHPs and native lignin, the DHPs as well as pine/poplar milled wood lignins were simultaneously subjected to gel permeation chromatography (GPC) to determine average molecular weights and derivatization followed by reductive cleavage (DFRC) to investigate the frequency of ${\beta}$-O-4 linkage. The highest yield of DHP was measured to 71% when CA was solely injected (G-DHP) and the yield of H-DHP was 42%. However, single injection of SA could not form any polymer in this system. The average molecular weights of DHPs were ranged between 3,000~4,700, which were only 1/2 fold compared with that of pine MWL (G-type lignin: Mw 7,340) and 1/3 scale compared with that of poplar MWL (GS-type lignin: Mw 13,250). DFRC analysis revealed that the formation of ${\beta}$-O-4 linkage during dehydrogenative polymerization was the highest in the GS-DHP with ca. 502 ${\mu}mol$/g, which was, however, remained to only 50% compared to that in poplar MWL (1107 ${\mu}mol$/g). The ${\beta}$-O-4 linkage was estimated to ca. 286 ${\mu}mol$/g In the G-DHP, which was twice as much as that of H-DHP(127 ${\mu}mol$/g). Similar to GS-DHP, only half amount of ${\beta}$-O-4 linkage, compared to pine MWL, was formed during in vitro polymerization of CA by horseradish peroxidase/$H_2O_2$.

A Study on Factors Affecting Youth Employee's Labor Mobility and Employment Status Transition (청년취업자의 노동이동 및 고용형태 전환에 영향을 미치는 요인에 관한 연구)

  • Ban, Jung-Ho;Kim, Kyung-Hee;Kim, Kyung-Huy
    • Korean Journal of Social Welfare
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    • v.57 no.3
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    • pp.73-103
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    • 2005
  • This study takes of youth panel data(2002-2003), there is the purpose to know to youth employed's labor mobility conditions of employment status conversion and examine on factors affecting conversion of employment status. Main analysis result and policy imply, is as following. First, although youth employed's non-standard employment shows some decrease, employment youth hierarchy was construed that youth of our country is consisting very changefully because appear great turnover that is converted by unemployment or Not economically activity population same period. Specially, non-standard employment phenomenon of woman or low in scholarship person appeared notedly, and because phenomenon that is converted by unemployment or Not economically activity population is expose that is deepened, discriminating policy of government dimension is required for employment stabilization of these class. Second, show result that danger to escape to non-standard job risk trap which seeking employment activity of youth class is arranged case or company which is formed by official path is suitable becomes low, must formulate path of employment about youth class and improve qualitative level of employment through suitable job placement education of youth class or function (technology) level. Third, when was construed, but take into account that the although large enterprise have low risk in non-standard job, recently employment of youth class consists very limited, rather small scale business or smaller enterprise's competitive power preferably need to be plan. Finally, danger to non-standard job youth employed's company form is government connection wonder was expose that high, Such result can do that it is difficult by limited research period, but reflect actuality that youth unemployment policy of our country is enforced laying stress on public labor or unregular job employment such as internship system. Therefore, current youth unemployment policy may have to change by employment policy that can secure stable work record by youth class or act as bridge-building that promote conversion by full-time job.

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A research on remodelling of the laboratory of S high school of broadcasting for converting into specialized one in the section of broadcasting industry (방송 산업 분야의 특성화고등학교로 전환을 위한 S방송고등학교의 실험.실습실 리모델링에 관한 연구)

  • Oh, Seung-gyun;Lee, Myung-Eui;Lee, Yong-soon;Kim, Jinsoo
    • 대한공업교육학회지
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    • v.34 no.1
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    • pp.87-112
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    • 2009
  • The aim of this research is to suggest the model of reconstruction and remodelling of S high school of broadcast for converting into a specialized one in the section of broadcast industry. The method of reconstruction of the laboratories by each department is as follows. First, the names of laboratories, ground plans, and perspective drawings are designed according to the principle of constructionism. Second, each department is recommended to install 7 laboratories. For the department of broadcasting facilities, a laboratory of processing broadcasting machines, a laboratory of broadcasting machines, and a laboratory of screen picture machines are needed. For the department of broadcasting, electricity, and communication, a laboratory of image and sound edition, a laboratory of broadcasting and communication, a laboratory of broadcasting system, and a laboratory of stage illumination. For the department of broadcasting stage construction, a laboratory of broadcasting stage building, a laboratory of broadcasting stage design, a laboratory of broadcasting stage decoration and etc. Third, an office room is designed by department in the form of seminar room and places for practice is formed by department to be a laboratory. Fourth, a room for industrial-educational cooperation is installed by department, by which education of industrial-educational cooperation is carried out harmoniously. And one example of a remodeled laboratory by one department is shown with laboratory name, ground plan, perspective drawing, and running method. Especially employment of teachers working both school and business, professional club which is concerned with broadcasting technique, and attraction of enterprise in school is suggested as important elements to manage broadcasting laboratories efficiently. Finally, it is desirable for us to attract private capital, that is, Build-Transfer-Lease(BTL) because much budget is required for purchasing the broadcasting equipments and remodelling the laboratories to succeed as specialized high school on broadcasting section.

Experimental study on the relaxation zone depending on the width and distance of the weak zone existing ahead of tunnel face (터널 굴진면 전방에 위치한 연약대 폭과 이격거리에 따른 이완영역에 대한 실험적 연구)

  • Ham, Hyeon Su;Lee, Sang Duk
    • Journal of Korean Tunnelling and Underground Space Association
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    • v.20 no.5
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    • pp.855-867
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    • 2018
  • When a weak zone exists ahead of tunnel face, the stress in the adjacent area would increase due to the longitudinal arching effect and the stability of the tunnel is affected. Therefore, it is critical to prepare a countermeasure through the investigation of the frontal weakness zone of the excavated face. Although there are several researches to predict the existence of weak zone ahead of tunnel face, such as geophysical exploration, numerical analysis and tunnel support, lack of studies on the relaxation zone depending on the width or distance from the vulnerable area. In this study, the impact of the weak zone on the formation of the relaxation zone was investigated. For this purpose, a series of laboratory test were carried out varying the width of the weak zone and the separation distance between tunnel face and weak zone. In the model test, sand with a water content of 3.8% was used to form a model ground. The model weak zone was constructed with dry sand curtains. The tunnel face was adjusted to allow a sequential excavation of upper and lower half part. load cells were installed on the bottom of the foundation and the tunnel face and measuring instruments for displacement were installed on the surface of the model ground to measure the vertical stress and surface displacements due to tunnel excavation respectively. The test results show that the width of weak zone did not affect the ground settlement while the ground subsidence drastically increased within 0.25D. The vertical stress and horizontal stress increased from 0.5D or less. In addition, the longitudinal arching effect is likely within the 1.0D zone ahead of the tunnel face, which may reduce the vertical stress in the ground following tunneling direction.

A Study on the Adaptation and Change of Amusement Culture on the Case of Wolmido Pleasure Ground during the Japanese Colonial Era (일제강점기 월미도유원지를 통한 행락 문화의 수용과 변화에 관한 연구)

  • Kim, Jeoung-Eun
    • Journal of the Korean Institute of Landscape Architecture
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    • v.42 no.5
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    • pp.134-147
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    • 2014
  • Pleasure grounds, which were introduced during the Japanese colonial era, were places for organizing new amusement activities, and developed into a large-scale private spaces and a new type of public space at the same time. This study explores the scenery and accommodations of pleasure grounds and the changes of the amusement culture through the Wolmido Pleasure Grounds, which was a typical pleasure grounds of the time. At that time, Wolmido became a comprehensive amusement/entertainment place with many elements of both Western and Japanese pleasure grounds such as exotic buildings harmonized with trees, a beach, a seaside school, public playing field, and zoo constructed on the Island. Wolmido Pleasure Ground, which was connected with Kyungsung by Kyungin railroad during the Japanese colonial era, is a good example showing the process of the popularization and commercialization of the amusement culture. The process of popularization of amusement shows the spreading of the enjoyment of leisure time with amusement activities through appreciating the beautiful scenery of the pleasure grounds among various social classes. The caste system was broken and anyone could use the pleasure grounds by paying the fee, of which there were many kinds, so the distinction between genders and the different classes, such as the Chosun people and Japanese, regarding amusement in pleasure grounds disappeared gradually. Also, pleasure grounds were a place for Western hobby-sports activities and were the means to generalize collective and dynamic activities through summer school and various sport games. At the same time, there were places for deviation from the existing social norms when it was combined with entertainment facilities. The commercialization of amusement took place in the form of an artificial entertainment culture within an artificial environment. First, the scenery was artificially constructed and this scenery created the image of paradise such as 'captivating summer vacation spot' and 'water kingdom'. This was the result of the combined intentions of the colonial authority, the railroad company and the amusement corporation to produce economic profits and encourage development in the area. Second, an artificial spectacle was constructed using nature as the backdrop. Buildings of various styles created a modernized and exotic image when they were combined with each other. Artifacts such as breakwaters and arcades created new attractions for people that enabled them to view both nature and the crowds from a whole different perspective. Third, pleasure grounds contributed to the advent of passive users who would just follow the given use and instructions. In this way, one can find the prototype of popular entertainment places of today such as sightseeing complexes, amusement parks, and theme parks through the construction of amusement grounds as a place for providing dynamic activities.

Analysis of Characteristics of the Abandoned Tumulus Site Located at the East Side of the Silla Era Hwang Bok Sa (皇福寺) Site (신라 황복사지(皇福寺址) 동편 폐고분지(廢古墳址)의 성격)

  • Jang, Hojin;Kang, Ryangji
    • Korean Journal of Heritage: History & Science
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    • v.53 no.1
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    • pp.88-105
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    • 2020
  • This study examined existing theories of the characteristics of the abandoned tumulus site located at the east side of the Silla era Hwang Bok Sa (皇福寺) site and attempted an archaeological approach based on the derived facts, combining both the results of this study and those of a recently conducted excavation survey. The results of this investigation exhibited the following outcomes. First, the excavation survey revealed that the huge rounded stones discovered on the surface of a rice paddy field located at the east side of the Silla era Hwang Bok Sa were all protecting stones, processed on the front side in the form of a bow, designating a royal tomb. Most of these protecting stones had deviated from their original positions due to subsequent farming practices and some had been re-cycled for construction purposes as fences or foundations for structures built in the Silla era. Considering the prevailing belief in the concept of reincarnation, the bone rank system, and royal authority in the Silla era at that time, it would seem likely that the royal tombs were not intentionally destroyed. Therefore, it is speculated that the stones in this royal tomb were abandoned during construction of the tomb of the King at that time and then naturally re-cycled as building components used in construction sites in later years. Second, this study comparatively analyzed the scale and quality of the supporting stones at the royal tomb site in Guhwang-dong. The analysis results verified that those supporting stones were the same stones from the royal tomb used as supporting stones for statues symbolizing the twelve earthly branch spirits that were restored at the site of the tower at the royal tomb. This confirmed that the statues of the twelve earthly branches spirits sitting at the Hwang Bok Sa site were the protecting stones from a different royal tomb. Accordingly, the conclusion that has been generally accepted to date-that the protecting stones of the statues of twelve earthly branches spirits sitting at Hwang Bok Sa site were probably moved from the royal tomb site in Guhwang-dong-must inevitably be modified. Third, based on the structure of the protecting stones and type of the royal tomb, it is speculated that the individual buried in the royal tomb at Guhwang-dong is one of the kings who followed King Heungdeok and similar times of the buried person of the tomb that was considered as King Gyeongdeok, and who was before the buried person of the tomb that was considered as Kim Yu-sin. In addition, when considering the historical art patterns on the supporting stones of the statues that symbolize the twelve earthly branches spirits, which were moved to the site of the tower at the royal tomb, it is reasonable to believe that the person buried at the royal tomb at Guhwang-dong is likely one of the Kings of the late Silla era of the 9th century.

Study of CO2 Carbonation-Regeneration Characteristics of Potassium-Based Dry Sorbents According to Water Vapor Contents of Inlet Gas and Regeneration Temperature in the Cycle Experiments of Bubbling Fluidized-Bed Reactor (회분식 기포유동층 반응기에서 K-계열 건식흡수제의 주입수분농도 및 재생반응온도에 따른 CO2 흡수-재생 반응특성 연구)

  • Park, Keun-Woo;Park, Yeong Seong;Park, Young Cheol;Jo, Sung-Ho;Yi, Chang-Keun
    • Korean Chemical Engineering Research
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    • v.47 no.3
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    • pp.349-354
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    • 2009
  • In this study, a bubbling fluidized-bed reactor was used to study $CO_2$ capture from flue gas using a potassium-based dry sorbent. A dry sorbent, manufactured by the Korea Electric Power Research Institute, consists of 35% of $K_2CO_3$ for $CO_2$ absorption and 65% of supporters for mechanical strength. $H_2O$, a reactant of the carbonation reaction, was supplied in the reactor as a form of saturated water vapor at a given temperature. The experiment of the regeneration reaction was performed by raising up to a given temperature using $N_2$ as a fluidization gas. It was indicated that sorption capacity and regenerability of dry sorbents showed high-efficiency at $1.97\;mol\;H_2O/mol\;CO_2$ and $400^{\circ}C$, respectively. The regenerated sorbent samples were analyzed by TGA to confirm the extent of the reaction. When the regeneration temperature was $150^{\circ}C$, the regenerability of dry sorbents was about 60%, which was capable of applying those sorbents to a two-interconnected fluidized-bed reactor system with continuous solid circulation. The results obtained in this study can be used as basic data for designing and operating a large scale $CO_2$ capture process with two fluidized-bed reactors.

Enhanced Bioremediation of Phenanthrene Using Biosurfactant (생물계면활성제를 이용한 Phenanthrene의 생물학적 처리)

  • 신경희;김경웅
    • Economic and Environmental Geology
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    • v.36 no.5
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    • pp.375-380
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    • 2003
  • This study was carried out 1) to investigate the pH effect on solubilization of phenanthrene by biosurfactant in aqueous system and 2) to evaluate the pH effect on the biodegradation rate of phenanthrene in the presence and the absence of the biosurfactant by phenanthrene degraders. Tween 80, which is a chemically synthesized surfactant, showed greater solubilizing capacity than rhamnolipid. The solubilization capacity can be expressed as a MSR(molar solubilization ratio=moles of organic compounds solubilized per mole of surfactant). The calculated MSR of Tween 80 and rhamnolipid were 0.1449 and 0.0425 respectively. The kinetic study of phenanthrene solubilization by rhamnolipid showed that solubilization mechanism could reach equilibrium within 24 hours. Addition of 240 ppm rhamnolipid solution, which concentration is 4.3 times of Critical Micelle Concentration(CMC), caused 9 times solubility enhancement compared to water solubility. The highest solubilities were detected around a pH range of 4.5-5.5. Changes in apparent solubility with the changes in pH are possibly related to the fact that the rhamnolipid, an anionic surfactant, can form different structures depending on the pH. Two biodegradation experiments were performed in the absence and the presence of rhamnolipid, with the cell growth investigated using a spread plate method. The specific growth rates at pH 6 and 7 were higher than at the other pH, and the HPLC analysis data, for the total phenanthrene loss, confirmed the trends in the $\mu$(specific growth rate) values. In presence of rhamnolipid, maximum $\mu$ values shifted from around pH 5 which showed maximum enhancement of solubility in the abiotic experiment, compared to the $\mu$ values obtained without the biosurfactant. In this study, the increase in the observed specific grow rate(1.44 times) was not as high as the increase in solubilization(5 times). This was supported by the fact all the solubilized phenanthrene is not bioavailable to microorganisms.

Dose Distribution and Characterization for Radiation Fields of Multileaf Collimateor System (방사선 입체조형치료용 다엽콜리메이터의 특성과 조직내 선량분포 측정)

  • Chu, Sung-Sil;Kim, Gwi-Eon
    • Radiation Oncology Journal
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    • v.14 no.1
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    • pp.77-85
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    • 1996
  • Purpose : Multileaf collimator(MLC) is very suitable tool for conformal radio-therapy and commissioning measurements for a multileaf collimator installed on a dual energy accelerator with 6 and 10MV photons are required, For modeling the collimator with treament planning software, detailed dosimetric characterization of the multileaf collimator including the penumbra width, leaf transmission between leaf leakage and localization of the leaf ends and sides is an essential requirement. materials and Methods : Measurement of characteristic data of the MLC with 26 pair block leaves installed on CLINAC 2100C linear accelerator was performed. Low sensitive radiographic film(X-omatV) was used for the penumbra measurement and separate experiments using radiographic film and thermoluminescent dosimeters were performed to verify the dose distribution, Measured films were analized with a photodensitometer of WP700i scanner. Results : For 6 & 10 MV x-ray energies, approximately $2.0\%$ of photons incident on the multileaf collimator were transmitted and an additional $0.5\%$ leakage occurs between the leaves. Localizing the physical end of the leaves showed less than 1mm deviation from the $50\%$ decrement line and this difference is attributed to the curved shaped end on the leaves One side of a sin히e leaf corresponded to the $50\%$ decrement line, but the opposite face was aligned with a lower value. This difference is due to the tongue and groove used to decrease between leaf leakage. Alignment of the leaves to form a straight edge resulted larger penumbra at far position from isocenter as compare with divergent alloy blocks. When the MLC edge is stepped by sloping field, the isodose lines follow the leaf pattern and Produce scalloping isodose curves in tissue. The effective penumbra by 45 degree stepped MLC is about 10mm at 10cm depth for 6MV x-ray. The difference of effective penumbra in deep tissue between MLC and divergent alloy blocks is small (5mm). Conclusion : Using the characteristic data of MLC, the MLC has the clinlical acceptability and suitability for 3-D conformal radiotherapy except small field size.

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