• Journal of Korea Technology Innovation Society
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• v.14 no.1
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• pp.40-59
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• 2011

Korean government is driving the large telescope development project to improve the level of astronomical research. The objective of this study is to assess the economic effects of Korean large telescope project by employing a contingent valuation method (CVM) to provide policy-makers with useful and responsible information. According to estimating results, annually willingness to pay per household is 1,416 Korean Won. Consequently, the annual benefit of large telescope project is about 240.8 billion Korean won. This result contributes to provide policy makers with the quantitative information and for economic feasibility.

• Clean Technology
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• v.29 no.1
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• pp.59-70
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• 2023

This study aims to introduce a biowaste processing system that uses spent coffee grounds and implement a real options method to evaluate the proposed process. Energy systems based on eco-friendly fuels lack sufficient data, and thus along with conventional approaches, they lack the techno-economic assessment required for great input qualities. On the other hand, real options analysis can estimate the different costs of options, such as continuing or abandoning a project, by considering uncertainties, which can lead to better decision-making. This study investigated the feasibility of a biowaste processing method using spent coffee grounds to produce biofuel and considered three different valuation models, which were the net present value using discounted cash flow, the Black-Scholes and binomial models. The suggested biowaste processing system consumes 200 kg/h of spent coffee grounds. The system utilizes a tilted-slide pyrolysis reactor integrated with a heat exchanger to warm the air, a combustor to generate a primary heat source, and a series of condensers to harness the biofuel. The result of the net present value is South Korean Won (KRW) -225 million, the result of the binomial model is KRW 172 million, and the result of the Black-Scholes model is KRW 1,301 million. These results reveal that a spent coffee ground-related biowaste processing system is worthy of investment from a real options valuation perspective.

• Journal of Ocean Engineering and Technology
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• v.20 no.6 s.73
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• pp.108-113
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• 2006

For the past scores of years, our country has driven its land development toward economic growth as its top priority. ut, as a result that almost all developments been promoted excepting environmental values, in fact, they've incurred some bad environmental effects desirable. Especially, as representative examples, we can raise some issues such as damages of the foreshore or coast wet lands by seas reclamation, and coast corrosion by building up of rivers or coast constructions. Recently, many people started to have great interests in businesses of environment preservation or recycling to minimize effects of these environmental matters. However, before beginning public businesses of non-commercial goods relevant to the seas environments, there seemed to be some limitations that can not accomplish under consideration of environmental sides at the same time while performing economic validities and efficiencies with environmental economic analysis, which is already effective in countries advanced in environment, it's a very meaningful course in that citizens' opinions are being influenced in seas environmental policies for their efficient execution. In this research, after modeling coast corrosion preventives with Jeong-am coast of Gangwon Province, and using Contingent Valuation Method being widely used of value measuring methods on Non-commercial goods, we've appreciated environmental economy's validity of construction works and the scale of environmental economic value of beach restoration work.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.14 no.6
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• pp.50-59
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• 2015

This study aimed at suggesting Willingness To Pay (WTP) for introduction of the Traffic Accident emergency Call (TAC) system by using Contingent Valuation Method (CVM) which is a general valuation method. As the method, this study suggested a WTP estimation method of the TAC system with the double-bound dichotomous choice model. In previous studies, the data are processed differently according to the type of questions and analysis models used for the calculation of willingness to pay. Therefore, we re-organized the model by the cases using the truncated data sets, and showed the difference in WTPs. The dataset was developed by more than 500 questionnaire obtained from online and offline survey with the consideration of composition ratio by age group referring housing census in 2010 to mitigate regional bias of samples. At last, this study applied various statistical methods, survival analysis, multiple regression, and Tobit model for better interpretation of the questionnaires.

• Asia-pacific Journal of Multimedia Services Convergent with Art, Humanities, and Sociology
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• v.6 no.6
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• pp.403-412
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• 2016

As transaction and investment using technology are vitalized, the need for objective standards for the technology is increasing. Current technology value evaluation system is limited lacking reliability and objectivity. Besides the traditional evaluation methodology which are market approach, income approach and cost approach other diverse evaluation methodology such as real option method and royalty calculation method are being studied; however currently there are no dominant evaluation methodology in the market. Same value evaluation system cannot be applied between similar technologies because value of technology is relatively decided based on the target. Approaching through collective intelligence and crowd sourcing, in meaning of majority participant's decision can make objective and better result than handful of experts, suggest alternative to problems of such matter above. By grafting the four types of crowd sourcing model which are Wisdom, Voting, Funding and Creation, this paper will discuss the ways to enhance the objectivity of technology evaluation through direct evaluation utilizing expert group and the public's indirect evaluation.

• Ocean and Polar Research
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• v.26 no.1
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• pp.77-86
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• 2004

The paper is to estimate the economic value of ecotourism in Anmyeondo tidal wetlands using a double-bounded dichotomous choice (DBDC) model of the Contingent Valuation Method (CVM). For the reliability and the validity of CVM a survey was conducted for 511 visitors by personal interview method in Anmyeondo during August 2000, and respondents were asked for maximum Willingness-To-Pay (WTP) to buy a ticket fer the tidal flat's ecotourism. Overall, respondents answered that they would be willing to pay 55,879 won for a ticket under the study. All equations and results estimated are statistically significant at the 1% or 5% level. For the aggregation of WTP estimates, the sample values are extended to the total annual number of visitors in Anmyeondo area during 1998. A conservative estimate, which considers the calibration factor (0.5) recommended by NOAA (1994) and a positive response rate (83.17%), is 73 billion won.

• Journal of Korea Technology Innovation Society
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• v.9 no.1
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• pp.131-148
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• 2006

With the rapid penetration of digital technology In recent years, there are growing expectations that many new services will soon become available. One of the new services is 3Dimension(3D) services, because our concern is concentrated on the quality of information that exceeds the digitalization of information. A stereoscopic technique for generating 3D images is contributed to raise the quality of Information and Communication Technology(ICT) service and is extensively applied to various fields. So 3D services, based on that technique, are expected to create a new market for ICT industry and provide significant benefits to consumers. The purpose of this paper is to analyze the consumer preference and evaluate the economic value of the 3D broadcasting service, so it provides propriety of the 3D technology development for market planners and product developers who need to assess the market potential of a product that is not yet available for actual test marketing. And it is useful for decision-makers in considering the provision of 3D services. In this paper, the gang survey was conducted to understand consumer preference of 3D services. And it attempts to apply the contingent valuation method(CVM) to measuring the willingness to Pay(WTP) for the 3D broadcasting service and analyzing the determinants of the WTP.

• New & Renewable Energy
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• v.19 no.1
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• pp.31-40
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• 2023

The expanding significance of energy storage (ES) technology is increasing the acceptability of power systems by augmenting renewable energy supply. To deploy such ES technologies, we must select the optimal technology that meets the requirements of the system and confirm the technical and economic feasibility of the business model based on it. Herein, we propose a method and tool for selecting the optimal ES technology suitable for meeting the requirements of the system, based on its performance characteristics. The method described in this study can be used to discover and apply various ES technologies and develop business models with excellent economic feasibility.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.46 no.1
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• pp.91-104
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• 2023

The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government's accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

• Asian Journal of Innovation and Policy
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• v.6 no.2
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• pp.225-244
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• 2017

When evaluating the economic value of technology or business project, we need to consider the period and cost for commercialization. Since the discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialization cost, we often take it desirable to apply the concept of real options with key metrics of underlying asset value, commercialization cost, and volatility, while regarding the value of technology and investment as the opportunity value. We at this moment provide more elaborated real options model with the effective region of volatility, which reflects the uncertainty in the option pricing model (OPM).