• The Transactions of The Korean Institute of Electrical Engineers
• /
• v.66 no.1
• /
• pp.16-22
• /
• 2017

In order to reduce costs of electricity energy at periods of peak demand, there has been an exponential interest in Demand Response (DR). This paper discusses the effect on the participants' behavior in response to DR. Under the assumption of perfect competition, the equilibrium point of the electricity market with DR is derived by modeling a DR curve, which is suitable for microeconomic analysis. Cournot model is used to analyze the electricity market of imperfect competition that includes strategic behavior of the generation companies. Strategic behavior with DR makes it harder to compute equilibrium point due to the non-differential function of payoff distribution. This paper presents a solution method for achieving the equilibrium point using the best response function of the strategic players. The effect of DR on the electricity market is illustrated using a test system.

• Journal of Technology Innovation
• /
• v.12 no.3
• /
• pp.97-109
• /
• 2004

According to "structure-conduct-performance" paradigm in IO, market structure (concentration) determines conduct (R&D investments), and conduct yields market performance (ratio of price to marginal cost). Previous empirical studies on Schumpeter Mark I, II assumed that the explanatory variable (market structure) and the disturbance are uncorrelated in the R&D equation. In this situation, Ordinary Least Squares (OLS) estimates of the structural parameters are inconsistent, because the endogeneous variables (R&D and market structure) can be determined simultaneously. So, in this study, full information (or system methods) estimation is used to test Schumpeter hypothesis since joint estimation can as well bring efficiency gains in the seemingly uncorrelated regressions (SUR) setting.

• Food Science and Industry
• /
• v.52 no.1
• /
• pp.32-39
• /
• 2019

The domestic food industry intends to expand overseas market. In order to succeed, in-depth research on local consumers is essential. This paper examined consumer research methodology and case studies based on sensory and consumer science for developing products targeting overseas market. Consumer research should be prece ded by overseas consumer panel construction. Then, this can be followed by application of various consumer research methodologies on new product development process. The most important consideration in this case is that application of same research methods or criteria as for domestic market could lead to significant errors in terms of reliability of results. Therefore, in order to develop successful products that accurately meet the needs of overseas consumers, careful study and consideration of the differences between markets would be essential from consumer researcher and decision-maker's sides.

• East Asian Economic Review
• /
• v.23 no.2
• /
• pp.149-168
• /
• 2019

Public information arrivals and their immediate incorporation in asset price is a key component of semi-strong form of the Efficient Market Hypothesis. In this study, we explore the impact of public information arrivals on cryptocurrency market via Twitter posts. The empirical analysis was conducted through various methods including Kapetanios unit root test, Maki cointegration analysis and Markov regime switching regression analysis. Results indicate that while in bull market positive public information arrivals have a positive influence on Ripple's value; in bear market, however, even if the company releases good news, it does not divert out the Ripple from downward trend.

• Asia Marketing Journal
• /
• v.11 no.2
• /
• pp.37-51
• /
• 2009

Although previous studies have made significant progress in adaptive selling behavior (ASB), few studies have considered salesperson's customer orientation (CO) and learning behavior as determinants of effective sales management (ASB and relationship-making efforts), despite the discussion of important roles of these constructs. The authors test not only the relationships of salesperson's CO and market-based learning behavior to ASB and relationship-making efforts, but also the effects of ASB on relationship-making efforts and performance. The results of the study, which is done with samples of salespeople from Korean companies, indicate that salesperson's CO and market-based learning behavior are identified as significant determinants of ASB. Moreover, both salesperson's ASB and relationship-making efforts have significant effects on sales performance. On the other hand, as per salesperson's relationship-making efforts, salesperson's CO has a positive effect, but salesperson's market-based learning behavior and ASB do not influence his or her relationship-making efforts, which suggest a provocative possibility of conceptualization regarding the relationship between ASB and relationship management efforts.

• Journal of Distribution Science
• /
• v.15 no.11
• /
• pp.73-82
• /
• 2017

Purpose - This paper aims to investigate a profit maximizing incentive of foreign traders in distributing the KOSPI 200 Futures. Such an incentive may induce unsophisticated retail traders to suffer loss from speculative trading. Since Korean government increased the entry barriers of the market to protect unsophisticated traders, the market size has been decreasing while the proportion of the contract held by foreign traders has been increasing. These on going changes make the market imperfectly competitive, where a profit maximization incentives of foreign traders are expected to grow. In this paper, we attempt to find any evidence of such behavior, thereby providing implications regarding market policy and market efficiency. Research design, data, and methodology - According to Kyle(1985), an informed trader exploits his/her monopoly power optimally in a dynamic context so that he/she makes positive profit, where he/she could conceal his/her trading utilizing noise trading as camouflage. We apply the KOSPI 200 Futures market to the Kyle's model: foreign traders who take into account the effect of his/her trading to maximize expected profits as an informed trader, retail investors as noise traders, and financial institutions as market makers. To find any evidence of monopolistic behavior, we test the variants of trading volume and price data of the KOSPI 200 Futures over the period of 2009 and 2017. Results - First, we find that the price of the KOSPI 200 Futures are more volatile than the price of underlying asset. Second, we find that monopolistic foreign trader's trading order flows are consistent with exploiting his/her monopoly power to maximize profit. Finally, we find that retail investors' trading order flows are inversely consistent with maximizing profit, that is, uninformed retail investors suffer loss continuously in speculative trading against informed traders. Conclusions - Our results show that the quantity of strategic order flows may have a large effect on the price, therefore, resulting the market inefficiency. The results also imply that, in implementing regulations, the depth of the market must be considered to maintain market liquidity, and suggesting interesting research topics regarding the market structure.

• Journal of the Korean Society of Costume
• /
• v.50 no.8
• /
• pp.99-111
• /
• 2000

The purposes of this study were to segment the elderly women's apparel market according to their benefits sought and to develop the profiles of each segment. Questionnaire survey was done to 500 elderly women aged over 55 in Chonbuk province from Mar. 1. to Mar. 15, 2000, and 360 questionnaires were used. Frequencies, percentages, means, factor analysis, cluster analysis, $\chi$$^2$-test, and ANOVA were done with SPSS Win+. Duncan's Multiple Range test was followed. The factors of clothing benefits ere consisted of fashion, brand loyalty, economy, practicality, activity, and utility. The elderly women segmented into 4 groups of the reasonability pursuit, th economy & practicality, the benefit unconscious, and the fashion & brand pursuit. The fashion information sources were divided into mass communication-dominated source and point-of-purchase & consumer-dominated source. The factors of store patronage criteria were divided into product assortment, convenience, and additive service. The economy and practicality pursuit selected their clothing with the help of others, used any kind of information sources less, considered convience of the store more, shopped at traditional market, group size was the biggest, was the oldest, and educated less. The reasonability pursuit selected their clothing by themselves, used all kind of information sources, considered many facets of stores, shopped at department store, was younger, healthier, educated more, and lived with husband more. The benefit unconscious spent less money to their clothing, lower usage of information sources, selected their clothing with the help of others, considered all facets of stores less, shopped at moderate or volume zone apparel market or traditional market, was older, healthy, and involved the widowed more. The fashion and brand pursuit spent more money to clothing, considered the product assortment or additive service of store more, shopped at department store, and selected their clothing by themselves, group size was the smallest, was younger educated more, healthy, and showed a tendency of living with husband.

• Journal of the Korea Academia-Industrial cooperation Society
• /
• v.17 no.4
• /
• pp.682-691
• /
• 2016

The purpose of this study is to explore the causal and precedence relationships between the housing sub-market and the results of a consumer sentiment survey about the housing market. This study investigates the relationships between the survey results and an apartment deal price index by size and bidding price rate in apartment auctions by extending research related to consumer sentiment surveys. We surveyed the Seoul Metropolitan Area and analyzed the results using a unit root test, cointegration test, Granger causality test, and cross-correlation test. It was confirmed that causality exists between the survey results and apartment deal price index by size and bidding price rate, and it was also confirmed that there are correlation and precedence relationships between them.

• The Journal of Asian Finance, Economics and Business
• /
• v.7 no.12
• /
• pp.267-274
• /
• 2020

The focus of this study is to investigate the mediating role of online market orientation on information capital readiness-business performance relationship. The construct of information capital readiness is rarely researched. The readiness here refers to the availability of information capital needed to support strategy execution. As quantitative research, this study employs the partial least squares structural equation modeling (PLS-SEM) to test the hypotheses. Data was collected using questionnaires from the owners/managers of the micro, small, and medium-sized enterprises (MSMEs) in the East Java Province, Indonesia. As many as 433 respondents had participated. The result indicates that information capital readiness directly and positively affects business performance. Further analysis reveals that online market orientation partially mediates information capital readiness-business performance relationship. In conclusion, this study suggests that the owners/managers of the MSMEs should improve their information capital readiness to support online market orientation strategy so that it can improve their business performance. This is the first study that brings together the issues of information capital readiness and online market orientation as the antecedents of business performance in the Indonesian MSMEs research setting. The mediating role of online market orientation is rarely explored in previous studies.

• Journal of the Korean Society of Food Culture
• /
• v.27 no.2
• /
• pp.172-183
• /
• 2012

This study was conducted to investigate the effects of the entrepreneurship and market orientation of franchisers on the boundary-spanning behavior of franchisees in food-service companies in the Yeongnam region. This study also investigated the relationship between the entrepreneurship and market orientation of franchisers and sought to identify the effect of the boundary-spanning behavior of franchisees on their managerial performance. Based on literature reviews, 4 hypotheses were tested. The subjects responding in this study were owners or managers of franchise restaurants in Youngnam province. A total of 605 questionnaires were analyzed using the factor analysis, a reliability test, and structural equation modeling analysis. The results revealed that first, the entrepreneurship and market orientation of franchisers were positively related to the boundary-spanning behaviors of franchisees, and secondly, the entrepreneurship of franchisers was positively related to their market orientation. Finally, the boundary-spanning behavior of franchisees was positively related to their managerial performance. Therefore, food-service franchisers in Youngnam should have the entrepreneurship and market orientation to lead franchisees to have positive boundary-spanning behaviors and good performance.