• Communications for Statistical Applications and Methods
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• 제27권6호
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• pp.689-699
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• 2020

This study investigates the effect of life settlement on the monopolistic insurance market. In particular, we consider liquidity cost, which is the cost incurred to the insurer to meet the request of surrender, and trading cost, which is the transaction cost of the policyholders for the settlement. We first show that the introduction of a life settlement can increase insurance demand and enhance consumer welfare even when the trading cost is higher than the liquidity cost. That is, even if the settlement market is less efficient than the insurance market, both insurance demand and consumer welfare can be increased. Second, the insurer's profit can also be increased when settlement is introduced because not only can the insurer save the liquidity cost but also the demand of insurance increases. Lastly, insurance demand does not always decrease when both costs increase. Depending on the population distribution over the liquidity risk, the demand of insurance can be increased or decreased.

• 자원ㆍ환경경제연구
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• 제12권2호
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• pp.245-274
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• 2003

본 연구는 한국에서 온실가스 감축을 위해 온실가스 배출권거래제 또는 탄소세, 그리고 두 정책수단이 혼합하여 도입될 경우 한국의 경제, 에너지소비, 그리고 온실가스 배출량에 미치는 파급효과를 분석하였다. 연산일반균형모형인 KORTEM을 이용한 다양한 시나리오 분석 결과, 탄소세만 부과하는 경우에는 배출권거래제만을 도입하는 경우보다 온실가스 감축의 경제적 비용이 상대적으로 높을 것으로 예측되었다. 따라서 한국은 온실가스 감축을 위한 정책포트폴리오를 설계함에 있어, 국내배출권거래제를 핵심정책으로 도입하며 가능한 많은 기업 및 경제주체들을 배출권거래에 참여시키고, 거래에 참여하지 않는 경제부문의 특성을 반영한 보완적 정책수단을 도입하는 방향으로 정책포트폴리오가 설계되어야 한다.

• Journal of Information Technology Applications and Management
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• 제21권4호
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• pp.97-125
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• 2014

This study investigates the relationship between stock index and its associated nearby futures markets based on the cost-of-carry model. The purpose of this study is to explore the existence of mispriced futures contracts, and to test whether traders can earn trading profits in real financial market using the information about the mispriced futures contracts. This study suggests the concordance correlation coefficient to investigate the existence of mispriced futures contracts. The concordance correlation coefficient gives a desirable result for trading profits that results from a comparative analysis among profits from trading at the time to indicate trading opportunities determined by the degree of the difference between the observed market price and the theoretical price of a futures contract. In addition, this study also explains that the concordance correlation coefficient developed from the mean square error (MSE) has a statistically theoretical meaning. In conclusion, this study shows that the concordance correlation coefficient is appropriate for analyzing the relationship between the observed stock index futures market price and the theoretical stock index futures price derived from the cost-of-carry model.

• 자원ㆍ환경경제연구
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• 제10권4호
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• pp.547-567
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• 2001

This paper analyzed what kind of institutional scheme for domestic policy instruments to reduce GHG emissions are desirable for Korea in complying with the international efforts to mitigate climate change, by focusing on independent abatement(equivalent to the imposition of carbon tax) and domestic emission trading. It also examined the economic and environmental implications of recycling the government revenue created from implementation of those policies. By utilizing a dynamic CGE model, this study shows that the economic cost under independent abatement is projected to be higher than that under emission trading. It is because under independent abatement scheme each emitter in economy must meet its emission target regardless of the abatement cost. On the other hand, emission trading allows emitters to reduce the marginal cost of abatement through trading of emission permits. In designing future domestic policies and measure to address the climate change problem in Korea, therefore, this study proposes the introduction of domestic emission trading scheme as the main domestic policy instrument for GHG emission abatement. In terms of double dividend, in addition, this study shows that both independent abatement and emission trading schemes under various assumption on the revenue recycling may not generate the double dividend in Korea.

• 한국정보시스템학회지:정보시스템연구
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• 제14권2호
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• pp.155-172
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• 2005

Securities companies which faced with severe competition should not only attract new customers but also retain their on-line customers. This study examines the factors affecting loyalty of on-line stock trading customers. The research model based on the previous studies was established and the research hypotheses were generated. The test results based on the data gathered from 87 users of on-line stock trading services show that user satisfaction, learning cost, transaction fees, and reputation influence customer loyalty. User satisfaction, learning cost and reputation are positively related to customer loyalty, whereas transaction fee is negatively related to customer loyalty. The results also support that information quality and system quality are positively related to user satisfaction. The hypothesis that transaction fee is related to user satisfaction is not supported. There is no significant information to say that security risk is related to user satisfaction. It is considered that the study results may help managers to increase customer retention.

• 복식
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• 제50권8호
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• pp.165-175
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• 2000

The Purposes of this study are to analyze fashion trading area's conditions of Busan area to establish fashion marketing strategies for the conditions of location in choosing the new retailers and to propose the most efficient, optimum fashion trading area(FTA) under the management mind of low cost and high efficiency according to the changes of 21C management paradigm. The subjects of investigation for this study were 1083 women visited FTA in Busan. The data were analyzed by using MANOVA, ANOVA, frequency and trend analysis, and the Cronabach $\alpha$ and Turkey HSD were also applied. The results of this study were summarized as follows. 1 The characteristics of consumer spatial behavior according to fashion trading area show significant difference in starling position, movement means, movement time, visit purpose and visit frequency. 2 The buying behavior of fashion items according to fashion trading area shows difference in fashion trading area shows difference in fashion trading area, store and buying behavior.

• 수산경영론집
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• 제44권1호
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• pp.25-37
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• 2013

The permit system is the most typical regulation system in Korean fishery. Even now, it has caused resource management failure, it has also invited economic inefficiency and inequity. Accordingly, the Korean government has recently introduced the fishing boats market, it would be improve entry barrier for new capital and labor in fishing industry. This study aims to survey and to analyze the status of coastal fishing boat market using the executive documents on permit system in Gyongnam province. And also, this study put focus on improve fishing permit trade take advantage of the fishing boat trading. The survey results indicated that the number of fishing boats trading is estimated about 5,000 per year, however, fishing boat market is very narrow. An analysis on fishing permit trading showed that policy support is essential to reduce transaction cost. Therefore, it is necessary to explore corresponding policy tasks, this will be reduce transaction costs and sunk cost.

• 지능정보연구
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• 제20권2호
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• pp.59-71
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• 2014

KOSPI200 선물 트레이딩을 위해 업계에서는 여러 전략으로 포트폴리오를 구성해서 운용한다. 동일한 전략 모음을 갖고 있더라도 포트폴리오를 어떻게 구성하느냐에 따라 수익은 크게 차이가 난다. 시장 상황에 맞는 전략들로 포트폴리오를 구성하는 것은 오랜 경험과 탁월한 노하우가 있어야하는 어려운 작업이다. 본 논문에서는 SVM을 활용하여 쉽고 빠르게 적절한 전략 포트폴리오를 구성하는 방법을 제시하였다. 본 논문에서 제안한 시스템의 성과는 벤치마킹의 성과와 비교하여 2배 이상의 수익을 내는 것을 확인하였다. 1990.01.03~2011.11.04 동안의 KOSPI200 데이터 중 이전 80%의 데이터로 학습을 하고 최근 20%의 데이터로 성능을 시험하였다. 각 전략별로 선택여부를 판별하는 SVM모델을 만들고 그 결과를 바탕으로 포트폴리오를 구성하였다. 벤치마킹을 위해 KOSPI200 선물을 2계약 매수한 경우의 수익, 시험 시작 직전 30일간 최고 수익을 낸 2개 전략의 수익, 실제 최고 수익을 낸 전략 2개를 보유했을 때의 수익과 비교하였다. 매매 비용을 반영하지 않을 때는 벤치마킹은 132.2~510.37pt의 수익을 냈고, 본 시스템은 1072.36~1140.91pt의 수익을 보여주었다. 그리고 거래비용을 감안하면 벤치마킹은 130.44~502.41pt의 수익을 냈고, 본 시스템은 706.22pt~768.95pt의 수익을 나타내었다. 본 논문은 기계학습을 통한 전략 포트폴리오를 구성하는 방안이 유의미하며 실전에 활용할 수 있음을 보여주었다. 이를 바탕으로 여러 전략과 다양한 시장에 적용해서 안정성을 검증하면 견고한 상용 솔루션으로 발전시킬 수 있을 것이다. 그리고 자금관리 기법을 더 반영한다면 수익을 더욱 크게 향상시킬 수 있을 것이다.

• Asia pacific journal of information systems
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• 제10권2호
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• pp.125-147
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• 2000

The objective of this paper is to propose additional features for the success of the Internet-based stock trading companies in Korea which attempt to improve competitiveness in the stock trading market. Literature about this issue has been rarely reported. To clarify our research intention, therefore, we surveyed 24 stock trading companies which support the Internet-based stock trading systems, and gathered data about appropriate Internet business model which is deemed promising and effective in the future. Analysis results revealed that besides cheap trading transaction cost, those additional features such as convenience, reliability, speed delay, superiority, and profitability are also important as well for the success of the Internet-based stock trading.

• International Journal of Precision Engineering and Manufacturing-Green Technology
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• 제5권5호
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• pp.623-630
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• 2018

The renewable energy systems have been in the spotlight as an alternative for environmental issues. Therefore, the governmental policies are being implemented to spread of promote power generation system using renewable energy in various countries around the world. In addition, Korea has also developed a policy called the power trading contract which can profit from electricity produced from renewable power generation system through Korea Electric Power Corporation (KEPCO) and Korea Power Exchange (KPX). As a result, the power trading contracts can trade power after self-consuming in-house by using small-scale renewable power system for residential customers as well as electricity retailers. The power trading contracts applicable as a small-scale power system have a 'Net metering (NM)' and a 'Power Purchase Agreement (PPA)', and these two types of power trading contracts trade surplus power, but payment method of each power trading is different. The microgrid proposed in this paper is based on grid connected microgrid using Photovoltaic (PV) system and Energy Storage System (ESS), that supplied power to residential demand, we evaluate the operation cost of microgrid by power demand in each power trading contracts and propose the appropriate power trading contracts according to electricity demand.