• Journal of Convergence for Information Technology
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• v.9 no.4
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• pp.152-159
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• 2019

The purpose of this study is to investigate the effect of transaction characteristics on transaction cost and choice intention by applying transaction cost theory to experiential product. Experience-specificity, transaction uncertainty, and personal uncertainty are proposed to reflect the characteristics of experiential products, and the effects of these variables on transaction costs and transaction costs are assumed to have an influence on the choice intention. The results of this study are summarized as follows. First, experience-specificity(site, physical equipment, knowledge skill, temporal), transactional uncertainty(product-, process-), personal uncertainty (preference-, and situation-) have a significant positive effect on transaction cost. Second, transaction costs (search, comparison, examination, negotiation, payment, delivery) have a significant negative effect on the choice intention of the experiential product. The results of this study show that the increase of transaction costs can reduce the choice of experiential products and the strategic consideration of experience specificity, transaction uncertainty and individual uncertainty are required to reduce transaction costs. In addition, experiential products lacked access from a transactional and cost-based point of view, and this study contributes theoretically by compensating for the lack.

• International Commerce and Information Review
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• v.16 no.1
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• pp.247-269
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• 2014

This study is to present alternatives of strategical utilization of e-L/C in respective of transaction cost. Documentary credit is most used for trade importers' credit quality and the guarantee of the purchase price as the form of payment in export and import business dealings. The beneficiary must provide the documents required in a letter of credit in order to claim payment documents from the issuing bank, this leads to certain complexity during the procedure in practice, the preparation and the expenses of significant requirements and additional documents as well as in completing demands from the credit. In a result, there has been issues raised about the aspects of time and cost during the payment process. The outcome of such problems caused by delays in the existing trade procedure is the public to require the use of e-L/C in order to improve problems from the 'Transaction Cost' side. This study provides e-L/C's use to overcome the problems that are appearing from 'Transaction Cost' side as the aspect of time and the cost. In order to do so, we have to identify the problems in the original credit and e-L/C. Thus, provide the propose strategy of e-L/C from the Transaction Cost aspect.

• Journal of Distribution Research
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• v.12 no.1
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• pp.105-123
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• 2007

Recently, the beauty service industry in Korea is growing rapidly as women have increased role in society and consumers have more diversified desire for beauty. In that sense, studies on the environment of transaction is necessary to maintain the customers who use beauty service which Is one of the most prominent services in Korea. However, there is a lack of systematic investigation on that. Under those circumstances, this study tries to propose strategies by shedding light on the reasons of store loyalty based on empirical study. Furthermore, securing regular customers is deemed to be the most important thing as the competition among stores are getting fiercer in the wake of increase in the number of beauty salons. In that light, this study tries to shed light on the transaction cost clearly which affects the store loyalty, and focuses on the development of integrated research model for the transaction cost related to the environmental characteristics of beauty service industry and for the store loyalty.

• Proceedings of the CALSEC Conference
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• 2001.08a
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• pp.493-501
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• 2001

B2C is not doing well in Asia and Pacific countries in comparison to U.S. and Europe. But there is misunderstanding of low growth of B2C electric commerce caused by cultural factor. Consumers in market are rational to decide their purchase according to total cost - market price and transaction cost. I examined this with data of Korea and U.S. Transaction cost in real market is less in Korea than in U.S. but that of electric commerce, it is much less in U.S. As a result, the choice of consumers in Korea is real market transaction while consumers in U.S. choose electric commerce.

• Journal of Digital Convergence
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• v.12 no.4
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• pp.133-143
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• 2014

This paper investigate how transaction cost factors affect organizational performance both directly and indirectly, through cooperative relationship lasting factors and degree of relationship satisfaction. The results can be summarized as follows: First, asset uncertainty directly influenced financial and non-financial performance. Also asset specificity and opportunism did not influence financial and non financial performance directly. Second cooperative relationship lasting factors were connected with transaction cost factors direct variables on cooperative relationship lasting factors are asset specificity and uncertainty, but opportunism did not directly influence. Third, degree of relationship satisfaction were connected with transaction cost factors direct variables on degree of relationship satisfaction are asset specificity and opportunism, but uncertainty had not affected degree of relationship satisfaction. Fourth, cooperative relationship lasting factors and degree of relation satisfaction had affected financial performance and non financial performance. In summary, this study find that transaction cost factors had indirectly influenced organizational performance through mediated variables such as cooperative relationship lasting factors and degree of relationship satisfaction.

• Korean small business review
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• v.42 no.3
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• pp.145-172
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• 2020

This study shows that it is favorable for Korean companies to maintain fairness and authenticity trading relationship with trading companies. It suggests that a positive reputation can be secured, trust relationships can be built, and transaction costs can be reduced. For this purpose, research hypothesis was established, questionnaires were collected for domestic companies, and a hypothesis test was conducted. As a result of the research hypothesis test, the perception of transaction fairness and the perception of transaction authenticity have a positive effect on reputation, and the reputation has a positive effect on trust. Trust has a positive effect on the reduction of transaction costs, and reputation and trust play a role in the perception of transaction fairness and transaction authenticity and the reduction of transaction cost, and trust is a parameter between reputation and reduction in transaction cost. Do it. In order for sustainable management activities to be carried out for Korean companies, it is necessary to improve fairness and authenticity in business relations. It is important to have a positive reputation. It has been demonstrated that securing a positive reputation can develop into a trust relationship and ultimately lead to a decrease in transaction costs.

• KIPS Transactions on Computer and Communication Systems
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• v.11 no.8
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• pp.269-280
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• 2022

With the rise of a decentralized finance market (so called, DeFi) using blockchain technology, users and capital liquidity of decentralized finance applications are increasing significantly. The Automated Market Maker (AMM) is a protocol that automatically calculates the asset price based on the liquidity of the decentralized trading platform, and is currently most commonly used in the decentralized exchanges (DEX), since it can proceed the transactions by utilizing the liquidity pool of the trading platform even if the buyers and sellers do not exist at the same time. However, Automated Market Maker have some disadvantages since the cost efficiency of each transaction using Automated Market Maker depends on the liquidity size of some liquidity pools used for the transaction, so the smaller the size of the liquidity pool and the larger the transaction size, the smaller the cost efficiency of the trade. To solve this problem, some platforms are adopting Transaction Path Routing Algorithm that bypasses transaction path to other liquidity pools that have relatively large size to improve cost efficiency, but this algorithm can be further improved because it uses only a single transaction path to proceed each transaction. In addition to just bypassing transaction path, in this paper we proposed a Multi-Path Routing Algorithm that uses multiple transaction paths simultaneously by distributing transaction size, and showed that the cost efficiency of transactions can be further improved in the Automated Market Maker-based trading environment.

• Journal of the Korean Society for Industrial and Applied Mathematics
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• v.4 no.2
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• pp.77-84
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• 2000

Black-Scholes equation arising from option pricing in the presence of cost in trading the underlying asset is derived. The transaction cost is chosen precisely and generalized to reflect the trade in the real world. Furthermore the concept of the bandwidth is introduced to obtain the better rehedging. The model with bandwidth derived in this paper can be used to calculate the more accurate option price numerically even if it is nonlinear and more complicated than the models shown before.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.132-141
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• 2011

Australia has joined many governments to adopt public-private partnership (PPP) as a major strategy for procuring infrastructure for decades. However, failures have occurred although the market has been considered to be a mature and sophisticated one. Failures have typically been traced back to inappropriate economic evaluation and a lack of value-for-money. In particular, a literature review has identified that there was no holistic consideration on the evaluation of procurement transactions of PPP projects. The transaction costs of PPPs were not handled properly. In this paper, theories of transaction cost economics are proposed for the purpose of such a holistic institutional economic evaluation. These theories are analysed in order to identify potential critical success factors for a strategic infrastructure procurement framework. The potential critical success factors are identified and grouped into a number of categories that match the theories of transaction cost economics. These categories include (1) Asset Specificity, (2) Organizational Capability, (3) Transaction Frequency, (4) Behavioural Uncertainty, and (5) Environmental Uncertainty. These potential critical success factors may be subject to an empirical test in the future. The proposed framework will offer decision makers with an insight into project life cycle economic outcomes needed to successfully deliver PPPs.

• Proceedings of the Korea Information Processing Society Conference
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• 2011.11a
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• pp.1248-1251
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• 2011

Web Service technologies make the automation of business activities that are distributed across multiple enterprises possible. Existing extended transaction protocols typically resort to compensation actions to regain atomicity and consistency. A reservation-based transaction protocol is proposed to reduce high compensation risk. However, for a serial long running transaction processing, the resource that is reserved in the early stage may be released due to resource holding time expires. Therefore, our analysis theoretically illustrates a scheduling scheme that tries to prevent the loss of resource holding as well as gain an optimized execution plan with minimum compensation cost. In order to estimate cost of different schedules, we set up a costing model and cost metric to quantize compensation risk.