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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.

In Situ Surfactant Flushing of Contaminated Site (계면 활성제를 이용한 In Situ 토양 세척)

  • 염익태;안규홍
    • Journal of Korea Soil Environment Society
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    • v.2 no.2
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    • pp.9-24
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    • 1997
  • Surfactant-aided in situ soil flushing has been proposed as an alternative for the expensive and time consuming 'pump and treat' technology in remediation of contaminated soil and groundwater Injected surfactants can effectively solubilize contaminants sorbed to the soil matrix or nonaqueous phase liquids(NAPLs) in residual saturation. The contaminants solubilized in groundwater are recovered and treated further. The theoretical background of the technology and the results of the field operations, mostly in the US. were summarized. In addition, the factors crucial to the successful application of the technology were discussed. Cost analyses and technical limitations in current applications were also discussed. In conclusion, it is likely that in situ surfactant flushing become a viable option for soil remediation in limited cases. Currently, further advances with respect to operation cost and to treatment efficiency are required for more extensive application of the technology. However, the current trends in soil remediation, specially the growing emphasis on risk based corrective action and natural attenuation, will increase the competitiveness of the technology. For example, removal of easily washable contaminants by short term soil flushing followed by long term monitoring and natural attenuation can greatly reduce the operation cost and time.

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A Study on Smoking Behavior and The Influencing Factors Among High School Male Students in Korea (고등학교(高等學校) 남학생(男學生)의 흡연행위(吸煙行爲)와 관련요인(關聯要因) 분석(分析))

  • Chang, Young Mee
    • Journal of the Korean Society of School Health
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    • v.4 no.2
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    • pp.193-215
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    • 1991
  • This study is aimed at providing basic information applicable to setting up the education programs and strategies to prevent smoking among high school students by analysing smoking behavior and influencing factors. The samples consisted of 814 students, 557 parents and 362 teachers selected randomly from 8 high schools, one from each school district in Seoul. Date Analyses were made through Chi-Square test, Factor Analysis, One Way ANOVA, Multiple Regression, Correlation. SPSS/$PC^+$program was utilized. Smoking behavior (continuous smoking, re-smoking, ex-smoking, never smoking, daily smoking, occasional smoking) were used as dependent variables. Influencing factors (male students, habits, attitudes and knowledge toward smoking, home life, school life, juvenile delinquency, friendship, demographic parent's and teacher's recognition toward male students smoking) were used as in dependent variables. The major findings of the study are as follows : 1. The total smoking rate occupies 41.1% whereas the continuous smoking rate stands at 19.2%, re-smoking rate 9.5%, ex-smoking rate 12.4% and never smoking rate 58.9%. 2. The total smoking rate among high school students is significantly correlated with their monthly expenditures and type of school (p<0.001). The continuous smoking rate also shows the same tendency. As the length of butt get shorter, the current smoking rate increase. The duration of smoking is in proportion to its continuity. The major motive of smoking is curiousity whereas that re-smoking is to follow friend's behavior. The study shows that peer pressure is the most powerful factor influencing smoking behavior of students. Friends and fellow students encourage to pick up smoking and resume smoking even alter one stops smoking. 3. The correlationship between favorable attitudes toward smoking and the current smoking rate and its continuity is statistically significant(p<0.05, p<0.01, p<0.001). 4. The stability and harmony of family life and the current smoking rate show negative correlationship. The daily smoking amount of father is in proportion to the continuity of students' smoking. When parents are in favor of smoking, it is more likely that the experimental smoking rate increase the smoking rate increases, and vice versa. The more acceptable attitudes toward smoking among siblings is also one of the factors to increase the smoking rate and continuity (p<0.001). The more lenient the attitudes of parents toward their children's association with smoking friends, the higher the smoking rate. When students have difficulties in adjusting to school life, it is more likely that the current smoking rate and continuity increase. 5. The continuity of smoking and friendship are significantly correlated (p<0.05, p<0.01, p<0.001). 6. The continuity of smoking and juvenile delinquency are significantly correlated (p<0.001). 7. The difference in attitudes and smoking reasons of parents and students is significantly correlated to different smoking behavior (p<0.01, p<0.001). While smoking knowledge does not significantly influence their smoking behavior, it is noted that in the case of teachers, smoking reason (p<0.05), attitudes (p<0.001) and knowledge (p<0.05) strongly influence their smoking behavior. 8. There is a significantly correlation among the smoking reasons, attitudes and knowledge between students and parents(p<0.001). As for the correlationship between regularity and smoking amount and other influencing factors, the daily smoking amount is in proportion to depth of inhalation and duration of smoking, negative attitudes of parents unstability of family, dissatisfaction of family members, juvenile delinquency, strong smoking reasons and positive attitudes towards smoking. 9. In the case of daily smokers depth of inhalation is significantly correlated to the duration of smoking, juvenile delinquency, acceptability of parents, dissatisfaction of family members and smoking reasons. The duration of smoking motives is significantly correlated to juvenile delinquency, high acceptability of parents, strong smoking motive and positive attitudes toward smoking. 10. It is noted that 40% of parents and 30% of teachers do not recognize the significant correlationship between and the relative influencing factors mentioned above.

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Current Status of Respiratory Care in Korean Intensive Care Units (국내 중환자실내 호흡치료의 현황)

  • Park, So-Yeon;Kim, Tae-Hyung;Kim, Eun-Kyung;Shim, Tae-Sun;Lim, Chae-Man;Lee, Sang-Do;Kim, Woo-Sung;Kim, Dong-Soon;Kim, Won-Dong;Koh, Youn-Suck
    • Tuberculosis and Respiratory Diseases
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    • v.49 no.3
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    • pp.343-352
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    • 2000
  • Backgrounds : Respiratory care for patients in intensive care units (ICUs) has been performed mainly by nurses in Korea. However, the current status of respiratory care in the Korea ICUs is not well known. Respiratory care and the methods of delivery in ICUs were surveyed. Method : A confidential questionnaire was distributed to the head nurses working the ICUs at 117 hospitals in Korea. One hundred hospitals returned the questionnaires, for a response rate of 85%. The hospitals were divided into three groups : Main university hospitals (MUH), university associated hospitals (UAH), and general hospitals (GH) Result : Eighteen units of 66 units in MUH and 35 units of 58 units in GH were organized as a general ICUs. The percentage of ICUs with full-time doctors was 47.1%. The nurses usually delivered respiratory care spending from 1 to 4 h during their 8 h of working time. Although the respondents felt that respiratory care should be delivered by trained respiratory therapists, these therapists were not found at the hospitals. Most of the units performed percussion, tracheal suctioning, and positional changes. However, vibration and IPPB were less frequently performed in GH. Among oxygen supply apparatus, venturi mask and T-piece were not frequently used in GH. GH applied a noninvasive ventilator mode less frequently than MUH and UAH. The percentage of Swan-Ganz catheter monitoring was only 21.4% in GH. Conclusion : Respiratory care for patients in the Korean ICUs was provided by nurses on the whole. In addition, there were many differences in the level of respiratory care according to the type of hospital. To overcome the current problems revealed, an effective in-hospital training program for the development of full-time respiratory care therapists should be established urgently in Korea.

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Differences in Farmer's Syndrome between Greenhouse-Melon Farmers and Rice Farmers (시설참외 및 수도작 농작업자의 농부증 비교)

  • Park, Jong-Seop;Oh, Gyung-Jae
    • Journal of agricultural medicine and community health
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    • v.33 no.1
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    • pp.27-36
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    • 2008
  • =Objectives: This study was conducted to evaluate the diferences in Farmer's syndrome between greenhouse-melon farmers and rice farmers. Methods: The study included 160 residents, who lived in rural community. Of those subjects, 73 and 87 from June 1 to July 30, 2006. Respondents were interviewed by means of a structured questionnaire. Results: This study showed that greenhouse-melon farmers had a lower average age, shorter experience of farming, more working hours per day than rice farmers (p<0.05). n farmers was 38.4% respectively, the prevalence in rice farmers was 22.6%. There was statistically significant diference in the prevalence of Farmer's syndrome between greenhouse-melon and rice farmers (p<0.05). The most frequent symptoms among eight symptoms that constitute the Farmer's syndrome were lumbago, shoulder pain and nocturnal urination regardless of type of farming. But greenhouse-melon farmers had higher prevalence of muskuloskeletal symptoms, such as lumbago and shoulder pain, than rice farmers (p<0.05).Conclusions: These results showed that prevalence of Farmer's syndrome was more common in the tools which reduce physical burden and take a rest and exercise periodically during work in the greenhouse-melon farmers.

A Survey of Role Perception and Function Performance Related to Public Health Service among the Medical Staff in a National Hospital (일개 공공병원 종사자의 공공보건의료에 대한 인식과 기능수행에 대한 조사연구)

  • Cho, Young-Hye;Lee, Sang-Yeoup;Jeong, Dong-Wook;Choi, Eun-Jung;Kim, Yun-Jin;Lee, Jeong-Gyu;Go, Yu-Young;Lee, Yu-Hyone;Bae, Mi-Jin;Kim, Chang-Hoon
    • Journal of agricultural medicine and community health
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    • v.37 no.2
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    • pp.67-75
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    • 2012
  • Objectives: While there have recently been efforts to improve public health service at a governmental level, there is actually insufficient research on awareness of the roles related to public health service among hospital employees. This study examined role perception and function performance related to public health service among the medical staff in a national hospital. Methods: 15% were randomly sampled from each type of occupation among the medical staff in a national university hospital, a survey was conducted in 323 persons, and there were a total of 265 participants (80.2%): 103 doctors(38.9%), 98 nurses (37.0%), and 64 others (24.1%). Results: The hospital employees had insufficient awareness of their roles as public health service providers in terms of six required items for public health service: 1) services for supporting establishment, implementation, and assessment of public health service policies, 2) participation in the health service activities and support services by central or local governments, 3) technological support and educational services for private health service institutions, 4) health service for unprivileged brackets, 5) health service that requires association with other areas dealing with geriatric, disabled, and mentally-disordered people, and 6) health service for children and mothers. Conclusions: In general, since the hospital employees had insufficient awareness of their roles and responsibilities as public health service providers, it is necessary to secure manpower exclusively in charge of public health service and provide education about strategic public health service.

Risk Analysis of Household Debt in Korea: Using Micro CB Data (개인CB 자료를 이용한 우리나라 가계의 부채상환위험 분석)

  • Hahm, Joon-Ho;Kim, Jung In;Lee, Young Sook
    • KDI Journal of Economic Policy
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    • v.32 no.4
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    • pp.1-34
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    • 2010
  • We conduct a comprehensive risk analysis of household debt in Korea for the first time using the whole sample credit bureau (CB) data of 2.2 million individual debtors. After analysing debt service capacity profiles of debtor groups classified by the borrower characteristics such as income, age, occupation, credit scoring, and the type of creditor business companies, we investigate the impact of interest rate and income changes on debt service-to-income ratios (DTIs) and default rates of respective debtor groups. Empirical results indicate that debt service burdens are relatively high for low income wage earners, high income self-employed, low income capital and card loan holders, and high income mutual savings loan holders. We also find that debtors from multiple financial companies are particularly weak in their debt service capacity. The scenario analysis indicates that financial companies, with the current level of capital buffers, may be able to absorb negative consequences arising from the increase in DTIs and loan default rates if the interest rate and income changes remain modest. However, the negative consequences may fall disproportionately on non-bank financial companies such as capital, credit card, and mutual savings banks, whose debtors' DTIs are already high. We also find that the refinancing risk of household debt is relatively high in Korea as more than half of household mortgage debts are bullet loans. As the DTIs of mortgage loan holders are already high, under the current DTI regulation, mortgage loans may not be readily refinanced especially when the interest rate rises. Disruptions in mortgage loan refinancing may put downward pressure on housing prices, which may in turn magnify refinancing risk under the current loan-to-value (LTV) regulation. Overall our analysis suggests that, for more effective monitoring of household debt risk, it is necessary to combine existing surveillance schemes based on macro aggregate indicators with more comprehensive and detailed risk analyses based on micro individual data.

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INFLUENCE OF SEVERAL POSTS AND IPS-EMPRESS INGOT THICKNESS ON THE FINAL SHADE OF ALL-CERAMIC CROWNS (수종의 post와 IPS-Empress Ingot 두께가 전부 도재 수복물 최종색조에 미치는 영향)

  • Bok Won-Mi;Choi Keun-Bae;Park Charn-Woon;Ahn Seung-Geun
    • The Journal of Korean Academy of Prosthodontics
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    • v.42 no.5
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    • pp.514-523
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    • 2004
  • Statement of problem: All-ceramic restorations have been advocated for superior esthetics. Various post and core systems have been used to improve the strength of damaged teeth, but it is unclear whether they affect the final shade of finished all-ceramic restorations. Purpose: The influence of different types of post and core systems on light transmission through all-ceramic crowns was assessed by spectrophotometric analysis. Also the masking effect of different thickness of ceramic ingot was evaluated. Material and Methods : Forty-five sample disks (15mm in diameter) at several thickness(1.0, 1.5, 2.0mm) and value(shade 100, 200, 300) were made in heat pressed ceramic(IPS-Empress). Background specimens simulating gold-alloy cast posts(Type III casting gold alloy), metal posts(Ni-Cr casting alloy) and ceramic posts(CosmoPost) were fabrica-ted. Resin composite(Z250, A3 shade) was used as a tooth substrate reference. For each combination, the change in color was measured with a spectrophotometer. Readings were performed for 2 conditions (1) ability of ceramic to mask the core in relation to its thickness(1.0, 1.5, or 2.0mm) ; (2) influence of post and core types on the final color of the ceramic. Data were recorded according to the CIE $L^*a^*b^*$ systems and color difference($\Delta$E) was calculated. Results: 100 shade ingot: when ceramic thickness was 1.0mm, $\Delta$E value for ceramic post larger than 1 but $\Delta$E value for metal and gold post was larger than 2. For ceramic thickness of 1.5mm, only $\Delta$E value for metal was larger than 2, and the other samples' $\Delta$E value was smaller than 2. For ceramic thickness of 2.0mm, $\Delta$E values for all specimens was smaller than 2. 200 shade ingot: when ceramic thickness was 1.0mm, $\Delta$E value for ceramic post was smaller than 1 but $\Delta$E value for metal and gold post was larger than 2. For ceramic thickness of 1.5 mm, only the $\Delta$E value for metal was larger than 2, and the other samples' $\Delta$E value was smaller than 2. For ceramic thickness of 2.0mm, $\Delta$E values for all specimens was smaller than 1. 300 shade ingot: when ceramic thickness was 1.0mm, only $\Delta$E value for metal was larger than 2 and the other samples' $\Delta$E value was smaller than 2. For ceramic thickness of 1.5mm, $\Delta$E values for all specimens was smaller than 1. For ceramic thickness of 2.0mm, $\Delta$E values for all specimens was smaller than 1. Conclusion: The final esthetic result of the IPS-Empress glass-ceramic restoration was not affected by the presence of different core materials when the thickness was more than 2.0 mm. When ceramic thickness decreases to 1.5mm, it is advised to take the substrate aspects into consideration. If the ceramic thickness is less than 1.0mm, using the tooth color matched substrate is strongly recommended.

Effect of Mouthguard on Tooth Distortion During Clenching (이악물기 시 발생되는 치아변형에 대한 구강보호장치의 역할)

  • Lee, Yun;Choi, Dae-Gyun;Kwon, Kung-Rock;Lee, Richard Sung-Bok;Noh, Kwan-Tae
    • Journal of Dental Rehabilitation and Applied Science
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    • v.26 no.4
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    • pp.405-417
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    • 2010
  • Previous studies have already shown that mouthguard is effective in protecting jaw bone, teeth and oral tissue against sports trauma. However, other than severe trauma, repetitive force, such as disorders like clenching, cause teeth or oral tissue damage. These kinds of disorders usually present pathologic attrition in the posterior teeth, resorption in alveolar bone, loss of teeth and destruction of occlusion. Wearing a mouthguard is believed to be effective in preventing these disorders. But its effect is not examined thoroughly enough. The purpose of this study is to identify whether mouthguard is effective in reducing strain caused by clenching. Mandibular first molars in the normal occlusal relationship without any history of dental treatment were chosen. Biaxial type strain gauge was placed on the buccal surface of the tooth. Having maximum occlusal force, measured by load cell, as a standard, clenching intensity were divided into three stages; moment of slightly tooth contact, medium bite force (50% of maximum bite force), maximum bite force. Strain occurring in dentition in each stage with and without mouthguard was measured. Changes in strain (on dentition) between each stage and difference in strain, between with or without mouthguard were recorded by PCD-300 analyzer and PCD-30 soft ware. The data was statistically analyzed by Wilcoxon signed rank test. The following results were drawn; Without mouthguard, strain given on dentition increased as the clenching force increased. With mouthguard, strain given on dentition also increased as the clenching force increased. With mouthguard, strain decreased, in all cases of clenching force stages. Data on the moment of slightly tooth contact stage, had no statistical significance. However, with mouthguard, 50-90% of decrease in strain could be obtained in maximum occlusal force, compared to the group without mouthguard. Mouthguard decreased the strain on the dentition, caused by clenching. Therefore, mouthguard seems to be effective in preventing damage on dentition, by acting against clenching, which occurs both consciously and unconsciously during sports activities.

Hypoglycemic Effect of Smallanthus sonchifolius (Yacon) Extracts on Animals with Streptozotocin-induced Diabetes (야콘 추출물이 Streptozotocin으로 유도된 당뇨 동물모델에서 혈당강하에 미치는 효과)

  • Oh, Hong-Geun;Kang, Young-Rye;Kim, Jung-Hoon;Moon, Dea-In;Seo, Min-Young;Park, Sang-Hoon;Choi, Kwang-Ho;Kim, Chang-Ryong;Kim, Sang-Hyun;Oh, Ji-Hyun;Kim, Sun-Young;Kim, Min-Gul;Chae, Soo-Wan;Kim, Ok-Jin;Lee, Hak-Yong
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.41 no.6
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    • pp.759-765
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    • 2012
  • This study was performed to investigate improvements in diabetes mellitus by extracts of yacon in streptozotocin (STZ)-induced diabetic rats. Fifty rats were divided into a normal group and four experimental groups. STZ (45 mg/kg) was injected intraperitoneally to induce type I diabetes in the four experimental groups. Yacon extracts were administered for 5 weeks. Forty-five ICR mice were also divided into one positive control group and four experimental groups for the oral glucose tolerance test (OGTT) after fed yacon extract. The control group did not eat any yacon extracts, while Group 1 (GI) was fed 125 mg/kg of yacon extracts, Group 2 (GII) was fed 250 mg/kg of yacon extracts, and Group 3 (GIII) was fed 500 mg/kg of yacon extracts. After treatment for 5 weeks, blood glucose in GIII group showed decreased tendency at the 5 week. In OGTT by glucose, the glucose level of yacon treatment group in diabetic rats was significantly decreased compared to the glucose level of the control group, but there was no difference in OGTT by maltose. In ICR mice, the glucose level of the experimental group in OGTT by maltose was significantly decreased compared to the control group. The area of the islets of Langerhans was increased by yacon treatment in a dose-dependent manner on diabetic rats. Insulin concentration of the GIII group was also decreased compared to the control group, while the concentration of fructosamine, total cholesterol, and triglycerides in serum showed no difference. OGTT by glucose or maltose in ICR mice or diabetic rats, area of the Islets of Langerhans, and insulin concentration improved. Yacon treatment may be a useful therapeutic and preventive strategy for diabetes mellitus.