• Title/Summary/Keyword: unit solution

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Underpricing of Initial Offerings and the Efficiency of Investments (신주(新株)의 저가상장현상(低價上場現象)과 투자(投資)의 효율성(效率成)에 대한 연구(硏究))

  • Nam, Il-chong
    • KDI Journal of Economic Policy
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    • v.12 no.2
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    • pp.95-120
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    • 1990
  • The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

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A Study on the Reinforcement Plan for the Local Government to Respond to the Climate Change through the Survey of Residents Consciousness - Focused on the Gangnam-gu - (주민 의식 조사를 통한 지자체 기후변화 대응 강화 방안에 관한 연구 - 강남구를 중심으로 -)

  • Choi, Bong Seok;Park, Kyung Eun;Jeon, Eui Chan
    • Journal of Climate Change Research
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    • v.5 no.1
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    • pp.83-94
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    • 2014
  • Gangnam-gu, where the survey of residents' consciousness has been made in this study, is the district shows the highest rate of the energy consumption and greenhouse gas emission per unit area except some industrial districts such as Gwangyang, Ulsan, and Pohang. The greenhouse gas emission amount of Gangnam-gu is 4,863,765 $tCO_2$ which accounts for 10 % of the total discharging amount of Seoul, 50,330,356 $tCO_2$, which is ranked the top greenhouse gas emission rate in the commercial category and the 2nd place in the household category. The average recognition rate for the 5 subjects of the global warming phenomenons has indicated to be 83.58%. A survey questioning about the main agent to reduce the greenhouse gas, in all age groups except 20s have replied that it should be done by themselves, the residents of Gangnam-gu. For the question of the role of local government to respond to the climate change, the necessity of establishing infrastructure which is suitable for walking and biking. For the other question about the educational facilities to cope with the climate change, many answered the relevant education should be processed from the middle and high schools. For the practical activities in daily life to respond to the climate change, many replies have shown that the energy and resource conservation has been practiced pretty well broadly, but the ecomileage (former carbon mileage) has not been practiced well. Also, many replies have pointed that there were no benefits or rewards for the people who practiced the eco-mileage in their daily lives, which indicates that a kind of incentive is necessary for the efforts to respond to the climate change from the local government to execute the policy substantially and effectively. This study has the purpose to search the political countermeasures to improve the potentiality to reduce the green house gas emission rate through the residents conscious survey about climate change and the political solution by the local government to improve the certain items which showed the lower awareness rate.

Development of Summer Leaf Vegetable Crop Energy Model for Rooftop Greenhouse (옥상온실에서의 여름철 엽채류 작물에너지 교환 모델 개발)

  • Cho, Jeong-Hwa;Lee, In-Bok;Lee, Sang-Yeon;Kim, Jun-Gyu;Decano, Cristina;Choi, Young-Bae;Lee, Min-Hyung;Jeong, Hyo-Hyeog;Jeong, Deuk-Young
    • Journal of Bio-Environment Control
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    • v.31 no.3
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    • pp.246-254
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    • 2022
  • Domestic facility agriculture grows rapidly, such as modernization and large-scale. And the production scale increases significantly compared to the area, accounting for about 60% of the total agricultural production. Greenhouses require energy input to create an appropriate environment for stable mass production throughout the year, but the energy load per unit area is large because of low insulation properties. Through the rooftop greenhouse, one of the types of urban agriculture, energy that is not discarded or utilized in the building can be used in the rooftop greenhouse. And the cooling and heating load of the building can be reduced through optimal greenhouse operation. Dynamic energy analysis for various environmental conditions should be preceded for efficient operation of rooftop greenhouses, and about 40% of the solar energy introduced in the greenhouse is energy exchange for crops, so it should be considered essential. A major analysis is needed for each sensible heat and latent heat load by leaf surface temperature and evapotranspiration, dominant in energy flow. Therefore, an experiment was conducted in a rooftop greenhouse located at the Korea Institute of Machinery and Materials to analyze the energy exchange according to the growth stage of crops. A micro-meteorological and nutrient solution environment and growth survey were conducted around the crops. Finally, a regression model of leaf temperature and evapotranspiration according to the growth stage of leafy vegetables was developed, and using this, the dynamic energy model of the rooftop greenhouse considering heat transfer between crops and the surrounding air can be analyzed.

Fertigation Techniques Using Fertilizers with Peristaltic Hose Pump for Hydroponics (연동펌프를 이용한 비료염 공급 관비재배기술 연구)

  • Kim, D.E.;Lee, G.I.;Kim, H.H.;Woo, Y.H.;Lee, W.Y.;Kang, I.C.
    • Journal of Practical Agriculture & Fisheries Research
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    • v.17 no.1
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    • pp.57-71
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    • 2015
  • This study was conducted to develop the fertigation system with a peristaltic hose pump and brushless DC motor. The fertigation system was consisted of sensor, main controller, motor control unit, peristaltic pump, water supply pump, control panel, and filter. The peristaltic pump discharges liquid by squeezing the tube with rollers. Rollers attached to the external circumference of the rotor compresses the flexible tube. The fluid is contained within a flexible tube fitted inside a circular pump casing. The developed fertigation system has no mixing tank but instead injects directly a concentrated nutrient solution into a water supply pipe. The revolution speed of the peristaltic pump is controlled by PWM (Pulse width modulation) method. When the revolution speed of the peristaltic pump was 300rpm, the flow rate of the 3.2, 4.8, 6.3mm diameter tube was 202, 530, 857mL/min, respectively. As increasing revolution speed, the flow rate of the peristaltic pump linearly increased. As the inner diameter of a tube larger, a slope of graph is more steep. Flow rate of three roller was more than that of four roller. Flow rate of a norprene tube with good restoring force was more than that of a pharmed tube. As EC sensor probe was installed in direct piping in comparison with bypass piping showed good performance. After starting the system, it took 16~17 seconds to stabilize EC. The maximum value of EC was 1.44~1.7dS/m at a setting value of 1.4dS/m. The developed fertigation system showed ±0.06dS/m deviation from the setting value of EC. In field test, Cucumber plants generally showed good growth. From these findings, this fertigation system can be appropriately suitable for fertigation culture for crops.

Evaluation of Cultivation Characteristics according to NO3- Ratio of Nutrient Solution for Korean Melon in Hydroponic Culture (양액의 NO3- 비율이 수경재배 참외의 생육과 수량에 미치는 영향)

  • Do Yeon Won;Ji Hye Choi;Chang Hyeon Baek;Na Yun Park;Min Gu Kang;Young Jin Seo
    • Journal of Bio-Environment Control
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    • v.32 no.3
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    • pp.249-255
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    • 2023
  • Korean melon (Cucumis melo L.) is grown mostly in Northeast Asia area, and as a fruit mainly produced in Korea, the yield per unit area continues to improve, but the cultivation method is limited to soil cultivation, so it is necessary to develop hydroponic cultivation technology for scale and labor-saving is needed. As the ratio of NO3- increased, the plant height, the leaf length, the leaf width, and the internode length became longer and larger. On the other hand, the SPAD value decreased. The lower the ratio of NO3-, the faster the female flower bloom, and there was no difference in fruit maturity between treatments. There was no difference in the shape of fruit according to the ratio of NO3-, and the hardness was higher as the ratio of NO3- was lower. The total yield from March to July was KM3 5,650 kg/10a and KM1 4,439 kg/10a, 27% higher in KM3 and, in particular, 36% higher in quantity from March to May, when Korean melon prices were high season. Therefore, it was judged that it would be appropriate to supply NO3- suitable for hydroponic cultivation of Korean melon, which was formalized in December and produced from spring, at the level of 6.5 to 10 me·L-1.

Analysis of the Reduction Effect of Combined Treatment with UV-C and Organic Acid to Reduce Aspergillus ochraceus and Rhodotorula mucilaginosa Contamination (Aspergillus ochraceus와 Rhodotorula mucilaginosa 저감을 위한 자외선과 유기산 복합처리 효과 분석)

  • Eun-Seon Lee;Jong-Hui Kim;Bu-Min Kim;Mi-Hwa Oh
    • Journal of Food Hygiene and Safety
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    • v.39 no.1
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    • pp.54-60
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    • 2024
  • This study investigated the effectiveness of using pathogens and aqueous acids to reduce the Aspergillus ochraceus and Rhodotorula mucilaginosa contamination in livestock production environments. For this study, 1 mL of each bacterial suspension (107-108 spores/mL) was inoculated on a knife surface, dried at 37℃, and used under each treatment condition. First, to investigate the effect of organic acids, acetic, lactic, and citric acids were used. Subsequently, to select the appropriate concentration, they were prepared at concentrations of 0.5, 1, 2, 3, 4, and 5%, respectively. Accordingly, to further maximize the effect of organic acid treatment, we combined the treatment with ultraviolet light. The two strains showed a significant difference (P<0.05) compared to the initial strain, with a greater than 90% decrease in the concentrations of all organic acids. Consequently, acetic and lactic acids decreased by approximately 5 and 2 log colony forming unit (CFU)/cm2, respectively, when treated with ultraviolet light (360 mJ/cm2); however, citric acid decreased by less than 1 log CFU/cm2. However, when manufactured with 4% acetic acid, a severe malodor was emitted, making it difficult for workers to use it in a production environment. Accordingly, the optimal treatment conditions for organic acid and ultraviolet light for application were selected as follows: immersion in a 4% lactic acid solution for 1 minute and then, sterilization with ultraviolet light at 360 mJ/cm2. Finally, when a pork meat sample was cut with a knife that was finally washed with lactic acid and treated with ultraviolet light, the low level of inoculum transferred from the cleaned knife to the surface of the sample was not detected. In conclusion, using this established method can prevent cross-contamination of the surface of the meat during processing.

A Time Series Graph based Convolutional Neural Network Model for Effective Input Variable Pattern Learning : Application to the Prediction of Stock Market (효과적인 입력변수 패턴 학습을 위한 시계열 그래프 기반 합성곱 신경망 모형: 주식시장 예측에의 응용)

  • Lee, Mo-Se;Ahn, Hyunchul
    • Journal of Intelligence and Information Systems
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    • v.24 no.1
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    • pp.167-181
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    • 2018
  • Over the past decade, deep learning has been in spotlight among various machine learning algorithms. In particular, CNN(Convolutional Neural Network), which is known as the effective solution for recognizing and classifying images or voices, has been popularly applied to classification and prediction problems. In this study, we investigate the way to apply CNN in business problem solving. Specifically, this study propose to apply CNN to stock market prediction, one of the most challenging tasks in the machine learning research. As mentioned, CNN has strength in interpreting images. Thus, the model proposed in this study adopts CNN as the binary classifier that predicts stock market direction (upward or downward) by using time series graphs as its inputs. That is, our proposal is to build a machine learning algorithm that mimics an experts called 'technical analysts' who examine the graph of past price movement, and predict future financial price movements. Our proposed model named 'CNN-FG(Convolutional Neural Network using Fluctuation Graph)' consists of five steps. In the first step, it divides the dataset into the intervals of 5 days. And then, it creates time series graphs for the divided dataset in step 2. The size of the image in which the graph is drawn is $40(pixels){\times}40(pixels)$, and the graph of each independent variable was drawn using different colors. In step 3, the model converts the images into the matrices. Each image is converted into the combination of three matrices in order to express the value of the color using R(red), G(green), and B(blue) scale. In the next step, it splits the dataset of the graph images into training and validation datasets. We used 80% of the total dataset as the training dataset, and the remaining 20% as the validation dataset. And then, CNN classifiers are trained using the images of training dataset in the final step. Regarding the parameters of CNN-FG, we adopted two convolution filters ($5{\times}5{\times}6$ and $5{\times}5{\times}9$) in the convolution layer. In the pooling layer, $2{\times}2$ max pooling filter was used. The numbers of the nodes in two hidden layers were set to, respectively, 900 and 32, and the number of the nodes in the output layer was set to 2(one is for the prediction of upward trend, and the other one is for downward trend). Activation functions for the convolution layer and the hidden layer were set to ReLU(Rectified Linear Unit), and one for the output layer set to Softmax function. To validate our model - CNN-FG, we applied it to the prediction of KOSPI200 for 2,026 days in eight years (from 2009 to 2016). To match the proportions of the two groups in the independent variable (i.e. tomorrow's stock market movement), we selected 1,950 samples by applying random sampling. Finally, we built the training dataset using 80% of the total dataset (1,560 samples), and the validation dataset using 20% (390 samples). The dependent variables of the experimental dataset included twelve technical indicators popularly been used in the previous studies. They include Stochastic %K, Stochastic %D, Momentum, ROC(rate of change), LW %R(Larry William's %R), A/D oscillator(accumulation/distribution oscillator), OSCP(price oscillator), CCI(commodity channel index), and so on. To confirm the superiority of CNN-FG, we compared its prediction accuracy with the ones of other classification models. Experimental results showed that CNN-FG outperforms LOGIT(logistic regression), ANN(artificial neural network), and SVM(support vector machine) with the statistical significance. These empirical results imply that converting time series business data into graphs and building CNN-based classification models using these graphs can be effective from the perspective of prediction accuracy. Thus, this paper sheds a light on how to apply deep learning techniques to the domain of business problem solving.

Effect of Exercise on Antioxidant Enzyme Activities of Skeletal Muscle and Liver in STZ-diabetic Rats (STZ-당뇨쥐에서 운동부하가 골격근 및 간의 항산화효소 활성도에 미치는 영향)

  • Seok, Kwang-Ho;Lee, Suck-Kang
    • Journal of Yeungnam Medical Science
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    • v.17 no.1
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    • pp.21-30
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    • 2000
  • Background: The purpose of the present study was to investigate the effect of exercise on the activities of antioxidant enzymes, super oxide dismutase(SOD), glutathione peroxidase(GPX) and catalase(CAT) of skeletal muscle(gastrocnemius) and liver in streptozotocin(STZ) induced diabetic rats. The malondialdehyde(MDA) concentration was also measured as an index of lipid poroxidation of tho tissues by exercise-induced oxidative stresses in diabetic rats. Material and Methods: Male Sprague-Dawley rats were randomly divided into control and STZ-induced diabetic rats. The STZ in citrate buffer solution was injected twice at S days intervals intraperitoneally(50, 70 mg/kg respectively). On the 28th day after the first STZ injection, the diabetic animals were randomly divided into pre- and post-exercise groups, The exercise was introduced to the rats of post-exercise group by treadmill running until exhaution with moderate intensity ($V_{O2max}$: 50-70%) of exercise. The duration of average running time was 2 hours and 19 minutes. Results: The blood glucose concentration was increased(p<0.001) and plasma insulin concentration was decreased(p<0.001) in the diabetic rats. The glycogen concentration in the muscle and liver was decreased by exhaustive exercise in the diabetic rats(p<0.001), In the skeletal muscle, the activities of GPX was increased(p<0.05) and the activities of SOD and CAT were not changed in the diabetic rats compare to those of the control rats. The activities of GPX was not changed by exercise but the activities of SOD(p<0.01) and CAT(p<0.01) were decreased by exercise in the diabetic rats, The concentration of MDA was not changed by exercise in diabetic rats, and the values of pre-exercise and post-exercise diabetic rats were not different from the value those of control rats, In the liver, the activities of SOD was decreased(p<0.01), and the activities of GPX and CAT were not changed in diabetic rats compared to the values of control rats, The activities of SOD, GPX and CAT were not changed by exercise in diabetic rats but the activity of SOD seemed to decrease slightly, The MDA concentration was increased in the diabetic rats compared to the values of control rats(p<0.001), but there was no change of MDA concentration by exercise in diabetic rats, Conclusions: In summary, exhaustive physical exercise did not seem to impose oxidative stress on the skeletal muscle because of due to oxygen free radicals, regardless of the decrease in SOD and CAT in the diabetic rats, In liver tissue, the tissue damage by oxidative stress was observed in diabetic rats but the additional tissue damage by exhaustive physical exercise was not observed.

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Two Anhydrous Zeolite X Crystal Structures, $Ca_{18}Tl_{56}Si_{100}Al_{92}O_{384}\;and\;Ca_{32}Tl_{28}Si_{100}Al_{92}O_{384}$ (제올라이트 X의 두 개의 무수물 $Ca_{18}Tl_{56}Si_{100}Al_{92}O_{384}$$Ca_{32}Tl_{28}Si_{100}Al_{92}O_{384}$의 결정구조)

  • Choi, Eun Young;Kim, Yang
    • Journal of the Korean Chemical Society
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    • v.43 no.4
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    • pp.384-385
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    • 1999
  • Two anhydrous crystal structures of fully dehydrated, $Ca^{2+}$- and $Tl^+$-exchanged zeolite X, TEX>$Ca_{18}Tl_{56}Si_{100}Al_{92}O_{384}($Ca_{18}Tl_{56}$-X;\alpha=24.883(4)\AA)$ and TEX>$Ca_{32}Tl_{28}Si_{100}Al_{92}O_{384}($Ca_{32}Tl_{28}$-X;\alpha=24.973(4)\AA)$ per unit cell, have been determined by single-crystal X-ray diffraction techniques in the cubic space group Fd3 at $21(1)^{\circ}C.$ $Ca_{18}Tl_{56}-X$ was prepared by ion exchange in a flowing stream of 0.045 M aqueous $Ca(NO_3)_2$ and 0.005 M $TlNO_3$. $Ca_{32}Tl_{28}-X$ was prepared similarly using a mixed solution of 0.0495 M $Ca(NO_3)_2$ and 0.0005M $TlNO_3$. Each crystal was then dehydrated at 360 $^{\circ}C$ and $2{\times}10^{-6}$ Torr for 2 days. Their structures were refined to the final error indices, $R_1=0.039\;and\;R_2=0.036$ with 382 reflections for $Ca_{18}Tl_{56}-X$ , and $R_1=0.046\;and\;R_2=0.045$ with 472 reflections for $Ca_{32}Tl_{28}$-X for which $/>3\sigma(I).$ In the structures of dehydrated $Ca_{18}Tl_{56^-}X\;and\;Ca_{32}Tl_{28}$-X, $Ca^{2+}\;and\;Tl^+$ ions are located at six crystallographic sites. Sixteen $Ca^{2+}$ ions fill the octahedral sites I at the centers of double six rings ($Ca_{18}Tl_{56}$-X:Ca-O=2.42(1) and O-Ca-O=93.06(4)$^{\circ}$; $Ca_{32}Tl_{28}$-X Ca-O=2.40(1) $\AA$ and O-Ca-O=93.08(3)$^{\circ}$). In the structure of $Ca_{18}Tl_{56}$-X, another two $Ca^{2+}$ ions occupy site II (Ca-O=2.35(2) $\AA$ and O-Ca-O=111.69(2)$^{\circ}$) and twenty six $Tl^+$ ions occupy site II opposite single six-rings in the supercage; each is 1.493 $\AA$ from the plane of three oxygens $(Tl-O=2.70(8)\AA$ and O-Tl-O=92.33(4)$^{\circ}$). About four $Tl^+$ ions are found at site II',1.695 $\AA$ into sodalite cavity from their three oxygen plane (Tl-O=2.81 (1) and O-Tl-O=87.48(3)). The remaining twenty six $Tl^+$ ions are distributed over site III'(Tl-O=2.82 (1) $\AA$ and Tl-O=2.88(3)$^{\circ}$). In the structure of $Ca_{32}Tl_{28}$-X, sixteen $Ca^{2+}$ ions and fifteen $Tl^+$ ions occupy site III' (Ca-O=2.26(1) $\AA$ and O-Ca-O=119.14(4)$^{\circ}$; Tl-O=2.70(1) $\AA$ and O-Tl-O=92.38$^{\circ}$) and one $Tl^+$ ion occupies site II'. The remaining twelve $Tl^+$ ions are distributed over site III'. It appears that $Ca^{2+}$ ions prefer sites I and II in that order and $Tl^+$ ions occupy the remaining sites.

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A Study on the Forest Yield Regulation by Systems Analysis (시스템분석(分析)에 의(依)한 삼림수확조절(森林收穫調節)에 관(關)한 연구(硏究))

  • Cho, Eung-hyouk
    • Korean Journal of Agricultural Science
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    • v.4 no.2
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    • pp.344-390
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    • 1977
  • The purpose of this paper was to schedule optimum cutting strategy which could maximize the total yield under certain restrictions on periodic timber removals and harvest areas from an industrial forest, based on a linear programming technique. Sensitivity of the regulation model to variations in restrictions has also been analyzed to get information on the changes of total yield in the planning period. The regulation procedure has been made on the experimental forest of the Agricultural College of Seoul National University. The forest is composed of 219 cutting units, and characterized by younger age group which is very common in Korea. The planning period is devided into 10 cutting periods of five years each, and cutting is permissible only on the stands of age groups 5-9. It is also assumed in the study that the subsequent forests are established immediately after cutting existing forests, non-stocked forest lands are planted in first cutting period, and established forests are fully stocked until next harvest. All feasible cutting regimes have been defined to each unit depending on their age groups. Total yield (Vi, k) of each regime expected in the planning period has been projected using stand yield tables and forest inventory data, and the regime which gives highest Vi, k has been selected as a optimum cutting regime. After calculating periodic yields and cutting areas, and total yield from the optimum regimes selected without any restrictions, the upper and lower limits of periodic yields(Vj-max, Vj-min) and those of periodic cutting areas (Aj-max, Aj-min) have been decided. The optimum regimes under such restrictions have been selected by linear programming. The results of the study may be summarized as follows:- 1. The fluctuations of periodic harvest yields and areas under cutting regimes selected without restrictions were very great, because of irregular composition of age classes and growing stocks of existing stands. About 68.8 percent of total yield is expected in period 10, while none of yield in periods 6 and 7. 2. After inspection of the above solution, restricted optimum cutting regimes were obtained under the restrictions of Amin=150 ha, Amax=400ha, $Vmin=5,000m^3$ and $Vmax=50,000m^3$, using LP regulation model. As a result, about $50,000m^3$ of stable harvest yield per period and a relatively balanced age group distribution is expected from period 5. In this case, the loss in total yield was about 29 percent of that of unrestricted regimes. 3. Thinning schedule could be easily treated by the model presented in the study, and the thinnings made it possible to select optimum regimes which might be effective for smoothing the wood flows, not to speak of increasing total yield in the planning period. 4. It was known that the stronger the restrictions becomes in the optimum solution the earlier the period comes in which balanced harvest yields and age group distribution can be formed. There was also a tendency in this particular case that the periodic yields were strongly affected by constraints, and the fluctuations of harvest areas depended upon the amount of periodic yields. 5. Because the total yield was decreased at the increasing rate with imposing stronger restrictions, the Joss would be very great where strict sustained yield and normal age group distribution are required in the earlier periods. 6. Total yield under the same restrictions in a period was increased by lowering the felling age and extending the range of cutting age groups. Therefore, it seemed to be advantageous for producing maximum timber yield to adopt wider range of cutting age groups with the lower limit at which the smallest utilization size of timber could be produced. 7. The LP regulation model presented in the study seemed to be useful in the Korean situation from the following point of view: (1) The model can provide forest managers with the solution of where, when, and how much to cut in order to best fulfill the owners objective. (2) Planning is visualized as a continuous process where new strateges are automatically evolved as changes in the forest environment are recognized. (3) The cost (measured as decrease in total yield) of imposing restrictions can be easily evaluated. (4) Thinning schedule can be treated without difficulty. (5) The model can be applied to irregular forests. (6) Traditional regulation methods can be rainforced by the model.

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