• Journal of Korean Institute of Industrial Engineers
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• v.15 no.2
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• pp.33-44
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• 1989

This paper presents stochastic-statistical dominance rules which eliminate dominated alternatives thereby reduce the number of satisficing alternatives to a manageable size so that the decision maker can choose the best alternative among them when neither the utility function nor the probability distribution of outcomes is exactly known. Specifically, it is assumed that only the characteristics of the utility function and the value function are known. Also, it is assumed that prior probabilities of the mutually exclusive states of nature are not known, but their relative bounds are known. First, the notion of relative risk aversion is used to describe the decision maker's attitude toward risk, which is defined with the acknowledgement that the utility function of the decision maker is a composite function of a cardinal value function and a utility function with-respect to the value function. Then, stochastic-statistical dominance rules are developed to screen out dominated alternatives according to the decision maker's attitude toward risk represented in the form of the measure of relative risk aversion.

• The Research Journal of the Costume Culture
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• v.22 no.1
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• pp.158-166
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• 2014

Apparel design is an economic activity to create values for users over the value chain of a product. In this paper, the contribution of apparel design is defined as the enhancement of users' perceived values by improving users' experience of products. In this context, the value of a product corresponds to compensation for experience or a promise for experience of a product. Experience can be sensory or psychological benefits to users. To evaluate the value of apparel design, the researcher identified and analyzed the apparel design parameters affecting users' experience and benefits of products such as macro-, micro-environmental factors, value chain factors, apparel designer factors, and user factors. For an analytical modeling of the values of apparel design, this paper introduces the concept of a utility function from economics. In economics, utility is a measure of desirability or satisfaction that can be correlative to need or desire. The measure of value can be found in the price which a user is willing to pay for the fulfillment or satisfaction of need or desire via the experience of a product.

• Journal of The Korean Society of Integrative Medicine
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• v.2 no.2
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• pp.1-12
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• 2014

Purpose : The purpose of this study was to investigate the effect that the academic achievement of the students about the evidence based learning investigates the learning utility value about and the request. Method : The agreement of college students explaining the purpose of research for 12 weeks against 17 students and investigate through a questionnaire. The level of academic achievement according to the sex and claim showed a characteristic with a percentage. An utility investigate the descriptive epidemiologic characteristic about the class of the evidence based learning. Result : The most of college students the level of academic achievement and requests the expected grade of the students about the evidence based learning wanted the 'high' grade of 9 persons, 'middle' grade of 8 persons in the part and the expectation for the class taken so much was high(p<.05). There was the significant different in the utility aspect in the need of the evidence based learning, homework solution, learning synergy effect improvement, and reference search ability improvement(p<.05). Conclusion : These finding revealed that the evidence based learning the satisfaction with class raises the improvement and utility value, and provided the need and the has to develop the educational model which the college students contentment raises an improvement after this opportunity for the new recognition.

• Journal of the Korean Home Economics Association
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• v.43 no.10 s.212
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• pp.115-124
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• 2005

The purposes of this study were, 1) to examine the conceptual structure of shopping value and service quality as perceived by women in their 50's and 60's, and 2) to investigate the effects of shopping value and service quality on consumer satisfaction of these women. The results mal provide insights related to the silver market in South Korea. Data were obtained for 286 women in their 50's and 60's living in metropolitan areas in South Korea, and analyzed using factor analysis, Cronbach's alpha, and regression. The results showed that service quality was composed of Facilities Service, Product Service, Salespersons' Service and Policy Service. Shopping values perceived by elderly consumers consisted of two factors: Hedonic Shopping Value, and Utility Shopping Value. Elderly consumers perceived Hedonic Value by Salespersons' Service and Utility Value by Policy Service. Salespersons' Service of a store was the most important variable for elderly consumers' satisfaction. The finding suggest that a store's Salespersons' Service is important in predicting elderlv corlsumers' purchase behavior, and they give insight into the development of strategies to be utilized in promotion planning. Implications and drawn for the information useful to consumer behavior researchers and retailers of the silver market.

• Korean Management Science Review
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• v.32 no.4
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• pp.97-108
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• 2015

This study proposes a mathematical model to estimate the economic value of weather forecast service, among which the precipitation forecast service is focused. The value is calculated in terms of users' satisfaction or dissatisfaction resulted from the users' decisions made by using the precipitation probabilistic forecasts and thresholds. The satisfaction values can be quantified by the traditional value score model, which shows the scaled utility values relative to the perfect forecast information. This paper extends the value score concept to a collective value score model which is defined as a weighted sum of users' satisfaction based on threshold distribution in a group of the users. The proposed collective value score model is applied to the picnic scenario by using four hypothetical sets of probabilistic forecasts, i.e., under-confident, over-confident, under-forecast and over-forecast. The application results show that under-confident type of forecasts outperforms the others as a measure of the maximum collective value regardless of users' dissatisfaction patterns caused by two types of forecast errors, e.g., miss and false alarm.

• Journal of the Korean Society of Clothing and Textiles
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• v.29 no.11
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• pp.1475-1484
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• 2005

The purposes of this study were 1) to examine the dimension of fashion shopping mall attributes and shopping value related to online shopping, and 2) to investigate the effects of fashion shopping mall attributes and shopping value on purchase intention in online shopping. Data were obtained from 423 online fashion shopping mall consumers who have experiences of buying products or visiting to online fashion shopping mall in Busan, and were analyzed using by factor analysis, Cronbach's alpha, path analysis of LISREL 8.53. The results showed online fashion shopping mall attributes were composed of Visual information, Loading speed Space composition, Product assortment, Checkout service, and Help desk. Shopping value perceived by online fashion shopping mall consumers were consisted two factors: Hedonic value and Utility value. Hedonic value and Utility value Perceive by online consumers were influenced by Product assortment, Visual information, Help desk, and Space composition of shopping mall. Additionally, hedonic and utility shopping values perceive by online consumers impacted online purchase intention. Findings suggest that fashion shopping mall attributes mediated by shopping values are important in predicting purchase intention of online shopping mall. Implications are drawn for the information useful to consumer behavior researchers and retailers of online fashion shopping mall.

• Asia Marketing Journal
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• v.18 no.3
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• pp.47-63
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• 2016

Rational choice theory holds that the alternative with largest expected utility in the choice set should always be chosen. However, it is often observed that an alternative with the largest expected utility is not always chosen while the choice task itself being avoided. Such a choice phenomenon cannot be explained by the traditional expected utility maximization principle. The current study posits shows that such a phenomenon can be attributed to the gap between the expected perceived gain (or loss) and the expected perceived value. This study mathematically analyses the relationship between the expectation of an alternative's gains or losses over the reference point and its expected value, when the perceived gains or losses follow continuous probability distributions. The proposed expected value (EV) function can explain the effects of loss aversion and uncertainty on the evaluation of an alternative based on the prospect theory value function. The proposed function reveals why the expected gain of an alternative should exceed some positive threshold in order for the alternative to be chosen. The model also explains why none of the two equally or similarly attractive options is chosen when they are presented together, but either of them is chosen when presented alone. The EV function and EG-EV curve can extract and visualize the core tenets of the prospect theory more clearly than the value function itself.

• Journal of applied mathematics & informatics
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• v.39 no.1_2
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• pp.215-222
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• 2021

We explore an optimal consumption/portfolio and retirement problem with a CARA utility function of consumption. The relevant Bellman equation for the value function is transformed into a linear equation and the optimal strategies are obtained explicitly.

• Journal of Fashion Business
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• v.12 no.5
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• pp.141-154
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• 2008

The purpose of this study was to identify factor structure of consumption value, clothing attitudes and the effects of consumption value on clothing attitudes. Questionnaires were administered to 513 college students living in Deagu and Kyungbook province. Data were analyzed by using frequency, factor analysis, multiple regression, t-test, ANOVA, and Scheffe-test. The findings are as follows. Consumption values were composed of five factors such as social value, differentiated individuality, material value, functional value, and circumstances value. Clothing attitudes were composed of five factors such as pursuit of individuality, fashion interests, utility pursuit, appearance conspicuousness, and social approval. The effects of consumption value on each of clothing attitude variables, pursuit of individuality, fashion interests, appearance conspicuousness, and social approval were explained by the factors such as social value, differentiated individuality, and functional value, utility pursuit by social value, functional value, and circumstances value.

• Journal of Korean Tunnelling and Underground Space Association
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• v.21 no.6
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• pp.795-810
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• 2019

In this paper, The study was conducted on the method to roughly determine the area and length of the multi-utility tunnel before the planning and design phase of the multi-utility tunnel construction. For this purpose, four feasibility indexes were used: traffic density, population density, disaster prevention index (number of workers), and urbanization rate, which reflect the regional characteristics. The installation criteria were set in consideration of the average value and minimum value of the feasibility indexes for the tunnel type among areas that can be installed in the multi-utility tunnel of Seoul. The analysis area included 200 areas based on 14 zones. The results of the analysis based on the minimum value of feasibility indexes indicated that the tunnel type of multi-utility tunnel is suitable for 39 areas with high traffic volume and population. On the other hand, the 'gun' area, etc., has a wider population than the 'si' and 'gu', suggesting that it is not suitable to install multi-utility tunnel. In addition, it can be seen that the larger the index value centered on the minimum value of each index, the smaller the tunnel type of multi-utility tunnel installation area.