• Journal of Korea Society of Industrial Information Systems
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• v.27 no.2
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• pp.83-100
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• 2022

In marketing, the thematic conceptual study related to hedonic consumption with product symbolism contributed to symbolic consumerism and its hedonic experience. Researching how consumers deal with expectations for unexpected income or windfall gains helps understand what makes them enjoy experiences. This paper discusses the trade-off relationship between hedonic and utilitarian consumption. it aims to determine when and why people choose hedonic (pleasant) or utilitarian (material) products under windfall gains. We suggested five hypotheses, and through a series of experiments, respondents preferred hedonic to utilitarian goods when lottery amounts increased and the probabilities did not discriminate between two products. the preference order was not discriminated in the hedonic, utilitarian goods. the shape of preference revealed an opposite direction (U vs. invert-U)when the winfall amounts increased. and when the discounting rates varied, the consumers' preference order was expected to change. Subjects selected hedonic goods the most, utilitarian goods second, and cash rewards were the last choice. Therefore, stimulating consumers' hedonism and promoting hedonic experiences might be effective marketing tactics and strategies.

• Journal of the Korean Regional Science Association
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• v.10 no.2
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• pp.73-82
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• 1994

The Korean government has introduced land policy reform measures recently, in order to stabilize the circulating system of land, without a parent law involving effective land use. The measures aim to change the pattern of land market rather than the pattern of land use. Expecially, the excessive profits tax on land intends to redistribute the owernership of residential land, and to recapture windfall gains on an accrual basis. However, it may incur secondary gains in macro economics and an unintended reduction of urban land supply in the land market. This paper aims to study empirically the impact caused by the excessive profits tax on land, and to promote urban land supply. Ultimately, this paper can be regarded as an interim report on outcome of research projects which aim to propose a method of urban land supply suitable to an advanced society.

• KDI Journal of Economic Policy
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• v.14 no.3
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• pp.49-72
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• 1992

This paper examines the increasingly popular belief that higher holding tax will be the ultimate solution for Korea's land problems which include excessive concentration of ownership, high and rapidly increasing land prices, and rampant speculation. In principle, land holding tax can supplement capital gains tax in recapturing capital gains from land or suppress returns from land investment returns in line with other forms of asset. This paper shows, however, that the tax burden must be drastically increased for the tax to achieve such goals, and the resistance from tax payers is sure to be intense. As long as the price expectation remains high, as in Korea where land prices have increased 19% annually during the past 18 years, even such increase in the tax may have little impact on landlords' behaviors, the price trend, or the ownership structure. More effective solutions for Korea's land problems are relaxing land use regulations to encourage the supply for urban land and improving the performance of capital gains tax to recapture windfall gains from land. This paper also notes that the so-called "lock-in effect" of the capital gains tax seems to be exaggerated. Land holding tax should be viewed as a revenue raiser for local governments rather than an anti-speculative policy tool. Abandoning unattainable policy goals and adhering to the general principles of taxation, will make land holding tax much simpler, and will better function as a local revenue source.

• Journal of Distribution Research
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• v.8 no.2
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• pp.41-65
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• 2003

The objectives of this study are to investigate how the difference of consumer behavior between the expected and unexpected price discounts(increases), and mental accounting process affect spending account. Key findings of the study are as follows. First, it is shown that consumer would regard a windfall gain caused by the expected price discount and unexpected one as a different thing(gain}, Second, this study shows that if consumers are presented the price discount on the former purchased item in the case consumers purchase two kinds of items together, they would prefer spending more money on the later item to spending more money on the discounted item. Third, it is shown that consumers are willing to do a planned purchase when they find a store's price raise before arriving at a store(expected increasing) rather than after arriving at a store(unexpected increasing). The theoretical as well as practical implications were also discussed.

• Journal of Fisheries and Marine Sciences Education
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• v.17 no.3
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• pp.340-360
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• 2005

Fishery resource rents(i.e. windfall gains or excess profit), which tend to lead a variety of important economic, social, political problems, have been a fundamental cause of unbalance between fishery resource use and management. Thus, there may exist several sorts of optimal level of resource utilization such as economic maximum sustainable yield, biological maximum sustainable yield, social optimum production, socio-political optimum yield, etc. The fishery resource use level seems to a large extent to be determined by the characteristics of fishermen's rent seeking structure. As well known, fishery resources as common properties have a characteristic of being difficult to establish private property rights. Therefore, their use rights are controlled by the permit and/or the license system. As a result, absolute or differential rents are formed by the changes in institutional arrangements. Rent problems are often transformed into serious socio-political issues when the rent in a given industry is much higher to a socially unacceptable extent than the average of other industries. However, individual fishermen or fishermen's groups tend to behave aggressively to change the existing fishery institutions towards maximizing fishery rents. These rent-seeking behaviors often tend to nullify fishery management schemes. The larger is the relative rent difference between fisheries and other industries, the more aggressive tend to be the rent-seeking behaviors in fisheries.

• Korea Trade Review
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• v.42 no.2
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• pp.391-410
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• 2017

This study examines Romalpa clause as an extended or enlarged retention of title clause under SGA. Under a simple retention of title clause, the seller retains title to goods supplied until the goods have been paid. A simple retention of title gives the seller super-priority interest in other creditors of the buyer without registering a charge. Aluminium Industrie Vaassen BV v. Romalpa Aluminium Ltd introduced the concept of 'extended reservation of title(so called 'Romalpa clause') in English law. It is because the Court of Appeal held that under an extended reservation about title clause the seller can trace his title into money which constitutes the proceed of sale by the buyer of goods supplied by the seller. However, since Romalpa case, the courts are reluctant to uphold the seller's extended title. Under Romalpa clause, the seller attempts to extend his protection by laying claims to new products manufactured from his goods or to proceeds of sale by the buyer. Where the seller's goods are lawfully used by the buyer to create new goods, the property in the new goods will generally vest in the buyer. It is because there has been discomfort if the seller gains the windfall profit of the new goods. Moreover, regarding tracing proceeds of sale by the buyer, the courts held that the seller must establish fiduciary relationship with the buyer. If the fiduciary requirement cannot be established, the extended retention of title clause is seen as a charge over the proceeds, and void if not registered. For these reasons, it is difficult that the claims based on the extended retention of title clause would be upheld.