• Journal of Energy Engineering
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• v.23 no.1
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• pp.7-20
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• 2014

The optimal woodchip production system was developed and the production cost of a forest woodchip fuel was calculated for utilizing the pitch pine, which covers around 480,000ha nationwide. the marginal price of the woodchip fuel considering the factor of supply price, electricity and heat selling price as well as capacity factor were suggested and the economic sensitivity analysis was conducted for various scenario. The most important variable which determine economic feasibility was a fuel cost for the power generation facility. If the electricity price is higher than the current SMP(System Marginal Price) or the capacity factor is higher than 80%, there fully is a benefit to consume the woodchip fuels produced in the suggested production system in this study. In addition, the additional benefit becomes more obvious when considering REC(Renewable Energy Certificate) and CDM(Clean Development Mechanism). Therefore, it is strongly suggested for domestic power generation sector to utilize the forest biomass fuel to achieve the obligatory target of RPS.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.24 no.4
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• pp.95-102
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• 2010

As the electric power industry is evolving into competitive market scheme, a new paradigm is required for the operation of market. Traditional dispatch algorithm was built based on the optimization model with an objective function and multiple constraints. Commercial market simulator followed the concept of the microeconomic model used in the dispatch algorithm, which is called as analytic method. On analytic method it is prerequisite to procure the exact data for the simulation. It is not easy anymore for each market participant to access to other participants' financial information while it used to be easy for monopoly decision maker to know all the information needed for the optimal operation. Considering the changing situation, it is required to introduce a new method for estimating the market price. This paper proposes an empirical method based on stochastic processes expected to build a capacity planning and long term contracts.

• The Korean Journal of Applied Statistics
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• v.31 no.2
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• pp.217-228
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• 2018

Since the real estate reporting system was first introduced, about 2 million real estate transaction per year have been reported over the last 10 years with an increasing demand for real estate price estimates. This study looks at the applicability and superiority of the regression-kriging method to derive effective real transaction prices estimation on the location where information about real transaction is unavailable. Several issues on predicting the real estate price are discussed and illustrated using the real transaction reports of Jinju, Gyeongsangnam-do. Results have been compared with a simple regression model in terms of the mean absolute error and root square error. It turns out that the regression-kriging model provides a more effective estimation of land price compared to the simple regression model. The regression-kriging method adequately reflects the spatial structure of the term that is not explained by other characteristic variables.

• The Korean Journal of Financial Management
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• v.15 no.2
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• pp.279-337
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• 1998

이 논문에서는 주가가 확률과정, 즉 확률미분방정식에 의하여 생성되는가를 검정하고 주가의 운동법칙을 규명한다. 일별종합주가지수가 양수의 완전시계열상관을 갖고 있으며, 더욱이 3년 정도의 시차까지 의미있는 시계열상관을 갖고 있음이 발견되었다. 수익률과 가격변화의 시계열상관도 존재하고 시계열은 정상성(定常性)을 갖고 있다. 마팅게일에 의하여 주가가 생성되고있지 않음이 밝혀졌다. 한국증권거래소에서 계산하고 있는 일별 종합주가지수를 포함한 41개 산업별 지수를 사용하여 자본시장의 운동법칙을 규명하기 위하여 가장 많이 이용하고 있는 세개의 확률미분방정식을 검정하였다. 각 주가지수들이 온스타인 울렌벡 브라운 운동과정과 평균회귀과정을 따르지 않고 있다는 것이 발견되었다. 그러나 주가가 편류를 갖는 일반 기하 브라운 운동과정에 의하여 생성되고 있음이 검정을 통하여 확인되었다. 평균회귀과정에 의하여 주가가 생성되지 않는다는 발견은 의외라 할 수 있다. 주가가 온스타인 울렌벡 과정을 따르지 않는다는 것은 주가가 제 1계 정상적 자기회귀과정이 아니라는 것을 의미한다. 일별종합주가지수는 제 4계 자기회귀과정에 의하여 생성된다. 가격변화와 수익률의 생성함수는 제 4계 자기회귀과정이다. 종합주가지수의 제 1계 시계열상관계수는 1이다. 상당히 큰 시차를 갖을 때까지 시계열상관이 대략적으로 1을 유지하고 있다. 따라서 지수가 마팅게일을 따르고 있지 않다. 이 점은 가격변화와 수익률에 있어서도 유사하다. 가격변화, 수익률, 대수수익률의 제 1계 시계열상관이 0.1로 유의적이다. 따라서 수익도 마팅게일 과정을 따르고 있지 않다. 증권가격은 세 번에 걸쳐 구조의 번화가 발생하였다. 구조의 변화가 발생할 때마다 평균가격이 상승하였다. 이와 같은 현상은 장기적 기대가격이 미지일 가능성이 배제되지 않는다. 단기적 기대 주가가 알려진 반면 장기적 기대 주가가 미지라면 평균회귀과정은 장기적 기대주가로 회귀하고 있는 과정이므로 장기기대 주가의 미지성이 평균회귀 과정의 기각을 유도하게 된다. 우리나라의 투자자들은 무위험자산과 위험을 동시에 고려하여 투자활동을 전개하고 있음이 발견되었다. 선형의 효용함수를 갖는 위험중립적 태도의 투자자가 아니다. 위험기피형 효용함수 아래에서 투자활동을 수행하고 있는 합리적 투자자들이라 할 수 있다. 뿐 만 아니라 자신의 평생에 걸친 소비를 소비가 이루어지는 각 기마다 가급적 일정하게 하는 소비행동을 목표로 삼고 소비와 투자에 대한 의사결정을 내리고 있음이 실증분석을 통하여 밝혀졌다. 투자자들은 무위험 자산과 위험성 자산을 동시에 고려하여 포트폴리오를 구성하는 투자활동을 행동에 옮기고 있다.

• Journal of KIISE:Information Networking
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• v.33 no.1
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• pp.103-112
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• 2006

Priority-based network service has been widely adopted for the Internet traffic management in the context of IETF differentiated services, and computing optimal prices for such priority-based service is the key topic in many pricing literature. While the equilibrium analysis has been commonly used to this end, many have criticized the validity of the underlying assumption of equilibrium analysis that user utility functions are precisely known. In this paper, we propose a solution for bridging the gap between the existing theoretical work on optimal pricing and the unavailability of precise user utility information in real networks. In the proposed method, the service provider obtains more and more accurate estimates of user utility functions from the initial imprecise knowledge by iteratively changing the price of service levels and observing the users' decisions under the changed price. Our contribution is two-fold. First, we have developed a general principle for estimating the user utility functions. Second, we have developed a novel method for setting the prices that can optimize the extraction of the knowledge about user utility functions. The extensive simulation results demonstrate the effectiveness of our method.

• The Journal of the Korea Contents Association
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• v.21 no.6
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• pp.552-560
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• 2021

With the recent development of the art distribution system, interest in art investment is increasing rather than seeing art as an object of aesthetic utility. Unlike stocks and bonds, the price of artworks has a heterogeneous characteristic that is determined by reflecting both objective and subjective factors, so the uncertainty in price prediction is high. In this study, we used LSTM Recurrent Neural Network deep learning model to predict the auction winning price by inputting the artist, physical and sales charateristics of the Korean artist. According to the result, the RMSE value, which explains the difference between the predicted and actual price by model, was 0.064. Painter Lee Dae Won had the highest predictive power, and Lee Joong Seop had the lowest. The results suggest the art market becomes more active as investment goods and demand for auction winning price increases.

• Journal of the Korea Convergence Society
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• v.12 no.11
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• pp.27-33
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• 2021

With increasing interest in key areas of the 4th industrial revolution such as artificial intelligence, deep learning and big data, scientific approaches have developed in order to overcome the limitations of traditional decision-making methodologies. These scientific techniques are mainly used to predict the direction of financial products. In this study, the factors of apartment prices, which are of high social interest, were analyzed through SOM. For this analysis, we extracted the real prices of the apartments and selected a total of 16 input variables that would affect these prices. The data period was set from 1986 to 2021. As a result of examining the characteristics of the variables during the rising and faltering periods of the apartment prices, it was found that the statistical tendencies of the input variables of the rising and the faltering periods were clearly distinguishable. I hope this study will help us analyze the status of the real estate market and study future predictions through image learning.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.13 no.10
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• pp.4432-4439
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• 2012

Previous studies on art pricing mostly focused on auction data because of the limitation of non-auction market data. This study investigated on both auction and non-auction markets to see the difference in art pricing mechanisms of both markets. Especially, while prior hedonic models included only quantatative variables to predict art prices, we added a qualitative measure, artistic value of a artwork, along with the original hedonic model to develop a more comprehensive model, and tested if his change may make more precise predictions. As a result, when we did not divide our data into auction and non-auction groups, we did not find any significant difference between the original hedonic model and the new model including artistic value. However, when we separated non-auction group from auction group, we found that predicted prices in the new model showed significantly closer values to the actual prices. This study contributes to our knowledge on art pricing by showing that artistic value may have important but differential impacts on different art dealing channels.

• Journal of the Korean Society of Food Science and Nutrition
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• v.41 no.8
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• pp.1182-1189
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• 2012

The purpose of this study was to analyze university student' perception of the price of coffee shops using price sensitivity measurements. The questionnaires were distributed to 640 university students in Changwon, Korea from March 13 to April 8, 2011. A total 571 were used for the final analysis, which excluded improperly-completed questionnaires. The results of this study were as follows. Indifference prices (IDPs) were \2,200 for on-campus coffee shops and \2,850 for off-campus coffee shops. The optimum price points (OPP) were \2,300 for on-campus coffee shops and \2,850 for off-campus coffee shops. The price stress range (PSR) was \100 (\2,200~2,300) for on-campus coffee shops and \0 (\2,850~2,850) for off-campus coffee shops. The point of marginal cheapness (PMC) was \1,100 for on-campus coffee shops and \1,500 for off-campus coffee shops, whereas the point of marginal expensiveness (PME) was \3,600 for on-campus coffee shops and \4,100 for off-campus coffee shops. The ranges of acceptable prices (RAP) were \2,500 (\1,100~3,600) for on-campus coffee shops and \2,600 (\1,500~4,100) for off-campus coffee shops. On the basis of IDP percentage, university students were more sensitive to off-campus coffee shops than on-campus coffee shops. In contrast, on the basis of PSR and RAP, university students were more sensitive to on-campus coffee shops than off-campus coffee shops. Therefore, the price increase for an americano should be recommended to be from \1,100 to \3,600 for on-campus coffee shops and from \1,500 to \4,100 for off-campus coffee shops. The manager of on-campus coffee shops should be careful when increasing the prices, and the manager of off-campus coffee shops should make it possible for customers to perceive service quality.

• Land and Housing Review
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• v.14 no.1
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• pp.33-46
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• 2023

This study investigated price factors for large apartment complexes in Seoul during the COVID-19 pandemic and compared Gangnam and non-Gangnam areas, which have been recognized as heterogeneous markets. We find that the change in apartment prices in large-scale complexes did not significantly affect the individual characteristics of apartments, unlike previous studies, but was affected by macroeconomic variables such as interest rates and money. On the other hand, considering the units of the interest rate and total monetary volume variables, the effects of two variables on the apartment sales price is significantly high. In addition, the Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, and, the non-Gangnam area model analysis shows that apartment prices are greatly affected by interest rates and currency volume, but the degrees are different from the Gangnam area model. Overall, our study shows that interest rates and money supply were the main factors of apartment price changes, but apartment prices in non-Gangnam areas are more sensitive to changes in interest rates and money supply.