• Environmental and Resource Economics Review
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• v.13 no.3
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• pp.417-440
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• 2004

For the behavior of the wholesale spot price, a regime switching model with time-varying transition probabilities was estimated using the data from the PJM (Pennsylvania-New Jersey-Maryland) market. By including the temperature as an explanatory variable in the transition probability equations, the threshold effect of changing regime is clearly enhanced. And hence the predictability of the price spikes was improved. This means that the model showed a very clear threshold effect, with a low probability of switching for low loads and low temperatures and a high probability for high loads and high temperatures. And temperature showed a clearer threshold effect than load does. This implies that weather-related contracts may help to hedge against the risk in the cost of buying electricity during a summer.

• Korean Journal of Environment and Ecology
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• v.28 no.1
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• pp.71-79
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• 2014

The goal of this study is to estimate economic benefit of restoring ecological stream of Hong Cheon river. The benefit is determined by estimating willingness-to-pay for the value of Hong Cheon river because it is a non-market good which is difficult to be measured in terms of monetary value. Specifically, the spike model, one of the contingent valuation methods, is used to distinguish respondents having zero willingness-to-pay for Hong Cheon river. The results show that a household located near the Hong Cheon river is willing to pay 3,300~4,628 Korean Won per year, while a household not located near the Hong Cheon river is willing to pay 1,308~2,929 Korean Won per year. Thus, total benefit of restoring ecological stream of Hong Cheon river is estimated as 97.6~216.3 billion Korean Won.

• Proceedings of the KIEE Conference
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• 2006.07b
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• pp.996-997
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• 2006

본 연구에서는 조명기기의 에너지 절약 및 전력품질 개선 기능을 갖는 다기능 에너지 절약 시스템을 제안한다. 제안된 시스템은 부하의 적정전압을 유지하기 위한 전압제어형 인버터와 계통의 고조파 저감 및 단위역률 제어를 위한 전류제어형 인버터가 병렬로 연결된 형태로 기존의 단권 변압기를 이용하는 절전 장치의 탭 절환시의 스파이크 및 변압기 소음 문제 및 반도체 소자에 의한 절전장치의 에너지 회생문제를 해결할 뿐 아니라 전압제어형 인버터의 용량은 정격부하의 약 10%이내이며, 전류제어형 인버터의 용량은 정격부하의 약 30%이내로 시스템의 소형 경량화 및 가격하락의 장점을 가진다. 본 연구에서는 기존의 절전장치들의 문제점을 이론적 해석 및 실험을 통하여 설명하고 제안된 시스템의 동작원리 및 제어 알고리즘을 설명하고 시뮬레이션을 통하여 시스템의 유용성을 확인하였다.

• Journal of Energy Engineering
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• v.22 no.2
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• pp.141-147
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• 2013

Electricity is a basis for human existence. This paper attempts to analyze the households' willingness to pay (WTP) for the residential electricity use. The WTP for the residential electricity use can be defined as the sum of actual price of and additional WTP for it. The former is easily observed in the market, but the second is not observed and thus should be obtained through a WTP survey of households. To this end, this study conducted a survey of randomly selected 1,000 households in Korea in November 2010. The results indicate that the mean additional WTP for the residential electricity use was estimated to be KRW 11.24 per kWh. Given that the average price of residential electricity was KRW 98.07 per kWh at the time of the survey, the economic benefit from the residential electricity use was computed as KRW 109.31 per kWh. This information can be compared with the cost involved in the supply of one kWh of residential electricity.