• The Korean Journal of Financial Management
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• v.24 no.3
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• pp.29-62
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• 2007

We examine the methods to increase MBS values given parameters of default risks of individual mortgages and their correlation, and analyze the effects of these parameters on the efficiency of the methods. First, the values of MBS can be improved when they are comprised of low-correlation mortgages regardless of specific forms of investors' utility functions. Second, the values of MBS can also be raised even after their components mortgages are determined. More specifically, when investors' utilities are heterogeneous, CMO's of a less risky tranche and a riskier tranche are highly valued compared with pass-through securities of two identical tranches. When investors' utilities are homogeneous(risk averse), however, the latter meets the needs of investors better than the former does. Third, it can be shown that the efficiency of the methods in this paper is an increasing function of default risks of mortgage loans or of the correlation between them, and a decreasing function of the amount of the price fall of MBS when in default.

• Korean Journal of Environmental Biology
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• v.38 no.1
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• pp.30-39
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• 2020

The changes in fish stock and biomass before and after fishway renovation located in a Korean estuary were studied and fluctuations in the economic value of the fish resources were estimated. The target fishway located in the east coast area in Korea was renovated in 2014 from the small fish ladder to the ice-harbor fishway. Monitoring was continued for five consecutive years after the renovation(2015 to 2019). Since the renovation of the fish passage, the economic values increased with increases in the fishery resources, except for in 2016 when the drought impact was severe. The yearly average incremental increase in the five years after the renovation was about 227%. The increase in economic value is believed to be due to the increased population of migratory fish as a result of habitat expansion. The exponential rise model showed an increase in economic value with increasing fishery resources (R²=0.896). The model coefficient contributing to economic analysis was 0.582 and the maximum economic value after the renovation was estimated at about 30.4 million. The economic value would be a useful index for quantitative comparison in terms of ecosystem services before and after renovation.

• Korean Journal of Environment and Ecology
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• v.25 no.5
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• pp.787-798
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• 2011

An arboretum is defined as a collection of facilities that conserve plant species by surveying, collecting, and proliferating and preserving the plants in nature, perform diverse researches on plants and display the plants in exhibition spaces or outdoors as well as provide the public with educational programs and refreshment spaces according to the laws concerned. The public, however, recognizes the exhibition and education functions on plants of arboretum more importantly compared with the roles to survey, collect, and proliferate plants as regulated by the laws. In particular, arboretum plays a role to offer a pivotal educational place in urban area where the public can obtain an hands-on experience and understanding on a wide range of plant species and natural environment. The study aims to estimate the non market environmental values of Daegu Arboretum operated by Daegu Metropolitan City government by using the Contingent Valuation Methods (CVM), which yields the current monetary estimates for the arboretum. The value estimation was undertaken by using the Double-Bound Dichotomous Choice (DBDC) method, and each estimated value was derived from respective functions based on a logit distribution known to include relatively stable estimates according to the shape of the distribution. Considering the statistical fitness test results, the author estimated the amounts of the Willingness To Pay (WTP) such as mean WTP of 12,718 KRW, median WTP of 11,033 KRW, and truncated mean WTP of 11,468 KRW, which represented the annual recreational values per a person visiting Daegu Arboretum respectively. The analysis showed that Daegu Arboretum created the annual environmental values which were estimated to be approximately 16 to 19 billion KRW. The study also has an implication that the valuation method for the environment of Daegu Arboretum may be effectively applied for estimating the values of other types of environmental goods by altering the locations or goods to be analyzed.

• Journal of Korea Water Resources Association
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• v.39 no.12 s.173
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• pp.1057-1066
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• 2006

Water is an indispensable input to human's existence and industrial production. A water supply project would demand considerable costs, but produce economic benefits, which are importantly utilized in the project evaluation. In this situation, this study attempts to value the economic benefits from the residential water supply in Seoul. In particular, yearly consumer surplus and economic value of water supply for eleven water authority agencies in Seoul are measured during the period 2001-2004. Information on price elasticity required in calculating consumer surplus is obtained from direct estimation of the residential water demand function, and the consumer surplus is assessed by using a recently developed formula. Price elasticities used here are -0.810 and -1.011, and the estimated consumer surplus and economic value amount to 131.9 to 164.6 billion won and 398.6 to 431.3 billion won, respectively.

• Environmental and Resource Economics Review
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• v.19 no.4
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• pp.771-804
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• 2010

This paper estimates optimal production of fish stock using discrete time bio-economic model to make zero profits or to maximize economic profits with maintaining sustainable resource levels under an open access and a sole owner. Particularly, this study generates optimal yields and efforts of large purse seine fisheries which catch mackerel and jack mackerel by using the logistic growth function, Cobb-Douglas production function, fisheries cost and profit functions. As a result, optimal yields of mackerel and jack mackerel under ecological equilibrium of a sole owner were approximately 172,512 tons and 16,937 tons respectively. Also, optimal fishing efforts of mackerel and jack mackerel under the same situation were about 8,508 hauls and 4,915 hauls respectively. In conclusion, the paper suggests that the large purse seine should reduce fishing efforts and increase fish stock to generate higher net present value in optimally managed fishery than that of the present large purse seine.

• Journal of the Korea Institute of Building Construction
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• v.19 no.6
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• pp.529-538
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• 2019

Typhoons can cause significant financial damage worldwide. For this reason, states, local governments and insurance companies attempt to quantify and mitigate the financial risks related to these natural disasters by developing a typhoon risk assessment model. As such, the importance of typhoon risk assessment models is increasing, and it is also important to reflect local vulnerabilities to enable sophisticated assessments. Although a practical study of economic losses associated with natural disasters has identified essential risk indicators, comprehensive studies covering the correlation between vulnerability and economic loss are still needed. The purpose of this study is to identify typhoon damage indicators and to develop evaluation indicators for typhoon damage prediction functions, utilizing the loses from Typhoon Maemi as data. This study analyzes actual loss records of Typhoon Maemi provided by local insurance companies to prepare for a scenario of maximum losses. To create a vulnerability function, the authors used the wind speed and distance from the coast and the total value of property, construction type, floors, and underground floor indicators. The results and metrics of this study provide practical guidelines for government agencies and insurance companies in developing vulnerability functions that reflect the actual financial losses and regional vulnerabilities of buildings.

• Journal of Korean Society of Transportation
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• v.27 no.2
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• pp.157-168
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• 2009

The random utility theory and the multinomial logit model (including a more recent variant--the mixed multinomial logit) derived from it have constituted a back bone for theoretical and empirical analyses of various travel demand features including mode choice. In their empirical applications, however, it is customary to specify random utilities which are linear in modal attributes such as time and cost, and in socio-economic variables. The linearity helps easy derivation of important information such as value of travel time savings by calculating marginal rate of substitution between time and cost. In this paper the author focuses on the very linearity of the random utilities. Taking into account the fact that the mode chooser is also labour supplier, commodity consumer as well as leisure-seeker, the author sets up a maximization model of the traveller, which encompasses various economic activities of the traveller. The author derive from the model the indifference curve defined on the space of modal attributes, time and cost and investigate under what conditions the random utility of the traveller becomes linear. It turns out that there exist the conditions under which the random utility is really linear in modal attributes, but the property does not hold when the traveller has a corner solution on the space of modal attributes, or when the primary utility function of the traveller is directly affected by labour provided and/or the travel time itself. As a corollary of the analysis, a random utility is suggested, approximated up to the second order of the variables involved for empirical studies of the field.

• Journal of Korean Society of Transportation
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• v.19 no.4
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• pp.19-33
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• 2001

In the developed countries, traffic noise is one of most serious problems faced by people's lives. So the importance of the traffic noise is quite well recognized by the infrastructure planners as well as the people. The traffic noise is valued in monetary terms in some countries and it is reflected in estimating the net present value or benefit/cost ratio. On the contrary, the effects of traffic noise are not reflected in the assessment of infrastructure in most cases in Korea. However, as the income level has been increasing, more people have been becoming to put more importance on their living conditions. The purpose of this paper is to estimate the value of traffic noise in the Seoul metropolitan area. The housing price were surveyed to use the quasi-hedonic price technique. By this way, two housing prices at the same floor level in different 128 complexes in the Seoul metropolitan area were surveyed. the actual traffic noise level was also measured. The differences of housing prices and noise levels were analyzed using the various types of regression models. The value is quite different by size of house. The value of large house is higher than that of small house. Since the income level of people in large house is higher than that in small house. it might be said that value of traffic noise for high income people is higher than that for low income people. Moreover, the increase of 1dB(A) noise affects the house price by about 0.3% in Seoul metropolitan area.

• Proceedings of the Korean Institute of Intelligent Systems Conference
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• 2005.11a
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• pp.234-237
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• 2005

강화학습을 위한 많은 방법 중 정책 반복을 이용한 actor-critic 학습 방법이 많은 적용 사례를 통해서 그 가능성을 인정받고 있다. Actor-critic 학습 방법은 제어입력 선택 전략을 위한 actor 학습과 가치 함수 근사를 위한 critic 학습이 필요하다. 본 논문은 critic의 학습을 위해 빠른 수렴성을 보장하는 RLS(recursive least square)를 사용하고, actor의 학습을 위해 정책의 기울기(policy gradient)를 이용하는 새로운 알고리즘을 제안하였다. 그리고 이를 실험적으로 확인하여 제안한 논문의 성능을 확인해 보았다.

• Computational Structural Engineering
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• v.5 no.3
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• pp.44-47
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• 1992

본 학술기사의 목적은 구조설계를 위한 강력하고도 유용한 도구로서의 최적화기법을 소개하는 것이고 현재의 기술현황을 보여주는 것이다. 최적화의 발전은 유한요소법과 컴퓨터기법 그리고 최적화알고리즘 및 소프트웨어의 동시적인 발전으로부터 이루어진다. 이렇게 됨으로써 사용자가 꼭 최적화 이론가가 될 필요성은 없어질 것이고 모든 공학자는 설계의 질과 생산성을 증진시키기 위해 최적화를 훌륭한 설계기술로서 이용할 수가 있게 될 것이다. 최적화를 위한 두가지 접근방안이 제안되었다. 하나는 최적화 과정중 직접적으로 사용되는 민감도 정보를 제공하기 위해 유한요소해석 프로그램을 수정하는 것이고, 다른 하나는 설계변수와 구조응답들로 구성된 목적함수, 제약조건으로된 최적화문제에 최적화기법을 연결하는 것이다. 가장 좋은 방법은 이 두 접근방법의 조합된 방법인 것 같지만 서로 모순된 것 같기 때문에 분명하지가 않다. 따라서 이 부분은 앞으로 주목을 받을 충분한 가치가 있는 내용이 될 것이다. 원료 부족에 대한 인식의 증대와 부존에너지자원의 빠른 고갈은 경량이면서 효율적이고 경제적인 구조물에 대한 욕구를 증폭시켰다. 따라서 오늘날의 유용하고, 거대한 계산능력을 고려한다면, 최적화기법을 사용하고자 하는 동기는 충분한 것이고 숙련된 공학설계자들에 의해 응용됨으로써 최적화는 경쟁적인 우위를 제공하는 강력한 도구가 될 수 있을 것이다.