• The Journal of the Korea Contents Association
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• v.13 no.12
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• pp.369-378
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• 2013

The Korean Won-Dollar exchange markets showed radical price movements in the late 1990s and 2008. Therefore it provides good sources for studying volatility phenomena. Using the GARCH option models, I analysed how the prices of foreign exchange options react volatilities in the foreign exchange spot prices. For this I compared the explanatory power of three option models(Black and Scholes, Duan, Heston and Nandi), using the Won-Dollar OTC option markets data from 2006 to 2013. I estimated the parameters using MLE and calculated the mean square pricing errors. According to the my empirical studies, the pricing errors of Duan, Black and Scholes models are 0.1%. And the pricing errors of the Heston and Nandi model is greatest among the three models. So I would like to recommend using Duan or Black and Scholes model for hedging the foreign exchange risks. Finally, the historical average of spot volatilities is about 14%, so trading the options around 5% may lead to serious losses to sellers.

• Journal of the Economic Geographical Society of Korea
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• v.13 no.4
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• pp.548-560
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• 2010

This study aims to estimate the payment of farmland reverse mortgage(FRM) and to explore policy considerations about the restructuring of rural area after the initiation of farmland reverse mortgage. Farmland reverse mortgage provides stable monthly income basement for the welfare of rural elderly by liquidating fixed asset such as farmlands which the elderly in rural area owns. The main results of this study can be summarized as follows. First, FRM model based on Housing Equity Conversion Model, which is suggested by Rodda et al (2003), was built. Then, critical factors like farmland value rising rates and interest rates were elaborated, and affordable and proper monthly payment were estimated. 246,982 won, 419,374 won and 757,379 won is given to the borrower at age 65, 75 and 85 respectively with 100,000,000 won value farmland. Second, policy considerations which are necessary for the successful launch of FRM, and restructuring of rural area after launching FRM were discussed. Three policy considerations were proposed. First is about the integrated asset management system for rural elderly people. Second is about the reasonable settlement of corporate farmers system. And third is about the preparations for rural land use planning.

• Applied Chemistry for Engineering
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• v.20 no.3
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• pp.285-289
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• 2009

Recently, as the interest in the accelerated global warming and the food shortage problem is increased, the concerns for microalgae as photosynthetic microorganisms are also increased. Specially, photosynthetic microalgae, Spriulina platensis have been an attractive source for $CO_2$ gas fixations and for a vast array of valuable nutritious compounds. In this paper, to culture the microalgal Spirulina platensis NIES 39 in a batch culture with high mass, optimal conditions for the culture temperature, initial pH, light intensity and concentration of carbon and nitrogen, were tested. At the most favorable culture condition, $35^{\circ}C$, initial pH 9.5, 4500 lux and carbon and nitrogen concentration of 16.8 g/L $NaHCO_3$ and 2.5 g/L $NaNO_3$, the excellent yields of 2.10 g/L biomass and 29.53 mg/L chlorophyll were obtained.

• Korean Journal of Breeding Science
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• v.41 no.4
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• pp.510-514
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• 2009

Cymbidium is one of the largest genus in the orchid family and a number of hybrids have been bred in the world. During mass-propagating the Cymbidium "Dongyang" using the meristem culture technology, a useful leaf mutant was selected from the protocom like bodies. The new Cymbidium variety by in vitro mutangesis from "Dongyang" was named as 'Daegook' in 1998. Compared to Dongyang, "Daegook" mutant has white or yellow stripes along the margin of leaves and flowers. The plant length of "Daegook" was shorter than "Dongyang" and the mean length and width of leaf in "Daegook" was 40 cm and 1.6 cm, respectively. The new variety, "Daegook", is expected to be a popular Cymbidium variety among consumer as a ornamental orchid mutant for pot culture by its fine and unique stripes and growth characters.

• Ecology and Resilient Infrastructure
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• v.7 no.2
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• pp.126-133
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• 2020

In accordance with the implementation of the sunset provision to cancel the designations of urban park sites that remained unexecuted for a prolonged period until 2020, the park sites in the city center, which account for 90% of the long-term unexecuted urban facilities subjected to the provision, are currently on the verge of development. The total area of the 204 park sites that will disappear in Seoul as a result of this provision is 95 ㎢; moreover, 116 of these are privately-owned. It is expected that the possible changes in the use of these park sites could result in reckless development and reduction of green space, which would ultimately affect the ecosystem. This study applied the InVEST model to calculate the changes in the fixed carbon amount before and after the implementation of the sunset provision to estimate the economic value of these changes. The study focused on Jongno-gu in Seoul because it has the most unexecuted park sites subjected to the lifting of the designation. The research findings show that the fixed carbon amount provided by the unexecuted park sites in Jongno-gu was 374,448 mg, prior to the implementation of the sunset provision; however, the amount was estimated to decrease by 18% to 305,564 mg after its execution. When calculated in terms of average value of the real carbon price, this translated into a loss of approximately 700 million won. In addition, considering the social costs including both climate change and the impact on the ecosystem, an economic loss of approximately 98 billion won was projected. This study is meaningful because its predictions are based on the estimation of fixed carbon amount according to the implementation of the sunset provision in Jongno-gu and scientifically calculates the value of ecological services provided by the parks in the city. This study can serve not only as a basis during the decision-making process for policies related to ecosystem conservation and development, but also as an evidentiary material for the compensation of privately-owned land that is designated as urban park sites and was unexecuted for a prolonged period.

• Journal of Korea Port Economic Association
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• v.38 no.2
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• pp.95-107
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• 2022

Shipping companies earn profits through cargo transportation, and therefore, investment decisions to purchase ships are more important than anything else. Nevertheless, the cash flow discount method was mainly used in the economic analysis method, which assumes that all situations are static. This study shows that the real option model is useful in the economic analysis of ship investment. This economic analysis took into account the irreversibility of investment and uncertainty of benefits. In particular, this study used a binary option price determination model among real options. In addition, the simulation was conducted using actual investment data of A shipping company. As a result of the analysis, the investment value of used ships according to the net present value method was analyzed as negative (-), but the investment value in the real option model reflecting the flexibility of decision-making was evaluated as having positive (+) economic feasibility. It was analyzed that economic feasibility is affected by profit volatility and discount rate. Therefore, this study is expected to help shipping companies make more flexible decisions by using the real option model along with the existing net present value method when making ship investment decisions.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.38 no.6
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• pp.537-544
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• 1993

Super-giant-embryo mutant line (Hwacheong-ge$^s$) with high nutritional quality was developed from Hwacheongbyeo, a Korean Japonica cultivar. Grain weight of brown rice of Hwacheong-ge$^s$ line was lighter than of Hwacheongbyeo. However, embryo dry weight of the line was 3.22 times heavier than that of Hwacheongbyeo on the single grain base. Hwacheong-ge$^s$ line showed higher protein(8.99%) than the original variety(7.39%), without changes in storage protein. In amino acid composition, lysine content was greatly increased in the mutant, while the contents of methionine, serine and tyrosine were slightly decreased as compared with the original one. Lipid content of Hwacheong-ge$^s$ line was 1.5 times higher compared with that of Hwacheongbyeo. The contents of Vitamin Bl, B2, and E(${\alpha}$-tocopherol) were also greatly increased in Hwacheong-ge$^s$line. The grain yields of the mutant lines ranged from 69.2% to 78.8% compared with that of Hwacheongbyeo, 556kg /10a. Most of the mutant lines of M4 generation were homogeneous for growth characters, and some of them seemed to be readily applicable for farmer's field.

• Journal of the Korea Organic Resources Recycling Association
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• v.9 no.1
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• pp.73-78
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• 2001

The biological carbon dioxide fixation using microalgae and photo-bioreactor has been known as an effective carbon dioxide reduction technology. As algae has many other environmental factor for its growth, the desirable cultivation factors were investigated using a green alga, Euglena gracilis Z. In this study, Euglena gracilis Z showed good $CO_2$ fixation ability in high $CO_2$ concentration of 10-20% and it contained the high protein and vitamin E enough to be used as fodder. For the mass cultivation, the continuous and semi-continuous cultivation methods were employed. The optimum hydraulic retention time (HRT) for the continuous cultivation was 4 days at carbon dioxide concentration of 10%. In this condition, the final cell number was $3.57{\times}10^6/m{\ell}$. The growth of Euglena gracilis Z increased according to the light intensity.

• The Journal of the Petrological Society of Korea
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• v.28 no.3
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• pp.195-215
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• 2019

Geopark is a new system for development of the local economy through conservation, education, and tourism that is an area of scientific importance for the earth sciences and that has outstanding scenic values. The Hwaseong Geopark, the candidate for Korean National Geopark is composed of 10 geosites: Gojeongri dinosaur egg fossils, Ueumdo, Eoseom, Ddakseom, Goryeom, Jebudo, Baengmiri Coast, Gungpyeonhang, Ippado and Gukwado geosites. In this study, geosites, geoheritages, and geotrails of the Hwaseong Geopark were described in detail, and the value and significane as a geopark were also discussed. The geology of the Hwaseong Geopark area belonging to the Gyeonggi Massif consists of the Precambrian metamorphic and meta-sedimentary rocks, Paleozoic sedimentary and metamorphic rocks, Mesozoic igneous and sedimentary rocks, and Quaternary deposits, indicating high geodiversity. The Gojeongri Dinosaur Egg Fossils geosite, designated as a natural monument, has a geotrail including dinosaur egg nest fossils, burrows, tafoni, fault and drag fold, cross-bedding. Furthermore, a variety of infrastructures such as eco-trail deck, visitor center are well-established in the geosite. In the Ueumdo geosite, there are various metamorphic rocks (gneiss, schist, and phyllite) and geological structures (fold, fault, joint, dike, and vein), thus it has a high educational value. The Eoseom geosite has high academic value because of the orbicular texture found in metamorphic rocks. Also, various volcanic and sedimentary rocks belonging to the Cretaceous Tando Basin can be observed in the Ddakseom and Goryeom geosites. In the Jebudo, Baengmiri Coast, and Gungpyeonghang geosites, a variety of coastal landforms (tidal flat, seastacks, sand and gravel beach, and coastal dunes), metamorphic rocks and geological structures, such as clastic dikes and quartz veins can be observed, and they also provide various programs including mudflat experience to visitors. Ippado and Gukwado geosites have typical large-scale fold structures, and unique coastal erosional features and various Paleozoic schists can be observed. The Hwaseong Geopark consists of outstanding geosites with high geodiversity and academic values, and it also has geotrails that combine geology, geomorphology, landscape and ecology with infrastructures and various education and experience programs. Therefore, the Hwaseong Geopark is expected to serve as a great National Geopark representing the western Gyeonggi Province, Korea.

• Proceedings of the Korea Water Resources Association Conference
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• 2015.05a
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• pp.135-135
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• 2015

2004년 개발된 다차원홍수피해산정법(MD-FDA)은 홍수에 따른 경제적 피해를 추정하기 위한 기법으로서 그 동안 하천설계기준, 댐설계기준, KDI 예비타당성조사 지침 등에 반영되어 실무에서 활발히 사용 중이다. 그러나 그 동안 많은 연구에서 MD-FDA의 인벤토리 체계, 가용자료의 정밀성, 손상함수, 손실유형 범위와 관련한 개선이 요구되었으며, 최근에는 재난위기 관리 능력강화를 위한 "한국형 재난피해 예측 시스템" 개발의 필요성이 제기되면서 현재 다양한 분야의 전문가들이 재난손실과 관련한 많은 연구를 진행 중이다. 이에 본 연구는 국외 주요 홍수손실 예측 모델과 현재 국가차원에서 서비스되는 상세자료를 검토하여 일반건물(general building)의 홍수손실 평가 체계를 제시하고, 이와 연관된 세부요소 기술을 정립하였다. 우선, 지역 내 건물현황 및 특성정보가 참조가능한 자료를 바탕으로 일반건물의 유형을 분류하였고, 이밖에 건물손실 평가에서 주요 참고자료로 활용되는 인구, 종사자수 등의 사회 경제적 정보를 연계한 인벤토리 DB 구조를 설계하였다. 이로부터 구축되는 인벤토리 DB는 위치정보를 포함하는 공간자료이며, 손상(damage)과 손실(loss)을 평가하기 위한 건물특성 정보를 포함한다. 한편, 본 연구에서의 건물손실은 자산의 총가치를 기준으로 한 상대적 손상률(%)을 설명하는 손상함수를 기반으로 하기 때문에 감가상각을 고려한 건물의 완전대체비용(건물자산가치)가 정의되어야 한다. 이를 위해 본 연구는 최근 한국감정원에서 발간한 "건물신축단가표"와 "유형고정자산 내용연수표"를 바탕으로 손실평가에 필요한 요소기술을 정립하였다. 제시한 일련의 과정은 동두천시 신천 범람사례를 대상으로 적용하였고, 그 결과를 기존의 MD-FDA 결과와 비교하였다.