• Journal of the Korean Society of Hazard Mitigation
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• v.6 no.2 s.21
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• pp.25-35
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• 2006

Recently seismic fragility analysis method has been widely used for the seismic probabilistic risk assessment of infrastructures such as nuclear power plants, buildings and bridges because of its probabilistic characteristics. Furthermore, this technique has been applied to large-scale social systems consisted of each infrastructures by combing GIS. In this paper, the applicability of this technique to domestic infrastructural systems was studied. The transportation network was selected as one of these domestic infrastructural systems. Example studies were peformed about Changwon city. Nonlinear time history analysis, with a maximal likelihood approach were conducted to establish the fragility curves of each infrastrucures (bridges). GIS analysis was also applied to the analysis of whole infrastructural systems. The results show that it is very useful to predict seismic probabilistic risk assessment of this domestic transportation network. However, it also shows that further studies such as more suitable damage criterion to domestic structure and precise nonlinear analysis techniques should be developed to predict more precise results.

• The Korean Journal of Financial Management
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• v.9 no.1
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• pp.223-262
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• 1992

This paper develops a theory of the demand for insurance. The present model incorporates insurance demand time value of insurance premium, and demand for listless and risky assets simultaneously within the expected utility framework. For a special case of CARA, an insurance decision can be made separately from other portfolio decisions. However, in general, the interactions of both decisions cannot be ignored even when insurable and speculative risks are stochastically independent. In particular, the role of risky investment in hedging insurable risk is demonstrated and it is shown that this role cannot be duplicated by an insurance contract. When the investment decision is made simultaneously with the insurance decision, some of the classic theory on insurance should be modified. As an example, the authors characterize the sufficient conditions, under which the Bernoulli criteria (without and with premium loadings) hold or are violated in terms of the net gain of risky investment, the net cost of insurance, and the stochastic relationship between insurable and speculative risks. The authors interpret the results using the Rothschild and Stiglitz's (1970) notion of 'increase in riskiness'.

• Journal of the Korean Society of Marine Environment & Safety
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• v.19 no.2
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• pp.145-154
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• 2013

HNS, including crude oil and products, shipments have increased. The risk analysis of HNS has assumed the importance, especially in maritime transportation area. There are various forms and kinds of HNS and the consequences of an accident are serious. In order to provide practical measures for preventing accidents, this study analyses the potential risks of HNS on maritime transportation accidents at domestic sea by using Event Tree Analysis. This study carries out risk assessment with F-N curve and risk matrix focusing on liquid cargo carriers (Oil and Products Tanker, Chemical Tanker, LPG/LNG Tanker, etc.). Explosion and sinking, suffocation indicate high consequence when on collision represent high probability. Improving human errors should be the main factor to mitigate risk on human lives.

• Journal of Korean Society of Steel Construction
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• v.21 no.1
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• pp.45-53
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• 2009

More than 40% of railway bridges on the conventional lines in Korea consist of track-on-steel plate girder (TOSPG) bridges. This type of bridge is typically designed without considering seismic loadings, as most of them were built before 1970. The seismic performance of this particular type of bridge could be upgraded through various seismic retrofit schemes, and seismic risk assessment could play a key role in decision-making on the level of the seismic retrofit. This study performed a seismic risk assessment of TOSPG bridges in Korea. The seismic damage of several crucial components of TOSPG bridges--fixed bearings, free bearings, and piers--were probabilistically estimated, and their seismic fragility curves were developed. The probability that the components would exceed their predefined limit states was also calculated by combining the fragility curves and the seismic hazard function. The analysis showed that the piers of TOSPG bridges, which are made of plain concrete without rebars, have relatively low risk against seismic loadings in Korea. This is because the mass of the superstructures of TOSPG bridges is relatively small, and hence, the seismic loading being transferred to the piers is minimal. The line-type bearings typically used for TOSPG bridges, however, are exposed to a degree of seismic risk. Among the bearings, the probability of the free-end bearings and the fixed-end bearings exceeding the slight damage state in 50 years was found to be 12.78% and 4.23%, respectively. The gap between these probability values lessened towards more serious damage states. This study could effectively provide an engineering background for decision-making activities on the seismic retrofit of railway bridges.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.36 no.3
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• pp.451-461
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• 2016

The objective of this study is to illustrate the methods and procedures for estimating the failure probability of small fill dams subjected to earthquake events and to estimate the seismic failure probability of the Korean disaster risk fill dams where geotechnical information is not available. In this study, first of all, seismic failure probabilities of 7 disaster risk small fill dams, where geotechnical information is available, were evaluated using event tree analysis. Also, the methods and procedures for evaluating probabilities are illustrated. The relationship between dam height and freeboard for 84 disaster risk small dams, for which the safety diagnosis reports are available, was examined. This relationship was associated with the failure computation equation contained in the toolbox of US Army corps of engineers. From this association, the dam height-freeborard critical curve, which represents 'zero' failure probability, was derived. The seismic failure probability of the Korean disaster risk fill dams was estimated using the critical curve and the failure probabilities computed for 7 small dams.

• Proceedings of the KSR Conference
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• 2007.05a
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• pp.605-613
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• 2007

In order to overcome the difficulties of quantitative risk analysis such as complexity of model, we propose a systematic methodology for risk quantification of railway system which consists of 6 steps: The identification of risk factors, the determination of major scenarios for each risk factor by using event tree, the development of supplementary fault trees for evaluating branch probabilities, the evaluation of event probabilities, the quantification of risk, and the analysis in consideration of accident situation. In this study, in order to address the feasibility of the propose methodology, this framework is applied to the prototype risk model of nation-wide railway level crossings. And the quantification result based on the data of 2005 in Korea will also be presented.

• The Korean Journal of Applied Statistics
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• v.24 no.4
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• pp.575-586
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• 2011

In this paper, we study an asymptotic behavior of the finite-time ruin probability of the compound Poisson model in the case that the initial surplus is large. To compare an exact ruin probability with an approximate one, we place the focus on the exact calculation for the ruin probability when the claim size distribution is regularly varying tailed (i.e. exponential claims and inverse Gaussian claims). We estimate an adjustment coefficient in these examples and show the relationship between the adjustment coefficient and the safety premium. The illustration study shows that as the safety premium increases so does the adjustment coefficient. Larger safety premium means lower "long-term risk", which only stands to reason since higher safety premium means a faster rate of safety premium income to offset claims.

• Journal of the Korean Data and Information Science Society
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• v.21 no.5
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• pp.853-861
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• 2010

Experimental conditions are set with environmental factors which can affect ship navigation. In FTS simulation, infinite simulation can be theoretically tested with no time constraint but the simulated result with the same experimental condition is repeated due to mathematical model. RTS simulation can give more resonable results but costs at lest 30 minutes for only experimental time. The mixture of two simulation methods using probability density function has been proposed: some of experimental conditions in which ship-handling is most difficult are selected with FTS and are tested in RTS. It has drawback that it does not consider the navigation route but aggregated track index. In this paper, anomaly detection approach is suggested to select some experimental conditions of FTS simulation which are most difficult in ship-handling during the navigation route. An empirical result has been shown.

• Environmental and Resource Economics Review
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• v.13 no.4
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• pp.735-761
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• 2004

As a possible alternative to Traditional Discounted Cash Flow Method, "Option Pricing Model" has drawn academic attentions for the last a few decades. However, it has failed to replace traditional DCF method practically due to its mathematical complexity. This paper introduces an option pricing valuation model specifically adjusted for the natural resource development projects. We add market information and industry-specific features into the model so that the model remains objective as well as realistic after the adjustment. The following two features of natural resource development projects take central parts in model construction; product price is a unique source of cash flow's uncertainty, and the projects have cost structure from capital-intense industry, in which initial capital cost takes most part of total cost during the projects. To improve the adaptability of Option Pricing Model specifically to the natural resource development projects, we use Two-Factor Model and Long-term Asset Model for the analysis. Although the model introduced in this paper is still simple and reflects limited reality, we expect an improvement in applicability of option pricing method for the evaluation of natural resource development projects can be made through the process taken in this paper.

• Proceedings of the Korea Water Resources Association Conference
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• 2020.06a
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• pp.152-152
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• 2020

가뭄은 장기간에 걸쳐 광범위하게 발생하는 특징으로 인해 자연재해뿐만 아니라 사회·경제적으로도 큰 피해를 야기한다. 즉, 가뭄으로 인한 댐의 용수 공급 부족은 공업·농업뿐만 아니라 국민들의 생활에도 상당한 피해를 미친다. 하지만, 가뭄으로 인한 지역의 피해정도는 해당 지역의 특성 또는 가뭄에 대한 지역의 대처 능력에 따라 매우 상이하게 나타난다. 따라서, 가뭄에 의한 피해를 저감시키고 안전한 용수공급이 이루어질 수 있도록 지역의 특성 및 용수 공급 체계를 고려한 위험 정도를 분석하는 것이 필요하며, 사람들과 직접적인 연관성이 높은 물수급 관련 인자들을 고려하여 가뭄의 잠재적 영향 및 피해정도를 파악할 수 있는 가뭄 위험도 평가가 수행되어야 한다. 그러나 용수공급 및 수요 현황을 반영한 가뭄 노출성 및 취약성 평가는 아직 부족한 실정이며, 각 인자에 대한 가중치를 산정하는데 설문조사 또는 단순평균방법이 많이 이용되고 있다. 본 연구에서는 용수공급 체계 및 지역적 특성을 고려하고 객관적인 가중치 산정방안이 적용된 확률·통계적 가뭄 위험도를 평가방법을 제시하였다. 먼저, 용수공급 실패 사상의 발생 확률이 적용된 결합가뭄관리지수(Joint Drought Management Index, JDMI)를 통해 가뭄노출성지수(Drought Hazard Index, DHI)를 산정하고, 각 인자에 대한 영향정도를 객관적으로 판단할 수 있는 가우스 혼합 모델을 활용하여 가뭄취약성지수(Drought Vulnerability Index, DVI)를 산정하였다. 이 두 지수를 결합하여 가뭄위험도지수(Drought Risk Index, DRI)를 계산하고 위험도 평가를 수행하였다. 충청지역에 적용한 결과, DHI는 용수공급 실패 사상의 발생확률이 큰 보령시가 가장 높게 나타났으며, DVI는 농업적 요소의 가중치가 크게 산정됨에 따라 청주시가 가장 높게 산정되었다. DHI와 DVI가 결합된 DRI의 경우는 청주시가 가장 위험한 것으로 나타났다. 따라서, DRI가 가장 높은 청주시는 충정 지역의 가뭄 위험 경감을 위한 대응 수립시 우선적으로 고려되어야 한다.