• Environmental and Resource Economics Review
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• v.23 no.3
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• pp.515-551
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• 2014

Recently, there has been a debate as to whether bioethanol should replace some portion of gasoline for fuels in South Korea, as energy security as well as climate change issues are rising as a significant national agenda. However, a considerable amount of subsidy will be required to compensate for the higher price of bioethanol-blended gasoline. In this context, government subsidy will obtain justification only when the positive social gains from consuming bioethanol for fuels can exceed the negative social costs. Through a nation-wide choice experimental survey, we examine if South Koreans have a positive value as well as non-linear preferences on substituting bioethanol for gasoline. The results reveal that the willingness to pay for purely domestic bioethanol-blended gasoline within 10% is about 52 KRW; Koreans have concave preferences on the blending ratio of bioethanol to gasoline. The turning point of the blending ratio of bioethanol was 6.5%. Also, we found inverse U-shaped curve between income and bioethanol choice probability and the turning point of the income was calculated as 250~299million KRW. Politically conservative propensity advocates uses of bioethanol blended gasoline, but awareness on bioethanol or more weights on environmental conservation have significantly negative effects on the choice of bioethanol. However, the design of the survey questionnaire is incompatible with the RFS of Korea and assumes orthogonality among the following four interrelated attributes: (i) domestic or offshore procurement of feedstocks in the case of domestic production, (ii) domestic production or import of bioethanol, (iii) the blending ratios, and (iv) the retail price increases. In addition, the results of model estimation and of model selection test are not definite. Hence, the results in this study should not be directly applied to the design of the specifics of the Korean RFS. Hence, the results in this study require cautions in applying to the design of the Korean RFS policy.

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.121-145
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• 2019

This paper investigates the relationship between the oil price and the major petroleum products prices at the trading hubs such as Singapore, North West Europe and the US New York Harbor. We focus on the lead-lag relationship between the weekly petroleum prices from 2009 to 2016 based on the vector error correction model. We find that the oil price leads the prices of petroleum products in the long term, while there is bidirectional causality in the short term. On the other hand, prices of petroleum products in regions with high import dependency, such as Europe gas oil and jet fuel price, are exogenous in the long term. We also present evidence that prices of petroleum products in region with a large global-market share lead prices in other regions. However, if the region is in an over-production situation and low industry concentration, it may lose its price leadership due to intense competition. The result in this study can provide a useful information to petroleum refining companies in forecasting fluctuations of product price, and hence in planning their regional arbitrage trading activities.

• The Journal of the Convergence on Culture Technology
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• v.9 no.6
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• pp.251-256
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• 2023

International diesel prices play a crucial role in various sectors such as industry, transportation, and energy production, exerting a significant impact on the global economy and international trade. In particular, an increase in international diesel prices can burden consumers and potentially lead to inflation. However, previous studies have primarily focused on gasoline. Therefore, this study aims to propose an international diesel price prediction model. To achieve this goal, we utilize various global economic indicators and train a linear regression model, which is one of the machine learning methodologies. This model clearly identifies the relationship between global economic indicators and international diesel prices while providing highly accurate predictions. It is expected to aid in understanding overall economic trends including market changes.

• Environmental and Resource Economics Review
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• v.11 no.4
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• pp.525-556
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• 2002

This paper investigates effect of gasoline price liberalization on price elasticity of gasoline demand. By using a model where a consumer optimizes her gasoline consumption and number of visits to gas station, we derive price elasticity of gasoline demand and its response to variation of size and frequency in price changes. It shows that price elasticity is decreased with increase in the size and frequency when the price rises. Since price liberalization increases the frequency but reduces the size, the effect of the liberalization on the price elasticity may not be determined. However, price liberalization can make the elasticity higher when the size reduction effect exceeds the frequency increase effect, which is consistent with empirical evidence provided by existing studies.

• Environmental and Resource Economics Review
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• v.10 no.1
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• pp.45-64
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• 2001

This paper estimates the gasoline price elasticities of demand for automobile fuel efficiency in Korea to examine indirectly whether the government policy of raising fuel prices is effective in inducing less consumption of fuel, relying on a hedonic technique developed by Atkinson and Halvorsen (1984). One of the advantages of this technique is that the data for a single year, without involving variation in the price of gasoline, is sufficient in implementing this study. Moreover. this technique enables us to circumvent the multicollinearity problem, which had reduced reliability of the results in previous hedonic studies. The estimated elasticities of dam and for fuel efficiency with respect to the price of gasoline, on average, is 0.42.

• 사료
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• s.62
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• pp.54-57
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• 2013

차랑 등의 수송연료인 휘발유나 경유에 일정비율을 식물에서 뽑아낸 신재생연료 즉 바이오 연료를 혼합하여 공급하도록 의무화하여 온실가스 배출을 줄이기 위한 신재생연료 혼합의무제도(RFS) 국내 시행방안과 관련한 공청회가 지난 2월 15일 서울교육문화회관에서 지식경제부 주최와 한국석유관리원 주관으로 개최됐다. 정부는 2020년까지 경유나 휘발유에 바이오 디젤 에탄올을 4~5% 섞게 하여 동 기간까지 온실가스 감축목표량 중 8~10%까지 달성한다는 계획을 세워놓고 있다. 하지만 녹색연대 등 민간단체들은 온실가스 감축 효과는 매우 불확실하며 특히 어떤 원료를 쓰느냐에 따라 오히려 기후변화를 악화시킬 수 있다는 주장과 산림훼손, 세계 곡물가 상승, 국내 유가 상승 등 많은 문제점들이 있음을 우려해 강하게 반대를 표명하고 있는 입장이다. 우리 협회에서도 곡물을 이용한 에탄올의 혼합의무가 시행되는 경우 옥수수 등 사료원료가격의 상승으로 가뜩이나 어려운 축산업의 경영상황을 더욱 약화시키게 될 것이 예견되는 바, 동 혼합의무제도의 시행을 적극 반대하는 대 국회 및 정부활동을 전개한 바 있다. 그 결과 지난 4월 17일 국회 지식경제위원회 법률심사소위원회에서는 신재생연료 혼합의무제도의 시행 시기를 2년간 유보하고 혼합의무연료에서 에탄올을 제외시키는 방안을 논의한 바 있어 향후 입법과정에 관심이 모아지고 있다. 이에 따라 본지는 이번 RFS의 국내 시행과 관련하여 어떠한 문제점들이 있는지 관련 업계 종사자의 글을 통해 알아본다.

• Environmental and Resource Economics Review
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• v.24 no.3
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• pp.523-549
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• 2015

This paper investigates an oil refiner's asymmetric behavior in the adjustments of gasoline and diesel prices to changes in his own price and his rivals' prices as well as input costs. An asymmetric error correction model which allows a firm's pricing behavior to the deviation of other firms' prices from their long-run equilibrium level is employed for estimation using weekly data for the period April 2009 to January 2015. Evidence is found that there is a significant degree of asymmetry in the adjustment of wholesale prices to changes in crude oil price. A similar result in regard to the exchange rate is also found by the data. The estimation results for firm's response to changes in other firms' prices indicates that implicit collusion could be more easily exploited in the wholesale petroleum market as results of firms' interaction with each other and anticipation of rivals' pricing behavior. A few refiners show competitive price adjustment in response to the upward deviation of the others' prices from their equilibrium level.

• Environmental and Resource Economics Review
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• v.17 no.3
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• pp.1-29
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• 2008

The goal of this study is to analyze the effects of the second energy tax reform of the transportation sector in Korea. For this purpose, we estimated the elasticities of energy demand(for gasoline, diesel and LPG) by using the ARDL(Auto-Regressive Distributed Lag) Model during the period of 1997 and 2005. We have the empirical results that the demand for diesel would decrease as much as of 382 million barrel per year and the demand for LPG would increase as much as of 20 million barrel per year since 2007. The second energy tax reform would also result in the decrease of 27,346 ton of air pollutants and 0.96 million ton of carbon dioxide per year. This shows that the second energy tax reform would have achieved its own policy goals by reducing energy demand and improving the quality of environment.

• Journal of Advanced Marine Engineering and Technology
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• v.35 no.5
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• pp.566-575
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• 2011

Since LPG (Liquefied petroleum gas) fuel supply system has an advantage of low emission characteristics, many studies have been conducted. In spite of the advantage of LPG supply system, a higher vapor pressure and lower viscosity than diesel or gasoline fuel may cause unstable running of fuel pump by the deterioration in lubrication performance and chemical reaction with rubber parts than that of diesel and gasoline fuel. Therefore its physical properties can cause the deterioration of durability. In this research, we developed an external type LPG pump which has the advantage of the price competitiveness and the convenient maintenance for LPLi system. The experiments were carried out in order to assess characteristics of the external type fuel pump at different fuel composition and temperature. As a result, there aren't any differences between internal and external type pump performance. It is observed that the same level of efficiency was maintained for both pumps as flow rate was increased with higher fuel temperature and more contents of propane in the fuel. And the pressure difference in LPLi system is maintained at constant with the various fuel compositions and temperatures due to their own characteristics of fuel supply system.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.34 no.5
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• pp.1517-1524
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• 2014

In recent years, the interest of environmental-friendly transportation modes has been growing. This is because of social and environmental problems such as increasing gas price and climate change. In Europe, bike-sharing service, one of the environmental-friendly transportation modes, has been already operated. Bike-sharing service named "Tashu" has been operated in Daejeon city since 2009. This study is a fundamental research to increase utilization efficiency of bike-sharing service and to decide optimal locations of bike stations. In addition this study examines characteristics of bike usage and analyzes factors affecting to demands using multiple regression model. Based on the result of examining of characteristics of bike usage, the rate of bike usage is higher compared with installation rate of public bike stations near parks in Daejeon. In addition demands of bike usage in weekend is higher than in weekday. It reveals that the main purpose of bike usage could be recreational activities. The return rate at the same location with rental station is comparatively high. Moreover, bike usage pattern is biased in specific areas (Dunsan and Yuseong) because bike-sharing stations are not equally located. As a result of multiple regression model, the factors affecting to demands are number of passengers in buses, length of bike lanes, parks, distance to waterfront, and rate of young people. A statistical significance of factors (r-square) is 0.748, which has strong relationship.