• Journal of Internet Computing and Services
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• v.12 no.5
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• pp.159-170
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• 2011

In procurement auctions, auction frequency and transaction volume per auction have been analyzed as important factors in determining auction performance. However, there is no empirical study on the effect of auction frequency and transaction volume in procurement auction. Current studies mainly focus on bidder behavior analysis and new system design in procurement auction. In the study, we analyze the effect of two factors on relative winning price empirically by using real auction data from MRO procurement outsourcing company in Korea. From the results, we find the winning price is lower when the frequency of auction with same item category is lower. The low frequency of auctions means participating bidders have limited information of previous auctions and they bid their best price to win the current auction due to less opportunity of reopening the auction in near future. The larger purchase amounts of MRO items didn’t results in lower winning price, contrary to our hypothesis. The possible reason is that the price of MRO items already reflects the economy of scales and the increased volume per auction do not cause the further discount of MRO items from the auction.

• Korean Journal of Human Ecology
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• v.14 no.4
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• pp.561-575
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• 2005

This paper searches Internet auction sites to study consumer willingness to reuse and consumer satisfaction, along with its frequency of usage and evaluation. This study also examines the differency in the frequency of usage, the number of products purchased, consumer satisfaction and willingness to reuse, and evaluation of the auction sites according to the characteristics of consumers' socio-economic factors and the auction site itself. Determinant variables is investigated in the level of consumer satisfaction. The results of this study are as below: First, consumers used auction sites frequently, especially when they were in their 20s, intended to purchase clothes, and thought the delivery time would be short. In addition, consumers were more likely to purchase products, with low income buy first pay later, and short deliberation. Second, consumers, unemployed and in their 50s, sell-purchase among consumers were less likely to have a willingness to reuse the auction site. However, consumers with an experience to buy clothes or products with a price between 50,000 and 100,000 won were more likely to have a willingness to reuse the site. Third, consumer satisfaction with auction sites were higher among those who were females; responsible as a consumer; full of experiences; and received the product within a short period of time. Lastly, the willingness to reuse auction sites was positively related to the following type of consumers: single, employed, and responsible as a consumer.

• Asia pacific journal of information systems
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• v.20 no.3
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• pp.33-49
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• 2010

We empirically examine the impact of online auction knowledge and category-specific knowledge on the final price of online auctions. Specifically, we question how the relationship between buying and selling experiences affects the final prices of online auctions. Related to the trust between buyers and sellers, we examine the multiple interactions between a buyer-seller pairand aim to identify how these repeated transactions influence the final price. To contrast these effects with other product related factors, we focus on so called 'common value' auctions of vintage stamps on eBay, in which the ex-post value of the product is the same among participating agents’ perceived value. Online auction of stamps provides a representative setting to examine the relationship between market experience and the auction participation behavior in the common value auction, as it provides the book value of stamp as well as price variation across individual buyers with different expertise levels. Our analysis of over 3000 stamps auctions on eBay indicates a significantly high frequency of buyer-seller (pair) interactions, thus suggesting a 'relationship view' of auctions. The work validates five hypotheses derived from the existing theory in economics, marketing, and information systems. Through the common-value auction data, we find that seller's online auction experience and category-specific experience favor sellers by increasing the final price. However, buyer's online auction experience does not affect the final price, but buyer's category-specific experience favors buyers by decreasing the final price. We find that the trust between two trading parties increases the final price.

• Journal of Family Resource Management and Policy Review
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• v.11 no.2
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• pp.133-154
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• 2007

This research investigated consumer's usage of, evaluation on and satisfaction of the Auction Site, with a view to analyze the key factors influencing a commission paid Auction Site. The findings of results from the analysis are summarized as follows. First of all, the consumer group at the age equal to and less than 20 years old showed the highest purchasing frequency, and the consumer group with a household income less than 2,500,000 won showed the highest number of hours on the site. Secondly, the evaluation index showed that consumers think highly of the complaint resolution process, and, especially, the aged consumer group respected the Auction Site's level of confidentiality of transaction and privacy. Thirdly, among consumers' satisfaction, subdivided by types, price satisfaction was the highest followed by quality satisfaction, settlement satisfaction, delivery satisfaction, information satisfaction and AS satisfaction, in that order. Fourthly, in the event consumers used the commission paid Auction Site, the number of times it has been used, evaluations related to information provision and evaluations on confidentiality of transactions and privacy are influential parameters.

• Journal of Broadcast Engineering
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• v.17 no.6
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• pp.1080-1090
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• 2012

This study investigates the users' preference of frequency reallocation and frequency auction after digital transition of terrestrial broadcasting and it focuses on the relationships between media using pattern, reception environment of broadcasting telecommunication, and expectation for the universal service and requirement for the public interest. The results show that the longer DMB viewing hours, people prefer to frequency allocation for the telecommunication side. The technical aspects such as perception on the reception environment of broadcasting don't make effect on the users' preference of frequency allocation. In addition, the more people think the universal service of terrestrial broadcasting important, the more people think it unnecessary to adopt auction system to the broadcasting frequency. These results give implication that it is the most basic condition to improve the reception environment in order to accomplish universal service duty of terrestrial broadcasting.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.18 no.10
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• pp.1483-1494
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• 1993

Most studies analyse the frequecny polities intuitively based on the assumptin that there is no question in the frequency regulation by the government. But this paper started from the concept of frequency as economic goods. This paper conclude that frequency regulation by the government is needed to redistribute the economic surplus causing excessive demand. There are five methods in the frequency assignment-comparative healing, auction, lottery, Joint consortium and pioneer preference. The five methods are studied form the view of welfare economics and the respective political Implications are proposed in this paper.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2013.05a
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• pp.474-477
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• 2013

As the market-based spectrum policy is introduced, an interest in the economic value of the frequency is increasing. Research and practical applications concerning the methodology for the estimation of the economic value of the frequency and its determinants are actively engaged, which are used for setting a reserve price and bid price of spectrum auction and a spectrum clearance cost. In this study, by the analysis of the spectrum valuation methodology, we derive the changes in the factors affecting the valuation and propose to apply improved. In the model frequency value is consist of technical value, commercial value and strategic value, we find the dynamics of fluctuation factors and suggest how to apply them to spectrum policy.

• KDI Journal of Economic Policy
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• v.25 no.2
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• pp.137-170
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• 2003

Despite the great success of the derivatives market, several concerns were expressed regarding the additional volatilitystemming from program trading during the expiration of derivatives. This paper examines the impact of the expiration of the KOSPI 200 index derivatives on cash market of Korea Stock Exchange(KSE). The KOSPI 200 index derivatives market has a unique settlement price determination process. The settlement price for the expiration of derivatives is determined by call auction during the last 10 minutes after the trades for matured derivatives are finalized. We analyze typical expiration day effects such as price, volatility, and volume effects. With high frequency data, we find that there are strong expiration day effects in the KSE and try to interpret the results with the unique settlement procedures of the KOSPI 200 cash and derivatives markets.

• Asia-Pacific Journal of Business
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• v.14 no.2
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• pp.33-49
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• 2023

Purpose - The purpose of this study is to examine the option selection and optimal trading of informed traders in KOSPI 200 options market based on the PIN (probability of informed trading) model of Easley et al.(2002). Design/methodology/approach - This study uses TAQ (trade and quote) data provided by Korean Exchanges (KRX) which contains all the bids and trades recorded during the continuous auction trading hours for the KOSPI 200 options between May 2019 and September 2020. Findings - First, there was no difference in the PIN between call and put options in the 2019 data, but the PIN of put options was slightly higher in 2020. Second, regardless of the type of option, the PIN was higher for in-the-money (ITM) options, and the PIN of out-of-the-money (OTM) options was the same as or slightly higher than that of at-the-money (ATM) options. Third, we found that the PIN decreases as trading liquidity increases, and fourth, the PIN increased sharply as the expiration date approached, especially for OTM options, while ITM and ATM options showed relatively weak effects. Fifth, for foreign and institutional investors, the periodicity of orders was observed in milliseconds, especially for foreign investors, where the periodicity of orders was clear and frequent in OTM options. The results suggest that the purpose of option trading varies depending on the moneyness from the perspective of the informed trader.

• The Journal of Korean Institute of Electromagnetic Engineering and Science
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• v.29 no.3
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• pp.200-213
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• 2018

Herein, we survey the current state of the recent legal revision of the Citizens Broadband Radio Service, a type of city spectrum-sharing service used in the United States of America, and the introduction of spectrum sharing in the frequency ranging from 3.8~4.2 GHz, based on the United Kingdom framework for spectrum sharing. Specifically, the subjects of topical interest, including the radio station licensing of the spectrum-sharing service system face-to-face multitier user structure, regional frequency allocation, and applicable service types, are discussed. Furthermore, factors to be considered while selecting candidate channels for joint use are suggested, emphasizing their importance for introducing spectrum sharing in Korea and revitalizing the related industrial sectors. In addition, methods of introducing a radio station license system for spectrum sharing, techniques of introducing incentive auctions, and the types of services where spectrum sharing is applicable are discussed.