• Environmental and Resource Economics Review
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• v.13 no.3
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• pp.337-366
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• 2004

Contingent Valuation Method (CVM), as non-market valuation approach, has been criticized on that respondents may not realistically reflect their budget constraints in answering willingness to pay (WTP) for hypothetical CV questions. This paper empirically estimates the income calibration factor associated with CV responses through combining travel cost method and contingent valuation method in a utility-theoretic framework. The joint model of recreation demand function and contingent WTP function was applied to an important case study on the Man Kyoung River system, whose water quality is at issue because of the Sae Alan Kum reclamation project. Relevant economic variables such as price, income and water quality had significant influence as anticipated by the economic theory. Equally important, the income calibration factor was not significantly different from one, suggesting that the systematic discrepancies of CV responses relative to the actual behavior was not detected at least in terms of budget exaggeration. Overall, this study supports the notion that carefully designed CVM studies can provide informative data on individuals' willingness to pay for environmental quality changes.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.2
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• pp.665-674
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• 2011

This study examined how students' satisfaction with their major department influences their organizational commitment and intention to pursue a career in tourism-related fields among college students majoring in hospitality and tourism. The results indicated that their overall satisfaction with their department affected positively their organizational commitment but not the behavioral intention to pursue career in the tourism-related fields. Organizational commitment, on the other hands, exerted a positively significant influence behavioral intention to pursue tourism-related career. The results of this study underscored the needs for the educators to manage students' psychological attachment to the department they belong to and their major field of study. Continuous relationship-building efforts should be made for the students to pursue tourism-related career after graduation. Such efforts include efficient communication between faculty and students, extended supports from the school and alumni to the students, and last but not the least, sufficient supports from colleges.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.115-134
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• 1991

The role of pension plans in the macroeconomy has been a subject of much interest for some years. It has come to be recognized that pension plans may alter basic macroeconomic behavior patterns. The net effects on both savings and labor supply are thus matters for speculation. The aim of the present paper is to provide quantitative results which may be helpful in attaching orders of magnitude to some of the possible effects. We are not concerned with the providing empirical evidence relating to actual behavior, but rather with deriving the macroeconomic implications for a alternative possibilities. The pension plan interacts with the economy and the population in a number of ways. Demographic variables may thus affect both the economic burden of a national pension plan and the ability of the economy to sustain the burden. The tax transfer process associated with the pension plan may have implications for national patterns of saving and consumption. The existence of a pension plan may have implications also for the size of the labor force, inasmuch as labor force participation rates may be affected. Changes in technology and the associated changes in average productivity levels bear directly on the size of the national income, and hence on the pension contribution base. The vehicle for the analysis is a hypothetical but broadly realistic simulation model of an economic- demographic system into which is inserted a national pension plan. All income, expenditure, and related aggregates are in real terms. The economy is basically neoclassical; full employment is assumed, output is generated by a Cobb-Douglas production process, and factors receive their marginal products. The model was designed for use in computer simulation experiments. The simulation results suggest a number of general conclusions. These may be summarized as follows; - The introduction of a national pension plan (funded system) tends to increase the rate of economic growth until cost exceeds revenue. - A scheme with full wage indexing is more expensive than one in which pensions are merely price indexed. - The rate of technical progress is not a critical element in determining the economic burden of the pension scheme. - Raising the rate of benefits affects its economic burden, and raising the age of eligibility may decrease the burden substantially. - The level of fertility is an element in determining the long-run burden. A sustained low fertility rate increases the proportion of the aged in total population and increases the burden of the pension plan. High fertility has inverse effects.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.16 no.4
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• pp.195-209
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• 2021

According to the 2019-2020 social media usage survey conducted by the Seoul e-commerce center, 5 out of 10 consumers have experienced shopping through social media. The cost of traditional advertising media has been reduced and advertising spending on social media has risen by 74%, indicating that social media is becoming a more important marketing element. While the number of users of social media has increased and corporate marketing activities have increased accordingly, research has been conducted in various aspects of marketing such as user motivation for social media, satisfaction, and purchase intention. There was no subdivided study on the differences in the social media usage frequency of consumers in actual purchasing behavior. This study attempted to identify differences in consumer characteristics by cluster in the agrifood purchase situation by grouping them by type according to the frequency of use of social media for consumers who purchase agri-food online. Product involvement, product need, and online purchase channel Consumer characteristics such as demographic distribution, perceived risk, and eating and lifestyle in each cluster were checked for the three agrifood purchase situations including choice, and types for each cluster were presented. To this end, questionnaire data on the frequency of social media use and online agrifood purchase behavior were collected from 245 consumers, and the validity of the measurement variables was secured through factor analysis and reliability analysis. As a result of cluster analysis according to the frequency of social media use, it was divided into three clusters. The first cluster was a group that mainly used open social media, and the second cluster was a group that used both open and closed social media and online shopping malls; The third cluster was a group with low online media usage overall, and the characteristics of each cluster appeared. Through regression analysis, the effect on product involvement, product need, and purchase channel selection when purchasing agri-food online through each of the three clusters was confirmed through regression analysis. As a result of the regression analysis, the characteristic of cluster 1 in the situation of purchasing agri-food online is a male in his 30s living in a rural area who has no reluctance to purchase agri-food on social media or online shopping malls. The characteristics of cluster 2 are mainly consumers who are interested in purchasing health food, and the consumer characteristics are represented. In the case of cluster 3, when purchasing products online, they purchase after considering quality and price a lot, and the consumer characteristics are represented as people who are more confident in purchasing offline than online. Through this study, it is judged that by identifying the differences in consumer characteristics that appear in the agri-food purchase situation according to the frequency of social media use, it can be helpful in strategic judgments in marketing practice on social media customer targeting and customer segmentation.

• Korea Science and Art Forum
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• v.31
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• pp.105-118
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• 2017

The purpose of study is to examine the effectiveness of exhibition sales promotions and purchase intention for reasonable visitors. Perceived behavior control determining moderating effects on the relationship among their sales promotions and purchase intention is used as a predictive variable of unexpected impulsive purchases or negative purchase intention contrary to business intention. A total of 315 visitors who experienced the sales promotions of G-Star 2016 in Busan respond to the questionnaire and 259 forms are used to analyze the data. The main results of this study were as follows. First, except to value-added sales promotion, all of sales promotions positively impact on visitors' purchase intention. Second, as a result of analyzing the moderating effects of the perceived behavioral control consisting of control belief and perceived power on the relationships among the sales promotions and purchase intention, the control belief moderated the sales promotions such as price-off and education on purchase intention. In addition, the perceived power moderated the sales promotions such as escape and entertainment on purchase intention. In a nutshell, the degree of perceived behavior control makes critically impact on the effectiveness of exhibition sales promotions. Based on this results, it yields new insights into the way of developing various sales promotion strategies according to different features of visitors.

• Journal of the East Asian Society of Dietary Life
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• v.17 no.3
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• pp.445-455
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• 2007

This study surveyed university students in the Seoul area regarding their awareness of family restaurants and visiting experiences. Frequency analysis was used to study the data. Most of the repliers (92.0%) had visiting experiences and visited on weekends (72.4%), paying \$10,000{\sim}15,000$ for meals. In correlation analysis of the general characteristics and reasons for visiting, there were significant differences according to gender (p<0.01) and major study area (p<0.005). During visits the factor considered most important relative to the surroundings was food styling. The factors valued most highly when selecting a family restaurant were "good taste" (43.5%) and "good discounts" (26.3%) respectively. The favorite family restaurant was Outback Steakhouse (34.7%), and 86.4% of repliers had used a membership card, with 46.9% being satisfied with using the membership card. The conditions for using a family restaurant and satisfaction differences in each category, included: the amount of food (p<0.1) for the number of visits, taste (p<0.01), food shape and styling (p<0.05), surroundings (p<0.1), and interior (p<0.05): and for the meal fee per person, price (p<0.05) and sanitation (p<0.05), all showing significant differences as reasons for using the restaurants. In the factor analysis of nine categories, three factors: service, food, and economics were acquired, and their Cronbach's ${\alpha}$ values were 0.778, 0.671, and 0.587. Satisfaction toward food and service had a positive correlation of 0.457. Satisfaction toward food and economics increased a family restaurant's overall satisfaction score, and satisfaction toward service did not have a significant influence.

• The Korean Journal of Financial Management
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• v.6 no.1
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• pp.31-62
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• 1989

By using deterministic dynamic models, we observe the behavior of the foreign exchange rate of a small open economy with rational expectation formation and different restrictions on the international economic integrations. First, an economy connected to the world by purchasing power parity and uncovered interest parity is studied in the next section. In both sections, financial assets available in the economy are domestic money and bonds. Stocks are added as a financial instrument in the next section, and real capital accumulation is also taken into account. Furthermore, the economy concerned there is fairly autonomous, and not directly governed by either purchasing power parity or uncovered interest parity. The expectation formation used throughout the whole paper is complete perfect foresight, which is the certainty version of rational expectation and free from any forecast errors. It is found that upon monetary expansion the short run depreciation of the foreign exchange rate is a fairly robust result regardless of the degree of the international economic integration, while it is not true for fiscal expansion. The expectation on the long run state significantly affects the short run response of the exchange rate. All of our models postulate that the current account should be balanced eventually. As the result, the short run behavior of the exchange rate is affected by the expectation on the long run balance and may well be a blend of the traditional flow view and modem asset view. The initial overshooting of the exchange rate is easily observed even in the fairly autonomous economy Furthermore, the initial overshooting is not reduced over time, but augmented for some time before it is eventually eliminated. As long as we maintain rational expectaion, introducing time delay in the adjustment of the foreign goods price to the foreign exchange rate does not make much difference.

• KIPS Transactions on Software and Data Engineering
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• v.3 no.10
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• pp.441-450
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• 2014

The stock market is constantly changing and sometimes the stock prices unaccountably plummet or surge. So, the stock market is recognized as a complex system and the change on the stock prices is unpredictable. Recently, many researchers try to understand the stock market as the network among individual stocks and to find a clue about the change of the stock prices from big data being created in real time from Internet. We focus on the correlation between the stock prices and the human interactions in Internet especially in the stock message boards. To uncover this correlation, we collected and investigated the articles concerning with 57 target companies, members of KOSPI200. From the analysis result, we found that there is no significant correlation between the stock prices and the article volume, but the strength of correlation between the article volume and the stock prices is relevant to the stock return. We propose a new method for recommending stock portfolio base on the result of our analysis. According to the simulated investment test using the article data from the stock message boards in 'Daum' portal site, the returns of our portfolio is about 1.55% per month, which is about 0.72% and 1.21% higher than that of the Markowitz's efficient portfolio and that of the KOSPI average respectively. Also, the case using the data from 'Naver' portal site, the stock returns of our proposed portfolio is about 0.90%, which is 0.35%, 0.40%, and 0.58% higher than those of our previous portfolio, Markowitz's efficient portfolio, and KOSPI average respectively. This study presents that collective human behavior on Internet stock message board can be much helpful to understand the stock market and the correlation between the stock price and the collective human behavior can be used to invest in stocks.

• Asia Marketing Journal
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• v.12 no.4
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• pp.137-164
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• 2011

In the past, retailers secured customer loyalty by offering convenient locations, unique assortments of goods, better services than competitors, and good credit policy. All this has changed. Goods assortments among stores have become more alike as national-brand manufacturers place their goods in more and more retail stores. Service differentiation also has eroded. Many department stores have trimmed services, and many discount stores have increased theirs. Customers have become smarter shoppers. They don't pay more for identical brands, especially when service differences have diminished. In the face of increased competition from discount storess and specialty stores, department stores are waging a comeback war. Growth of intertype competition, competition between store-based and non-store-based retailing and growing investment in technology are changing the way consumers shop and retailers sell. Different types of stores-discount stores, catalog showrooms, department stores-all compete for the same consumers by carrying the same type of merchandise. The biggest winners are retailers that have helped shoppers to be economically cautious, simplified their increasingly busy and complicated lives, and provided an emotional connection. The growth of e-retailers has forced traditional brick-and-mortar retailers to respond. Basically brick-and-mortar retailers utilize their natural advantages, such as products that shoppers can actually see, touch, and test, real-life customer service, and no delivery lag time for small-sized purchases. They also provide a shopping experience as a strong differentiator. They are adopting practices as calling each shopper a "guest". The store atmosphere should match the basic motivations of the shopper. If target consumers are more likely to be in a task-oriented and functional mindset, then a simpler, more restrained in-store environment may be better. Consistent with this reasoning, some retailers of experiential products are creating in-store entertainment to attract customers who want fun and excitement. The retail experience must deliver value to turn a one-time visitor into a loyal customer. Retailers need a tool that measures the full range of components that define experience-based value. This study uses an experiential value scale(EVS) developed by Mathwick, Malhotra and Rigdon(2001) which reflects the benefits derived from perceptions of playfulness, aesthetics, customer "return on investment" and service excellence. EVS is useful to predict differences in shopping preferences and patronage behavior of customers. EVS consists of items measuring efficiency, economic value, visual appeal, entertainment value, service excellence, escapism, and intrinsic enjoyment, which are subscales of experiencial value. Efficiency, economic value, service excellence are linked to the utilitarian shopping value. And visual appeal, entertainment value, escapism and intrinsic enjoyment are linked to hedonic shopping value. It has been found that consumers value hedonic experiences activated from escapism and attractiveness of shopping environment as much as the product quality, price, and the convenient location. As a result, many department stores, discount stores, and other retailers are introducing differential marketing strategy based on emotional/hedonic values. Many researches suggest that consumers go shopping not only for buying products but also for various shopping experiences. In other words, they seek the practical, rational value as well as social, recreational values in the shopping process(Babin et al, 1994; Bloch et al, 1994). Retailers may enhance buyer's loyalty to store by providing excellent emotional/hedonic value such as the excitement from shopping, not just the practical value of buying good products efficiently. We investigate the effect of perceived shopping values on the emotional experience and store loyalty based on the EVS(Experiential Value Scales) developed by Holbrook(1994), Mathwick, Malhotra and Rigdon(2001). This study assumes that the relative effect of shopping value dimensions on the responses of shoppers will differ according to types of stores and analyzes the moderating effect of store type(department store VS. discount store) on the causal relationship between shopping value dimensions and store loyalty. Emprical results show that utilitarian values of shopping experience and hedonic value of shipping experience give the positive effect on the emotional response of consumers and store loyalty. We also found the moderating effect of store types. The effect of utilitarian shopping values on the attitude toward discount store is higher than the effect of utilitarian shopping values on the attitude toword department store. And the effect of hedonic shopping value on the emotional response to discount store is higher than on the emotional response to department store. The empirical results reflect on the recent trend that discount stores try to fulfill the hedonic needs of consumers as well as utilitarian needs(i.e, low price) that discount stores traditionally have focused on

• Journal of the Korean Society of Food Culture
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• v.32 no.5
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• pp.383-393
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• 2017

This study was conducted to analyze the dietary lifestyle of local Chinese consumers and to classify dietary characteristics according to their dietary lifestyle factors and dietary behaviors. This investigation was conducted for 1 month from 1 January 2017 targeting 300 adult males and females living in China using the online survey company surveymonkey. Four factors relating to dietary lifestyle were identified, gourmet factor, healthy factor, convenience factor and economic factor, and these were grouped into 4 clusters according to their dietary lifestyle factor scores. Group 1, the gourmet economy group, showed a high percentage of living alone and a high frequency of eating out, but a relatively low percentage of three regular meals per day. Their dietary lifestyle was sensitive to gourmet factors and economic factors, but less sensitive to health and convenience factors. Group 2, the wide interest group, contained a high percentage of individuals in their 30s, as well as more highly educated individuals and a higher income than other groups. Because their dietary lifestyle scores tended to be higher than those of other groups, they sought a variety of new foods and gourmet meals for enjoyment of dining and life, as well as well-being food materials and foods related to health. Group 3, the health economic group, constituted a family-type consumer group with lower income level than the other groups. Members of this group were seeking health food and natural food in their dietary lifestyle and tended to pursue a high economic profit ratio when purchasing food. Finally, group 4 showed a relatively higher percentage of women over 30 and individuals with a college level or higher education than the other groups. This group was more interested in health and taste than price and convenience, and showed the highest LOHAS orientation among middle aged Chinese women. Moreover, members of this group directly utilized their knowledge regarding nutrition in real life.