• 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.

• Journal of Plant Biology
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• v.3 no.2
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• pp.6-18
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• 1960

The present experiments were designed in order to clarify the differences between the long and short styled plants and the transgressive gradition in the degree of dimorphism among the three heterostylous species of the Polygonus, P. japonica, F. esculentum, and P. senticosa, based on investigations regarding the floral structure, ecological and physiological traits, the results of which are summarized as follows: (1) P. japonica, although it exhibits typical dimorphism, has undergone so high a differentiation between long and short styled that its long styled individuals behave as if they were female; and short styled individuals as if male. In long-styled individuals, filament, anther, and pollen grains show signs of degeneration, most of the pollen being abortive. On the other hand, in short styled individuals, the filament, anther, and pollen grains have attained remarkable development; the pollen grians are large and fertile. In short-plant the fertilized flowers readily drop off in every stage of their embryo development. This species has completely lost the self-fertile property, which is characteristic of the non-dimorphic Polygonum genus. Although this specsei typically exhibits the physiological characteristics of the non-dimorphic Polygonum genus. Although this specisei typically exhibits the physiological characteristics of dimorphism in controlled pollination, the short-styled individuals bear no seed in nature, thus misleading taxonomists to idenfity the short-styled plant as male. 2) The morphological feature of the flower organ of P. senticosa obviously indicates definite dimorphism. Physiologically, however, no differentiation towards dimorphism was observed, the species still retaining, both in long and short-individuals, the self-fertile property common to the Polygonum genus. Elaborate examinations revealed that regardless of the modes of pollination, both fertiization and seed setting flourish, no differentiation betwen legitimate and illegitimate unions being recognizable. This sort of physiological property has not been observed in the investigations of other heterostylous plants. It is assumed that this species is differentiated structurally into dimorphism, but not yet physiologically. In nature, however, this plant would have more opportunities to be cross-pollinated, i.e., legitimately combined, than self-pollinated because of the development of two forms of flowers. 3) In terms of heterostylism, the F. esculentum just occupies the intermediate position between P. japonica and P. senticosa structurally, ecologically, and physiologically. Doescription of some of the physiological behavior of the plant will suffice to demonstrate the above facts. While P. japonica has completely lost its self-fertile property, P. senticosa still retains it wolly. In F. esculentum 2-6% of self-fertility is the result in illegitimate combination. There occur occasionally hereditary self fertile individuals among some of the F. or 20 min. irradiation plot, when they reach any stage of the same bacterial population. In addition to this increase of total population in the plots with the more dose of UV light irradiation, it seems that the more dose of UV light irradiation is the more shortened the generation time of Azotobacter. Therefore, it is clear that variation of reproductive rate must be, mere or less, due to the genetic effects induced by UV light irradiation. On the other hand, the lag phase or logarithmic growth phase in nonirradiated culture is shortened prominently, and this must be due to the difference in bacterial number of the original inoculm. The generation time of Azotobacter is shortened by exogeneous treatment of nuclei acid derivatives, and the degree is greater in case of DNA derivatives than RNA dervatives. W.H. Price reported that the rate of ribose nucleic acid to protein in Staphylococcus muscae is proportional to the generation time: that is the faster the cell can form ribose nucleic acid, the more rapid its growth. This explains the shortening of generation time by exogeneous RNA derivatives in this work reasonably. On the other hand, it is well known that the desoxyribose nuclic acid content per cell is constant and independent of the generation time. A.D. Laren and W.N. Takahashi reported that the infectious RNA from TMV is 6 times as sensitive to inactivation by UV as it is in the form of intact virus, and that inactivation of infectious TMV involves onlu a local change on RNA chain. But, the effect of exogeneous DNA in this work suggests that irradiated living cell which cotain DNA bring about some change on DNA moleculs as well as RNA molecules. And if the mutagenic effects of UV take into consideration, it is very reasonable. Therefore, it is clear that the variation of the generation time by UV irradiation is, more or less, due to the genetic effects. Therefore, it seems that the shortness of the average lifewpan of Azotobacter by UV irradiation is resulted not only from the influence of the environmental conditions, but also from the variation of genetic factor of the individual.

• Journal of the Korean Society of Food Culture
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• v.6 no.2
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• pp.185-197
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• 1991

An eating behavior research was done with 50 females at a buffet styled restaurant during their lunch time. Of the respondents, 52.0% were professional and 54.0% were graduate school graduates. Of the respondents, 58.0% of the company were friends and 24.0% were relatives. The average time period of eating was $93.0{\pm}23.4$ minutes. The average frequency of taking food was $4.0{\pm}1.1$ and the average frequency of taking food after satiety was $1.4{\pm}0.8$. It is significant that lower frequency of food consumption was directly proportional to the age groups of respondents. The average selected food items were $30.4{\pm}7.1$ out of 175 and the average weight of the consumed food was $995.0{\pm}240.9$ g. The older age group chose a similar number of food items, but the amount of each food item was considerably less than younger. So the younger the age group was, the more they ate. The average food items at one time was $7.1{\pm}2.2$ and the average food weight time was $233.7{\pm}69.7$ g. The percentage of respondents who evaluated themselves as 'ate too much' was 70.0% and those who evaluate themselves 'ate properly' was 14.0%. Most of them were satisfied with the buffet service. The average of number of food items consumed by respondents before cooking was $50.5{\pm}8.9$. The consumption of calories and nutrients was compared with the Korean Daily Recommended Dietary Allowances. The consumed calories were 60.9% of RDAs, protein 104.4%, calcium 77.1%, iron 129.8%, vitamin A 66.5%, thiamin 96.0%, riboflavin 95.7%, niacin126.6% and ascorbic acid 112.3%. This data exceeded 1/3 of the Korean Daily RDAs tremendously and tells us extreme overeating. The energy ratio of carbohydrate: fat: protein was 51.6: 29.9: 18.5. Caloric consumption of animal food was 27.9% and the consumption rate of the other nutrients from animal food was considerably high. But the consumption rate of vitamin A was 90.9% from vegetable groups. Accoding to this study, buffet service gives some advantages. It gives customers an good opportunity to vary their food intake, which enhances eating experiences and can cause an improvemont of food habits. But overeating is a problem. Therefore, we think it is necessary for those women who have influence over their family's food selection, to have nutrition education about a desirable order of eating a meal, food selection, and health problems due to overeating at buffet styled restaurant. There should be some improvement in the management of buffet service. For example, proper temperature, texture, and freshness of the food should be maintained. Prevention of mixed food smells should be considered as well. To lower the price it is desirable to reduce the number of similar items and to use seasonal food as much as possible. A buffet styled restaurant with less food items with cheaper prices is recommended. Various traditional food should be developed for the menu items. We expect buffet services to be sutable to maintain good health and to be popular to any eater.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Journal of agricultural medicine and community health
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• v.15 no.2
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• pp.97-106
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• 1990

1. Background Women's health and their involvement in health care are essential to health for everyone. If they are ignorant, malnourished or over-worked, the health &-their families as well as their own health will suffer. Women's health depends on broad considerations beyond medicine. Among other things, it depends upon their work in farming. their subordination to their families, their accepted roles, and poor hygiene with poorly equipped housing and environmental sanitation. 2. Objectives and Contents a. The health status of rural women : physical and mental complaints, experience of pesticides intoxication, Farmer's syndrome, experiences of reproductive health problems. b. participation in and attitudes towards housework and farming c. accessibility of medical care d. status of maternal health : fertility, family planning practice. induced abortion, and maternal care 3. Research method A nationwide field survey, based on stratified random sampling, was conducted during July, 1986. Revised Cornell Medical index(68 out of 195 items). Kawagai's Farmers Syndrome Scale, and self-developed structured questionnaires were used to rural farming wives(n=2.028). aged between 26-55. 4. Characteristics of the respondents mean age : 40.2 marital status : 90.8% married mean no. of household : 4.9 average years of education : 4.7 yrs. average income of household : \235,000 average years of residence in rural area : 36.4 yrs average Working hours(household and farming) : 11 hrs. 23 min 5. Health Status of rural women a. The average number of physical and mental symptoms were 12.4, 4.7, and the rate of complaints were 22.1%, 38.8% each. revealing complaints of mental symptomes higher than physical ones. b. 65.4% of rural women complained of more than 4 symptoms out of 9, indicating farmer's syndrome. 11.9 % experienced pesticide overdue syndrome c. 57.6% of respondents experienced women-specific health problems. d. Age and education of respondents were the variables which affect on the level of their health 6. Utilization of medical services a. The number of symptoms and complaints of respondents were dependent on the distance to where the health-care service is given b. Drug store was the most commonly utilized due to low price and the distance to reach. while nurse practitioners were well utilized when there were nurse practitioner's office in their villages. c. Rural women were internalized their subordination to husbands and children, revealing they are positive(93%) in health-care demand for-them but negative(30%) for themselves d. 33.0% of respondents were habitual drug users, 4.5% were smokers and 32.3% were alcohol drinkers. and 86.3% experienced induced-abortion. But most of them(77.6%) knew that those had negative effects on health. 7. Maternal Health Care a. Practice rate of contraception was 48.1% : female users were 90.9% in permanent and 89.6% in temporary contraception b. Induced abortions were taken mostly at hospital(86.3%), while health centers(4.7%), midwiferies(4.3%). and others(4.5%) including drug stores were listed a few. The repeated numbers of induced abortion seemed affected on the increasing numbers of symptoms and complaints. c. The first pre-natal check-up during first trimester was 41.8%, safe delivery rate was 15.6%, post-natal check-up during two months after delivery. Rural women had no enough rest after delivery revealing average days of rest from home work and farming 8.3 and 17.2. d. 86.6% practised breast feeding, showing younger and more educated mothers depending on artificial milk 8. Recommendations a. To lessen the multiple role over burden housing and sanitary conditions should be improved, and are needed farming machiner es for women and training on the use of them b. Health education should begin at primary school including health behavior and living environment. c. Women should be encouraged to become policy-makers as well as administrators in the field of women specific health affairs. d. Women's health indicators should be developed and women's health surveillance system too.

• Journal of Intelligence and Information Systems
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• v.22 no.4
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• pp.45-67
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• 2016

Given the recent development of smart devices, users are producing, sharing, and acquiring a variety of information via the Internet and social network services (SNSs). Because users tend to use multiple media simultaneously according to their goals and preferences, domestic SNS users use around 2.09 media concurrently on average. Since the information provided by such media is usually textually represented, recent studies have been actively conducting textual analysis in order to understand users more deeply. Earlier studies using textual analysis focused on analyzing a document's contents without substantive consideration of the diverse characteristics of the source medium. However, current studies argue that analytical and interpretive approaches should be applied differently according to the characteristics of a document's source. Documents can be classified into the following types: informative documents for delivering information, expressive documents for expressing emotions and aesthetics, operational documents for inducing the recipient's behavior, and audiovisual media documents for supplementing the above three functions through images and music. Further, documents can be classified according to their contents, which comprise facts, concepts, procedures, principles, rules, stories, opinions, and descriptions. Documents have unique characteristics according to the source media by which they are distributed. In terms of newspapers, only highly trained people tend to write articles for public dissemination. In contrast, with SNSs, various types of users can freely write any message and such messages are distributed in an unpredictable way. Again, in the case of newspapers, each article exists independently and does not tend to have any relation to other articles. However, messages (original tweets) on Twitter, for example, are highly organized and regularly duplicated and repeated through replies and retweets. There have been many studies focusing on the different characteristics between newspapers and SNSs. However, it is difficult to find a study that focuses on the difference between the two media from the perspective of supply and demand. We can regard the articles of newspapers as a kind of information supply, whereas messages on various SNSs represent a demand for information. By investigating traditional newspapers and SNSs from the perspective of supply and demand of information, we can explore and explain the information dilemma more clearly. For example, there may be superfluous issues that are heavily reported in newspaper articles despite the fact that users seldom have much interest in these issues. Such overproduced information is not only a waste of media resources but also makes it difficult to find valuable, in-demand information. Further, some issues that are covered by only a few newspapers may be of high interest to SNS users. To alleviate the deleterious effects of information asymmetries, it is necessary to analyze the supply and demand of each information source and, accordingly, provide information flexibly. Such an approach would allow the value of information to be explored and approximated on the basis of the supply-demand balance. Conceptually, this is very similar to the price of goods or services being determined by the supply-demand relationship. Adopting this concept, media companies could focus on the production of highly in-demand issues that are in short supply. In this study, we selected Internet news sites and Twitter as representative media for investigating information supply and demand, respectively. We present the notion of News Value Index (NVI), which evaluates the value of news information in terms of the magnitude of Twitter messages associated with it. In addition, we visualize the change of information value over time using the NVI. We conducted an analysis using 387,014 news articles and 31,674,795 Twitter messages. The analysis results revealed interesting patterns: most issues show lower NVI than average of the whole issue, whereas a few issues show steadily higher NVI than the average.

• Journal of Intelligence and Information Systems
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• v.16 no.4
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• pp.1-19
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• 2010

In offline environment, unlike traditional advertising model through TV, newspaper, and radio, online advertising model draws instantaneous responses from potential consumers and it is convenient to assess. This kind of characteristics of Internet advertising model has driven the growth of advertising model among various Internet business models. There are, conventionally classified, CPM (Cost Per Mile), CPC (Cost Per Click), and CPS (Cost Per Sales) models as Internet advertising expenditure model. These can be examined in manners regarding risks that stakeholders should stand and degree of responsibility. CPM model that is based on number of advertisement exposure is mechanically exposed to users but not actually recognized by users resulting in risk of wasted expenditure by advertisers without any advertising effect. While on aspect of media, CPS model that is based on conversion action is the most risky model because of the conversion action such as product purchase is determined by capability of advertisers not that of media. In this regard, while there are issue of CPM and CPS models disadvantageously affecting only one side of Internet advertising business model value network, CPC model has been evaluated as reasonable both to advertisers and media, and occupied the largest segment of Internet advertising market. However, CPC model also can cause fraudulent behavior such as click fraud because of the competition or dishonest amount of advertising expenditure. On the user aspect, unintentionally accessed advertisements can lead to more inappropriate expenditure from advertisers. In this paper, we suggest "CPCD"(Cost Per Coupon Download) model. This goes beyond simple clicking of advertisements and advertising expenditure is exerted when users download a coupon from advertisers, which is a concept in between CPC and CPS models. To achieve the purpose, we describe the scenario of advertiser perspective, processes, participants and their benefits of CPCD model. Especially, we suggest the new value in online coupon; "possibility of storage" and "complement for delivery to the target group". We also analyze the working condition for advertiser by a comparison of CPC and CPCD models through advertising expenditure simulation. The result of simulation implies that the CPCD model suits more properly to advertisers with medium-low price products rather than that of high priced goods. This denotes that since most of advertisers in CPC model are dealing with medium-low priced products, the result is very interesting. At last, we contemplate applicability of CPCD model in ubiquitous environment.