• KSII Transactions on Internet and Information Systems (TIIS)
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• v.4 no.6
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• pp.1098-1115
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• 2010

An inseparable challenge associated with every random access network is the design of an efficient Collision Resolution Algorithm (CRA), since collisions cannot be completely avoided in such network. To maximize the collision resolution efficiency of a popular CRA, namely Binary Exponential Backoff (BEB), we propose a reactive backoff algorithm. The proposed backoff algorithm is reactive in the sense that it updates the contention window based on the previously selected backoff value in the failed contention stage to avoid a typical type of collision, referred as cross-collision. Cross-collision would occur if the contention slot pointed by the currently selected backoff value appeared to be present in the overlapped portion of the adjacent (the previous and the current) windows. The proposed reactive algorithm contributes to significant performance improvements in the network since it offers a supplementary feature of Cross Collision Exclusion (XCE) and also retains the legacy collision mitigation features. We formulate a Markovian model to emulate the characteristics of the proposed algorithm. Based on the solution of the model, we then estimate the throughput and delay performances of WLAN following the signaling mechanisms of the Distributed Coordination Function (DCF) considering IEEE 802.11b system parameters. We validate the accuracy of the analytical performance estimation framework by comparing the analytically obtained results with the results that we obtain from the simulation experiments performed in ns-2. Through the rigorous analysis, based on the validated model, we show that the proposed reactive cross collision exclusionary backoff algorithm significantly enhances the throughput and reduces the average packet delay in the network.

• Journal of Electrical Engineering and Technology
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• v.9 no.5
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• pp.1501-1510
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• 2014

Low voltage direct current (LVDC) distribution system is a suitable techno-economic candidate which can create an innovative solution for distribution network development with respect to rural electrification. This research focuses on the use of LVDC distribution system to replace some of KEPCO's existing traditional medium voltage alternating current (MVAC) distribution network for rural electrification in South Korea. Considering the technical and economic risks and benefits involved in such project, a comparative techno-economic analysis on the LVDC and the MVAC distribution networks is conducted using economic assessment method such as the net present value (NPV) on a discounted cash flow (DCF) basis as well as the sensitivity analysis technique. Each would play a role in an economic performance indicator and a measure of uncertainty and risk involved in the project. In this work, a simulation model and a computational tool are concurrently developed and employed to aid the techno-economic analysis, evaluation, and estimation of the various systems efficiency and/or performance.

• 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.

• Korean Journal of Construction Engineering and Management
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• v.18 no.3
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• pp.74-83
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• 2017

The recently introduced public rental housing REITs was just different the business structure from the existing public rental housing system and the basic supply system is the same. So the ownership conversion for public house over 10 years rental duration is possible after half of the obligated rental duration according to the agreement between lessor and lessee. However rental business operators are likely to have a negative attitude to the early ownership conversion because of less expected profit. Thus, there is a need for an analysis of proper early ownership conversion moment that can achieve public purposes while ensuring the profitability of public rental housing REITs. In this study, the characteristics of the ownership conversion rights that can lessee to exercise considered to be options. Also the nature of 'REITs', 'public rental housing REITs' is considered to be affected by the macroeconomic variables. Thus, this study analyzed the value for ownership conversion in the public rental housing REITs according to real option scenarios reflecting macroeconomic variables. As a result, according to the change of the variation rate of the macroeconomic variables, it was found that with adjustable early ownership conversion time using the DCF(Discounted Cash Flow) model. Therefore, it is possible to ensure profitability of early ownership conversion by predicting the variation of variables.

• Korean Journal of Construction Engineering and Management
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• v.19 no.2
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• pp.25-37
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• 2018

In recent times, private sector allocates the risk between private sector investors in terms of equity transaction and agreement transaction. The additional risk-allocation have made the cash flows of private sector investors fluctuated and some of the PPP projects delayed. Therefore, analyzing the impact of the risk reallocation between private sector investors on their cash flows is critical for encouraging the private sector participants. In this study, a model to evaluate the financial viability of PPP project is developed based on the discounted cash flow analysis. The model can analyze the variability by equity and agreement transaction by identifying key variables of equity transaction, influence factors of agreement transaction, and relationship between the transactions and investor's profitability. It is expected that the private sector can determine the investment decision for PPP projects when the risk reallocation is occurred.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.29 no.12A
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• pp.1356-1366
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• 2004

Recently, the IEEE 802.11 working group has announced a new distributed MAC called EDCF to provide service differentiation among traffic classes. With the increasing demand for supporting Quality of Service in IEEE 802.11 wireless LANs, the EDCF is now attracting many researchers' attention due to its practical worth as a standard mechanism. In this paper, we focus on the analytical approach to evaluate the performance of the EDCF. An analytical model is developed to estimate the throughput of the EDCF in saturation (asymptotic) conditions. Extensive simulation studies have been carried out for the validation of the analysis, and they show that it estimates the throughput of the EDCF accurately By utilizing the analytical model, we evaluate the performance of the EDCF. Specifically, we concentrate on discovering the characteristics of the EDCF Parameters, such as CW/Sub min/, CW/Sub max/ and AIFS, in the way that they influence on the performance of the EDCF.

• Journal of Cadastre & Land InformatiX
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• v.45 no.1
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• pp.207-224
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• 2015

The purpose of this study is to review the various valuation techniques of intangible assets. The value of intangible asset by the income approach can be measured as the present value of the economic benefit over the intangible asset's remaining useful life. The typical methods used in intangible asset economic income projections include extrapolation method, life cycle analyses, sensitivity analyses, simulation analyses, judgment method, and tabula rasa method. There are several methods available for estimating capitalization rates and discount rates for intangible asset, in which we have discussed market extraction method, capital asset pricing model, built-up method, discounted cash flow model, and weighted average cost of capital method. As the capitalization methods for intangible asset, relief-from-royalty method, excess earnings capitalization method, profit split method, residual from business enterprise method, postulated loss of income method and so on have been reviewed.

• Journal of Korea Technology Innovation Society
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• v.20 no.3
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• pp.732-753
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• 2017

Recently, when evaluating the technology values in the fields of biotechnology, pharmaceuticals and medicine, we have needed more to estimate those values in consideration of the period and cost for the commercialization to be put into in future. The existing discounted cash flow (DCF) method has limitations in that it can not consider consecutive investment or does not reflect the probabilistic property of commercialized input cost of technology-applied products. However, since the value of technology and investment should be considered as opportunity value and the information of decision-making for resource allocation should be taken into account, it is regarded desirable to apply the concept of real options, and in order to reflect the characteristics of business model for the target technology into the concept of volatility in terms of stock price which we usually apply to in evaluation of a firm's value, we need to consider 'the continuity of stock price (relatively minor change)' and 'positive condition'. Thus, as discussed in a lot of literature, it is necessary to investigate the relationship among volatility, underlying asset values, and cost of commercialization in the Black-Scholes model for estimating the technology value based on real options. This study is expected to provide more elaborated real options model, by mathematically deriving whether the ratio of the present value of the underlying asset to the present value of the commercialization cost, which reflects the uncertainty in the option pricing model (OPM), is divided into the "no action taken" (NAT) area under certain threshold conditions or not, and also presenting the estimation logic for option values according to the observation variables (or input values).

• Nutrition Research and Practice
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• v.4 no.1
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• pp.3-10
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• 2010

This study was performed to investigate the effect of desalinated underground seawater (named as 'magma seawater', MSW) of Jeju Island in Korea on lipid metabolism and antioxidant activity. MSW was collected from underground of Han-Dong in Jeju Island, and freely given to high fat diet (HFD)-fed C57BL/6 mice for 10 weeks. Although there were no significant differences in the body weight changes and plasma lipid levels, hepatic triglyceride levels were significantly lower in the MSW group than in the normal tap water (TW)-drunken control group. Furthermore, the activity of fatty acid synthase (FAS) was significantly decreased and carnitine palmitoyltransferase (CPT) activity was increased in MSW group compared to TW group. Similarly, real-time PCR analysis revealed that mRNA expressions of lipogenic genes were lowered in MSW groups compared to the control group. In a morphometric observation on the liver tissue, accumulation of fats was remarkably reduced in MSW group. Meanwhile, in vitro assay, tree radical scavenging activity measured by using diphenylpicrylhydrazyl (DPPH) was increased in MSW group. The 2'-7'-dichlorofluorescein diacetate (DCF-DA) staining followed with fluorescent microscopy showed a low intensity of fluorescence in MSW-treated HepG2 cells, compared to TW-treated HepG2 cells, which indicated that the production of reactive oxygen species by tert-butyl hydroperoxide (t-BHP) in HepG2 cells was decreased by MSW treatment. The antioxidant effect of MSW on t-BHP-induced oxidative stress in HepG2 cells was supported by the increased activities of intracellular antioxidant enzymes such as catalase and glutathione reductase. From these results, we speculate that MSW has an inhibitory effect on lipogenesis in liver and might play a protective role against cell damage by t-BHP-induced oxidative stress.

• Journal of Korea Port Economic Association
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• v.38 no.2
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• pp.95-107
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• 2022

Shipping companies earn profits through cargo transportation, and therefore, investment decisions to purchase ships are more important than anything else. Nevertheless, the cash flow discount method was mainly used in the economic analysis method, which assumes that all situations are static. This study shows that the real option model is useful in the economic analysis of ship investment. This economic analysis took into account the irreversibility of investment and uncertainty of benefits. In particular, this study used a binary option price determination model among real options. In addition, the simulation was conducted using actual investment data of A shipping company. As a result of the analysis, the investment value of used ships according to the net present value method was analyzed as negative (-), but the investment value in the real option model reflecting the flexibility of decision-making was evaluated as having positive (+) economic feasibility. It was analyzed that economic feasibility is affected by profit volatility and discount rate. Therefore, this study is expected to help shipping companies make more flexible decisions by using the real option model along with the existing net present value method when making ship investment decisions.