• Environmental and Resource Economics Review
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• v.20 no.1
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• pp.119-153
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• 2011

This study reviews various aspects of model formulating processes of dichotomous choice responses of the contingent valuation method (CVM), which has been increasingly used in the preliminary feasibility test of Korea public investment projects. The theoretical review emphasizes the consistency between WTP estimation process and WTP measurement process. The empirical analysis suggests that two common parametric models for dichotmous choice responses (RUM and RWTP) and two commonly used probability distributions of random components (probit and logit) resulted in all most the same empirical WTP distributions, as long as the WTP functions are specified to be a linear function of the bid amounts. However, the efficiency gain of DB response compared to SB response were supported on the ground that the two CV responses are derived from the same WTP distribution. Moreover for the exponential WTP function which guarantees the non-negative WTP measures, sample mean WTP were quite different from median WTP if the scale parameter of WTP function turned out to be large.

• Journal of Korean Society of Transportation
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• v.24 no.4 s.90
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• pp.149-159
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• 2006

Traditional trip tables are estimated through large-scale surveys such as household survey, roadside interviews, and license Plate matching. These methods are, however, expensive and time consuming. This paper presents two origin-destination (OD) trip matrix estimation methods from link traffic counts in stochastic assignment, which contains perceived errors of drivers for alternatives. The methods are formulated based on the relation between link flows and OD demands in logit formula. The first method can be expressed to minimize the difference between observed link flows and estimated flows, derived from traffic assignment and be solved by gradient method. The second method can be formulated based on dynamic process, which nay describe the daily movement patterns of drivers and be solved by a recursive equation. A numerical example is used for assessing the methods, and shows the performances and properties of the models.

• Journal of Technology Innovation
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• v.24 no.3
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• pp.139-159
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• 2016

The purpose of this study is to find out the factors which promoting career development of scientist and engineer laborforce. We made up three logit analysis models to figure out the factors affecting the career of scientist and engineer laborforce. Dependent variables were composed of job attributes in 2011, current job attribute, changing of working conditions, efforts of job seeking, university education, and personal characters. Three analysis model were composed of demand side model which including job attributes factors, supply side model which focus on employment or university education characters and total model including the demand and the supply factors. The results showed a stable career to the development of scientist and engineer laborforce's job attributes on the demand side than the supply side, such as a college education even more important. After all, the initial stable jobs and good matching policy were the most important policies to be seated in the science and engineering professions.

• Journal of the Korea Convergence Society
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• v.10 no.6
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• pp.191-201
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• 2019

This study aims at understanding the fundamental characteristics of EV consumer based upon user survey and understanding the challenges to promote EV adoption in Korea. Data are obtained from two different surveys. One asked 304 EV buyers in Korea and another asked 905 prospective customer about EV awareness and perception, EV purchase intention, and etc. Analysis is composed of two parts; one is about the general characteristics and purchase intention of general consumers; another is about the intent to repurchase EV owners. We discuss the policy implications to expand EV demand in Korean market based on two purchase and repurchase logit models.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.38 no.6
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• pp.933-940
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• 2018

The conversion of the internal combustion engine vehicle to the electric vehicle is suggested as a solution to the problem of global climate change and environmental pollution. Accordingly, this study was started to promote the use of electric vehicles. The purpose of this study is to identify the basic background knowledge and current status of electric vehicles in Korea and abroad, and expand from previous understanding on which factors affect ones choice on electric vehicles by considering individual characteristics and context in detail. In the analysis, a set of demand forecasting models were constructed by grouping the respondents based on the household characteristics as well as the vehicle ownership. At the time in need for better understanding of the feasibility of electric vehicles, it is expected that the research can assist the promotion of electric vehicles. In the follow-up study, I would like to continue the research on the activation of electric vehicles.

• 한국사회정책
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• v.25 no.3
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• pp.209-245
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• 2018

In this study, we examined at what level young people perceive their level of life and the overall degree of happiness in their lives, and empirically analyzed the factors affecting them through multiple regression and ordered logit models. As a result of the analysis, young people were more aware of the degree of overall happiness than their perception of their lives. It has been confirmed that the factors affecting the young generation's perception of the level of life and the degree of happiness are different and different factors are working on each group. In addition, it has been found that the subjective factors of psychological and emotional characteristics have a greater influence than the objective factors of social and demographic characteristics at the level of awareness of life and happiness level. However, in the case of the youth group, it was found that objective factors such as job satisfaction are the determinants that have the greatest influence on life awareness and happiness. The tendency to paradoxically respond to the current level of happiness due to despair of the future has been found to be seen in some subgroups(middle income plus working group) rather than in the whole youth generation.

• The Journal of The Korea Institute of Intelligent Transport Systems
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• v.20 no.1
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• pp.22-39
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• 2021

This study estimated mode choice models for access travel and neighborhood travel from an SP survey in metropolitan areas where shared e-scooter services are offered. Model results show that travel time and travel cost have negative effects on mode utility. It is also revealed that people are more sensitive to travel time in access travel, whereas they are more influenced by travel cost in neighborhood travel. Looking at individual and household attributes, it has a positive effect when under 40 yerars of age, owning bikes, being a public transportation user, while it has been shown a negative effect in less than 3 million won in monthly household income and owning individual cars.

• Journal of the Korean Institute of Landscape Architecture
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• v.44 no.4
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• pp.1-13
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• 2016

To detail a picture of the economic value of Miscanthus landscape conservation in terms of cultural services aspects of Ecosystem Services, Sunghaksan(Mt.), Hwawangsan(Mt.) and Jaeyaksan(Mt.), which are known for their Miscanthus colonies, were chosen as survey sites. After examining the willingness to pay for the value of Miscanthus landscape conservation by targeting of visitors each study area, the economic value of Miscanthus landscape conservation per capita aspects was evaluated using Contingent Valuation Methods(CVM) from the collected willingness to pay for economic value of Miscanthus scenery by site. After using the target Chi-square test to analyze the differences among each site, the correlation between specific variables was investigated. Willingness to pay for the Miscanthus landscape conservation was found to increase as the respondents' income became higher. The more environmental conservation efforts were being made in their daily life, the higher willingness to pay was for Miscanthus landscape conservation. Likewise in other studies, the higher the bid was, the less willingness to pay was. The per capita assessment of the Miscanthus landscape value of the logit models in the dual estimated using the factor extracted with each of the injected variable bounds was estimated for Seunghaksan (\38,277), Hwawangsan(\38,648), and Jaeyaksan(\48,891). The average of the three sites was estimated to be \38,679. Assessment of the economic value of these Miscanthus landscape sites saw high willingness to pay by visitors when compared to the current market price inflation, such as watching movies or amusement park admission, which could mean that visitors recognize the value of ecosystem services from nature in evaluating the Miscanthus landscape.

• Journal of Distribution Science
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• v.13 no.9
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.

• The Korean Journal of Financial Management
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• v.23 no.2
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• pp.209-237
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• 2006

Since previous default forecasting models for the firms evaluate the probability of default based upon the accounting data from book values, they cannot reflect the changes in markets sensitively and they seem to lack theoretical background. The market-information based models, however, not only make use of market data for the default prediction, but also have strong theoretical background like Black-Scholes (1973) option theory. So, many firms recently use such market based model as KMV to forecast their default probabilities and to manage their credit risks. Korean firms also widely use the KMV model in which default point is defined by liquid debt plus 50% of fixed debt. Since the debt structures between Korean and American firms are significantly different, Korean firms should carefully use KMV model. In this study, we empirically investigate the importance of debt structure. In particular, we find the following facts: First, in Korea, fixed debts are more important than liquid debts in accurate prediction of default. Second, the percentage of fixed debt must be less than 20% when default point is calculated for Korean firms, which is different from the KMV. These facts give Korean firms some valuable implication about default forecasting and management of credit risk.