• Environmental and Resource Economics Review
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• v.30 no.3
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• pp.395-433
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• 2021

This paper aims to examine the effects of homeownership and residential types on the economic values of urban green spaces. Green open spaces as public goods provide positive externalities that are comprised of pecuniary and technological externalities. Seoul, South Korea, is used as a case study using choice experiments, with split-sample online respondents of 1,000. The study results evidenced that the differentiation between the two types of externalities is imperative for equitable provisions and efficient management of various urban open spaces. There is a positively significant and substantial impact of homeownership for apartment dwellers, ceteris paribus, but not for house dwellers. For apartments, the efficiency loss can be reduced by increasing green spaces up to the critical point where the marginal cost is at equilibrium with tenants' marginal values. For non-apartment houses, it is not homeownership but the monthly household income that has a significant impact on the amenity value. In general, public benefits from green spaces are equivalent to 16% to 33% of the current residential prices on average for a view or access. Different residential types do not cause a significant impact on the access values. Residential profiles for green spaces were developed, together with tailor-made policy suggestions.

• Journal of the Korean Recycled Construction Resources Institute
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• v.9 no.4
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• pp.433-442
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• 2021

In this study, the properties of no-fines polymer concrete with different polymer binder contents were evaluated. The polymer concrete was formulated using a polymeric binder (unsaturated polyester resin), fly ash, and recycled coarse aggregate (60%) and crushed coarse aggregate (40%). The polymeric binder content (4.0-6.0wt.%) was used as an experimental variable because it dramatically affects both the cost-effectiveness and material properties. The results showed that the density, compressive strength, flexural strength both before and after exposure to freezing and thawing increased as the polymer binder content increased, while the absorption, void ratio, permeable voids, coefficient of permeability, and acid resistance (mass loss by acid attack) decreased as the polymeric binder content increased. In particular, even though the void ratio was 18.4% and the water permeability coefficient was 7.3mm/sec, the compressive strength and flexural strength were as high as 38.0MPa and 10.0MPa, respectively, much more significant than those of previous studies. Other properties such as absorption and acid resistance were also found to be excellent. The results appear to be rooted in the increased adhesion of the binder by adding a cross-linking agent and the surface hydrophobicity of the polymer.

• The Journal of the Korea Contents Association
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• v.21 no.11
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• pp.320-332
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• 2021

This paper investigates the influence of stock-level left-tail risk, which is defined using Value-at-Risk(VaR) estimates of past one-year daily stock returns, in the expected stock returns in the Korean stock market. Our results are summarized as follows: First, monthly-constructed zero-cost portfolios that buy (shortsell) the highest (lowest) left-tail risk decile in the previous month exhibit an average monthly return (called left-tail risk premium) of -2.29%. Second, Fama-MacBeth cross-sectional regressions suggest that left-tail risk in the previous month shows significant and negative explanatory power over return in this month, after controlling for various firm characteristics such as firm size, B/M, market beta, liquidity, maximum daily return, idiosyncratic volatility, and skewness. Third, the stocks with larger recent month loss have lower returns in the next month. Fourth, the magnitude of left-tail risk premium is negatively related with lagged market-level volatility. These results support the hypothesis from a perspective of behavioral finance that the overpricing of stocks with left-tail risk is attributed to the investors' underreaction to it.

• Clean Technology
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• v.24 no.4
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• pp.339-347
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• 2018

In order to cope with environmental problems and climate change caused by fossil fuels, renewable energy supply is increasing year by year. Currently, waste energy accounts for 60% of renewable energy production. However, waste has a lower calorific value than fossil fuels and contains various harmful substances, which causes serious problems when applied to power generation boilers. In particular, the chlorine in the waste fuel increases slagging and fouling of boiler heat exchangers, leading to a reduction in thermal efficiency and the main cause of high temperature corrosion, lowering facility operation rate and increasing operating cost. In this study, the high temperature corrosion experiments of superheater materials (ASME SA213/ASTM A213 T2, T12 and T22 alloy steel) by alkali chlorides were conducted, and their corrosion characteristics were analyzed by the weight loss method and SEM-EDS. Experiments show that the higher the temperature and chloride content, the more corrosion occurs, and KCl further corrodes the materials compared to NaCl under the same condition. In addition, the higher the chromium content of the material, the better the corrosion resistance to the alkali chlorides.

• Korean Chemical Engineering Research
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• v.57 no.1
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• pp.51-57
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• 2019

A plant layout problem has a large impact on the overall construction cost of a plant. When determining a plant layout, various constraints associating with safety, environment, sufficient maintenance area, passages for workers, etc have to be considered together. In general plant layout problems, the main goal is to minimize the length of piping connecting equipments as satisfying various constraints. Since the process may suffer from the heat and friction loss, the piping length between equipments should be shorter. This problem can be represented by the mathematical formulation and the optimal solutions can be investigated by an optimization solver. General researches have overlooked many constraints such as maintenance spaces and safety distances between equipments. And, previous researches have tested benchmark processes. What the lack of general researches is that there is no realistic comparison. In this study, the plant layout of a real industrial C3MR (Propane precooling Mixed Refrigerant) process is studied. A MILP (Mixed Integer Linear Programming) including various constraints is developed. To avoid the violation of constraints, penalty functions are introduced. However, conventional optimization solvers handling the derivatives of an objective functions can not solve this problem due to the complexities of equations. Therefore, the PSO (Particle Swarm Optimization), which investigate an optimal solutions without differential equations, is selected to solve this problem. The results show that a proposed method contributes to saving the capital expenditures.

• Korean Journal of Environment and Ecology
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• v.33 no.4
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• pp.408-421
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• 2019

This study estimated and analyzed the incremental profits to compare the imported buff-tailed bumblebees, Bombus terrestris, and their pollination alternatives. A result of the analysis showed that the incremental profit, which is defined as the sales revenue minus the common production cost, was higher when using pollinator insects than when using the artificial pollination and that the incremental costs were lower when using domestic bumblebees or artificial pollination than when using imported bumblebees or honeybees. The incremental profits of each alternative were 46,801 million won for imported bumblebees, 47,170 million won for domestic bumblebees, 46,975 million won for honeybees, and 29,839 million won for artificial pollination. The incremental profit means the accounting profit that can be realized from each alternative. However, not all of the accounting profits can be attributed to pollen-mediated alternatives since they include potential costs such as imputed rent or normal profits. Considering the opportunity costs, which are the potential costs, it appears that the alternative of using imported bumblebees can lead to an economic loss. It means that fruit and vegetable farmers can expect additional economic profits if they choose other alternatives instead of using imported bumblebees.

• Tuberculosis and Respiratory Diseases
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• v.82 no.1
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• pp.27-34
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• 2019

Background: Understanding the burden of disease is important to establish cost-effective treatment strategies and to allocate healthcare resources appropriately. However, little reliable information is available regarding the overall economic burden imposed by chronic obstructive pulmonary disease (COPD) in Korea. Methods: This study is a multicenter observational research on the COPD burden in Korea. Total COPD costs were comprised of three categories: direct medical, direct non-medical, and indirect costs. For direct medical costs, institutional investigation was performed at 13 medical facilities mainly based on the claims data. For direct non-medical and indirect costs, site-based surveys were administered to the COPD patients during routine visits. Total costs were estimated using the COPD population defined in the recent report. Results: The estimated total costs were approximately 1,245 million US dollar (1,408 billion Korean won). Direct medical costs comprised approximately 20% of the total estimated costs. Of these, formal medical costs held more than 80%. As direct non-medical costs, nursing costs made up the largest percentage (39%) of the total estimated costs. Costs for COPD-related loss of productivity formed four fifths of indirect costs, and accounted for up to 33% of the total costs. Conclusion: This study shows for the first time the direct and indirect costs of COPD in Korea. The total costs were enormous, and the costs of nursing and lost productivity comprised approximately 70% of total costs. The results provide insight for an effective allocation of healthcare resources and to inform establishment of strategies to reduce national burden of COPD.

• Journal of Minimally Invasive Surgery
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• v.21 no.4
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• pp.168-176
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• 2018

Purpose: Robotic-associated minimally invasive surgery is a novel method for overcoming some limitations of laparoscopic surgery. This study aimed to evaluate the outcomes (postoperative pain, cosmesis, surgeon's workload) of single-incision robotic cholecystectomy (SIRC) vs. single-incision laparoscopic cholecystectomy (SILC) vs. conventional three-port laparoscopic cholecystectomy (3PLC). Methods: 134 patients who underwent laparoscopic or robotic cholecystectomy at a single center during 2016~2017 were enrolled. Prospectively collected data included demographics, operative outcomes, questionnaire regarding pain and cosmesis, and NASA-Task Load Index (NASA-TLX) scores for surgeon's workload. Results: 55 patients underwent SIRC, 29 SILC, and 50 3PLC during the same period. 3PLC patient group was older than the others (SIRC vs. SILC vs. 3PLC: 48.1 vs. 42.2 vs. 54.1 years, p<0.001). Operative time was shortest with 3PLC (44.1 vs. 38.8 vs. 25.4 min, p<0.001). Estimated blood loss, postoperative complications, and postoperative stay were similar among the groups. Pain control was lowest in the 3PLC group (98.2% vs. 100% vs. 84.0%, p=0.004), however, at 2 weeks postoperatively there were no differences among the groups (p=0.374). Cosmesis scores were also worst after 3PLC (17.5 vs. 18.4 vs. 13.3, p<0.001). NASA-TLX score was highest in the SILC group (21.9 vs. 44.3 vs. 25.2, p<0.001). Conclusion: Although SIRC and SILC take longer than 3PLC, they produce superior cosmetic outcomes. Compared with SILC, SIRC is more ergonomic, lowering the surgeon's workload. Despite of higher cost, SIRC could be an alternative for treating gallbladder disease in selected patients.

• Composites Research
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• v.34 no.2
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• pp.88-95
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• 2021

VARTM (Vacuum-assisted resin transfer molding) process is a low-cost process technology and affiliated with OoA (Out of Autoclave). Besides, it has been widely used in various fields. However, because of its lower quality than the autoclave process, it isn't easy to apply the VARTM process to the aerospace industry, which requires high reliability. The main problem of the VARTM process is the loss of mechanical properties due to the low fiber volume fraction and high void content in comparison to the autoclave. Therefore, many researchers have studied to reduce void and increase fiber volume fraction. This study examines whether the method of controlling atmospheric pressure could increase the fiber volume fraction and reduce void during the resin impregnation process. Reliability evaluation was confirmed by compressive strength test, fiber volume fraction analysis, and optical microscopy. As a result, it was confirmed that increasing the atmospheric pressure step by step in the VARTM process of impregnating the preform with resin effectively increases the fiber volume fraction and reduces void.

• Journal of Navigation and Port Research
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• v.44 no.6
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• pp.541-549
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• 2020

This study conducts differential analysis on the financial positions of Korean shipping companies before and after the bankruptcy of the H carrier, looking specifically at their financial ratios, profit and loss patterns, and other factors related to their financial operation. Firstly, it was discovered that major measures of financial health, such as average assets per carrier, were not affected by the bankruptcy of the H carrier. However, despite this, most carriers experienced large changes in profits and losses, with total sales and shipping revenues averaging 424.5 billion won and 381.7 billion won respectively before the bankruptcy, but falling by half to 252.1 billion won and 234.6 billion won after the bankruptcy. Additionally, charter revenues and expenses also dropped by more than half. EBIT/sales and pre-tax revenue margins were also heavily affected after the bankruptcy, with both figures averaging 8% and 3% respectively before the bankruptcy, but falling into the negative range at -2% and -8% post-bankruptcy, resulting in significant deterioration in operational profitability. The study concludes that there is an urgent need to establish a global sales network, improve cost structures, and consistently secure stable cargo in order to increase Korean carriers' profitability. Of all financial measures, liquidity and total asset efficiency were identified as the most severely-impacted by the H carrier bankruptcy, thereby requiring the most pressing policy addressing.