• Journal of Distribution Science
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• v.13 no.8
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• pp.61-71
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• 2015

Purpose - Before the year 2000, the housing prices in Korea were increasing every decade. After 2000, for the first time, Korea experienced a decrease in housing prices, and the repetitive cycle of price fluctuation started. Such a "boom and bust cycle" is a worldwide phenomenon. The current study proposes a mathematical model to explain price fluctuation cycles based on the theory of consumer psychology. Specifically, the model incorporates the effects of buyer expectations of future prices on actual price changes. Based on the model, this study investigates various independent variables affecting the amplitude of price fluctuations in housing markets. Research design, data, and methodology - The study provides theoretical analyses based on a mathematical model. The proposed model uses the following assumptions of the pricing mechanism in housing markets. First, the price of a house at a certain time is affected not only by its current price but also by its expected future price. Second, house investors or buyers cannot predict the exact future price but make a subjective prediction based on observed price changes up to the present. Third, the price is determined by demand changes made in previous time periods. The current study tries to explain the boom-bust cycle in housing markets with a mathematical model and several numerical examples. The model illustrates the effects of consumer price elasticity, consumer sensitivity to price changes, and the sensitivity of prices to demand changes on price fluctuation. Results - The analytical results imply that even without external effects, the boom-bust cycle can occur endogenously due to buyer psychological factors. The model supports the expectation of future price direction as the most important variable causing price fluctuation in housing market. Consumer tendency for making choices based on both the current and expected future price causes repetitive boom-bust cycles in housing markets. Such consumers who respond more sensitively to price changes are shown to make the market more volatile. Consumer price elasticity is shown to be irrelevant to price fluctuations. Conclusions - The mechanism of price fluctuation in the proposed model can be summarized as follows. If a certain external shock causes an initial price increase, consumers perceive it as an ongoing increasing price trend. If the demand increases due to the higher expected price, the price goes up further. However, too high a price cannot be sustained for long, thus the increasing price trend ceases at some point. Once the market loses the momentum of a price increase, the price starts to drop. A price decrease signals a further decrease in a future price, thus the demand decreases further. When the price is perceived as low enough, the direction of the price change is reversed again. Policy makers should be cognizant that the current increase in housing prices due to increased liquidity can pose a serious threat of a sudden price decrease in housing markets.

• Proceedings of the KSME Conference
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• 2001.06b
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• pp.53-58
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• 2001

In this paper, a low price ultrasound image processing system is developed using DSP and PC. Ultrasound for image is generated by the 32-channel transducer. Ultrasound image is captured by DSP instead of the private image grabber board. Display of image and image processing algorithms are performed by PC. The image processing algorithms based on GUI are realized by software. So users without knowledge of image processing can perform the image enhancement more easily.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.457-467
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• 2015

Despite the recent phenomena of Chonsei price increase, low interest rate and low growth, the indexes of financial and insurance industry production showed the results contrary to the common belief that the financial industry is sensitive to such financial crises. This is because the index of financial industry has continuously maintained a certain level of increase as opposed to the index of all industry production. Thus, this study aimed to analyze the dynamic correlation between the index of financial industry production and Chonsei price increase. A vector autoregression (VAR) model, which doesn't have a cointegrating relationship, was used to define the Chonsei price index and the indexes of all industry production and financial and insurance industry, which are macro economic variables, and describe the data. The results of the analysis on the time series data of 183 months from January 2000 to May 2015 showed that Chonsei price increase was not directly derived from the index of financial industry, but the finance industrial index affected Chonsei price increase.

• Journal of Distribution Science
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• v.22 no.4
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• pp.11-22
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• 2024

Purpose: This research delves into the various factors that influence the performance of restaurant businesses on social commerce platforms in Bangkok, Thailand. The study considers both internal and external factors, including but not limited to business characteristics and location. Moreover, this research also analyzes the effects of employing multiple social commerce platforms on business efficiency and explores the underlying reasons for such effects. Research design, data, and methodology: Restaurants can be classified into different price ranges: low, medium, and high. To further investigate, we employed natural language processing AI to analyze online reviews and evaluate algorithm performance using machine learning techniques. We aimed to develop a model to gauge customer satisfaction with restaurants across different price categories effectively. Results: According to the research findings, several factors significantly impact restaurant groups in the low and mid-price ranges. Among these factors are population density and the number of seats at the restaurant. On the other hand, in the mid-and high-price ranges, the price levels of the food and drinks offered by the restaurant play a crucial role in determining customer satisfaction. Furthermore, the correlation between different social commerce platforms can significantly affect the business performance of high-price range restaurant groups. Finally, the level of online review sentiment has been found to influence customer decision-making across all restaurant types significantly. Conclusions: The study emphasizes that restaurants' characteristics based on their price level differ significantly, and social commerce platforms have the potential to affect one another. It is worth noting that the sentiment expressed in online reviews has a more significant impact on customer decision-making than any other factor, regardless of the type of restaurant in question.

• Architectural research
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• v.9 no.2
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• pp.27-35
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• 2007

Our nation has a problem with discrimination of income distribution and inefficient of resources distribution caused by real estate price rising from a sudden economy growth and industrialization. Specially, in recent years, there is a great disparity of apartment price between the north and south of the Han river. Because the housing price is decided by the immanent value of a house and neighborhood effects of the regional where the house is situated, the housing price is occurred difference. The purpose of study was to analyze the influence of various factors of housing price. Also, this study tried to predict real estate market and to establish previous effective real estate policy. In this study, we analyzed the differences of housing price determinants about apartment developments between the north and south of the Han river, and found the important factors that affect the housing price using Structural Equation Modeling(SEM). As a result of this study, the older the buildings are, the more the housing price and the housing price rising ratio have increased, in Gang Nam area. This reason is that these have large possibility to be reconstructed and many convenient facilities, in this area. In the case of Kang Buk area, the increase rate of housing price are so low that they couldn't take effect on the housing price and they were declined. So to speak, constructing the infrastructure which takes effect on the increase rate of housing price is very urgent.

• Journal of the Korean Society of Clothing and Textiles
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• v.24 no.6
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• pp.884-894
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• 2000

This study was intended to examine the effect of consumer materialism, price and point-of-purchase advertisements on consumer preference and purchasing intention with respect to discount jeans. Information for the study was obtained through the use of an experimental design which was 2$\times$[2$\times$3] mixed factorial design. The subjects were two hundred and seventy college male and female students. The data were analysed with factor analysis, ANOVA by using the SAS program. The main results were as follows: First, the results indicated that the 3-way interaction effects among materialism, price and point-of-purchase advertisements on consumer preference. Second, the results showed the 2-way interaction effects between materialism and price between materialism and price on consumers’purchasing behavior. These results indicated that materialism have not direct effect on consumers’purchasing behavior but significant influence under those condition in which price effect occurs. And different from other point-of-purchase advertisements, power words’advertisements show negative effects on consumer preference in case of low price jeans, having no connection with materialism level.

• Journal of the Korean Society of Clothing and Textiles
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• v.39 no.4
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• pp.613-624
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• 2015

This study examined: 1) the effect of store density on perceived crowding 2) the difference of perceived price benefit of sale by store density 3) the effect of perceived price benefit and store density on perceived crowding and 4) the effect of perceived crowding and price benefit on shopping behaviors. Store density and perceived crowding were categorized into social and spatial dimensions. Data were collected with 6 (high, medium, and low social and spatial densities) * 2 (sale and no-sale) between-subjects experimental designs. A total of 395 responses were analyzed. The results revealed that social density affected social crowding, but spatial density had no effect on perceived crowding. Price benefit of sale was not different by store density. The sale itself did not affect perceived crowding. Under the social density situation, perceived price benefit reduced spatial crowding and social crowding showed a positive effect on purchase behavior while spatial crowding had a negative effect. However, the most important effect on purchase behavior was price benefit. The study implies that social density (not spatial density) is important for consumer behavior and retail strategies.

• Fashion & Textile Research Journal
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• v.17 no.2
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• pp.203-215
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• 2015

This study classifies vanity into groups, analyzes age differences and categorizes price attitudes toward apparel products. Questionnaires were administered to 461 college students living in Daegu City and Kyungbok province. Data were collected using frequency, factor analysis, cluster analysis, correlation analysis, regression analysis, ANOVA, Duncan-test, and t-test. The findings were as follows. College student vanity was classified into three groups of appearance/ achievement pride, low vanity, and appearance/achievement concern. Vanity showed a significant correlation with sub-variables of age difference and price attitude towards apparel products. Appearance pride and achievement concern (sub-variables of vanity) had a significant effect on the conspicuous of price attitude toward apparel products. Appearance pride and Appearance concern (sub-variables of vanity) had a significant effect on information of price attitude toward apparel products. Gender of college students showed a distinction insub-variables of vanity factors such as appearance concern and price attitude toward apparel products such as information, quality, and using coupons. Male students were distinct in look and health as well as age differences by group; female students were distinct in age perception differences (a sub-variable of age difference). Both male and female students showed differences in conspicuousness (a sub-variable of price attitude) toward apparel products by group.

• Journal of Distribution Science
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• v.21 no.9
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• pp.103-114
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• 2023

Purpose: This paper aims to assess psychological heuristics' effectiveness on cumulative returns after significant stock price changes. Specifically, it compares availability and anchoring heuristics' empirical validity due to conflicting stock return predictions. Research Design, Data, and Methodology: This paper analyzes stock price changes of Korean distribution industry stocks in the KOSPI market from January 2004 to July 2022, where daily fluctuations exceed 10%. It evaluates availability heuristics using daily KOSPI index changes and tests anchoring heuristics using 52-week high and low stock prices as reference points. Results: As a result of the empirical analysis, stock price reversals did not consistently appear alongside changes in the daily KOSPI index. By contrast, stock price drifts consistently appeared around the 52-week highest stock price and 52-week lowest stock price. The result of the multiple regression analysis which controlled for both company-specific and event-specific variables supported the anchoring heuristics. Conclusions: For stocks related to the Korean distribution industry in the KOSPI market, the anchoring heuristics theory provides a consistent explanation for stock returns after large-scale stock price fluctuations that initially appear to be random movements.

• The Research Journal of the Costume Culture
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• v.15 no.1 s.66
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• pp.1-12
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• 2007

The purpose of this study is to identify the SPA(Specialty store retailer of Private label Apparel) characteristics and product supply process of Korean casual apparel brands. The research was conducted by questionnaire surveys to 63 casual apparel brands. SPA characteristics of each brand were measured with four SPA characteristic indices: short product supply cycle, spacious retail floor, single brand retail store, and low product price compared to the quality of the product. The 63 apparel brands were grouped by SPA index score. The brands belonged to group H had high index score and brands in group L had low index score. The results of this study showed that the most of the casual apparel brands' products were sold at department stores, especially the brands belonged to group L greatly depended on department stores. Few apparel brands have spacious retail floor. The retail product price of the brands belonged to group H was low price while the product price of the brands belonged to group L was in the medium-high price. The supply time of the new products was short in general. The most brands supplied new styles to the retail floor within 1 to 3 weeks. The information technology was heavily used. The brands belonged to group H highly used information technology including bar codes system, pas data analysis, and inventory control system. The current style trends were analyzed with street fashion and feedback from the shop managers.