• 산학경영연구
• /
• 제6권
• /
• pp.135-152
• /
• 1993

The optional market segmentation pricing policy for rooms of hotels are investigated under the assumption of a linear demand function, and for four different situations: (1) single price market, (2) optimal segmentation of the unused capacity of a single-price-maeket, (3) optimal segmantation for all rooms, and (4) opimal segmentation for infiltration from higher priced to adjacent lower priced segments. The purpose of tis study is th show that with proper pricing policy, it would be possible to increase profits considerably. Such a profit increase might be achived by market segmentation coupled with product differentiation, where the different market segments are identified, sperated, and in each segment a different price per room is called for. The different prices are determined based on the specific price elasticity typical for each market segment and the relavant costs. The pricing model implied in this study is based on basic economic pricing theory and optimization techniques. While somewhat complex in its mathmatical solution, it can be easily programmed for use by practitioners, avoiding the need to cope with the technical aspects of the solution. In section II-1, the optimal single-market Single-price policy is evaluated. The optimal strategy under the constraint that only the previously unutilized rooms are segmented is analysed in section II-2, while the optimal strategy without this constraint is determined in section II-3. In section II-4, the optimal market-segmentation pricing policy is derived for the case in which market seperation is allowed for all the rooms under the assumption of custtomer infiltration from each market segment to the adjacent lower priced segment Finally, some considerations relating to the practicality of the model as a decision support tool and the requirements for its implementation are discussed in section III.

• 농업과학연구
• /
• 제50권4호
• /
• pp.629-643
• /
• 2023

The purpose of this study was to examine the effectiveness and efficiency of a policy by comparing and analyzing the impact of the rice market isolation system and production adjustment system (strategic crops direct payment system that induces the cultivation of other crops instead of rice) on rice supply, rice price, and government's financial expenditure. To achieve this purpose, a rice supply and demand forecasting and policy simulation model was developed in this study using a partial equilibrium model limited to a single item (rice), a dynamic equation model system, and a structural equation system that reflects the casual relationship between variables with economic theory. The rice policy analysis model used a recursive model and not a simultaneous equation model. The policy is distinct from that of previous studies, in which changes in government's policy affected the price of rice during harvest and the lean season before the next harvest, and price changes affected the supply and demand of rice according to the modeling, that is, a more specific policy effect analysis. The analysis showed that the market isolation system increased government's financial expenditure compared to the production adjustment system, suggesting low policy financial efficiency, low policy effectiveness on target, and increased harvest price. In particular, the market isolation system temporarily increased the price during harvest season but decreased the price during the lean season due to an increase in ending stock caused by increased production and government stock. Therefore, a decrease in price during the lean season may decrease annual farm-gate prices, and the reverse seasonal amplitude is expected to intensify.

• 대한전기학회논문지:전력기술부문A
• /
• 제51권12호
• /
• pp.597-602
• /
• 2002

The restructuring of power industry is still going on all over the world for last several decades. Many kinds of restructuring model have been studied, proposed, and applied. Among those models, power pool is more popular than other. This paper assumes the power pool market structure having competitive generation sector, and a new method is presented to build a bidding strategy in that market. The utilities participating in the market have the perfect information of their cost and price functions, but they don't know which strategy to be chosen by others. To define one's strategy as a vector, we make utility's cost/price functions into discrete step functions. An utility knows only his own strategy, so he estimates the other's cost/price functions into discrete step functions. An utility knows only his own strategy, so he estimates the other's strategy using Nash equilibrium or stochastic methods. And he also has to forecast the system demand. According to this forecasting result, his payoffs can be changed. Considering these all conditions, we formulate a bidding game problem and apply noncooperative game theory to that problem for the optimal strategy or solution. Some restrictive assumption are added for simplification of solving process. A numerical example is given in Case Study to show essential features and concrete results of this approach.

• 전기학회논문지
• /
• 제56권7호
• /
• pp.1199-1204
• /
• 2007

In a cost based pool market, the generation capacity can be used as strategic bids by generation companies (Gencos) with the cost functions open to the market. Competition using strategic capacities is modeled by Cournot and Perfect Competiton (PC) model, and transformed into two by two payoff matrix game with Gencos' decision variables of Cournot and PC model. The payoff matrices vary when capacity payments are given to Gencos in accordance with their capacity bids. Nash Equilibrium (NE) in the matrices also moves with capacity price changes. In order to maximize social welfare of the market, NE should locate in a certain position of the payoff matrices, which corresponds to a PC NE. A concept of a critical capacity price is proposed and calculated in this paper that is defined as a minimum capacity price leading to PC NE. The critical capacity price is verified to work as a tool for suppressing a strategic capacity withholding in simulations of a test system.

• Journal of the Korean Physical Society
• /
• 제73권10호
• /
• pp.1431-1436
• /
• 2018

We study the scaling of the price fluctuation in the Korean housing market. From the numerical analysis, we show that the normalized return distribution of the housing price, P(r), has a fat-tail and is well approximated by a power-law, $P(r){\sim}r^{-({\alpha}+1)}$, with ${\alpha}{\simeq}3$ for the whole data set. However, if we divide the data into groups based on the trading patterns, then the value of ${\alpha}$ for positive tail and negative tail can be different depending on the trading patterns. We also find that the autocorrelation function of the housing price decays much slower than that of the stock exchange markets, which shows a unique feature of the housing market distinguished from the other financial systems.

• 유통과학연구
• /
• 제15권11호
• /
• pp.73-82
• /
• 2017

Purpose - This paper aims to investigate a profit maximizing incentive of foreign traders in distributing the KOSPI 200 Futures. Such an incentive may induce unsophisticated retail traders to suffer loss from speculative trading. Since Korean government increased the entry barriers of the market to protect unsophisticated traders, the market size has been decreasing while the proportion of the contract held by foreign traders has been increasing. These on going changes make the market imperfectly competitive, where a profit maximization incentives of foreign traders are expected to grow. In this paper, we attempt to find any evidence of such behavior, thereby providing implications regarding market policy and market efficiency. Research design, data, and methodology - According to Kyle(1985), an informed trader exploits his/her monopoly power optimally in a dynamic context so that he/she makes positive profit, where he/she could conceal his/her trading utilizing noise trading as camouflage. We apply the KOSPI 200 Futures market to the Kyle's model: foreign traders who take into account the effect of his/her trading to maximize expected profits as an informed trader, retail investors as noise traders, and financial institutions as market makers. To find any evidence of monopolistic behavior, we test the variants of trading volume and price data of the KOSPI 200 Futures over the period of 2009 and 2017. Results - First, we find that the price of the KOSPI 200 Futures are more volatile than the price of underlying asset. Second, we find that monopolistic foreign trader's trading order flows are consistent with exploiting his/her monopoly power to maximize profit. Finally, we find that retail investors' trading order flows are inversely consistent with maximizing profit, that is, uninformed retail investors suffer loss continuously in speculative trading against informed traders. Conclusions - Our results show that the quantity of strategic order flows may have a large effect on the price, therefore, resulting the market inefficiency. The results also imply that, in implementing regulations, the depth of the market must be considered to maintain market liquidity, and suggesting interesting research topics regarding the market structure.

• 자원ㆍ환경경제연구
• /
• 제29권1호
• /
• pp.91-111
• /
• 2020

신재생에너지 발전 규모 확대를 위해 신재생에너지공급의무화(RPS) 제도가 실시되는 가운데, 발전사업자는 신재생에너지 공급인증서(REC)를 확보하여 이를 시설 운영에 대한 인센티브로 활용할 수 있다. 태양광 발전을 통해 확보된 REC는 현물시장 또는 고정가격계약을 통해 거래될 수 있으며, 현물시장 거래 시 발전사업자는 REC 현물시장 가격의 불확실성에 노출된다. 본 연구에서는 REC 현물시장 가격의 불확실성을 고려하여 태양광 발전사업자의 REC 거래 방식 최적 전환 시점을 분석하기 위해 실물옵션 분석을 실시한다. 분석을 통해 REC 거래 방식을 현물시장 거래에서 고정가격계약 거래로 전환할 수 있는 REC 임계 가격을 산출하였다. 민감도 분석 결과 REC 현물시장 가격의 불확실성을 고려한 경우에는 현물시장 거래가 합리적 거래 방식으로, 불확실성을 고려하지 않은 경우에는 고정가격계약 거래가 합리적 거래 방식으로 나타났다.

• 수산경영론집
• /
• 제40권1호
• /
• pp.133-152
• /
• 2009

The purpose of this paper is to model price formation and analyze demand structures for fishes under the restriction of Korean fisheries regulations. This study suggests the model that the price of fish is formed by its quantity, expenditure, and habit persistence. In economic literature, such a fishery market demand is called the inverse demand with dynamic habit persistence. Based upon a static differential price formation model, the paper has generalized it dynamically incorporating habit persistence effects. The empirical results show that all the species have values less than one and (-) sign of price flexibilities, thus being price inflexible. The estimated habit adjustment coefficients are significant at the level of 1%. Especially, TAC species have the smaller values of them than those of other main fish species. The contribution and results are summarized as follows. First, the fishery market demand has a strong dynamic effects from habit persistence. Second, the fishery market demand structure could be analyzed in a way different from the ordinary demand analysis, which is based upon price flexibility, scale flexibility, and cross adjustment flexibility. Third, the limitation of this paper is that it ignores the increasing stock effects by catching restrictions, thus raising consumers' benefit in the future.

• The Journal of Asian Finance, Economics and Business
• /
• 제8권1호
• /
• pp.7-14
• /
• 2021

This paper examines the impact of foreign ownership on stock price volatility in an emerging market, namely, Thailand. The data were obtained from SETSMART, the database of the Stock Exchange of Thailand (SET). After removing financial firms, banks, and insurance companies as well as filtering outliers, the final sample covers 1,755 firm-year observations from 371 nonfinancial firms listed on the SET over the five-year period from 2014 to 2018. The regression model consists of stock price volatility, measured by two methods, as the dependent variable, foreign ownership as the main independent variable, and firm characteristics including firm size, leverage, market-to book ratio, and stock turnover as the control variables. The pooled OLS, fixed effects, and random effects estimations are employed to examine the relationship between foreign ownership and stock price volatility. The results reveal that foreign ownership has a negative and significant impact on stock price volatility. The two-stage least squares (2SLS) are also performed to address potential endogeneity problem. The results still indicate a negative relationship between foreign ownership and stock price volatility. Taken together, the findings of this study suggest that foreign investors help reduce stock price volatility and thus stabilize share price in the Thai stock market.

• 유통과학연구
• /
• 제21권9호
• /
• pp.103-114
• /
• 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.