• 아태비즈니스연구
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• 제11권2호
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• pp.15-25
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• 2020

Purpose - The purpose of this study is to examine whether the change of settlement procedures have an impact on the distribution of day of the week effect in the UK and French markets or not. U.K and France changed their systems from fixed settlement date systems to fixed settlement lag systems Design/methodology/approach - This study adopted the data of the specific stock market indices such as FTSE 100 in the U.K market and FRCAC 40 in the French market, This study constructs a test of the differences in mean returns across the days of the week by computing the regression equations for each country index. Findings - First, this study found that the evolving settlement procedures in stock exchanges have an effect on stock return of day of the week. Second, long-run improvements in market efficiency may have diminished the effects of certain anomalies in recent periods. Improvements in market efficiency and evolving settlement systems may cause the disappearance of the weekend effect. Research implications or Originality - The Implication of this study is that recent settlement systems contributed to the disappearance of the weekend effect and explains improvements in market efficiency and diminishments of market anomaly. This study may be the first study which examines whether evolving settlement systems have an effect on the disappearance of the weekend effect in the market or not.

• 농촌계획
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• 제15권2호
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• pp.97-110
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• 2009

The objective of this research was to develop a rural settlement demand model to analyze the determinants of settlement demand of urban residents. The point aimed at from model development was deriving stated preference of potential consumers towards rural settlement through setting a hypothetical market, and using settlement subsidy as a surrogate variable for price in the demand model. The adequate demand model deducted from hypothetical market data was derived from the basis of Hanemann's utility difference theory. In the rural settlement demand model, willingness to accept was expressed by a function of settlement subsidy. Data utilized in the analysis was collected from surveys of households nationwide. According to inferred results of the demand model, settlement subsidy had a significant influence on increasing demand for rural settlement. A significant common element was found among variables affecting demand increase through demand curve shift. The majority group of those with high rural settlement demand sought agricultural activity as their main motive, due to harsh urban environments aggravated by unstable job market conditions. Subsequently, restriction of income opportunities in rural areas does not produce an entrance barrier for potential rural settlers. Moreover, this argument could be supported by the common trend of those with high rural settlement demand generally tending to have low incomes. Due to such characteristics of concerned groups of rural settlement demand, they tended to react susceptibly to the subsidy provided by the government and local autonomous entities.

• 한국농공학회지
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• 제32권4호
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• pp.61-70
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• 1990

In rural settlement planning, its spatial development framework should be constructed on the basis of the hierachial settlement system. However, up to now, there does not exist widely - accepted model on rural settlement hierachy. In this study the basic planning principles and directions on the modelling of the settlement hireachy in rural areas have been consolidated through theoretical study and situational analysis on planning environments. And also, a new yardstick on the grading of the middle - level centers between villages and rural towns has been tried to find out. The research resulted that the existance of periodical rural market might be used as a simple and innovative yardstick on the hierachial ordering of rural settlement system. Based on the above results, an alternative 4 - step model of rural settlement hierachy was proposed ; Rural Town(county hall sitted) -Market Center(having standard periodical market) - Village Center(having no market) - Village. Finally, because the conclusion has been made by very limited case studies and several previous works, there should need continuous studies and checks in future for full reasoning of the proposed model.

• Communications for Statistical Applications and Methods
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• 제27권6호
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• pp.689-699
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• 2020

This study investigates the effect of life settlement on the monopolistic insurance market. In particular, we consider liquidity cost, which is the cost incurred to the insurer to meet the request of surrender, and trading cost, which is the transaction cost of the policyholders for the settlement. We first show that the introduction of a life settlement can increase insurance demand and enhance consumer welfare even when the trading cost is higher than the liquidity cost. That is, even if the settlement market is less efficient than the insurance market, both insurance demand and consumer welfare can be increased. Second, the insurer's profit can also be increased when settlement is introduced because not only can the insurer save the liquidity cost but also the demand of insurance increases. Lastly, insurance demand does not always decrease when both costs increase. Depending on the population distribution over the liquidity risk, the demand of insurance can be increased or decreased.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2001년도 추계학술대회 논문집 전력기술부문
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• pp.170-172
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• 2001

This paper describes the settlement rules in the basic market design for Korean Wholesale Electricity Market. The settlement rules are to be exercised after the Bid and Offer Processes as described in the pool rules(within the market rules) and to determine the payments to Generators, charges to Energy Purchasers and charges or payments to the Transmission Asset Owner(TAO).

• 한국태양에너지학회 논문집
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• 제40권3호
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• pp.1-20
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• 2020

In accordance with the Government's policy, renewable power generation is expanding very largely. This leads to increasing uncertainty in the power market and power system owing to the intermittent and fluctuating output characteristics of renewable power generators. Data on the acquisition of renewable power generators can be largely classified according to the operation of the power market and power system. Data on the settlement for the payment for the power amount are acquired in the power market, and real-time data for monitoring the status and output of the generators are acquired in the power system. However, renewable power generators operating in the power market have different acquisition cycles depending on the method of communication of the power meter. They acquire data only for settlement purposes and have no real-time data, which requires improvement. In this paper, the acquisition status is reviewed by classifying the data of renewable power generators into settlement and real-time data. In addition, measures and acquisition criteria for real-time data of renewable power generators for improving the acquisition method are proposed.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2003년도 추계학술대회 논문집 전력기술부문
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• pp.422-425
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• 2003

CBP market which is the first stage of competitive electricity market has been operated and the KPX has been established since April, 2001 by restructuring plan for electricity industry. Baseload unit are settled with baseload CP and BLMP in CBP market. The other unit are settled with peakload CP and SMP. The difference of settlement between two groups occurs the profit changes of the unit. This paper analyzes the profit by units under settlement rule in CBP market. It analyzes the difference between market clearing price and variable costs, and fixed cost recovery through CP income. Finally, this paper suggests the plan how market was affected by the difference of fixed cost recovery by generators and how to improve Intermediate and peak load unit's profit.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2005년도 추계학술대회 논문집 전력기술부문
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• pp.177-179
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• 2005

In Korean Power Market, Cost-based Bidding Pool is maintaining the present condition because restructuring of electricity industry is holding. When this market is designed, Settlement rules for Pumped-storage power plant made unfairly by other power plants. These rules were considered contribution of Pumped-storage power plant to network operation. by the way, there are some discussion about Settlement rules modification. so in this paper, we calculated financial effect of power plant by modified rules. And when we modify market rules, we can offer numerical information.

• 한국통신학회논문지
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• 제36권3B호
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• pp.231-239
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• 2011

유럽의 이동통신선진국들을 중심으로 Bill & Keep이 CPNP방식에 비해서 사회후생 차원에서 그리고 공정경쟁의 활성화 차원에서 보다 우월하다는 최근의 연구들을 이론적인 측면과 실증적인 측면에서 고찰하고, 국내 이동통신시장에서의 서비스 및 수요 변화 등을 고려하여 현행 상호접속정산제도가 향후 Bill & Keep으로의 변화 필요성을 분석하여 정책적 시사점을 논의한다.

• 에너지공학
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• 제11권4호
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• pp.324-331
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• 2002

경쟁적 전력시장에서는 다수의 시장 참여자들이 전력을 사고팔게 되는 만큼, 시장참여자들과 전력거래소 사이의 전력거래를 효과적으로 정산하기 위한 다양한 기법들이 요구된다. 특히 제약보상금액은 전력거래시에 시장참여자의 입찰 우선순위에도 불구하고 전력거래소가 계통의 제약조건으로 인해 실제 급전계획에서 조정한 전력거래량에 대해서 해당 거래금액을 보상해주기 위한 지불금액으로써, 우리나라의 도매경쟁 전력시장 설계에도 적용되어 있는데, 전력시장에서의 불필요한 분쟁을 방지하기 위해서는 그 계산과 정에 대한 명확한 이해가 요구된다고 할 수 있다. 본 논문에서는 이와 같은 제약보상금액을 보다 명확하고 효율적으로 정산하기 위한 계산기법을 제안한다. 이를 위해 각 급전치에 대한 시장참여자의 잉여 이익을 계산하고, 급전치의 변동에 의한 잉여 이익의 변동을 기준으로 제약보상금액을 계산하여 거래금액과 함께 정산한다.