• International conference on construction engineering and project management
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• 2011.02a
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• pp.629-635
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• 2011

Retentions are generally considered to be intended to act as a powerful tool to incentivize contractors/subcontractors to remedy defective work in cases of non-performance. This study attempts to establish the extent to which retentions can be used for this purpose by investigating case law connected with insurance and defective work. One of the significant questions is whether retentions are sufficient to deal with construction defects or value of retentions in the rectification of defects is illusory. The cost to repair a defect may vary depending on a number of components including type, cause, magnitude and the construction stage at which the defect occurs. It is expected that a review of existing cases on defective workmanship will provide an insight on the issues and whether retentions are effective in their intended function. In order to establish their functionality, the study described in this paper investigated 6 construction insurance cases to identify the critical issues and the causes of dispute. It was found that the nature and the cause of defects were different in each case. It was also established that certain defect types not covered by insurance may be covered by retentions - potentially one of the key uses of a retention strategy. It is expected that the findings will assist in forming a view on the quantum of money that may be required paving the way for a first time understanding on a rational basis for setting up retention regime.

• Asia pacific journal of information systems
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• v.33 no.3
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• pp.737-767
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• 2023

With the availability of big customer data and advances in machine learning techniques, the prediction of customer behavior at the session-level has attracted considerable attention from marketing practitioners and scholars. This study aims to predict customer purchase conversion at the session-level by employing customer profile, transaction, and clickstream data. For this purpose, we develop a multimodal deep learning fusion model with dynamic and static features (i.e., DS-fusion). Specifically, we base page views within focal visist and recency, frequency, monetary value, and clumpiness (RFMC) for dynamic and static features, respectively, to comprehensively capture customer characteristics for buying behaviors. Our model with deep learning architectures combines these features for conversion prediction. We validate the proposed model using real-world e-commerce data. The experimental results reveal that our model outperforms unimodal classifiers with each feature and the classical machine learning models with dynamic and static features, including random forest and logistic regression. In this regard, this study sheds light on the promise of the machine learning approach with the complementary method for different modalities in predicting customer behaviors.

• Science of Emotion and Sensibility
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• v.13 no.4
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• pp.669-676
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• 2010

Regulatory fit occurs when the way people act accords with their goal orientation the activity. When there is regulatory fit, to pursue a goal feels light and also increases the value of what a person is doing-value from fit. Value from fit can be transferred to other value experiences such as monetary value. Present research proposes that regulatory fit occurs when the domain in which a decision or an evaluation is made sustains the decision maker's chronic goal orientation, and this regulatory fit affects the value that he or she assigns to the object. In Experiment 1, participants with chronic promotion or prevention focus evaluated their preference and purchase intention on 14 design products including positive and negative emotional valences. Results showed that evaluations on the product design (promotion domain) were more extreme under promotion than prevention, F(1, 95) 4.87, p < .05. In Experiment 2 with 16 moral scenarios including prescriptive and proscriptive morality, prevention-focus individuals evaluated immoral behaviors as more immoral than promotion-focus individuals only in the proscriptive scenarios (prevention domain), F(1, 139) = 4.14, p < .05. In prescriptive scenarios, regulatory fit effect was not found. Findings from both experiments suggest that regulatory fit occurs when the domain of an issue that people engage in sustains their goal orientation.

• Journal of Korean Society of Transportation
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• v.25 no.5
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• pp.209-231
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• 2007

This paper suggested an approach to characterize travel choice behaviors using the implicit price instead of the indirect utility. The choice criterion to compare the implicit prices of available trip options was developed from the utility maximization problem of a trip maker which is supposed to choose the best option from the available ones differentiated by only by the quantitative attributes such as travel cost and time but also by qualitative attributes such as comfort and safety. The utility maximization problem is constructed under household production theory, and is incorporated with a special kind of joint homogeneous production functions. The implicit price of a certain trip option is the sum of the monetary price and the multiple of travel time and the value-of-travel-time, and the value-of-travel-time refers to the portion of wage, which can be assignable to the trip-making activity. This choice criterion is statistically identifiable, and behaviorally plausible. Moreover, this criterion has the expression simpler than the indirect utility, and therefore could be an effective target of the statistical estimation for travel choice behaviors.

• The Journal of Fisheries Business Administration
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• v.34 no.2
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• pp.131-139
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• 2003

The products of the quality certificated fisheries which are protected from environmental pollution, decomposition are hygienically safe and convenient for food. However, consumers have not yet understood the recognition of the system of quality certfication so far because of lack of demand on the quality certification fisheries. Above all, to put the system of the quality QC in place sucessfully, to understand the variation of consumer's inclination efficiently, the empirical study must be carried out by both consumer's take part in the market of the quality certificated fisheries products and how much the amount of consumption is in this market. The purpose of this study, under the preconditions where these have limited fisheries items in consumer's inclination survey, is to analyze the demand of QC though the Double Hurdle Model. Explanatory variables included were household characteristics such as housewives' age and education, her job, household income as well as their health perceptions and food purchase behaviors. Survey from 530 household was collected in Pusan City in 2003, of 502 were actually used for empirical analysis. The Double-hurdle framework proved to a better representation of the factors influencing the separate decision participation and consumption levels. According to the results of this study, whether or not, participating In the market of quality certicipating in the market of qualify certificated fisheries products is affected by how much experience and confidence these have got. housewives' having a job or not. Furthermore, the amount of consumption is mostly affected income. This value is attributed to the safety of QC fisheries products in comparison with regular fisheries. Findings suggest that the consumers put substantially high monetary value on safe food, such as high quality fisheries products. Therefore, first of all, legal and institutional systems should be clearly and strictly identified for the QC products.

• Journal of Korea Port Economic Association
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• v.26 no.2
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• pp.58-81
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• 2010

The economic appraisal of a port remodeling project must be transparent and persuasive to the public over the entire stage of the project. A project evaluator need to be familiar with the guidelines on evaluation, and to do his best to follow the guidelines to evaluate the given project. To make the right decision on investment, the evaluator must take into consideration not only economic efficiency, but also equity issues such as income redistribution and balanced development between regions. Port remodeling projects tend to produce externalities to the environment. However, these externalities are of qualitative nature, and hard to measure in monetary terms, so these are liable to be ignored in the process of project evaluation. Two different approaches - RP(revealed preference) and SP(stated preference) have been tried to assess the value of these non-market goods. Government authorities need to set minimum guidelines which project evaluators must follow in order to make the evaluation more reliable.

• Korean Journal of Community Nutrition
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• v.23 no.5
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• pp.385-396
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• 2018

Objectives: This study aims to evaluate the economic efficiency of a nutrition management program for children under 5 years of age in Kenge, Kwango District, Democratic Republic of the Congo (DR Congo) from 2014 to 2016. Methods: The economic efficiency of a nutrition management program for children under 5 years of age who have recovered from malnutrition status was evaluated using a cost-benefit analysis. The costs were analyzed according to the executed budget incurred during the project period. The benefits were estimated as the monetary value of the saved lives of children under 5 years of age. The economic efficiency of the program was determined by the Benefit-Cost Ratio (BCR). The BCR was calculated by dividing the total discounted benefit by the total discounted costs. The project is economically efficient when the BCR is greater than 1. Results: The costs of the nutrition management program were calculated as 1,677,609,648 Korean Won (KRW). A total of 2,466 children survived with improved malnutrition status through this program. The benefit for the reduction of mortality for children under 5 years of age was estimated to be 6,814,354,467 KRW, the estimated value of life for 2,466 children. The BCR was 4.06. Conclusions: The nutrition management program for children under 5 years of age in DR Congo was found to be a cost-effective project. Successful and efficient Official Development Assistance (ODA) for a health project requires integrated and comprehensive strategies and specialized international development consulting to improve efficiency. Future nutrition management programs should take into account the national health program to maintain the sustainability of the project.

• Land and Housing Review
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• v.11 no.4
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• pp.75-92
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• 2020

This study explores the outcome of the current Land Compensation Act for the indigenous residents of DAEIM Public Development Project Zone in Gyeongsan City. The purpose of the law is to return part of the development gains to the native residents and to support the re-settlement of the native residents. As the Land Compensation Act applies to each area with different standards, the monetary terms of land compensation which the native residents eventually receive varies across the region and development sites. That means the development gain is not fairly shared with the native residents of the redevelopment area and it does not necessarily support the settlement of the existing residents. It is supposed that the actual compensation for the native residents should be in full cash value but it is not in reality. The study demonstrates the outcomes of the land compensation that the residents received are far from the original purpose of the Compensation Act using the case example of DAEIM Public Development Zone in Gyeongsan, Gyeongsangbukdo. Only a small proportion of the natives managed to achieve the development gains. Accordingly the majority of the native residents has lost re-settlement opportunity. It suggests that the Compensation Act and the implementation procedure should be reviewed and revised accordingly. The details of compensation plan should be tested and set up in line with the characteristics of the project area. In particular, the compensation details in terms of the size and types of land, average value of land for indigenous residents receive, and the amount of compensation per household should be clearly demonstrated to the resident.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.10
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• pp.4359-4368
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• 2011

Among several macroeconomic missteps blamed for the recent global financial crisis including the social problems of income distribution and the lack of proper financial remedies, two of them have received particular attention: the global BOP(Balance of Payment) imbalance and the misguided monetary policy. Such BOP imbalance was blamed for massive foreign exchange investment flows from Asia into the U.S., triggering the financial and real estate bubble in America. The latter refers to the excessively loose monetary policy of the U.S. Federal Reserve, which pushed financial institutions and households into reckless investment behavior in search of higher returns. Given the abuse of certain innovative financial techniques and new investment instruments that have been created in recent decades, both collateralized debt obligations (CDOs) and credit default swaps (CDS) enjoyed a symbiotic and toxic relationship prior to the financial crisis This paper is organized as follows: The first section analyzes the real causes of the recent financial crisis. The second details the role of CDOs and CDS. Then, to identify key determinants of the CDS spreads in an emerging capital market, the sample data of major Korean firms' CDS spreads are used to estimate the risk premium by utilizing the multiple regression analysis. The empirical test result indicates that Korean 3-year treasury bond rate(TYIELD), market to book value ratio(MV/BV), and assets size(INASSETS) are shown to demonstrate statistically significant influences on the changes of the CDS premium for sample firms.

• The Journal of the Korea Contents Association
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• v.15 no.5
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• pp.295-306
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• 2015

This study aims to investigate the aspect of volunteering and donation of highschool students in Seongnam city and further the relationship between volunteering and democratic civic consciousness. To that end, 155 students from an ordinary highschool and a foreign language highschool participated in a survey. The result showed that female students' participation rates of volunteering and monetary donations were higher than male students' but there was no difference in the participation rates between the schools. The civic consciousness level was not affected by the gender, but was affected by the schools. The scores for the attitude of democracy were better than those for the value and the participation of democracy. In particular, the students from the foreign language highschool had higher scores for the participation of democracy relative to the students from the highschool. As for the relationship between volunteering and democratic civic consciousness, there was a significant difference in civic consciousness scores between students who had participated in volunteering and those who had not, only in the case of the students from the ordinary highschool. Additionally, it was revealed volunteering and donating were compensatory behavior. Although single factors in volunteering influencing the civic consciousness were not found, persistence was important.