• KDI Journal of Economic Policy
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• v.14 no.4
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• pp.79-106
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• 1992

This study analyzes the determinants of wage premium, defined as the excess of actual wage rate over opportunity wage, for the average worker in a Korean bargaining unit. Average wage premium of a firm is decomposed into quasi-rent per worker and rent-sharing rule. Per capita quasi-rent, representing a firm's ability to pay, is defined as the difference between sales revenue and the opportunity cost of mobile factors, divided by the number of employees. Rent-sharing rule, a measure of workers' bargaining power, is defined as the average wage premium divided by the per capita quasi-rent. Empirical results show that the differences in wage premium among Korean bargaining units are much better explained by the differences in quasi-rent than by the differences in bargaining power. Also, comparing the results of 1986 with those of 1988 show that the wage settlement mechanism in 1988 was not quite different from that of 1986, in spite of the drastic change in industrial relation system in 1987. It may simply yield higher opportunity wages, by raising the bargaining power of overall workers. The tendency of Korean labor market in 1988 to show a dual structure of high & low wage premium sectors, is not due to the fact that the differences in bargaing powers across firms tend to expand, but to the fact that unions tend to reduce the wage differences among the workers within an enterprise by pursuing more equal distribution of total wage premium. Hence, the policies for reducing the wage differentials across firms should focus on rent-regulating industrial policies, e.g. eliminating monopoly rents by deregulation.

• Management & Information Systems Review
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• v.33 no.2
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• pp.301-315
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• 2014

The purpose of this study is to estimate the economic value of the Kumjung Mountain, using a Individual Travel Cost Model(ITCM). This paper compares Poisson and negative binomial count data models to measure the tourism demands. Interviewers were instructed to interview only individuals. So the sample was taken in 700. A dependent variable that is defined on the non-negative integers and subject to sampling truncation is the result of a truncated count data process. The results suggest that the truncated negative binomial model is improved overdispersion problem and more preferred than the other models in the study. This study emphasizes in particular 'travel cost' that is not only monetary cost but also including opportunity cost of 'travel time'. According to the truncated negative binomial model, estimates the Consumer Surplus(CS) values per trip of about 60,669 Korean won and the total economic value was estimated to be 252,383 Korean won.

• The Korean Journal of Applied Statistics
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• v.29 no.7
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• pp.1165-1172
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• 2016

In this paper, a surplus process with investments is introduced. Whenever the level of the surplus reaches a target value V > 0, amount S($0{\leq}S{\leq}V$) is invested into other business. After assigning three costs to the surplus process, a reward per unit amount of the investment, a penalty of the surplus being empty and the keeping (opportunity) cost per unit amount of the surplus per unit time, we obtain the long-run average cost per unit time to manage the surplus. We prove that there exists a unique value of S minimizing the long-run average cost per unit time for a given value of V, and also that there exists a unique value of V minimizing the long-run average cost per unit time for a given value of S. These two facts show that an optimal investment policy of the surplus exists when we manage the surplus in the long-run.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.59-83
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• 2007

In this paper, we test empirically free cash flows hypothesis about stock repurchase. The main results of this study can be summarized as follows. First, repurchasing firms do not experience a growth in profitability relative to their peer firms. Second, repurchasing firms experience a contraction in their investment opportunity, and so capital expenditures and cash reserves decline after the repurchase. Third, repurchasing firms experience a decline in systematic risk and investments and in their cost of capital. Fourth, the reduction in profitability and cost of capital are sources of the positive market reaction to the repurchase announcement. And the market reaction to stock repurchase announcements is stronger among those firms that are more likely to overinvest. Conclusively, these results support free cash flows hypothesis. When firms experience a decline in profitability, capital expenditures and cash reserves, systematic risk and cost of capital, they decide to repurchase stocks to reduce free cash flows.

• Asian Pacific Journal of Cancer Prevention
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• v.13 no.4
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• pp.1547-1551
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• 2012

Background: Lung cancer is the leading cause of cancer morbidity and mortality. Its management has a significant economic impact on society. Despite a high incidence of cancer, so far, there is no national register for this disease in Morocco. The main goal of this report was to estimate the medical costs of lung cancer in our country. Methods: We first estimated the number of annual new cases according to stage of the disease on the basis of the Grand-Casablanca-Region Cancer Registry data. For each sub-group, the protocol of treatment was described taking into account the international guidelines, and an evaluation of individual costs during the first year following diagnosis was made. Extrapolation of the results to the whole country was used to calculate the total annual cost of treatments for lung cancer in Morocco. Results: Overall approximately 3,500 new cases of lung cancer occur each year in the country. Stages I and II account for only 4% of cases, while 96% are diagnosed at locally advanced or metastatic stages III and IV. The total medical cost of lung cancer in Morocco is estimated to be around USD 12 million. This cost represents approximately 1% of the global budget of the Health Department. According to AROME Guidelines, about 86% of the newly diagnosed lung cancer cases needed palliative treatment while 14% required curative intent therapy. The total cost of early and advanced stages lung cancer management during the first year were estimated to be 4,600 and 3,420 USD, respectively. Conclusion: This study provides health decision-makers with a first estimate of costs and the opportunity to achieve the optimal use of available data to estimate the needs of health facilities in Morocco. A substantial proportion of the burden of lung cancer could be prevented through the application of existing cancer control knowledge and by implementing tobacco control programs.

• The Journal of the Institute of Internet, Broadcasting and Communication
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• v.15 no.3
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• pp.131-136
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• 2015

The feasibility study is an evaluation and analysis of the potential of a proposed project. It is based on extensive investigation and research to support the process of decision making. A systematic approach to determining the optimum use of scarce resources, involving comparison of two or more alternatives in achieving a specific objective under the given assumptions and constraints. Economic analysis takes into account the opportunity costs of resources employed and attempts to measure in monetary terms the private and social costs and benefits of a project to the community or economy. Cost-benefit analysis (CBA), sometimes called benefit-cost analysis (BCA), is a systematic approach to estimating the strengths and weaknesses of alternatives that satisfy transactions, activities or functional requirements for a business. It is a technique that is used to determine options that provide the best approach for the adoption and practice in terms of benefits in labor, time and cost savings etc. The CBA is also defined as a systematic process for calculating and comparing benefits and costs of a project, decision or government policy and projects.

• Nuclear Engineering and Technology
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• v.51 no.3
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• pp.807-817
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• 2019

Airborne Gamma Ray Spectrometry (AGRS) with its important applications such as gathering radiation information of ground surface, geochemistry measuring of the abundance of Potassium, Thorium and Uranium in outer earth layer, environmental and nuclear site surveillance has a key role in the field of nuclear science and human life. The Broyden-Fletcher-Goldfarb-Shanno (BFGS), with its advanced numerical unconstrained nonlinear optimization in collaboration with Artificial Neural Networks (ANNs) provides a noteworthy opportunity for modern AGRS. In this study a new AGRS system empowered by ANN-BFGS has been proposed and evaluated on available empirical AGRS data. To that effect different architectures of adaptive ANN-BFGS were implemented for a sort of published experimental AGRS outputs. The selected approach among of various training methods, with its low iteration cost and nondiagonal scaling allocation is a new powerful algorithm for AGRS data due to its inherent stochastic properties. Experiments were performed by different architectures and trainings, the selected scheme achieved the smallest number of epochs, the minimum Mean Square Error (MSE) and the maximum performance in compare with different types of optimization strategies and algorithms. The proposed method is capable to be implemented on a cost effective and minimum electronic equipment to present its real-time process, which will let it to be used on board a light Unmanned Aerial Vehicle (UAV). The advanced adaptation properties and models of neural network, the training of stochastic process and its implementation on DSP outstands an affordable, reliable and low cost AGRS design. The main outcome of the study shows this method increases the quality of curvature information of AGRS data while cost of the algorithm is reduced in each iteration so the proposed ANN-BFGS is a trustworthy appropriate model for Gamma-ray data reconstruction and analysis based on advanced novel artificial intelligence systems.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.35 no.2
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• pp.212-219
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• 2012

This study focus on what methods of MOT are needed and utilized to solve a technical problem in the MOT leading company. We first classified the MOT methods by project life cycle and R&D job quality based on the several discussion with working group. In order to study, the survey was carried out by 168 experts working on MOT practices. Our main research findings are as follows. The level of utilized MOT methods was above average because MOT sector was beginning to represent an increasing share of total R&D business. But the satisfaction level on the MOT majors was below average. The more utilized MOT methods in practices were 'environment analysis and opportunity research,' 'business feasibility,' 'roadmapping,' 'portfolio,' 'technology tree,' 'scheduling,' 'risk management,' 'six sigma,' 'design of experiment,' 'quality control,' 'cost analysis' etc. And the subjects of product realization process were also needed to MOT practice such as 'design for reliability,' 'design for cost,' 'design for performance,' 'design for safety' deeply involved to product quality. Finally, the capability requested to University students were 'problem define and solving,' 'technology planning and strategy,' 'creative thinking.'

• Journal of the Korean Society for Railway
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• v.10 no.4
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• pp.451-456
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• 2007

Organizational abilities which assure human resource of excellent quality in enterprise and organization, manages human resource effectively and systematically will be depended on the performance and successful or not of enterprise. The organization which readies to accept changes will survive, the organization makes full use of changes to opportunity and strategy will be a winner. Now when the environment of enterprise is uncertain and environment of management changes, organization should manage HRM in strategic point of view to maintain persistent competition superiority. We investigated how outsourcing affected on organizational performance perception according to inducting BSC from the employees of metro. As a result of the investigation, outsourcing is perceived importantly in study, growth, internal process point of view, but didn't perceived in finance and customer. We guessed that outsourcing would be perceived importantly in financial point of view as a cost reduction. In 5 years from the beginning of metro, it seemed to be perceived importantly, as organizations grow older, perceptions of outsourcing are perceived low because of stabilization of organization and labor's resistance. It is why that the more outsourcing is performed, the more reduction of organization and decrease of employees is expected as much as cost reduction.

• Journal of Society of Preventive Korean Medicine
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• v.12 no.3
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• pp.21-34
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• 2008

Objectives : This paper analysed the alternative methods of calculating conversion factor for oriental medicine in the National Health Insurance and estimated the conversion factor(reimbursing price level) of the oriental medical services, based on health insurance claims data and macro economic data. Methods : Comparing cost accounting method, SGR model, and index model to estimate conversion factor in the national health insurance, six empirical models were derived depending on the scope of revenue considered in financial indicators. Classifications of data and sources used in the analysis were identified as officially released by the government. Results and Conclusion : Cost accounting analysis and SGR model showed a two digit decrease in the physician fee schedule of oriental medical services in the national health insurance, while index model indicated a positive increase in the fee reimbursed. As expected, SGR model measured an overall trend of health expenditures rather than an individual financial status of medical institutions, and index model properly estimated the level of payments to oriental medical doctors. Upon a declining share of health expenditures on oriental medicine, a global budget system fixed to a flat rate of total budget could be an opportunity as well as a challenge.