• Title/Summary/Keyword: Option Contract

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A Study on the 'Extended' DSM Programs in Korean LNG Market (산업용 천연가스 수요관리 프로그램 최적화를 위한 동태적 시뮬레이션에 관한 연구)

  • Chang, Han-Soo;Choi, Ki-Ryun
    • Environmental and Resource Economics Review
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    • v.11 no.2
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    • pp.211-231
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    • 2002
  • This paper summarizes the results of a study that assess how a demand side management (DSM) system addresses key economic and environmental challenges facing in the Korean natural gas sector considering; ${\bullet}$ high discrepancies of seasonal consumption volume and of load factor in unmatured domestic LNG market, ${\bullet}$ unfavorable and volatile international LNG market, imposing with the contestable "take-or-pay" contract terms, ${\bullet}$ low profile of LNG and existence of market barriers against an optimal fuel mix status in the industrial energy sector. A particular focus of this study is to establish an 'extended' DSM system in the unmatured gas market, especially in industry sector, that could play a key role to assure an optimum fuel mix scheme. Under the concept of 'extended' DSM, a system dynamics modeling approach has been introduced to explore the option to maximize economic benefits in terms of the national energy system optimization, entailing different ways of commitments accounting for different DSM measures and time delay scenarios. The study concludes that policy options exist that can reduce inefficiencies in gas industry and end-use system at no net costs to national economy. The most scenarios find that, by the year 2015, it is possible to develop a substantial potential of increased industrial gas end-uses under more reliable and stable load patterns. Assessment of sensitivity analysis suggests that time delay factor, in formulating DSM scenarios, plays a key role to overcome various market barriers in domestic LNG market and provides a strong justification for the policy portfolios 'just in time' (time accurateness), which eventually contribute to establish an optimum fuel mix strategy. The study indicates also the needs of advanced studies based on SD approach to articulate uncertainty in unmatured energy market analysis, including gas.

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The Effect and Countermeasures of the Vertical Track Settlement Caused by Expand and Contract Behavior of the High-Speed Railway Bridge Girder (고속철도 교량 바닥판의 온도신축작용이 궤도처짐에 미치는 영향과 대책에 관한 연구)

  • Kang, Kee Dong
    • Journal of Korean Society of Steel Construction
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    • v.17 no.6 s.79
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    • pp.673-679
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    • 2005
  • According to continuous welded rails on a bridge, temperature changes bring about the expansion of the bridge deck,adding axial forces on the track. Moreover, the ballast on the bridge deck expansion joint is moved due to the bridge deck. The longer the bridge deck is, the greater the influence will be, loosening the ballast, causing track irregularities, and deteriorating passenger comfort. Considering the structure of the bridge itself and tolerance for track irregularities caused by the loosened ballast on the bridge, the maximum length of the deck should be less than 80 m, which is the same as the standard of French railways. In this study, the interaction between the expansion related to the bridge length and the irregularity in the longitudinal level, referring to measurements and maintenance work performed in high-speed railways, was analyzed. This research shows that the installation of a sliding plate or a vertical ballast stopper is not a good option, since it is difficult. On the other hand, the installation of a ZLR fastener or gluing is easy, but its influence is insignificant. In conclusion, switch tie tamping or manual tamping is more effective than other methods of what?

Effects of variety, region and season on near infrared reflectance spectroscopic analysis of quality parameters in red wine grapes

  • Esler, Michael B.;Gishen, Mark;Francis, I.Leigh;Dambergs, Robert G.;Kambouris, Ambrosias;Cynkar, Wies U.;Boehm, David R.
    • Proceedings of the Korean Society of Near Infrared Spectroscopy Conference
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    • 2001.06a
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    • pp.1523-1523
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    • 2001
  • The wine industry requires practical methods for objectively measuring the composition of both red wine grapes on the vine to determine optimal harvest time; and of freshly harvested grapes for efficient allocation to vinery process streams for particular red wine products, and to determine payment of contract grapegrowers. To be practical for industry application these methods must be rapid, inexpensive and accurate. In most cases this restricts the analyses available to measurement of TSS (total soluble solids, predominantly sugars) by refractometry and pH by electropotentiometry. These two parameters, however, do not provide a comprehensive compositional characterization for the purpose of winemaking. The concentration of anthocyanin pigment in red wine grapes is an accepted indicator of potential wine quality and price. However, routine analysis for total anthocyanins is not considered as a practical option by the wider wine industry because of the high cost and slow turnaround time of this multi-step wet chemical laboratory analysis. Recent work by this ${group}^{l,2}$ has established the capability of near infrared (NIR) spectroscopy to provide rapid, accurate and simultaneous measurement of total anthocyanins, TSS and pH in red wine grapes. The analyses may be carried out equally well using either research grade scanning spectrometers or much simpler reduced spectral range portable diode-array based instrumentation. We have recently expanded on this work by collecting thousands of red wine grape samples in Australia. The sample set spans two vintages (1999 and 2000), five distinct geographical winegrowing regions and three main red wine grape varieties used in Australia (Cabernet Sauvignon, Shiraz and Merlot). Homogenized grape samples were scanned in diffuse reflectance mode on a FOSE NIR Systems6500 spectrometer and subject to laboratory analysis by the traditional methods for total anthocyanins, TSS and pH. We report here an analysis of the correlations between the NIR spectra and the laboratory data using standard chemometric algorithms within The Unscrambler software package. In particular, various subsets of the total data set are considered in turn to elucidate the effects of vintage, geographical area and grape variety on the measurement of grape composition by NIR spectroscopy. The relative ability of discrete calibrations to predict within and across these differences is considered. The results are then used to propose an optimal calibration strategy for red wine grape analysis.

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Treatment of velopharyngeal insufficiency in a patient with a submucous cleft palate using a speech aid: the more treatment options, the better the treatment results

  • Park, Yun-Ha;Jo, Hyun-Jun;Hong, In-Seok;Leem, Dae-Ho;Baek, Jin-A;Ko, Seung-O
    • Maxillofacial Plastic and Reconstructive Surgery
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    • v.41
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    • pp.19.1-19.6
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    • 2019
  • Background: The submucous cleft palate (SMCP) is a type of cleft palate that may result in velopharyngeal insufficiency (VPI). Palate muscles completely separate oral and nasal cavities by closing off the velopharynx during functional processes such as speech or swallow. Also, hypernasality may arise from anatomical or neurological abnormalities in these functions. Treatments of this issue involve a combination of surgical intervention, speech aid, and speech therapy. This case report demonstrates successfully treated VPI resulted from SMCP without any surgical intervention but solely with speech aid appliance and speech therapy. Case presentation: A 13-year-old female patient with a speech disorder from velopharyngeal insufficiency that was caused by a submucous cleft palate visited to our OMFS clinic. In the intraoral examination, the patient had a short soft palate and bifid uvula. And the muscles in the palate did not contract properly during oral speech. She had no surgical history such as primary palatoplasty or pharyngoplasty except for tonsillectomy. And there were no other medical histories. Objective speech assessment using nasometer was performed. We diagnosed that the patient had a SMCP. The patient has shown a decrease in speech intelligibility, which resulted from hypernasality. We decided to treat the patient with speech aid (palatal lift) along with speech therapy. During the 7-month treatment, hypernasality measured by a nasometer decreased and speech intelligibility became normal. Conclusions: Surgery remains the first treatment option for patients with velopharyngeal insufficiencies from submucous cleft palates. However, there were few reports about objective speech evaluation pre- or post-operation. Moreover, there has been no report of non-surgical treatment in the recent studies. From this perspective, this report of objective improvement of speech intelligibility of VPI patient with SMCP by non-surgical treatment has a significant meaning. Speech aid can be considered as one of treatment options for management of SMCP.

Perceptions of the Security Management at Critical Facilities in South Korea: College students' attitudes toward increasing demand for security personnel and the alternatives to police (공공부문 정규직 전환 및 의무경찰제도 폐지에 따른 보안산업 변화에 대한 인식)

  • Wang, Sug-Won;Choi, Yeon-Jun
    • Korean Security Journal
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    • no.61
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    • pp.87-107
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    • 2019
  • With the government policy on converting contract workers to full-time employees, there have been significant changes about the security personnel at the nation's critical facilities, including the National Assembly Building and airports. Moreover, the scheduled disbandment of the conscripted police force in 2023 has raised concerns about security management at different government agencies. To examine the college students' perceptions on the possible alternatives to fill the expected security gap, 234 undergraduate students of security management and protection in the Seoul metropolitan region were surveyed. Particularly, a comparative analysis was conducted on the legal bases and supervision, the employment types and salaries, and the scopes of responsibility and authority of suggested alternatives were compared. The results showed that utilization of private police forces was thought to be the most effective option. Based on the research findings, the university departments should develop and maintain a quality curriculum to educate their students to be prepared security professionals with a focus on emergency response capabilities and martial arts, including the courses on private police law and emergency rescue and cardiopulmonary resuscitation (CPR).

The Study on the Representation of the Times in the Sports Films of the 1980s (1980년대 스포츠영화의 시대적 표상 연구)

  • Im, Jeong-Sig
    • Journal of Popular Narrative
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    • v.25 no.1
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    • pp.315-347
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    • 2019
  • (1986) and (1987) represent the society of 1980s in which the professional baseball game was initiated to cover the irrational military culture. The love and marriage of sports players were the headlines of the media, and the yearly salary of the players was the hottest issue of conversation. The military culture is represented in the scenes where the coaches train the failures and inapt players in extreme drills. The films pinpoint the absurdity of military culture and win-at-all-costs mentality. The collapse of the dictatorial leadership at the end of the films is a metaphor for the collapse of the fifth Republic of Korea. The episodes where the players talk about contract money, and the trade of players and sports business were a new phenomenon of the 1980's. The fact that Oh Hyesung of chooses love instead of victory deals a big blow to the secular ambition for money, victory and dictatorial leadership. His option provides catharsis for an audience oppressed under military leadership and success driven ideology. On the other hand, Oh Hyesung of dies right at the moment of winning the world champion. He achieves neither love nor success. While Oh Hyesung of is a symbol of pure love and gives spiritual comfort to the audience, Oh Hyesung of gives a sense of hopelessness to the audience. Both of the two sports films reflect the representation of the 1980's but received opposing reviews from audiences.

Valuation of Mining Investment Projects by the Real Option Approach - A Case Study of Uzbekistan's Copper Mining Industry - (실물옵션평가방법에 의한 광산투자의 가치평가 -우즈베키스탄 구리광산업의 사례연구를 중심으로-)

  • Makhkamov, Mumm Sh.;Kim, Dong-Hwan
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.8 no.6
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    • pp.1634-1647
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    • 2007
  • "To invest or not to invest?" Most business leaders are frequently faced with this question on new and ongoing projects. The challenge lies in deciding what projects to choose, expand, contract, defer, or abandon. The project valuation tools used in this process are vital to making the right decisions. Traditional tools such as discounted cash flow (DCF)/net present value (NPV) assume a "fixed" path ahead, but real world projects face uncertainties, forcing us to change the path often. Comparing to other traditional valuation methods, the real options approach captures the flexibility inherent to investment decisions. The use of real options has gained wide acceptance among practitioners in a number of several industries during the last few decades. Even though the options are present in all types of business decisions, it is still not considered as a proper method of valuation in some industries. Mining has been comparably slow to adopt new valuation techniques over the years. The reason fur this is not entirely clear. One possible reason is the level and types of risks in mining. Not only are these risks high, but they are also more numerous and involve natural risks compared with other industries. That is why the purpose of this study is to deal with a more practical approach to project valuation, known as real options analysis in mining industry. This paper provides a case study approach to the copper mining industry using a real options analysis. It shows how companies can minimize investment risks, exercise flexibility in decision making and maximize returns.

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Legislative Study on the Mitigation of the Burden of Proof in Hospital Infection Cases - Focusing on the revised Bürgerliches Gesetzbuch - (병원감염 사건에서 증명책임 완화에 관한 입법적 고찰 - 개정 독일민법을 중심으로 -)

  • Yoo, Hyun Jung
    • The Korean Society of Law and Medicine
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    • v.16 no.2
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    • pp.159-193
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    • 2015
  • Owing to causes such as population aging, increased use of various medical devices, long-term hospitalization of various patients with reduced immune function such as cancer, diabetes, and organ transplant patients, and the growing size of hospitals, hospital infections are continuing to increase. As seen in the MERS crisis of 2015, hospital infections have become a social and national problem. In order to prevent damage due to such hospital infections, it is necessary to first strictly implement measures to prevent hospital infections, while, on the other hand, providing proper relief of damage suffered due to hospital infections. However, the mainstream attitude of judicial precedents relating to hospital infection cases has been judged to in fact shift responsibility over damages due to hospital infections on the patient. In light of the philosophy of the damage compensation system, whose guiding principle if the fair and proper apportionment of damages, there is a need to seek means of drastically relaxing the burden of proof on the patient's side relative to conventional legal principles for relaxing the burden of proof, or the theory of de facto estimation. In relation to such need, the German civil code (Burgerliches Gesetzbuch), which defines contracts of medical treatment as typical contracts under the civil code, and has presumption of negligence provisions stipulating that, in cases such as hospital infections which were completely under the control of the medical care providers, if risks in general medical treatment have been realized which cause violations of the life, body, or health of patients, error on the part of the person providing medical care is presumed, was examined. Contracts of medical treatment are entered into very frequently and broadly in the everyday lives of the general public, with various disputes owing thereto arising. Therefore, it is necessary to, by defining contracts of medical treatment as typical contracts under the civil code, regulate the content of said contracts, as well as the proof of burden when disputes arise. If stipulations in the civil code are premature as of yet, an option may be to regulate through a special act, as is the case with France. In the case of hospital infection cases, it is thought that 'legal presumption of negligence' relating to 'negligence in the occurrence of hospital infections,' which will create a state close to equality of arms, will aid the resolution of the realistic issue of the de facto impossibility of remedying damages occurring due to negligence in the process of occurrence of hospital infections. Also, even if negligence is presumed by law, as the patient side is burdened with proving the causal relationships, such drastic confusion as would occur if the medical care provider side is found fully liable if a hospital infection occurs may be avoided. It is thought that, alongside such efforts, social insurance policy must be improved so as to cover the expenses of medical institutions having strictly implemented efforts to prevent hospital infections in the event that they have suffered damages due to a hospital infection accident, and that close future research and examination into this matter will be required.

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