• 한국사회정책
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• v.20 no.2
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• pp.261-304
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• 2013

This article is aiming intensively to analyze the polarizing tendency of labour market and social integration. The polarization of labour market is being regarded as one of the hottest issues not less important than those problems of economic growth, employment, income distribution and national security etc. in the national policy. In this article, we will first follow up the important phenomena of labour market polarization and the background as well as its consequence. Especially, it asks if the present labour policy in the new government which is now being concentrated on the improvement of employment rate(from the present 63% to the 70% in the future) could deserve to diminish the polarization of labour market in korea. At one side, this article makes the special attention on the diversifying tendency of labour market and the various phenomena of fragmentation and segmentation in the labour market according to the forms and types of employment and according to the employee's status as much as the company's size. At the other side, it emphasizes that to overcome the polarization of labour market should require the wide reform from the legal measure to the improvement of the wage system, and the qualification system and the social investment as well as the human resource development. Furthermore, this article stresses the importance of integrative approach between the active market policy and the social policy instead of choosing each policy option, seperatively.

• Health Policy and Management
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• v.29 no.2
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• pp.195-205
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• 2019

Background: The food and food service influence the quality of life and the general health condition of older persons living in long-term care (LTC) facilities. Purchasing good food materials is a ground of good food service. In Korea, the residents in LTC facilities should pay for the cost of food materials and ingredients out of their pocket because it is not covered by LTC insurance. This study explored what factors affect the cost of food materials paid by LTC facility residents and which factor affects most. Methods: We used data from the study on out-of-pocket payment on national LTC insurance, which surveyed 1,552 family caregivers of older residents in LTC facilities. We applied conditional multi-level model, of which the first level represents the characteristics of care receivers and caregivers and its second level reflects those of LTC facilities. Results: We found that the facility residents with college-graduated family caregivers paid 11,545 Korean won more than those with less than elementary-graduated ones. However, the income level of family caregivers did not significantly affect the amount of the food material cost of the residents. The residents in privately owned, large, metropolitan-located facilities were likely to pay more than those in other types of facilities. The amount of the food material cost of the residents was mainly decided by the facility level factors rather than the characteristics of care recipients and their family caregivers (intra-class correlation=82%). Conclusion: These findings suggest that it might be effective to design a policy targeting facilities rather than residents in order to manage the cost of food materials of residents in LTC facilities. Setting a standard price for food materials in LTC facilities, like Japan, could be suggested as a feasible policy option. It needs to inform the choice of LTC users by providing comparable food material cost information. The staffing requirement of nutritionist also needs to be reviewed.

• Journal of Korean Institute of Industrial Engineers
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• v.38 no.2
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• pp.89-97
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• 2012

This paper considers a manufacturer with a two-station make-to-stock and make-to-order serial production system. The MTS facility produces a single type of component and provides components for the MTO facility that produces customized products. In addition to the internal demand from the MTO facility, the MTS facility faces demands from the spot market with the option of to accept or reject each incoming demand. This paper addresses a joint component inventory rationing and batch production control which maximizes the manufacturer's profit. Using the Markov decision process model, we investigate the structural properties of the optimal inventory rationing and batch production policy, and present two types of heuristics. We implement a numerical experiment to compare the performance of the optimal and heuristic policies and a simulation study to examine the impact of the stochastic process variability on the inventory rationing and batch production control.

• East Asian Economic Review
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• v.21 no.2
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• pp.147-165
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• 2017

This study quantifies the dynamic interrelationship between the KOSPI index return and search query data derived from the Naver DataLab. The empirical estimation using a bivariate GARCH model reveals that negative contemporaneous correlations between the stock return and the search frequency prevail during the sample period. Meanwhile, the search frequency has a negative association with the one-week- ahead stock return but not vice versa. In addition to identifying dynamic correlations, the paper also aims to serve as a test bed in which the existence of profitable trading strategies based on big data is explored. Specifically, the strategy interpreting the heightened investor attention as a negative signal for future returns appears to have been superior to the benchmark strategy in terms of the expected utility over wealth. This paper also demonstrates that the big data-based option trading strategy might be able to beat the market under certain conditions. These results highlight the possibility of big data as a potential source-which has been left largely untapped-for establishing profitable trading strategies as well as developing insights on stock market dynamics.

• Management Science and Financial Engineering
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• v.10 no.2
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• pp.53-71
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• 2004

In this study, a mathematical model that shows the optimal payout policy is developed. The model is new and unique in the sense that not only continuous-time framework is used, but also both partial differential equation (PDE) and real-option approach are utilized in the derivation of optimal payouts for the first time. In the model building, non-linear demand curve for dividend payouts in the competitive capital markets is assumed. From the sensitivity analysis using traditional comparative static analysis, some useful managerial implications which are consistent with famous previous studies are derived under realistic conditions. All results in this study, however, are valid under the assumption that the opportunity costs follow geometric Brownian motion, which is widely used in economic science and finance literature.

• KDI Journal of Economic Policy
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• v.40 no.3
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• pp.69-89
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• 2018

We study whether a default option attached to non-recourse mortgages improves borrowers' surplus from mortgage financing. By defaulting on mortgage debt, borrowers can save their non-collateralized income from being foreclosed. In exchange, borrowers must forgo non-monetary surplus from retaining any collateral. Banks may charge a high mortgage rate due to increased default rates. We find that the interest rate of non-recourse mortgage decreases with the borrower's surplus from home ownership. Moreover, non-recourse mortgages benefit only borrowers who deem housing property as an investment asset. Hence, the transition to a non-recourse mortgage is detrimental to welfare if the borrower enjoys a large surplus from home ownership. Although the borrower privately knows how much surplus she enjoys from home ownership, a menu of non-recourse mortgage contracts may exist, yielding a separating equilibrium without information rent.

• Journal of the Korean Operations Research and Management Science Society
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• v.39 no.2
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• pp.97-109
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• 2014

This paper considers a reverse supply chain with simultaneous recovery of used products and manufacturing of brand-new ones. Recovered products are downgraded and have to be sold in a market different from that of brand-new products at a different price. In case of a shortage of recovered product inventory, a brand-new item, if available, can be offered at the price of a recovered product. In other words, one-way demand substitution is allowed. We address the joint decision of when to manufacture brand-new product, when to recover returned product, and how to control demand substitution to maximize the hybrid production system's profits. To this end, we propose a Markov decision Process model and investigate the structure of the optimal policy. Performance comparison is numerically implemented between the models with and without downward demand substitution option under different operating conditions of the system parameters.

• Journal of Korea Port Economic Association
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• v.19 no.2
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• pp.177-202
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• 2003

Balassian Approach of regional economic integration has been mainly aimed at improving conditions for regional trade since 1960s. After the financial crises of the late 1990s, however, the theoretical approach to regional integration will have to be a different one as regionalism have to offer enhanced protection against crises. The aim of this paper, above all, is to provide a theoretical framework for the emerging new monetary regionalism. Regions that wish to strengthen their co-operation in monetary and financial affairs today have the option of monetary regionalism without trade agreement. East Asian region will become an increasingly important domain within which to explore enhanced protection against financial crises. And as Korea seems to play a crucial role in building regional integration among ASEAN＋3(Korea, China and Japan) countries, alternative policy for Korean economy to be the North-east Asian Economic Base need to be schemed on the basis of Balassian as well as monetary regionalism.

• Journal of the Korean Society for Railway
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• v.8 no.6 s.31
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• pp.507-512
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• 2005

Railroad transportation system has experienced major changes due to KTX introduction. Kyungbu corridor especially Seoul to Cheonan has line capacity problem and its solution has been a primary concern to researchers and policy decision makers. This study explored pattern of train operation between Seoul and Cheonan after the introduction of KTX in 2004. Both the number of trains and available seat capacity per day have increased but maximum number of trains per specific hour has not been changed much. Demand for train shows that if concentrated in a specific time, so number of trains during the peak hour should be increased. But, it is difficult ? 새 line capacity, so increasing seat capacity per train might be an option. An increase in an avaliable sear should be considered the characteristics of each train lines.

• Proceedings of the KSR Conference
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• 2006.11b
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• pp.1536-1544
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• 2006

The aim of this paper is to show how LCA(Life Cycle Assessment) is used as a tool to evaluate the environmental burdens associated with EMU(Electronic Motor Unit), especially one of main components, an interior panel. Thus, the LCA results are polished into the general environmental product declaration format to communicate with the industrial and institutional customers. The format includes the product information and environmental information. In the list of environmental information, profile is consisted of two major results from the LCA study. One is the inventory analysis and the other is the characterized impact results. The format shown in this paper can be the one of option to choose environmentally preferable product and suggestion aimed at the institutional consumer such as government procurement office and corporation's purchasing department.