• 한국철도학회논문집
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• 제10권2호
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• pp.137-145
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• 2007

In traditional financial theory, the discount cash flow model(DCF or NPV) operates as the basic framework for most analyses. In doing valuation analysis, the conventional view is that the net present value(NPV) of a project is the measure of the present value of expected net cash flows. Thus, investing in a positive(negative) NPV project will increase(decrease) firm value. Recently, this framework has come under some fire for failing to consider the options of the managerial flexibilities. Real option valuation(ROV) considers the managerial flexibility to make ongoing decisions regarding the implementation of investment projects and the deployment of real assets. The appeal of the framework is natural given the high degree of uncertainty that firms face in their technology investment decisions. This paper suggests an algorithm for estimating volatility of logarithmic cash flow returns of real assets based on the Black-Sholes option pricing model, the binomial option pricing model, and the Monte Carlo simulation. This paper uses those models to obtain point estimates of real option value with the G7- HSR350X(high-speed train).

• Journal of Forest and Environmental Science
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• 제34권4호
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• pp.352-358
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• 2018

This research paper investigates available options for implementing clean development mechanism (CDM) project in Sarawak state, Malaysia. To investigate economic feasibility, data was collected using survey and field research methods. Also, economic analysis was estimated using net present value (NPV), internal rate of return (IRR) and payback period (PBP) during the 30 years CDM: afforestation and reforestation periods. The result of economic analysis indicated that, the payback period was estimated at 9 years with 18 percent of internal rate of return (IRR). This study also highlighted that CDM biomass supply project have a lot of challenges due to the reduction and exclusion of bio-Solid Recovered Fuel (SRF), supply and demand scenario, and impact of restriction of illegal logging in Malaysia. This study results demonstrate the methodology and guideline for future CDM investment and projects.

• Journal of applied mathematics & informatics
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• 제31권1_2호
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• pp.131-145
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• 2013

In this paper, we present an initial value technique for solving singularly perturbed differential difference equations with a boundary layer at one end point. Taylor's series is used to tackle the terms containing shift provided the shift is of small order of singular perturbation parameter and obtained a singularly perturbed boundary value problem. This singularly perturbed boundary value problem is replaced by a pair of initial value problems. Classical fourth order Runge-Kutta method is used to solve these initial value problems. The effect of small shift on the boundary layer solution in both the cases, i.e., the boundary layer on the left side as well as the right side is discussed by considering numerical experiments. Several numerical examples are solved to demonstate the applicability of the method.

• 기술혁신학회지
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• 제8권1호
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• pp.29-50
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• 2005

Real options provide a new and productive way to view corporate r&d investment decisions. DCF approach is well established and beloved of financial executives, but is known to systematically underestimate investment value under significant uncertainty. Though real options are not inherent in a r&d investment, they can be used to compute the investment value including managerial flexibility like option value. In this paper, we explain how the interval of option value in black-scholes model can be estimated using simulation. We also present a process framework for interval estimation of volatility and efficient of period of investment value. In such a setting, we can obtain the appropriate interval estimation of the expanded investment value.

• 가정과삶의질연구
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• 제6권1호
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• pp.149-166
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• 1988

The present study was initiated under the hypotheses that value orientation of wives is closely related to their decision making style in home management and that family life satisfaction of wives varies according to their decision making style. To test the hypotheses the following procedures were undertaken; (1) developing measurement instruments for value orientation, decision making style, and family life satisfaction; (2) finding value orientation of wives, their decision making style, and their family life satisfaction by applying the measurement instruments; (3) finding the variables highly affecting value orientation, decision making style and family life satisfaction ; and (4) finding the causal mechanism among value orientation, decision making style, and family life satisfaction. In conclusion , preferences of wives for humanism in value orientation were expected to lead decision making style to person -oriented rater than task-oriented style and , furthermore, to result in higher family life satisfaction.

• 한국주거학회논문집
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• 제4권1호
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• pp.47-55
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• 1993

The research was carried out by posing a questionnaire, making middle and high schoolstudents 549 in Taehu an object of this research, in order to grasp the residential outlook of juveniles.1. The first order of reason why they have resided in present their houses was by a school group and their parents' choice and work place and second order of reason was by their parents' choice, life convenience in present house add traffice convenience And there was littledifference in the first and second residential reasons according to sew.2. In compareson with past and present house type, past and present house type shewed same tendency and future wanted house type was separate house absolutely.3. Points to be considered in selectong future were in the order of facilities, traffice,, surrounding, educational, social and economical circumstances. There was little difference in almost items to be considered in choosing accordant to sew. But in case of schoolgirls, they consisered more items in selecting houses than in schoolboys.4. As a result of researching ideal house of juvenile, happy family was most Preferred and the desire to possess house was expressed strongly.5. The first value on house was health of family, the stability, the stabi]ity and the residential convenience. And schoolboys attacged more importance to the gealth of family, ghe stability and the education fer children than in case of school-girls but on the other hand school girls attached more importance to economical value house and happy and harmonious family.

• 천문학회지
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• 제14권2호
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• pp.55-71
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• 1981

On the basis of observational constraints, particularly the relationship between metal abundance and cumulative stellar mass, a simple two-zone disk-halo model for the chemical evolution of our Galaxy was investigated, assuming different chemical processes in the disk and halo and the infall rates of the halo gas defined by the halo evolution. The main results of the present model calculations are: (i) The halo formation requires more than 80% of the initial galactic mass and it takes a period of $2{\sim}3{\times}10^9$ yrs. (ii) The halo evolution is divided into two phases, a fast collapse phase ($t=2{\sim}3{\times}10^8$ yrs) during which period most of the halo stars $({\sim}95%)$ are formed and a later slow collapse phase which is characterized by the chemical enrichment due to the inflow of external matter to the halo. (iii) The disk evolution is also divided into two phases, an active disk formation phase with a time-dependent initial mass function (IMF) up to $t{\approx}6{\times}10^9$ yrs and a later steady slow formation phase with a constant IMF. It is found that at the very early time $t{\approx}5{\times}10^8$ yrs, the metal abundance in the disk is rapidly increased to ${\sim}1/3$ of the present value but the total stellar mass only to ${\sim}10%$ of the present value, finally reaching about 80% of the present values toward the end of the active formation phase.

• 농촌계획
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• 제18권3호
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• pp.25-41
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• 2012

The purpose of this study is to quantitatively analyze the social welfare value given to the designated rural settlement zone by the resident-participated site unit plan that the City of Cheongju is newly attempting to draft. Firstly, the costs and benefits from the site unit planning were estimated. Secondly, through literature review especially focussed on the benefit and cost estimation, on-site questionnaire was designed, and then sample residents of the qualifying sites were asked about their willingness to pay, which could make it possible to estimate the monetary value of its benefits by the contingent valuation method (CVM). Finally, the present value of net benefits (PVNB) was estimated through the derived costs and benefits. As a result of analysis, firstly, the present value of net benefits (PVNB) was found to be 7,641 billion won, which indicated that the implementation of district-unit plan would be able to cause sufficient social welfare value for the effected residents. Secondly, in examining the result of individual average amount for willingness to pay through the CVM, the area that benefited the most was found to be the road improvement. Thirdly, as a result of sensitivity analysis, the parameter with the most effects was the discount rate, which suggested that, in carrying out public projects, excessive market interest rates would not be appropriate.

• International Journal of Industrial Entomology and Biomaterials
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• 제9권2호
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• pp.273-277
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• 2004

Variation in the size of the silk filament will determine the uniformity and quality of the silk reeled. In the present study, an attempt has been made to study the filament size variation in 6 multivoltine parental breeds and 9 multivoltine ${\times}$ bivoltine hybrids in all three seasons of a year. All multivoltine breeds and multivoltine ${\times}$ bivoltine hybrids showed variation in filament size throughout its length from the outer layer to inner layer. Results of the present study indicated that the size of the filament decreased from outer to inner layer. The decrease in filament size was sudden in some breeds/hybrids whereas it was gradual in other. Relationship between filament length to that of slope, average filament size to slope, and maximum filament size to slope was determined based on regression analysis. Regression analysis revealed significant positive correlation between slope vs average filament length (r=0.92$^{**}$) in multivoltine${\times}$bivoltine hybrids. Among parental breeds, 96C showed lowest slope of the curve (b-value: -0.00428) and 96A showed highest slope of the curve (b-value: -0.00269). Among 9 hybrids, PM${\times}$N $B_4$ $D_2$ recorded lowest slope value (b-value: -0.00328) and BL24${\times}$N $B_4$ $D_2$ showed highest value for slope of the curve (b-value: -0.00234). The breed 96C, which showed lowest slope value can be utilized for future breeding programmes to breed strains with less size deviation. Three multivoltine${\times}$bivoltine hybrids viz., PM${\times}$N $B_4$ $D_2$, 96E${\times}$CSR19 and BL67${\times}$CS $R_{101}$ , which showed less slope values (b-values: -0.00328, -0.00300 and -0.00297 respectively) can be utilized for commercial exploitation to produce uniform silk.k.

• Journal of applied mathematics & informatics
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• 제32권5_6호
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• pp.791-805
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• 2014

In this article, we investigate third order three-point fuzzy boundary value problem to using a generalized differentiability concept. We present the new concept of solution of third order three-point fuzzy boundary value problem. Some illustrative examples are provided.