• Title/Summary/Keyword: Price Change

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Case Study and Evaluation of Economic Feasibility of Combined Heat and Power System using Woodchip Biomass (우드칩 바이오매스를 이용한 열병합발전 운영 사례 분석)

  • Suh, Gill Young;Kim, Sung Hyun
    • New & Renewable Energy
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    • v.8 no.4
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    • pp.21-29
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    • 2012
  • The extensible supply of New & Renewable energy resources desperately needs to counter the high dependence on imported energy, recent high oil prices and the Climate Change Conference, and the government has operated the 'Renewable Portfolio Standard' (RPS) as one of the renewable energy policy from 2012. By analyzing the operation case of combined heat and power plant using the woodchip biomass, we drew the price of wood chip fuel, plant capacity factor, electricity selling price, heat selling price and LCOE value. After analyzing the economic feasibility of 3MWe combined heat and power plant based on the operating performance, the minimum of economic feasibility has appeared to be secured according to the internal rate of return (IRR) is 6.34% and the net present value (NPV) is 3.6 billion won as of 20 years life time after installation, and after analyzing the cases of the economic feasibility of the price of wood chip, plant capacity factor, electricity and heat selling price are changed, the economic feasibility is valuable when the price of wood chip is over 64,000 won/ton, NPV is minus, and the capacity factor is above 46.9%, the electricity selling price is 116 won/kWh and the heat selling price is above 75,600 won/Gcal. When going over the new installation hereafter, we need the detailed review of the woodchip storage and woodchip feeding system rather than the steam-turbine and boiler which have been inspected many times, the reason why is it's hard to secure the suitable quality (constant size) of woodchip by the lack of understanding about it as a fuel because of the domestic poor condition and the calorific value of woodchip is seriously volatile compared with other fuels.

Effects of U.S. Inventory and OPEC Production on Crude Oil Price (미국 재고량과 OPEC 생산량이 국제원유가격 변동에 미치는 영향분석)

  • 서성진;허은녕
    • Proceedings of the Korea Society for Energy Engineering kosee Conference
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    • 1999.11a
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    • pp.225-230
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    • 1999
  • Since changes in crude oil price exert colossal influence upon most national economy, it is important to investigate about factors that cause the change through an appropriate crude oil price forecast. This paper examines the relationship among crude oil price, OPEC production and U.S. inventory using cointegration and error correction model. We found that crude oil price is likely to increase significantly for a given decrease in not only the OPEC production but also the U.S. inventory. Furthermore, we found that crude oil price is more elastic with respect to OPEC production in the short-run, and more elastic with respect to U.S. inventory in the long-run. Moreover, in the long-run, U.S. inventory have more an effect on crude oil price than OPEC production. Finally, crude oil price adjusts to their respective long-run equilibrium at a moderate speed, about 12% of adjustment taking place in the first year.

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A Study on Determining the Prediction Models for Predicting Stock Price Movement (주가 운동양태 예측을 위한 예측 모델결정에 관한 연구)

  • Jeon Jin-Ho;Cho Young-Hee;Lee Gye-Sung
    • The Journal of the Korea Contents Association
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    • v.6 no.6
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    • pp.26-32
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    • 2006
  • Predictions on stock prices have been a hot issue in stock market as people get more interested in stock investments. Assuming that the stock price is moving by a trend in a specific pattern, we believe that a model can be derived from past data to describe the change of the price. The best model can help predict the future stock price. In this paper, our model derivation is based on automata over temporal data to which the model is explicable. We use Bayesian Information Criterion(BIC) to determine the best number of states of the model. We confirm the validity of Bayesian Information Criterion and apply it to building models over stock price indices. The model derived for predicting daily stock price are compared with real price. The comparisons show the predictions have been found to be successful over the data sets we chose.

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A Study on the Effects of the System Marginal Price Setting Mechanism of the Cost Function in Operating Modes of the Combined Cycle Power Plants in Korea Electricity Market (한국전력시장에서 복합발전기의 운전조합별 비용함수의 계통한계가격(SMP) 결정메커니즘 영향에 관한 연구)

  • Yoon, Hyeok Jun
    • Environmental and Resource Economics Review
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    • v.30 no.1
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    • pp.107-128
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    • 2021
  • It has been recognized that implementing the marginal price mechanism to CBP is not acceptable due to the lack of revenue of the marginal generators. This study shows that it is not the problem of marginal price mechanism but the structural problems originated by the suspension of restructuring, the technical limits of RSC program and inaccuracy of the generation cost estimation method. This study explains the method to calculate the cost function in operating modes of the CC generators and proposes the modeling for the CC generators in RSC program. To implementing the cost function in operating modes could give an opportunity to change the price setting mechanism from average to marginal cost. The price setting mechanism based on the marginal cost will be one of the main points to provide the right price signals and to introduce a real-time and A/S markets to prepare the energy transition era.

The Transition of Production, Consumption and Price of Non-ferrous Metals (비철금속(非鐵金屬)의 생산(生産), 소비(消費), 시세(時勢)의 추이(推移))

  • Moon, W.J.
    • Economic and Environmental Geology
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    • v.2 no.3
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    • pp.1-25
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    • 1969
  • In considering the mining industry, it is necessary to study the production, consumption and price of ore and metals in every country of the world in order to determine the trend of the industry in the present and for the future. This study is necessary especially for exporting domestically produced are which is in excess of domestic consumption and for importing are, or metal where local production does not meet domestic demand. It will be treated of Au, Ag, Cu, Pb, Zn, W, Mo, which are the most important non-ferrous metals, and which greatly affect the mining industry of Korea. The presentation will concern itself only with the free world. About 1, 200 ton of gold are produced annually with little fluctiation in recent years. Most of the gold produced is consumed by advanced countries for industrial uses as well as for producing precious objects. The U.S.A. expends yearly about four times its domestic production and Japan about three times its domestic production for industry and arts. Because of the instability of the currency of the U.S.A., England and France, recently, the price of gold has been $ 41-42 per ounce, whereas the official price is $35.00 per ounce. It will be expected that the official price will be raised in the near future. As for silver, about 6,500 tons are produced annually with no special fluctuation change in recent years. However, the annual consumption is about 14,000 ton, so the supply and demand is extremely unbalanced. The shortage is made up by the sale of the U.S. treasury's reserve stock and the reclaiminig of silver from coins and other scrap. As the Treasury'S reserves will be exhausted in a year or two, the price of silver which is $1. 64 per ounce, will go up drastically in about a year. As for copper, 5,257,000 ton's were mined in 1966. It's production is being increased about 5% annually. However, consumption exceeds production by about 100,000 ton a year. The recent Foreign refinery copper price in the U.S.A is $ 60 per pound. The supply of copper being insufficient to meet international demands, the price will go up and with no prospect of being lowered in the near future even with the slight annual increase in production. About 2,100,000 to 2,200,000 tons of lead are produced annually. Consumption exceeds production by about 50,000-60,000 tons annually. The current price of lead in New York is $ 155 per pound. As the supply of lead is internationally stable, It will be believed that there will be no significant change in its price in the near future. In 1967, 3,926,000 tons of Zinc were produced. There is annual increase of 4-7% in production. The annual consumption exceeds production by 100,000 to 200,000 tons. The current zinc price in the St. Louis market inthe U.S.A. is $ 145 per pound. Even though its supply is stable and sufficient world wide, the consumption rate will increase at a faster pace than before; hence, the price will slowly go up. Tungsten mines yield about 11,000 tons a year. Its production has been relatively constant in the past few years. The amount of its consumption increases slowly world wide, but in the free world· there has been a slight annual decrease. However, since Red China has not been exporting their tungsten to other countries for several months, the price on the London market of S.T.U. of $Wo_3$ has increased to $ 44~46. Should Red China begin to export actively again the price will drop to $ 40~42. In 1967, 56,000 tons of Molybdenum were produced. Production exceeds consumption by 200,000 -30,000 tons annually. The current price in the U.S.A. is $ 1.72 per Mo pound. Since the rate of production in the U.S.A. is on the increase with large amounts of ore reserve, the price of molubdenum should not go up.

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The Effects of Spot Pricing for the Change of the Electric Power Demand Based the Demand Elasticity (수요 탄력성에 따른 전력수요의 변화가 현물가격에 미치는 영향)

  • 김문영;백영식;송경빈
    • Journal of Energy Engineering
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    • v.11 no.2
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    • pp.142-148
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    • 2002
  • The variations of real time electric price in competitive electricity markets have influence on electric power demands of the consumers. Residential, commercial, and industrial consumers with different characteristics cause the different price elasticity of the demand due to changing the pattern of consumption. Therefore, this paper analyze the effects of spot pricing for the change of the electric power demand based on the demand elasticity of each loads in competitive electricity market.

Perceived Product Value and Attitude Change Affecting Web-based Price Discount Level and Scarcity (웹 기반 가격할인 수준과 희소성이 영향을 주는 지각된 제품 가치와 태도 변화)

  • Zhang, Yutao;Lim, Hyun-A;Choi, Jaewon
    • The Journal of Information Systems
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    • v.27 no.2
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    • pp.157-173
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    • 2018
  • Purpose Product characteristics and price value in website have strongly effects on customer satisfaction. Especially, in the online shopping site, the scarcity limits the customer's opportunity to purchase the product. Thus scarcity has been proposed as a important factor that makes the customer highly aware of the merchantability of the product. The scarcity in the web store is used as an important variable to make purchasing decisions of users easier by psychological pressure. In the case of scarce products with price discounts in online commerce, advertising formats that highlight scarcity value in the web commerce market are very effective in enhancing purchase intentions of consumers. Unlike offline stores, the importance of scarcity becomes more important when reflecting the characteristics of online commerce. Therefore, this study intends to confirm the influence of the degree of price discounts and scarcity information presented by Web sites on consumer purchase behavior in Web purchase behavior. Design/methodology/approach This study conducted a web-based experimental study on price sensitivity and price discount. Therefore, we created experimental web-sites that offer two stimuli according to the discount rate. The 200 respondents were randomly assigned. The stimuli were fictitious based on tourism products. The first stimulus presented the price discount(15% discount) with basic explanation about the package of the tourist package. The stimuli assigned to the second group were used for groups with high price discount intensity(65% discount). In this way, the two stimuli clearly distinguished the level of price discount intensity. This paper conducted t-test analysis and structural equation to analyze the experiemental results after confirming the reliability and validity. Findings The results of this study are as follows. The difference in price discount intensity (15% vs 65%) with scarcity showed the mean difference among all the variables. Therefore, this study concluded that there is a significant difference between the price discount of 15% and 65% for the acquisition value and transaction value of users. In particular, consumers' purchase intention is greater and product recommendation intensity is stronger when the price discount is 65%. As a result, the high degree of the price discount intensity with scarcity exerts a greater influence on consumers' purchase intentions. Product scarcity also have a significant impact on perceived value of users. Therefore, purchase intention of customers increases when perceived value increases their profit and pleasure feeling.

Estimation of VaR in Stock Return Using Change Point

  • Lee, Seung-S.;Jo, Ju-H.;Chung, Sung-S.
    • Journal of the Korean Data and Information Science Society
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    • v.18 no.2
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    • pp.289-300
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    • 2007
  • The stock return is changed by factors of inside and outside or is changed by factor of market system. But most studies have not considered the changes of stock return distribution when estimate the VaR. Such study may lead us to wrong conclusion. In this paper we calculate the VaR of price-to-earnings ratios by the distribution that have considered the change point and used transformation to satisfy normal distribution.

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