• Journal of the Korea Institute of Building Construction
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• v.12 no.6
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• pp.624-635
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• 2012

Construction projects, including housing, are carried out over long periods of time. According to changes to the construction period, the cost of input materials and wages also changes. Therefore appropriate management is important in order to minimize cost risks caused by fluctuations in prices. In Korea, housing units are usually sold in lots prior to construction completion. Therefore, careful management of input elements such as materials and equipment that are sensitive to price fluctuations is very important. This study deals with how the price fluctuation of materials, labor, and equipment influences the change of housing cost and seeks a way for cost management through identifying key resources sensitive to price fluctuation. As a result, a change to the housing cost index multiplies depending on cost changes of materials and labor together. Labor costs are a major factor on the housing cost index. In addition, certain types of materials and labor input to housing construction greatly influence price fluctuations. Thus, it is found that managing those main cost factors is the key for effective cost management.

• Journal of the Korean Society of Clothing and Textiles
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• v.21 no.7
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• pp.1139-1152
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• 1997

Clothing consumption expenditure (UX) data of Korean consumers during the period of 1965 to 1993 were analyzed by time series analysis technique. According to the results of regression analysis, current income and UX of the year before showed most significant influences on the current UX. This means that the absolute and permanent income hypotheses can be accepted in case of clothing expenditures. However the effect of income decreased as the economy developed. The relative price of clothing had weak or no influence on clothing expenditures. It was also found out that CSX of the year before, the change of income, relative price of clothing ware the factors that affected clothing expenditures. From the estimation of Houthakker-Taylor state adjustment model, a negative stock coefficient was obtained. That is, clothing is subject to an inventor effect and Korean consumers regard clothing as one of the durable goods. To define whether clothing is a "luxury" or a "necessity", income and relative price elasticity of clothing expenditures were estimated. Income elasticity of clothing is slightly below 1.0 in case of national aggregate expenditures, and slightly above 1.0 in case of urban consumers' expenditures. Income elasticity has declined over time. Meanwhile the coefficient of price elasticity is not significant, indicating that the relative price of clothing have little connection with clothing expenditure.lothing expenditure.

• The Journal of Industrial Distribution & Business
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• v.9 no.10
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• pp.73-82
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• 2018

Purpose - Unstable vegetable prices have been one of the major concerns in Korean agricultural and food marketing system. The Korean government has implemented a number of policy instruments, including government purchasing programs in order to alleviate fluctuations in vegetable prices. The economic impact of policy instruments has been assessed based on the average monthly price change rate before and after the implementation of the policy. However, this approach failed to provide a net impact of policy measures on price stabilization in the vegetable markets, as policy impacts could not be successfully distinguished from other effects on price changes in the vegetable market. The purpose of this study is to evaluate the net impact of the government purchasing program on the price volatility of dried red pepper which is considered one of the major vegetables in Korea. Research design, data, and methodology - This study develops a monthly dynamic partial equilibrium model of Korean dried red pepper market. Behavioral equations in the model were estimated by OLS and synthetic method based on the annual and monthly time series data from 1993 to 2015. The model is first simulated to yield actual dried red pepper market conditions in 2015 as a baseline and then compared it to the scenario assuming that there were no government purchases of dried red pepper in 2015. Results - According to the ex-post scenario analysis using the developed model, without the government procurements in 2015, the average monthly price change rate and the value of coefficient of variation of dried red pepper in 2015 would be respectably 7.9 percent and 0.10. It is relatively higher than the actual average monthly price change rate and the value of coefficient of variation of dried red pepper in 2015 which were respectively 1.7 percent and 0.06. Conclusions - The ex-post simulation results in this study shows that if there were no government purchases of dried red pepper in 2015, the dried red pepper market would have had much higher volatile price movements. The results of this study would provide useful information for future price stabilization policy of vegetable markets in Korea.

• Journal of the Korean Society of Surveying, Geodesy, Photogrammetry and Cartography
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• v.36 no.2
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• pp.95-104
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• 2018

This study has the purpose of suggesting the method to analyze the spatiotemporal change of satisfaction concerning the officially assessed land price using geostatistical analysis. Analyzing the spatial distribution characteristic of officially assessed land price using present GIS (Geographic Information System) or is staying at qualitatively suggesting the improvement method of the officially assessed land price system. Grouping the appeal strength based on the official price and opinion price of officially assessed land price, GIS DB (Database) was constructed and the time seriate satisfaction were analyzed and compared through spatial density analysis and spatial autocorrelation analysis. As a result, it was found that the difference between the official price and the applicant's price differed depending on individual land, but most of the respondents requested the increase or the reduction of the average land price, which resulted in a large number of request. Analyzing the satisfaction of the officially assessed land price by using GIS, it was known that satisfaction of officially assessed land price could be analyzed by using the difference of the opinion price and not only the officially assessed land price. Spatiotemporal change of officially assessed land price satisfaction was known to be possible through spatiotemporal pattern analysis method such as spatiotemporal auto-corelation analysis and hotspot analysis etc using GIS. In short, regionally positive or negative significant relationship was investigated through spatiotemporal analysis using annual data.

• Journal of the Korean association of regional geographers
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• v.18 no.4
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• pp.414-432
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• 2012

Land price is a kind of text to read urban spatial structure. The purpose of this paper is to inquire into the characteristics of Daegu's urban structure and its change in time through exploring spatio-temporal variations of land price with a detailed spatial and temporal resolution. To achieve this, land value surfaces were represented using the officially assessed land price every other year from 1995 to 2011. Through mapping and exploring spatio-temporal patterns and fluctuation rates of land price for this period, changes in urban structure, the effects of local decision makings such as Greenbelt adjustment, housing site development, and gentrification, and the effects of business fluctuations or policies at global or national scales could be caught. In addition, the trends for suburbanization and multi-centric urban form could be examined from the results of a negative exponential model explaining the effect of distance from an urban center on spatial variation of land price. These results demonstrate that urban analysis using land price mirroring spatial decision making at various scales could deepen understanding for internal structure and change of a city and provide useful information for establishing regional and urban development policies and evaluating their effects.

• Journal of Distribution Science
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• v.12 no.10
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• pp.123-128
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• 2014

Purpose - The purpose of the study is to reexamine the price fairness as practiced by low cost airlines, as a consumer has to experience such inconveniences as inferior airport transportation, extra fees on in-flight meals, and non-negotiable seats, and consumers evaluate such experiences keeping in mind their total costs. This evaluation includes price fairness and allows a reasonable and overall consideration of factors of low cost airlines. It tries to set up a measurement of the indicators consumers' perceptions of price fairness academically as it adapts price fairness to airline services which are renowned for price volatility. Research design, data, and methodology - The research proposes an alternative pricing strategy for the long term profit of low cost airlines after going over conflicts between the traditional theory of consumers' price perception mechanism and flexible fair policy of low cost airlines. It was meaningful when it relates to the early stage of the business, while it enhances the risks relating to the long term survival of low cost airlines. In addition, it is significant as it highlights the negative influences on consumers' perceptions of price fairness, as low cost airlines run on extremely low cost perspectives. Results - The results of the research provide insight into four perspectives, as consumers' perceptions of price fairness are influenced by the frequency and range of price changes and services. The first perspective is that it would lead to positive price evaluation when a low cost airline cuts prices frequently with little changes than one big change. It also would lead to the same result when it comes to necessary services. The second perspective is that one big increase of price would rather undermine the negative aspects of price changes than those of several smaller ones. The third perspective is that additional services would be good to consumers' perceptions of price fairness as compared to discount benefits with respect to the cost. Finally, a low cost airline should consider that consumers will change airlines or defer their flight schedule if the flight fares increase beyond their limits. Conclusions - Low cost airlines should reconsider their pricing policies for services that were provided free earlier. A consumer would not like discount benefits when made to pay for services that were, for long, free of charge. If a low cost airline can provide services with no charge, it should improve volumes if the costs are standardized and, moreover, should consider the charging fees. Alternatively, a consumer can choose between services and fair discount. Low cost airlines are implementing sales promotion strategies, as the competition is more intense than it used to be. In these days, they should regard services over sales promotion, as consumers may prefer to spend money on good premium services. Some differentiation in services could create a good market position for the airlines and, hence, good financial performance.

• Journal of the Korea Institute of Building Construction
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• v.13 no.3
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• pp.263-271
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• 2013

Change orders have been widespread in both the private and public construction sectors. In particular, in the case of G2B (Government to Business) contracts, adjustment of contract price and/or schedule extension is a frequent occurrence due to change orders. To uncover the causes of change orders and suggest an appropriate strategy, this study analyzed 296 cases of change orders in military facility construction projects from 2008 to 2010. The analysis revealed that the major causes of change orders are users' additional requirements (28.38%), a change of finishing materials (23.99%), and change of footing type (17.57%), in that order. Building on the results of this analysis, the authors suggest plans for practical improvements. Specific recommendations include 1) reflect user requirements at the early stage, 2) minimize the use of additional budget due to change orders, and 3) reduce the process and time for contract amendment, among others. The results of this study may provide significant implications to those involved in military construction projects, particularly project owners (i.e., the Ministry of Defense) and contractors.

• Journal of the Korean Data and Information Science Society
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• v.28 no.4
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• pp.819-829
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• 2017

The aim of this study is to analyze intraday price momentum. When price trends are formed, price momentum is the phenomenon that future prices tend to follow the trend. When the market opened and closed, a U-shaped trading volume pattern in which the trading volume was concentrated was observed. In this paper, we defined price momentum as the 10 minute trend after market opening is maintained until the end of market. The strategy is to determine buying and selling in accordance with the price change in the initial 10 minutes and liquidating at closing price. In this study, the strategy was empirically analyzed by using minute data, and it showed effectiveness, indicating the presence of an intraday price momentum. A pattern in which returns are increasing at an early stage is called a J-shaped pattern. If the J-shaped pattern occurs, we have found that the price momentum phenomenon tends to be stronger than otherwise. The DTW algorithm, which is well known in the field of pattern recognition, was used for J-shaped pattern recognition and the algorithm was effective in predicting intraday price movements. This study showed that intraday price momentum exists in the KOSPI200 futures market.

• KDI Journal of Economic Policy
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• v.12 no.4
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• pp.3-20
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• 1990

The multisector model is designed to analyze and forecast structural change in industrial output, employment, capital and relative price as well as macroeconomic change in aggregate income, interest rate, etc. This model has 25 industrial sectors, containing about 1,300 equations. Therefore, this model is characterized by detailed structural disaggregation at the sectoral level. Individual industries are based on many of the economic relationships in the model. This is what distinguishes a multisector model from a macroeconomic model. Each industry is a behavioral agent in the model for industrial investment, employment, prices, wages, and intermediate demand. The strength of the model lies in the simulating the interactions between different industries. The result of its simulation will be introduced in the next paper. In this paper, we only introduce the structure of the multisector model and the coefficients of the equations. The multisector model is a dynamic model-that is, it solves year by year into the future using its own solutions for earlier years. The development of a dynamic, year-by-year solution allows us to combine the change in structure with a consideration of the dynamic adjustment required. These dynamics have obvious advantages in the use of the multisector model for industrial planning. The multisector model is a medium-term and long-term model. Whereas a short-term model can taken the labor supply and capital stock as given, a long-term model must acknowledge that these are determined endogenously. Changes in the medium-term can be analyzed in the context of long-term structural changes. The structure of this model can be summarized as follow. The difference in domestic and world prices affects industrial structure and the pattern of international trade; domestic output and factor price affect factor demand; factor demand and factor price affect industrial income; industrial income and relative price affect industrial consumption. Technical progress, as measured in terms of total factor productivity and relative price affect input-output coefficients; input-output coefficients and relative price determine the industrial input cost; input cost and import price determine domestic price. The differences in productivity and wage growth among different industries affect the relative price.

• The Transactions of The Korean Institute of Electrical Engineers
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• v.60 no.5
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• pp.929-935
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• 2011

Customers hardly change to electric prices in old days because electricity is essential commodity, while demand changes with price after deregulation. It's explained by price-based demand response with demand-elasticity matrix. Also all of the customers have had identical demand-price elasticity matrix till now. But in a practical power system, various customers are present with taking a variety of demand-price elasticity. Therefore this paper proposes demand-price sensitivity to represent different demand-price elasticity. Also as proposing demand-reliability sensitivity, it is modeling various customers' characteristics to reliability. And then this paper calculates total expected interruption cost of customer from the customer interruption cost and the demand-reliability sensitivity. A total expected interruption cost of system is shown as opportunity cost of a generation cost.