• Asian-Australasian Journal of Animal Sciences
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• v.28 no.8
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• pp.1209-1215
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• 2015

Since lamb is a commodity, producers cannot control the price of the product they sell. Therefore, managing production costs is a necessity. We explored the study of elasticities as a tool for basing decision-making in sheep production, and aimed at investigating the composition and elasticities of lamb production costs, and their influence on the performance of the activity. A representative sheep production farm, designed in a panel meeting, was the base for calculation of lamb production cost. We then performed studies of: i) costs composition, and ii) cost elasticities for prices of inputs and for zootechnical indicators. Variable costs represented 64.15% of total cost, while 21.66% were represented by operational fixed costs, and 14.19% by the income of the factors. As for elasticities to input prices, the opportunity cost of land was the item to which production cost was more sensitive: a 1% increase in its price would cause a 0.2666% increase in lamb cost. Meanwhile, the impact of increasing any technical indicator was significantly higher than the impact of rising input prices. A 1% increase in weight at slaughter, for example, would reduce total cost in 0.91%. The greatest obstacle to economic viability of sheep production under the observed conditions is low technical efficiency. Increased production costs are more related to deficient zootechnical indexes than to high expenses.

• Journal of the Institute of Electronics and Information Engineers
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• v.53 no.12
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• pp.94-102
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• 2016

Recently, the I/O performance of a single node is rapidly improving due to the advent of high-performance SSD. As a result, the next-generation storage platform based on SSD has received a great deal of attention and such storage platforms are increasingly adopted to commodity servers or data centers that look for the high-bandwidth computation and I/O. However, building all SSD-based storage platform may not be cost-effective because the price per storage capacity is very high as compared to that of HDD. In this paper. we propose a hybrid file management solution, called HyPLVM(Hybrid Priority Logical Volume Manager), which combines the strength of SSD with the desirable aspects of low-price, high-storage capacity HDD. HyPLVM prioritizes the files and directories to be accessed by users, in order to determine the target storage device (SSD/HDD) in which files are allocated, while mitigating the cost of building storage platforms.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.47
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• pp.107-123
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• 2002

This paper is intented to present a information of various aspects of quality related characteristics and standards for grades in maize. Maize is world's one of the three most popular cereal crops and a primary energy supplement and can contribute up to 30, 60, and 98% of the dairy diet's protein, net energy, and starch, respectively. Maize is also processed into industrial goods by wet or dry milling. Sweet corn is a leader among vegetable crops and its production for fresh or processing markets is a major industry in many countries. Over the years, the combined efforts of breeders and geneticists, biochemists, food scientists, and others have helped bring us to the point where we understand issues related to sweet corn quality. Traditional criteria for selecting corn hybrids have been based primarily on agronomic factors, including grain production, disease resistance, drought tolerance, and storage characteristics. Little emphasis has been placed on the quality and nutritional values of corn. Although there is widespread interest for value-enhanced corns have increased tremendously in the last five years, there is limited information available on the production and comparing the quality attributes of specialty grains with those of normal yellow dent corn. Most countries have developed national maize standards, aiming to provide a framework for trade, both internal and external. Where trading involves direct choice and price negotiation in front of the commodity, grading standards are rarely employed; quality is assessed visually and is influenced by end-use, and the price is determined more by local rather than national factors. The use of an agreed standard will provide an unambiguous description of the quality of the consignment and assist in the formation of a legally-binding contract. Standards can also be seen to protect consumers rights through setting limits to the amount of unsuitable or noxious material.

• The KIPS Transactions:PartD
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• v.8D no.5
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• pp.631-636
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• 2001

The technologies relevant to e-business have rapidly developed during very short period of time and recently it is expanding to the area of B2B. Keeping pace with this development in e-business, the information of comparison or analysis on commodities of a lot of sites is also required. Though the information on price comparison among internal shopping malls are now being offered, its not efficient for its renewing intervals are long and, due to some indiscreet collection of information for the purpose of fast renewal, much loads are being generated on the pertinent shopping malls. In this article, the retrieval engine on demand is designed and realized using a dynamci robot agent changing kinetically on the status of the pertinent shopping malls that can offer the customized service and presents the shopping malls with the lowest price for each commodity under e-business after the shortest time of collection and analysis while not giving loads to the pertinent shopping malls.

• Journal of Korea Trade
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• v.23 no.6
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• pp.131-144
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• 2019

Purpose - The purpose of this study was to investigate market power of soybeans exported by the United States to Korea. Particularly, this paper considered dichotomous characteristics of genetically modified (GM) soybeans and non-GM soybeans and conducted empirical analysis of these two segregated soybean markets to understand key tenets of market power in international soybean trade. Design/methodology - The difference in market power between GM and non-GM soybeans was analyzed using Residual Demand Elasticity (RDE) and Residual Supply Elasticity (RSE) models over the period of 2008~2018. RDE and RSE models under an imperfect competition condition were used to estimate market margins and determine whether GM and non-GM exporters or importers exercised market power in the destination market. Findings - Empirical results suggested that the U.S. had a market power on both GM and non-GM soybean exports. GM exports had greater market power than non-GM exports (14% vs. 9%). By contrast, Korea showed an inability to grab market margin or exert market power in soybean imports. Both export supply by the U.S. and import demand by Korea were found to be more responsive to price changes of GM soybeans than to prices changes of non-GM soybeans. This might be due to a self-interested, profit-seeking strategy by the exporter and many concerned consumers regarding potential adverse effects of GMOs in the importing country. Originality/value - This paper fills the literature gap by exploiting market power in both GM and non-GM markets with explicit consideration of price correlations between GM and non-GM soybeans in Korea. A number of existing studies have provided evidence for market power broadly embedded in international commodity trade. However, studies focusing on Korean markets are limited. No study has explored the country's soybean trade. Furthermore, the majority of prior studies have almost exclusively focused on the market power from a standpoint of exporting countries without discussing importers' market structure. This paper also sought to understand potentially distinguished patterns of market power between GM and non-GM markets.

• International Area Studies Review
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• v.21 no.4
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• pp.223-245
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• 2017

This study is examined interaction between carbon market with stock market using a multivariate GARCH(DCC) model. Carbon market is EU ETS EUA price, stock market is the iron and cement stock price which has relatively energy intensive and massive carbon emissions sector in the industrial sector. It also analyzed changes in the correlation between the markets through an analysis of correlation coefficients. Moreover, it checked whether there was marketability expansion(or expansion of carbon emissions reduction) through the analysis above. As a result of empirical tests, it showed that the price spillover effect was insignificant. In addition, it represented that there was a weak correlation between the two markets since the volatility spillover effect disappeared in the second phase by an external shock(a financial crisis). Moreover, it was revealed that there were no significant changes although there was a weak upward trend in terms of the correlation between the carbon market and the stock market. This implies that emission rights could not expand marketability to financial market as a commodity(or did not play its natural role of the reduction of carbon emission).

• Analyses & Alternatives
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• v.5 no.2
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• pp.77-105
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• 2021

Natural gas consumption in Asia is growing at fast tempo because of various factors such as economic growth in the region, urbanization, coal-to-gas switch at power and industry sector. Due to geographical characteristics and lack of international pipeline connections between countries in the continent, majority of natural gas exported to Asian consumers is transported by tankers on the sea in the form of liquefied natural gas. As Asian market is the most lucrative market with the fastest demand growth, the competitions between LNG sellers for market share in Asian market are strengthening. The competitions accelerated, especially after the introduction of large volume of incremental supply into the market by new exporters from the U.S., Australia, and Russia. Cheniere Energy, the first exporter of liquefied natural gas (LNG) in the lower 48 states of U.S. has not adopted the traditional price formation mechanism and business model. Traditionally, prices of long-term LNG contracts have been indexed to the price of competing fuels, such as crude oil. The company adopted a pricing mechanism and business model based on a cost-plus system. Cheniere Energy opted for the safer and the risk-free pricing system, that annually guarantees a fixed amount of revenue to the seller. The company earns the same amount of money, regardless of natural gas price dynamics in the domestic and international market, but possibly with less revenue. However, by introducing and successfully implementing the safer and risk- free business model, Cheniere Energy, a company of a relatively smaller size in comparison with major oil and gas companies, became an example to other smaller-sized companies in the U.S. The company's business model demonstrated how to enter and operate LNG business amid increasing competitions among sellers in the U.S. and international market.

• Korean Journal of Organic Agriculture
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• v.11 no.4
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• pp.15-37
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• 2003

Recently, production-consumption quantity and market size of environment-friendly agricultural products(EFAP) have been increased. Consumers have demanded food safety and nutrition of EFAP, but in the near future they will need many kinds of item, relatively low price and high quality. So producers have to make an effort for down-cost, increasing items and developing technical know-how, which can be attained by producer/region organization. Correlation coefficient between the recognition degree for certification system and purchasing amounts at a time is higher than other ones. Therefore public information works using the TV and newspaper must be promoted all the more about certification system. And if the consumer’s satisfaction level of EFAP purchased gets higher, the quantity demanded will be increased more. And consumer’s trust on EFAP is derived from certification system or close relation between producers and consumers. Thus the most important thing of marketing strategies for EFAP is continuously to focus on explanation and information works on certification system by region in metropolitan area. Also, it necessary to introduce green marketing principles and apply to strategies item type. Namely those need to establish target market segmentation And marketing strategy stages according to the green degrees of market And commodity.

• Human Ecology Research
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• v.53 no.3
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• pp.309-318
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• 2015

This study investigates to investigate the ageing effect on household demand for clothing, food, housing and medical care commodities in Korea using a demand system model. The cross-sectional and time-series data from Statistics Korea on urban household expenditures and age projection analyzed household demands of consumption commodities. The household head age and elderly population ratio were employed for proxy variables of ageing. Ageing variable elasticities of commodity demands were estimated. Study results show that ageing variables significantly influenced on a household demand for commodities; clothing and food consumption decreases; however, housing and medical care consumption increases with ageing. The elasticities of total consumption expenditures and price variables were estimated in the demand analysis; these two variables significantly impacted almost all of the household consumption for the studied commodities. This study provides an opportunity to examine how ageing influences household consumption for clothing, food, housing and medical care commodities as Korean society experiences a rapid ageing. It is also meaningful that this study conducted a quantitative measuring of the household demands for commodities that was different from past research on the household consumption expenditures for commodities.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.10
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• pp.147-158
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• 2021

Due to COVID-19, the risk of price volatility in commodity and equity markets increases. The research and application of hedging is the most effective way to reduce the market risk. Hedging is a risk management strategy employed to offset losses in investments by taking an opposite position in a related asset. We use K-means and hierarchical clustering methods to cluster companies and futures products respectively, and analyze the relationship between the number of hedging firms, regional distribution, nature of firms, capital distribution, company size, profitability, number of local Futures Commission Merchants (FCMs), regional location, and listing time. The study shows that listed companies with large scale and good profitability invest more money in hedging, while state-owned enterprises' participation in hedging is more likely to be affected by the company size and the number of local futures commission merchants, and private enterprises are more likely to be affected by the company profitability and the regional location. Listed companies are more willing to choose long-listed and mature futures products for hedging. We also provide policy advice based on our conclusion. So far, there is no study on the characteristics of hedging. This paper fills the gap. The results provide a basis and guidance for people's investment and risk management. Using clustering analysis in hedging study is another innovation of this paper.