• 유통과학연구
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• 제13권4호
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• pp.55-64
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• 2015

Purpose - Multi-dimensional prices comprise multiple components such as monthly payments and a number of payments rather than a single lump-sum amount. According to previous studies, an increase in the number of price dimensions leads to a massive amount of cognitive stress resulting in incorrect calculation, and deterioration in the consistency of the price judgment. However, an increase only in the level of complexity of calculating multi-dimensional prices does not always result in a corresponding decrease in the accuracy of price evaluation. Since diverse variables could affect consumers' purchase-decision-making process, the results of price evaluation would be different. In this study, an empirical analysis was performed to determine how the accuracy of price evaluation varies depending on the extent of the complexity of price dimensions using product involvement and brand preference as moderating variables. Research design, data, and methodology - A survey was conducted on 260 students, and 252 effective responses were used for analysis. The data was analyzed using t-test, one-way ANOVA, and two-way ANOVA. In this study, six hypotheses were developed to examine the effect of product involvement and brand preference on consumers' evaluation effort of multi-dimensional prices. Results - As the number of price dimensions increased, accuracy of price evaluation appeared to be low in high involvement, as expected. However, it showed no differences in price evaluation effort when the level of complexity of calculating multi-dimensional prices is low. When a small number of price dimensions are presented in both cases of high and low involvement, accuracy of price evaluation is much higher in a weak brand preference. On the contrary, a strong brand preference enhances an accuracy of price evaluation only in case of low involvement when the number of price dimensions is increased. An interaction effect of product involvement and brand preference on consumers' evaluation of multi-dimensional prices did not exist irrespective of the level of complexity of calculating prices being high or low. Conclusions - When the number of price dimensions is small, consumers' effort for price evaluation shows almost no difference without the moderating effect of involvement, and a weak brand preference leads to a higher accuracy of price evaluation in an effort to make the best selection. No interaction effect of product involvement and brand preference was found except for a main effect of brand preference. When a price is composed of multiple dimensions rendering it more difficult to calculate the final price, the effort for price evaluation was expected to decrease only slightly in case of combination of high involvement and strong brand preference. This is because people have a higher purchase intentions and trust for that particular brand. However, the accuracy of price evaluation was much lower in cases of high involvement, and there was no interaction effect between product involvement and brand preference except for a main effect of involvement and brand preference, respectively.

• 한국정보시스템학회지:정보시스템연구
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• 제22권4호
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• pp.85-115
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• 2013

Digital knowledge and information goods as experience goods have some unique characteristics such as close to zero reproduction and distribution cost, high price volatility, and low price acceptability. For the reasons, the pricing policies of digital knowledge goods are very difficult and complicate. Also, most consumers of digital goods have experienced cognitive dissonance after buying decision. The purpose of this paper is to investigate what factors affect the price acceptability level and cognitive dissonance of digital knowledge goods buyers. This paper suggest a structural model that was established by the cognitive dissonance theory and S-O-R(Stimulus-Organization-Response) model. The model is consisted of four exogenous variables and three endogenous variables. The empirical test and statistical analysis suggest following results and practical implications. The variables such as product involvement and perception of price fairness that have positive roles to price acceptability have strong influence on the all the three endogenous variables. But the variables such as sale proneness and price mavenism that have negative roles to price acceptability have little influence on the all the three endogenous variables. In the model, the payment intention was very important mediating variable between exogenous variables and two dependent variables, ie. price acceptability and cognitive dissonance. These results imply that the digital knowledge portals must have some differentiated pricing policies to the customers who have price consciousness and price mavenism. Also, they need some special promotions to whom have positive attitude to the value of digital goods.

• 유통과학연구
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• 제11권10호
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• pp.73-79
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• 2013

Purpose - This study examines the impact of oil price volatility on economic activities in Korea. The new millennium has seen a deregulation in the crude oil market, which invited immense capital inflow into Korea. It has also raised oil price levels and volatility. Drawing on the recent theoretical literature that emphasizes the role of volatility, this paper attends to the asymmetric changes in economic growth in response to the oil price movement. This study further examines several key macroeconomic variables, such as interest rate, production, and inflation. We come to the conclusion that oil price volatility can, in some part, explain the structural changes. Research design, data, and methodology - We use two methodological frameworks in this study. First, in regards to the oil price uncertainty, we use an Exponential-GARCH (Exponential Generalized Autoregressive Conditional Heteroskedasticity: EGARCH) model estimate to elucidate the asymmetric effect of oil price shock on the conditional oil price volatility. Second, along with the estimation of the conditional volatility by the EGARCH model, we use the estimates in a VECM (Vector Error Correction Model). The study thus examines the dynamic impacts of oil price volatility on industrial production, price levels, and monetary policy responses. We also approximate the monetary policy function by the yield of monetary stabilization bond. The data collected for the study ranges from 1990: M1 to 2013: M7. In the VECM analysis section, the time span is split into two sub-periods; one from 1990 to 1999, and another from 2000 to 2013, due to the U.S. CFTC (Commodity Futures Trading Commission) deregulation on the crude oil futures that became effective in 2000. This paper intends to probe the relationship between oil price uncertainty and macroeconomic variables since the structural change in the oil market became effective. Results and Conclusions - The dynamic impulse response functions obtained from the VECM show a prolonged dampening effect of oil price volatility shock on the industrial production across all sub-periods. We also find that inflation measured by CPI rises by one standard deviation shock in response to oil price uncertainty, and lasts for the ensuing period. In addition, the impulse response functions allude that South Korea practices an expansionary monetary policy in response to oil price shocks, which stems from oil price uncertainty. Moreover, a comparison of the results of the dynamic impulse response functions from the two sub-periods suggests that the dynamic relationships have strengthened since 2000. Specifically, the results are most drastic in terms of industrial production; the impact of oil price volatility shocks has more than doubled from the year 2000 onwards. These results again indicate that the relationships between crude oil price uncertainty and Korean macroeconomic activities have been strengthened since the year2000, which resulted in a structural change in the crude oil market due to the deregulation of the crude oil futures.

• 가정과삶의질연구
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• 제9권2호
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• pp.37-48
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• 1991

The purpose of this study is to investigate the price-quality satisfaction focus on clothing. For the purpose, a survey was conducted using questionnaires. Frequency distribution, Percentile, Mean , One-Way ANOVA , Scheffe test, t-test, were used for data analysis. The main result are as follows. First, in general the price-quality satisfaction was somewhat high. Second, the price quality satisfaction was influenced by social economic variables (age , income, education) consumer attitude, and market environment.

• 한국유통학회:학술대회논문집
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• 한국유통학회 2004년도 춘계학술대회 발표논문집
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• pp.277-307
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• 2004

• 유통과학연구
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• 제14권1호
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• pp.93-102
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• 2016

Purpose - The purpose of paper is studying the static and dynamic side for long-term memory storage properties, and increase the explanatory power regarding the long-term memory process by looking at the long-term storage attributes, Korea Composite Stock Price Index. The reason for the use of GPH statistic is to derive the modified statistic Korea's stock market, and to research a process of long-term memory. Research design, data, and methodology - Level shifts were subjected to be an empirical analysis by applying the GPH method. It has been modified by taking into account the daily log return of the Korea Composite Stock Price Index a. The Data, used for the stock market to analyze whether deciding the action by the long-term memory process, yield daily stock price index of the Korea Composite Stock Price Index and the rate of return a log. The studies were proceeded with long-term memory and long-term semiparametric method in deriving the long-term memory estimators. Chapter 2 examines the leading research, and Chapter 3 describes the long-term memory processes and estimation methods. GPH statistics induced modifications of statistics and discussed Whittle statistic. Chapter 4 used Korea Composite Stock Price Index to estimate the long-term memory process parameters. Chapter 6 presents the conclusions and implications. Results - If the price of the time series is generated by the abnormal process, it may be located in long-term memory by a time series. However, test results by price fixed GPH method is not followed by long-term memory process or fractional differential process. In the case of the time-series level shift, the present test method for a long-term memory processes has a considerable amount of bias, and there exists a structural change in the stock distribution market. This structural change has implications in level shift. Stratum level shift assays are not considered as shifted strata. They exist distinctly in the stock secondary market as bias, and are presented in the test statistic of non-long-term memory process. It also generates an error as a long-term memory that could lead to false results. Conclusions - Changes in long-term memory characteristics associated with level shift present the following two suggestions. One, if any impact outside is flowed for a long period of time, we can know that the long-term memory processes have characteristic of the average return gradually. When the investor makes an investment, the same reasoning applies to him in the light of the characteristics of the long-term memory. It is suggested that when investors make decisions on investment, it is necessary to consider the characters of the long-term storage in reference with causing investors to increase the uncertainty and potential. The other one is the thing which must be considered variously according to time-series. The research for price-earnings ratio and investment risk should be composed of the long-term memory characters, and it would have more predictability.

• 유통과학연구
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• 제14권4호
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• pp.103-110
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• 2016

Purpose - This study investigates the improvement of rationalization of distribution structure in Korean diamond market. It also explores the international distribution of diamond and how the distribution of Korean diamond market system was improved. This study also for providing the evaluation method in case of purchasing diamond on the consumers. Research Design, Data, and Methodology - The research investigates how international diamond distribution market has been changed since 1933 by De Beers. The international Diamond rough stone has been deregulated in supply and demand by Debeers since July, 2000, therefore, the price maintenance policy of diamond market also has been changed. In the short term, the diamond price in market has been down, whereas, in the long term, the market share of Debeers has affected the high quality of diamond price in world market. Before 1985, both G color and VVS1 clarity were used as the level of percentages in the diamond certificate of authenticity in Korea. But, after 1985, the diamond certificate of authenticity uses Diamond Grading Report. Results - Between the 1970's and 1980's, Debeers had controlled about 80 percentages of international diamond supply market. But, Debeers share in diamond market fell by 60 percentages in 2000's. Debeers supplied 31%(4390 carets) of international diamond supply and 41%(39 billion dollars) in 2003. However, Debeers shares 50% of market shares in the diamond supply market by Alosa in Russia. In Korea, the diamond grading report system has been used since 1985. But, the diamond grading report system has price bubbles and much irrational parts in grading system methods. Conclusions - 4C, the grading system of diamond, is a method for comparing and evaluating diamond objectively. Diamond is graded according to its color, cut, clarity, and carat. The price of diamond is determined based on its each item. Consumers purchase diamond for the purpose of investment and wearing. In terms of investment, it is recommended to purchase diamond with color of D grade, cut with Excellent or Very Good Cut grade, Clarity of FL or IF, and more than 3 carat. As for wearing purpose, it is highly recommended for diamond to have color of F or G grade, cut of Excellent or Very Good Cut, clarity of VS2 or SI1, and more than 1 carat Before 2000, Central Selling Organization(CSO) distributed about 80 percentages rough diamond to world market exclusively by purchase, classification, assessment, and sales. After 2000, Dbeers diamond company looses slowly market shares, while Almosa diamond company etc. in Russia are taking over world market shares more and more. Debeers market shares have been falling over the years, and the international diamond markets are gradually growing by other international diamond companies. But, there is no change in Korean diamond market after 1980's. Korean diamond distribution needs to follow international level of Diamond Grading System. By using different grading systems with different panel members, Korean diamond grading system needs to follow international perfect grading systems to grow diamond markets and maintain within top 10 diamond markets countries.

• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.29-36
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• 2020

Stock price multiple is one of the most well-known equity valuation technique used to forecast equity price. It measures by multiplying "the ratio of stock price to a value driver" by a value driver. The value driver can be earning per share (EPS), sales or other financial measurements. The objective of price multiple technique is to evaluate the value of assets and compare how similar assets are priced in the market. Although stock price multiple technique is common in financial filed, studies on the application of the technique in Thailand is still limited. The present study is conducted to serve three major objectives. The first objective is to apply the technique to measure value of firms in banking sector in the Stock Exchange of Thailand. The second objective is to develop composite price multiple index to forecast equity prices. The third objective is to compare valuation accuracy of different value drivers of price multiple (i.e. EPS, Earnings Growth, Earnings Before Interest Taxes Depreciation and Amortization, Sales, Book Value and Composite Index) in forecasting equity prices. Results indicated that EPS is the most accurate value drivers of price multiple used to forecast equity price of firms in baking sector.

• 산경연구논집
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• 제8권6호
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• pp.41-49
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• 2017

Purpose - The purpose of this research is to examine the differences and interaction effects of perceived risk and product attitudes between Korea and Thailand consumers in accordance with price discount and product types. Research design, data, and methodology - A questionnaire survey was conducted in Korea and Thailand. There were a total of 327questionnaires received, and 322 of them were valid. Respondents consisted of 163 Koreans and 159 Thai consumers. Each question is measured in a Likert-type five-point scale. To verify the difference and interaction effects of perceived risk and product attitudes, ANOVA analysis was carried out. Results - This research found that the perceived risk of Thailand consumers in accordance with price discount and product types is confirmed to be larger than Korean consumers. The difference of product attitudes of Thailand consumers is higher than those of Korean consumers. Thus, product attitudes in accordance with country type and price discount types are verified with the interaction effect. The difference of product attitudes in accordance with price discount type and product types are not founded. The main effect was not verified. Conclusions - The finding of this study can be used as useful information to Korean and Thai retailers looking to enter the global market.

• 유통과학연구
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• 제15권6호
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• pp.37-46
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• 2017

Purpose - The paper aims to propose an optimization model for supporting the buyer-seller negotiations. We consider the price, quality, and delivery as evaluation criteria, also recognized as objectives for negotiation. Research design, data, and methodology - The methodology used in this paper involves the input-oriented DEA with the inverse optimization. Under the existence of several potential suppliers, the price would be considered to be the decision variable to conclude the negotiation so as to meet the desired level of the quality and delivery. The data set for six suppliers with three criteria is examined by the proposed approach. Results - We present the decision aid model by displaying the price spectrum as the changes of desired output levels. It overcomes the shortcomings from previous researches mainly based on the discrete types of scenario generations. This approach shows that the obtained results help the buyer understand the trade-offs between price and performance when he/she considers the negotiation. Conclusions - The paper contributes to the numerical models for buyer-supplier negotiation in that the model for the supplier evaluation and selection is closely linked with the model for negotiation. In addition, it eliminates the unrealistic negotiation strategy, and provides the negotiation strategies that the buyer would not shift the burden on suppliers by maintaining the current efficiency.