• 수산해양교육연구
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• 제27권6호
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• pp.1610-1618
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• 2015

This study is aimed to estimate price interactions between wild caught fish and farmed fish on the Korean seafood market, using multivariate cointegration analysis. Major commercially important four wild caught fish (chub mackerel, hairtail, yellow croaker and spanish mackerel) and two farmed fish(oliver flounder and black rockfish) are selected as analytical target fish species. Between 2000 and 2013, monthly production and price data are used in this study. The results of cointegration test showed that there would be a long-term equilibrium relationship among 4 wild caught fish and 2 farmed fish. However, the results of exclusion test indicated that farmed fish might not contribute significantly to the long-run relationship, suggesting that farmed fish might be only a weak substitute for wild caught fish, but no significant interaction could be found.

• The Journal of Asian Finance, Economics and Business
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• 제6권4호
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• pp.179-187
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• 2019

This study aims to investigate the effects of market commonality and resource similarity on price competition and the recursive consequences in the Korean lodging market. Price comparison among hotels in the same geographic market has been facilitated through the development of information technology, rendering little search cost of consumers. While the literature implies the heterogeneous price attack and response among hotels, a limited number of empirical researches focus on the asymmetric and recursive pattern in the competitive dynamics. This study empirically examines the price interactions in the Korean lodging market based on the theoretical framework of competitive price interactions and countervailing power. Demonstrating superiority to the spatial lag model and the ordinary least squares in the estimation, the results from spatial error model suggest that the hotels with longer operational history pose an asymmetric impact on the price of the newer hotels. The asymmetry is also found in chain hotels over the independent, further implying the possibility of predatory pricing. The findings of this study provide the evidence of a hierarchical structure in the price competition, with different countervailing power by the resources of the hotels. Theoretical and managerial implications are discussed, with suggestions for future study.

• Asia pacific journal of information systems
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• 제20권3호
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• pp.33-49
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• 2010

We empirically examine the impact of online auction knowledge and category-specific knowledge on the final price of online auctions. Specifically, we question how the relationship between buying and selling experiences affects the final prices of online auctions. Related to the trust between buyers and sellers, we examine the multiple interactions between a buyer-seller pairand aim to identify how these repeated transactions influence the final price. To contrast these effects with other product related factors, we focus on so called 'common value' auctions of vintage stamps on eBay, in which the ex-post value of the product is the same among participating agents’ perceived value. Online auction of stamps provides a representative setting to examine the relationship between market experience and the auction participation behavior in the common value auction, as it provides the book value of stamp as well as price variation across individual buyers with different expertise levels. Our analysis of over 3000 stamps auctions on eBay indicates a significantly high frequency of buyer-seller (pair) interactions, thus suggesting a 'relationship view' of auctions. The work validates five hypotheses derived from the existing theory in economics, marketing, and information systems. Through the common-value auction data, we find that seller's online auction experience and category-specific experience favor sellers by increasing the final price. However, buyer's online auction experience does not affect the final price, but buyer's category-specific experience favors buyers by decreasing the final price. We find that the trust between two trading parties increases the final price.

• 유통과학연구
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• 제11권10호
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• pp.63-72
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• 2013

Purpose - This study analyzes the relationship and dynamic interactions between stock price index, interest rate, price index, and housing price indices using Korean monthly data from 2000 to 2013, based on a VAR model. This study also examines Granger causal relationships among these variables in order to determine whether the time series of one is useful in forecasting another, or to infer certain types of causal dependency between stochastic variables. Research design, data, and methodology - We used Korean monthly data for all variables from 2000: M1 to 2013: M3. First, we checked the correlations among different variables. Second, we conducted the Augmented Dickey-Fuller (ADF) test and the co-integration test using the VAR model. Third, we employed Granger Causality tests to quantify the causal effect from time series observations. Fourth, we used the impulse response function and variance decomposition based on the VAR model to examine the dynamic relationships among the variables. Results - First, stock price Granger affects interest rate and all housing price indices. Price index Granger, in turn, affects the stock price and six metropolitan housing price indices. However, none of the Granger variables affect the price index. Therefore, it is the stock markets (and not the housing market) that affects the housing prices. Second, the impulse response tests show that maximum influence on stock price is its own, and though it is influenced a little by interest rate, price index affects it negatively. One standard deviation (S.D.) shock to stock price increases the housing price by 0.08 units after two months, whereas an impulse shock to the interest rate negatively impacts the housing price. Third, the variance decomposition results report that the shock to the stock price accounts for 96% of the variation in the stock price, and the shock to the price index accounts for 2.8% after two periods. In contrast, the shock to the interest rate accounts for 80% of the variation in the interest rate after ten periods; the shock to the stock price accounts for 19% of the variation; however, shock to the price index does not affect the interest rate. The housing price index in 10 periods is explained up to 96.7% by itself, 2.62% by stock price, 0.68% by price index, and 0.04% by interest rate. Therefore, the housing market is explained most by its own variation, whereas the interest rate has little impact on housing price. Conclusions - The results of the study elucidate the relationship and dynamic interactions among stock price index, interest rate, price index, and housing price indices using VAR model. This study could help form the basis for more appropriate economic policies in the future. As the housing market is very important in Korean economy, any changes in house price affect the other markets, thereby resulting in a shock to the entire economy. Therefore, the analysis on the dynamic relationships between the housing market and economic variables will help with the decision making regarding the housing market policy.

• 마케팅과학연구
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• 제20권2호
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• pp.149-163
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• 2010

以前的研究已经表明零售价格促销改变消费者的购买行为以及零售商频繁的使用价格促销. 为了持续的从消费者身上获得利益, 零售商会采用几种价格促销方式. 例如, 零售商采用绝 对的降低价格($,€), 百分比价格, 或两种方法的结合(Della Bitta et al. 1981). 采用不同的价格促销类似于购买决定的形成(Monroe 1990). 框架效应是指一个问题两种在逻辑意义上相似的说法却导致了不同的决策判断(Frisch 1993). 因此, 如何陈述促销会影响消费者的交易评价并提高销售量. 事实上, 大量的营销研究已经证实了价格陈述对交易感知的影响(Lichtenstein and Bearden 1989; Urbany et al. 1988; Yadav and Monroe 1993). 从这个意义上说, 很多的营销研究已经论证了交易感知同样由消费者准确的计算折扣和最终价格的水平决定的(Estelami 2003a; Morwitz et al. 1998). 所以营销者能够通过提高计算的准确性来提高消费者对折扣的反应. 最后, 由于整体的计算误差导致低估了折扣(Kim and Kramer 2006), 消费者更容易在深度分析价格信息之后领会打折的报价,使他们能更准确地评估价格折扣. 本研究的目的是测试不同的折扣价格对消费者价格感知的影响. 更准确的来说, 本研究的目的是探索如何不同的执行相同的价格促销(语义和视觉凸显), 从而影响消费者对促销的感知和他们的购买决定. 我们的分析聚焦于价格陈述对评估, 购买意图和储蓄感知的影响. 为了验证提出的假设, 本文用实验性分析来分析几个折扣陈述. 从这个意义上来说, 我们采用一个2(数值显著陈述: 绝对和相对)x 2(语言显著陈述: 新颖的和传统的)x 2(视觉显著: 红色和蓝色)的设计来探索折扣陈述对三个因变量的影响: 评估, 购买意图和储蓄感知. 我们向受访者提供一个假设的广告, 受访者被告知报价的情况并需要对此评估. 一旦样本完成对广告的评估, 他们需要回答一份与价格显著和依赖纬度的问卷. 然后, 进行操作来确保受访者记得他们被对待的情况. 接着, 我们用一个2x2x2的多变量方差分析和随访单变量的测试来证实研究假设并检测单因子(价格显著)对评估, 购买意图和储蓄感知的影响. 结果表明, 语义和视觉显著的陈述对评估, 购买意图和储蓄感知有显著的主要影响和相互作用. 数值显著的作用显著影响评估和购买意图. 另外, 语言显著主要影响储蓄并作用与评估和购买意图. 最后, 视觉显著的相互作用对评估有显著影响. 本研究的结果的实践启示包括公司在计划基于用折扣来吸引消费者主义的促销时需要考虑. 因为价格陈述对消费者感知有重要的影响, 所以零售商应该考虑那种影响是想要的从而设计有效的折扣陈述. 特别是, 零售商应该用一种使得最终价格计算容易的传统方式来陈述折扣. 这是如此重要的调查方式使得营销者可以提高消费者心算的准确性来提高消费者对价格折扣的反应. 这个有关价格陈述对消费者反之和购买意图的影响的初步研究为未来的研究开启了方向.

• Asia pacific journal of information systems
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• 제24권3호
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• pp.393-415
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• 2014

This study examines the dynamics of trust and distrust at different price levels. We first note that trust and distrust are built with cognitive and affective foundations, and price is viewed as a financial burden or product quality information. Then, we relate price changes to trust and distrust, and hypothesize their interactions: price as a quality cue will positively moderate the cognitive dimension of trust, whereas price as financial burden will negatively moderate the affective dimensions of trust and distrust. We surveyed 263 online mall shoppers in Korea. Among our eight hypotheses, six are fully supported and two are partially supported. The result shows that price perception interacts with both the cognitive and affective dimensions of trust and distrust, but its specific impacts are distinguished by the price perceptions, whether it is financial burden or product quality information.

• 수산해양교육연구
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• 제28권1호
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• pp.198-210
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• 2016

This study firstly aims to estimate a leading-price of Jeju flounders with various price-classes by fish weight and secondly plans to provide policy implications of flounder purchase projects by understanding dynamic changes and interactions among flounder producer price-classes caused by price impulses in the market. This study applies an unit root test for stability of data, uses a Granger causality test to estimate the leading-price among producer prices by fish weight, employs the vector autoregressive model to analyze statistical impacts among t-1 variables used in models, and finally utilizes impulse response analyses and forecast error variance decomposition analyses to understand dynamic changes and interactions among change rates of the producer prices caused by price impulses in the market. The results of the study are as follows. Firstly, KPSS, PP, and ADF tests show that the change rate of Jeju flounder monthly producer prices by fish weight differentiated by logarithm is stable. Secondly, the Granger causality test presents that the change rate of the 1kg flounder producer price strongly leads it of 500g, 700g, and 2kg flounder producer prices respectively. Thirdly, the vector autoregressive model indicates that the change rate of the 1kg producer price in t-1 period statistically, significantly influences it of own weight in t period and also slightly affects price change rates of other weights in t period. Fourthly, the impulse response analysis indicates that impulse responses of structural shocks for the change rate of the 1kg producer price are relatively more powerful in its own weight and in other weights than shocks emanating from price change rates of other weights. Fifthly, the variance decomposition analysis points out that the change rate of the 1kg producer price is relatively more influential than it of 500g, 700g, and 2kg producer prices respectively. In conclusion, the change rate of the 1kg Jeju flounder producer price leads the change rates of other ones and Jeju purchase projects need to be targeted to the 1kg Jeju flounder producer price as the purchase project implemented in 2014.

• KDI Journal of Economic Policy
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• 제14권4호
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• pp.63-77
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• 1992

우리나라 주가변화(株價變化)의 절반 이상이 거시경제변수(巨視經濟變數)의 움직임에 의하여 설명되며, 특히 국제수지(國際收支) 및 산업생산(産業生産)의 움직임이 주가변화에 큰 영향을 미치는 것으로 나타나고 있다. 다른 한편으로는 주식시장(株式市場)이 상대적으로 안정적이었던 1985년까지의 기간중에는 주가변화(株價變化)가 설비투자의 움직임을 잘 설명하고 있음이 발견되었다. 반면에 주식시장이 규모면에서 크게 확대되고 주가(株價)의 변동폭이 컸던 1986년 이후의 기간중에는 설비투자(設備投資)와 주가변화(株價變化)간의 연계성이 거의 없는 것으로 나타나고 있다. 이러한 주가(株價)와 실물경제(實物經濟) 사이의 관계가 주는 정책적(政策的) 시사점(示唆點)은 단기적이고 직접적인 시장개입(市場介入)을 통한 주식시장 부양정책은 한계가 있으며 보다 근본적으로는 실물경제의 안정과 착실한 성장기조의 회복만이 증시안정(證市安定)에 기여할 수 있다는 것이다. 아울러 주식시장(株式市場)이 기업의 투자재원 조달창구로서의 역할을 효율적으로 수행하기 위해서는 주식시장의 안정(安定)이 선행되어야 한다는 것이다.

• Ocean and Polar Research
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• 제36권1호
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• pp.71-76
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• 2014

This study aims to analyze the market interactions among the main farmed fish species in Korea, using both multivariate and bivariate cointegration analysis. For the analysis of market interactions among farmed fish species, major four farmed fish species, olive flounder (Paralichthys olivaceus), black rockfish (Sebastes schlegeli), red seabream (Pagrus major), and grey mullet (Mugil cephalus) were selected as the analytical target species. And their real price data by month from January 2000 to December 2011 were used in the analysis. The results of the multivariate cointegration test for four farmed fish showed that there would be no long-term equilibrium relationships among farmed fish species, and consequently they do not share the same market. The results of bivariate cointegration test indicated that there was little evidence to suggest that all farmed fish species were cointegrated each other. However, it was only analyzed that olive flounder and grey mullet might have a long run equilibrium relationship.

• 한국시스템다이내믹스연구
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• 제1권2호
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• pp.149-174
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• 2000

In recent years, how to promore the Utilization of Internet is a main issue of national information policy. In this study, we focused our approach to find promoting sttategies for Internet utilization on three sector's users, governments, enterprises, and households. Promoting the Internet utilization of these three sector's users is a very difficult problem, because their information levels are different and information gap among them can be regarded as bottleneck. And since the interactions between user's demands and diverse information seccor's factors are very complex, policy leverages can not find easily. By the system dynamics methodology, this paper examines the interrelationships between three user's demand mechanism and information policy sector. Information policy sector consist of four sectors, infrastruccure policy seccor, application-contents sector, governance sector, and access and price policy sector (free access policy, literacy policy, telecommunication price policy, etc.). To find and investigate policy leverage that will help understanding dynamic behavior of users in using Internet we build a causal loop diagrams and SD models by using survey data obtained from three sectors'specialized users, 488 persons.