• Proceedings of the Korean Operations and Management Science Society Conference
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• 2006.11a
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• pp.437-452
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• 2006

Previous research on two-sided markets has, for the most part, concentrated on indirect network externalities between buyers and sellers. This paper considers direct competition effect among sellers and among buyers as well as indirect network externalities. We develop an analytic model of C2C e-marketplaces and examine whether a monopolistic incumbent could successfully deter new entry into its market. We find that the effect of the number of sellers or buyers on the price of goods depends on whether sellers have decided to sell the goods using an auction or fixed pricing rule and on the characteristics of the goods. We argue that when the effect of the number of sellers on the price of goods is significantly larger than that of buyers, there is a high possibility of entry. In particular, we show that entry becomes more difficult to deter as fixed-price format is adopted more frequently or the proportion of collectables is relatively low.

• Proceedings of the Korea Technology Innovation Society Conference
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• 2017.05a
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• pp.161-174
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• 2017

최근 들어 기술벤처기업에 대한 투자가 증가하고, 이를 위한 기술신용평가의 역할이 증대하였다. 그러나 금융권에서 바라보는 기술신용평가의 경우, 해당 기업의 신용등급이나 기술(력) 등급평가에 초점을 두어, 대상기술의 사업화 및 수익성 관점을 체계적으로 반영하지 못하는 한계를 지닌다. 따라서, 벤처캐피털(VC)이나 엔젤투자자를 비롯한 금융권에서 대상기술의 수익성 정보를 참조하거나 기술벤처기업 설립시 기술지분을 참고하는 등, 기존 기술이전거래 협상참조용이나 담보 보증용에 널리 이용되던 기술가치평가의 활용범위가 급격히 확대되고 있다. 제조 서비스 분야의 일반 기술 뿐만이 아니라, 바이오 제약 의료 분야 기술에서도 미래 투입되어야 하는 사업화 소요기간 및 비용을 고려하여 기술가치를 산정해야 할 때가 있다. 기존의 현금흐름할인법(DCF법)이 연속된 투자에 대한 고려를 못하거나 기술적용 제품의 상용화 투입비용에 대한 확률적인 속성을 반영하지 못하는 등 한계점을 지니고 있다. 그러나 기술과 투자의 가치는 기회가치로 보고 자원배분을 위한 의사결정 정보를 감안해야 하므로, 실물옵션의 개념을 적용하는 것이 바람직하다고 여겨진다. 흔히 기업가치를 평가할 때 주가의 변동성(volatility) 개념을 도입하여 전일종가 대비 익일시가의 분산값을 활용하기도 한다. 이러한 개념을 기술가치평가에 적용하기 위해서는 '주가의 연속성(상대적 미세한 변화)' 및 '양(+)의 조건'을 고려해야 하는데, 실제 기술가치평가 상의 현금흐름은 사업초기년도 음(-)의 값이 나타나거나 2~3년 내외의 짧은 수익예상기간 하에서는 주가와 같은 변동성을 도출하는데 무리가 있다. 따라서 많은 문헌에서 연구된 바와 같이, 실물옵션 기반의 기술가치 산정을 위한 블랙-숄즈 모형에서 변동성과 기초자산가치, 그리고 사업화비용 간의 관계를 살펴볼 필요가 있다. 아울러 옵션가격결정모형(Option Pricing Model)에서 불확실성을 반영한 기초자산의 현재가치와 사업화비용의 현재가치분이 특정 임계조건 하에서 '옵션행사 포기(NAT; no action taken)' 영역으로 구분되는 지를 수학적으로 도출하고 관찰변수(입력값)에 따른 옵션가치 산출표를 개발하여 제시한다.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.14 no.10
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• pp.4830-4836
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• 2013

This research was launched as an attempt to help create a new value-added product called "Green Jujube Chip." To accomplish the objectives, consumers value by attributes of Green Jujube Chip should be estimated. We used Choice Experiment for analysis, which we used to arrive at pricing of specialty jujube chips based on the conditional logit model. As a result, MWTP were estimated at 1333 Won/unit for Mid-size Company Product, 1752 Won/unit for Large Company Product, 1703 Won/unit for University Affiliation, 350 Won/unit for packing unit, 548 Won/unit for rating the raw fruit, 1,322 Won/unit for HACCP, and 1,166 Won/unit for ISO22000. The consumer's WTP for Green Juju Chip, associated with the university-brand recognition, was higher than a product produced by a mid-sized company but lower than a product by a large company. Given how the consumers regard the university-brand product as a specialty item, it is necessary to create value-added products that meet such high expectation. Therefore, we recommend the producers to acquire HACCP Food Safety Certification and the value-added product has used the highest quality raw fruit.

• 제어로봇시스템학회:학술대회논문집
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• 2005.06a
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• pp.158-163
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• 2005

Competitive electricity markets necessitate equitable methods for allocating transmission usage in order to set transmission usage charges and congestion charges in an unbiased and an open-accessed basis. So in competitive markets it is usually necessary to trace the contribution of each participant to line usage, congestion charges and transmission losses, and then to calculate charges based on these contributions. A UPFC offers flexible power system control, and has the powerful advantage of providing, simultaneously and independently, real-time control of voltage, impedance and phase angle, which are the basic power system parameters on which sys-tem performance depends. Therefore, UPFC can be used efficiently and flexibly to optimize line utilization and increase system capability and to enhance transmission stability and dampen system oscillations. In this paper, a mathematical approach to allocate the contributions of system users and UPFCs to transmission system usage is presented. The paper uses a dc-based load flow modeling of UPFC-inserted transmission lines in which the injection model of the UPFC is used. The relationships presented in the paper showed modified distribution factors that modeled impact of utilizing UPFCs on line flows and system usage. The derived relationships show how bus voltage angles are attributed to each of changes in generation, injections of UPFC, and changes in admittance matrix caused by inserting UPFCs in lines. The relationships derived are applied to two test systems. The results illustrate how transmission usage would be affected when UPFC is utilized. The relationships derived can be adopted for the purpose of allocating usage and payments to users of transmission network and owners of UPFCs used in the network. The relationships can be modified or extended for other control devices.

• The Journal of the Korea Contents Association
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• v.10 no.11
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• pp.304-317
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• 2010

The study was performed to measure structural relationship among service value, brand image, and royalty of patients in regional public hospitals in Korea. Based on the analysis, the study aims to establish strategic direction of the regional public hospitals. Through a review of related literatures, measurement variables were identified, and a path model was developed for the study. Five regional public hospitals were chosen, and questionnaire has been collected from 387 outpatients and 358 inpatients. The study found that service value has a positive direct effect on brand image, and brand image has a positive direct effect on loyalty. Based on the findings, it is desirable for the regional public hospitals should mange the issues with lower level of perception and those with bigger effect, and establish low pricing strategy with improving the quality of service they provide.

• Information Systems Review
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• v.9 no.3
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• pp.183-204
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• 2007

As the innovation of Information technology in the Public sector is in progress, the "Efficient adaptation and management of information system Act" (passed the National Assembly in December 30, 2005) was established to support the information system planning and development which are systematic and integrated in the enterprise view point. The public sector should adopt Information Technology Architecture into it's organization by the act. This paper reports on the issues, solutions and CSFs (Critical Success Factors) considering the adoption of ITA through the implementation for the case of the Korea Post. To adopt ITA program to the Public sector successfully, Korea Government should set the clear goals for IT A, set the standards for IT A project pricing, and collaborate with the system integration industry to make successful IT A program cases. The case study of Korea Post of MIC will be useful in developing and managing ITA programs for all agencies and organizations considering adoption of ITA.

• The Journal of Asian Finance, Economics and Business
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• v.4 no.3
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• pp.5-17
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• 2017

This study extends research into whether disclosure of corporate and financial information is associated with firms' costs of equity capital. This study sets out to examine empirically the determinants of corporate disclosure in the annual reports of 37 largest and most liquid firms listed on Kazakhstan Stock Exchange (KASE) in Kazakhstan. It also reports the results of the association between company-specific characteristics and disclosure of the sample companies. Based on the analysis of existing empirical research, the disclosure index has been constructed and regression analysis of the influence of the disclosure index on the cost of equity capital has been conducted. The obtained results show that the received findings correlate with foreign empirical studies, and the disclosure index in this sample has a negative impact on the cost of equity capital. Using cost of equity capital estimates derived from capital asset pricing model, we find that firms with higher levels of financial transparency are associated with significantly lower costs of equity capital. Economic theory assumes that by increasing the level of corporate reporting, firms not only increase their stock market liquidity, but also decrease the investors' estimation risk, arising from uncertainty about future returns and payout distributions. The results show that firms on the Kazakhstan market can reduce their cost of equity capital by increasing the level of their voluntary corporate disclosures.

• Korean journal of food and cookery science
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• v.23 no.1 s.97
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• pp.90-98
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• 2007

The purpose of this study was to apply the activity-based costing (ABC) model to restaurant menu costing. The overhead cast of six entr${\acute{e}}$es in XYZ restaurant was calculated for all levels of activity. When comparing activity-based costing with traditional costing applied to BBQ pork rib and an assorted seafood platter, the total difference of costs between two items was 2,191 won in activity-based costing and 600 won in traditional costing. The average food cast percentage of the six entr${\acute{e}}$es was 27% using traditional costing, while the average activity-based cost percentage was 40%. Therefore, there was a 13% difference between the actual margin volume and the expected margin volume. The application of activity-based costing to the restaurant industry would be a milestone from a cost point of view as well as from a process point of view. In particular, the limitation that traditional costing only accounts for food costs could be overcome b considering the overhead cost as an important part of the cast structure. Furthermore, activity-based costing would not only help to reduce the costs associated with the process of analyzing the activities but it would also provide more accurate cost information for menu pricing.

• Journal of Korea Society of Industrial Information Systems
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• v.19 no.2
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• pp.93-103
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• 2014

This paper establishes the empirical model based on Hall's(1990) and Basu' s(1996) models, estimates the five types of productivity in the medical service industry over the period 1975:1-2010:4, and analyzes the cyclicality of measured productivities and their correlations with the industrial real wage. The empirical results are summarized as the followings. First, there proved to be substantial market power in pricing and returns to scale in production for the medical service industry. Second, the three types of productivity among 5 types showed to be procyclical. Third, the average labor productivity, the original Solow residual, and the cost-based Solow residual are expected to provide reasonable indexes in analyzing the relationship between productivity and real wage.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.40 no.4
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• pp.29-37
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• 2017

This papers focuses on remanufacturing processes in a closed loop supply chain. The remanufacturing processes is considered as one of the effective strategies for enterprises' sustainability. For this reason, a lot of companies have attempted to apply remanufacturing related methods to their manufacturing processes. While many research studies focused on the return rate for remanufacturing parts as a control parameter, the relationship with demand certainties has been studied less comparatively. This paper considers a closed loop supply chain environment with remanufacturing processes, where highly fluctuating demands are embedded. While other research studies capture uncertainties using probability theories, highly fluctuating demands are modeled using a fuzzy logic based ambiguity based modeling framework. The previous studies on the remanufacturing have been limited in solving the actual supply chain management situation and issues by analyzing the various situations and variables constituting the supply chain model in a linear relationship. In order to overcome these limitations, this papers considers that the relationship between price and demand is nonlinear. In order to interpret the relationship between demand and price, a new price elasticity of demand is modeled using a fuzzy based nonlinear function and analyzed. This papers contributes to setup and to provide an effective price strategy reflecting highly demand uncertainties in the closed loop supply chain management with remanufacturing processes. Also, this papers present various procedures and analytical methods for constructing accurate parameter and membership functions that deal with extended uncertainty through fuzzy logic system based modeling rather than existing probability distribution based uncertainty modeling.