• Review of Culture and Economy
• /
• v.21 no.1
• /
• pp.85-104
• /
• 2018

The studies related to the price of artworks have focused on how factors that are determined on production level, such as artists and the artwork materials of the studies, affect the artwork prices. As 'Dansekhwa' is in the spotlight within local Korean art auction matket, this study would like to analyze the trend of the price changes of 'Dansekhwa' with its growing popularity among the public. We have estimated the price changes based on 4,199 auction data of 20 artists with top 20 auction prices selected by the Korean Art Price Appraisal Association, between 2005 and 2016. Also, in order to compare and analyze the price changes of the 'Dansekhwa' products, we have classified the 20 artists into groups of Dansekhwa and non-Dansekhwa. Starting from 2013, when Dansekhwa has first appeared, we applied the Difference in the Difference model(DiD) to estimate the result. As a result, the difference between two groups showed 71% of price difference due to the increase in popularity of Dansekhwa. This result proves that recognition level has an important role for increase in price of an artwork. Moreover, the fact that the formalized style of Dansekhwa has linked to the appreciation of the price means that production of information could play an essential role in growth of art market. As recognition level of Korean artists and their artworks is considerably low within the local art market, putting in the effort to increase the popularity of artworks among the public might be a helpful way to magnify the potential demand.

• Journal of Animal Science and Technology
• /
• v.66 no.4
• /
• pp.834-845
• /
• 2024

Currently, in pork auctions in Korea, only carcass weight and backfat thickness provide information on meat quantity, while the production volume of primal cuts and fat contents remains largely unknown. This study aims to predict the production of primal cuts in pigs and investigate how these carcass traits affect pricing. Using the VCS2000, the production of shoulder blade, loin, belly, shoulder picnic, and ham was measured for gilts (17,257 pigs) and barrows (16,365 pigs) of LYD (Landrace × Yorkshire × Duroc) pigs. Single and multiple regression analysis were conducted to analyze the relationship between the primal cuts and carcass weight. The study also examined the correlation between each primal cut, backfat thickness (1st thoracic vertebra backfat thickness, grading backfat thickness, and Multi-brached muscle middle backfat thickness), pork belly fat percentage, total fat yield, and auction price. A multiple regression analysis was conducted between the carcass traits that showed a high correlation and the auction price. After conducting a single regression analysis on the primal cuts of gilt and barrow, all coefficients of determination (R²) were 0.77 or higher. In the multiple regression analysis, the R² value was 0.98 or higher. The correlation coefficient between the carcass weights and the auction price exceeded 0.70, while the correlation coefficients between the primal cuts and the auction prices were above 0.65. In terms of fat content, the backfat thickness of gilt exhibited a correlation coefficient of 0.70, and all other items had a correlation coefficient of 0.47 or higher. The correlation coefficients between the Forequarter, Middle, and Hindquarter and the auction price were 0.62 or higher. The R² values of the multiple regression analysis between carcass traits and auction price were 0.5 or higher for gilts and 0.4 or higher for barrows. The regression equations between carcass weight and primal cuts derived in this study exhibited high determination coefficients, suggesting that they could serve as reliable means to predict primal cut production from pig carcasses. Elucidating the correlation between primal cuts, fat contents and auction prices can provide economic indicators for pork and assist in guiding the direction of pig farming.

• KIISE Transactions on Computing Practices
• /
• v.22 no.12
• /
• pp.646-653
• /
• 2016

Outbound market is a rapidly growing global industry, and has evolved into a 11 trillion won trade. A lot of recommender systems, which are based on collaborative and content filtering, target the existing purchase log or rely on studies based on similarity of products. These researches are not highly efficient as data was not obtained in advance, and acquiring the overwhelming amount of data has been relatively slow. The characteristics of an outbound product are that it should be purchased at least twice in a year, and its pricing should be in the higher category. Since the repetitive purchase of a product is rare for the outbound market, the old recommender system which profiles the existing customers is lacking, and has some limitations. Therefore, due to the scarcity of data, we suggest an improved customer-profiling method using web usage mining, algorithm of association rule, and rule-based algorithm, for faster recommender system of outbound product.

• KIPS Transactions on Software and Data Engineering
• /
• v.12 no.9
• /
• pp.419-430
• /
• 2023

Currently, NFTs have no dominant application except for the proof of ownership for digital content, and it also have small liquidity problem, which makes their price difficult to predict. Real estate usually has very high barriers to investment due to its high pricing. Real estate can be converted into NFTs and also divided into small value fungible tokens (FTs), and it can increase the the volume of the investor community due to more liquidity and better accessibility. In this document, we implement and design a system that allows ordinary users can invest on high priced real estate utilizing Black Litterman (BL) model-based Portfolio investment interface. To this end, we target a set of real estates pegged as collateral and issue NFT for the collateral using blockchain. We use oracle to get the current real estate information and to monitor varying real estate prices. After tokenizing real estate into NFTs, we divide the NFTs into easily accessible price FTs, thereby, we can lower prices and provide large liquidity with price volatility limited. In addition, we also implemented BL based asset portfolio interface for effective portfolio composition for investing in multiple of real estates with small investments. Using BL model, investors can fix the asset portfolio. We implemented the whole system using Solidity smart contracts on Flask web framework with public data portals as oracle interfaces.

• Journal of Intelligence and Information Systems
• /
• v.22 no.3
• /
• pp.165-183
• /
• 2016

Over the past decade, there has been a rapid diffusion of technological devices and a rising number of various devices, resulting in an escalation of virtual reality technology. Technological market has rapidly been changed from smartphone to wearable devices based on virtual reality. Virtual reality can make users feel real situation through sensing interaction, voice, motion capture and so on. Facebook.com, Google, Samsung, LG, Sony and so on have investigated developing platform of virtual reality. the pricing of virtual reality devices also had decreased into 30% from their launched period. Thus market infrastructure in virtual reality have rapidly been developed to crease marketplace. However, most consumers recognize that virtual reality is not ease to purchase or use. That could not lead consumers to positive attitude for devices and purchase the related devices in the early market. Through previous studies related to virtual reality, there are few studies focusing on why the devices for virtual reality stayed in early stage in adoption & diffusion context in the market. Almost previous studies considered the reasons of hard adoption for innovative products in the viewpoints of Typology of Innovation Resistance, MIR(Management of Innovation Resistant), UTAUT & UTAUT2. However, product-based antecedents also important to increase user intention to purchase and use products in the technological market. In this study, we focus on user acceptance and resistance for increasing purchase and usage promotions of wearable devices related to virtual reality based on headgear products like Galaxy Gear. Especially, we added a variables like attitude confidence as a dimension for user resistance. The research questions of this study are follows. First, how attitude confidence and innovativeness resistance affect user intention to use? Second, What factors related to content and brand contexts can affect user intention to use? This research collected data from the participants who have experiences using virtual rality headgears aged between 20s to 50s located in South Korea. In order to collect data, this study used a pilot test and through making face-to-face interviews on three specialists, face validity and content validity were evaluated for the questionnaire validity. Cleansing the data, we dropped some outliers and data of irrelevant papers. Totally, 156 responses were used for testing the suggested hypotheses. Through collecting data, demographics and the relationships among variables were analyzed through conducting structural equation modeling by PLS. The data showed that the sex of respondents who have experience using social commerce sites (male=86(55.1%), female=70(44.9%). The ages of respondents are mostly from 20s (74.4%) to 30s (16.7%). 126 respondents (80.8%) have used virtual reality devices. The results of our model estimation are as follows. With the exception of Hypothesis 1 and 7, which deals with the two relationships between brand awareness to attitude confidence, and quality of content to perceived enjoyment, all of our hypotheses were supported. In compliance with our hypotheses, perceived ease of use (H2) and use innovativeness (H3) were supported with its positively influence for the attitude confidence. This finding indicates that the more ease of use and innovativeness for devices increased, the more users' attitude confidence increased. Perceived price (H4), enjoyment (H5), Quantity of contents (H6) significantly increase user resistance. However, perceived price positively affect user innovativeness resistance meanwhile perceived enjoyment and quantity of contents negatively affect user innovativeness resistance. In addition, aesthetic exterior (H6) was also positively associated with perceived price (p<0.01). Also projection quality (H8) can increase perceived enjoyment (p<0.05). Finally, attitude confidence (H10) increased user intention to use virtual reality devices. however user resistance (H11) negatively affect user intention to use virtual reality devices. The findings of this study show that attitude confidence and user innovativeness resistance differently influence customer intention for using virtual reality devices. There are two distinct characteristic of attitude confidence: perceived ease of use and user innovativeness. This study identified the antecedents of different roles of perceived price (aesthetic exterior) and perceived enjoyment (quality of contents & projection quality). The findings indicated that brand awareness and quality of contents for virtual reality is not formed within virtual reality market yet. Therefore, firms should developed brand awareness for their product in the virtual market to increase market share.

• KOREAN JOURNAL OF CROP SCIENCE
• /
• v.47
• /
• pp.63-94
• /
• 2002

On the purpose to suggest an advanced scheme in assessing the domestic wheat quality, this paper reviewed the inspection systems of wheat in major wheat producing countries as well as the quality criteria which are being used in wheat grading and classification. Most wheat producing countries are adopting both classifications of class and grade to provide an objective evaluation and an official certification to their wheat. There are two main purposes in the wheat classification. The first objectives of classification is to match the wheat with market requirements to maximize market opportunities and returns to growers. The second is to ensure that payments to glowers aye made on the basis of the quality and condition of the grain delivered. Wheat classes has been assigned based on the combination of cultivation area, seed-coat color, kernel and varietal characteristics that are distinctive. Most reputable wheat marketers also employ a similar approach, whereby varieties of a particular type are grouped together, designed by seed coat colour, grain hardness, physical dough properties, and sometimes more precise specification such as starch quality, all of which are genetically inherited characteristics. This classification in simplistic terms is the categorization of a wheat variety into a commercial type or style of wheat that is recognizable for its end use capabilities. All varieties registered in a class are required to have a similar end-use performance that the shipment be consistent in processing quality, cargo to cargo and year to year, Grain inspectors have historically determined wheat classes according to visual kernel characteristics associated with traditional wheat varieties. As well, any new wheat variety must not conflict with the visual distinguishability rule that is used to separate wheats of different classes. Some varieties may possess characteristics of two or more classes. Therefore, knowledge of distinct varietal characteristics is necessary in making class determinations. The grading system sets maximum tolerance levels for a range of characteristics that ensure functionality and freedom from deleterious factors. Tests for the grading of wheat include such factors as plumpness, soundness, cleanliness, purity of type and general condition. Plumpness is measured by test weight. Soundness is indicated by the absence or presence of musty, sour or commercially objectionable foreign odors and by the percentage of damaged kernels that ave present in the wheat. Cleanliness is measured by determining the presence of foreign material after dockage has been removed. Purity of class is measured by classification of wheats in the test sample and by limitation for admixtures of different classes of wheat. Moisture does not influence the numerical grade. However, it is determined on all shipments and reported on the official certificate. U.S. wheat is divided into eight classes based on color, kernel Hardness and varietal characteristics. The classes are Durum, Hard Red Spring, Hard Red Winter, Soft Red Winter, Hard White, soft White, Unclassed and Mixed. Among them, Hard Red Spring wheat, Durum wheat, and Soft White wheat are further divided into three subclasses, respectively. Each class or subclass is divided into five U.S. numerical grades and U.S. Sample grade. Special grades are provided to emphasize special qualities or conditions affecting the value of wheat and are added to and made a part of the grade designation. Canadian wheat is also divided into fourteen classes based on cultivation area, color, kernel hardness and varietal characteristics. The classes have 2-5 numerical grades, a feed grade and sample grades depending on class and grading tolerance. The Canadian grading system is based mainly on visual evaluation, and it works based on the kernel visual distinguishability concept. The Australian wheat is classified based on geographical and quality differentiation. The wheat grown in Australia is predominantly white grained. There are commonly up to 20 different segregations of wheat in a given season. Each variety grown is assigned a category and a growing areas. The state governments in Australia, in cooperation with the Australian Wheat Board(AWB), issue receival standards and dockage schedules annually that list grade specifications and tolerances for Australian wheat. AWB is managing "Golden Rewards" which is designed to provide pricing accuracy and market signals for Australia's grain growers. Continuous payment scales for protein content from 6 to 16% and screenings levels from 0 to 10% based on varietal classification are presented by the Golden Rewards, and the active payment scales and prices can change with market movements.movements.

• Journal of Distribution Research
• /
• v.15 no.3
• /
• pp.111-137
• /
• 2010

The basic purpose of this study is to investigate perceived quality and service personal value affecting the result of long-term relationship between service buyers and suppliers. This research presented a constructive model(perceived quality affecting the service personal value and the moderate effect of NFC) in the on off line and then propose the research model base on prior researches and studies about relationships among components of service. Data were gathered from respondents who visit at the education service market. For this study, Data were analyzed by AMOS 7.0. We integrate the literature on services marketing with researches on personal values and perceived quality. The SERPVAL scale presented here allows for the creation of a common ground for assessing service personal values, giving a clear understanding of the key value dimensions behind service choice and usage. It will lead to a focus of future research in services marketing, extending knowledge in the field and stimulating further empirical research on service personal values. At the managerial level, as a tool the SERPVAL scale should allow practitioners to evaluate and improve the value of a service, and consequently, to define strategies and actions to address services for customers based on their fundamental personal values. Through qualitative and empirical research, we find that the service quality construct conforms to the structure of a second-order factor model that ties service quality perceptions to distinct and actionable dimensions: outcome, interaction, and environmental quality. In turn, each has two subdimensions that define the basis of service quality perceptions. The authors further suggest that for each of these subdimensions to contribute to improved service quality perceptions, the quality received by consumers must be perceived to be reliable, responsive, and empathetic. Although the service personal value may be found in researches that explore individual values and their consequences for consumer behavior, there is no established operationalization of a SERPVAL scale. The inexistence of an established scale, duly adapted in order to understand and analyze personal values behind services usage, exposes the need of a measurement scale with such a purpose. This need has to be rooted, however, in a conceptualization of the construct being scaled. Service personal values can be defined as a customer's overall assessment of the use of a service based on the perception of what is achieved in terms of his own personal values. As consumer behaviors serve to show an individual's values, the use of a service can also be a way to fulfill and demonstrate consumers'personal values. In this sense, a service can provide more to the customer than its concrete and abstract attributes at both the attribute and the quality levels, and more than its functional consequences at the value level. Both values and services literatures agree, that personal value is the highest-level concept, followed by instrumental values, attitudes and finally by product attributes. Purchasing behaviors are agreed to be the end result of these concepts' interaction, with personal values taking a major role in the final decision process. From both consumers' and practitioners' perspectives, values are extremely relevant, as they are desirable goals that serve as guiding principles in people's lives. While building on previous research, we propose to assess service personal values through three broad groups of individual dimensions; at the self-oriented level, we use (1) service value to peaceful life (SVPL) and, at the social-oriented level, we use (2) service value to social recognition (SVSR), and (3) service value to social integration (SVSI). Service value to peaceful life is our first dimension. This dimension emerged as a combination of values coming from the RVS scale, a scale built specifically to assess general individual values. If a service promotes a pleasurable life, brings or improves tranquility, safety and harmony, then its user recognizes the value of this service. Generally, this service can improve the user's pleasure of life, since it protects or defends the consumer from threats to life or pressures on it. While building upon both the LOV scale, a scale built specifically to assess consumer values, and the RVS scale for individual values, we develop the other two dimensions: SVSR and SVSI. The roles of social recognition and social integration to improve service personal value have been seriously neglected. Social recognition derives its outcome utility from its predictive utility. When applying this underlying belief to our second dimension, SVSR, we assume that people use a service while taking into consideration the content of what is delivered. Individuals consider whether the service aids in gaining respect from others, social recognition and status, as well as whether it allows achieving a more fulfilled and stimulating life, which might then be revealed to others. People also tend to engage in behavior that receives social recognition and to avoid behavior that leads to social disapproval, and this contributes to an individual's social integration. This leads us to the third dimension, SVSI, which is based on the fact that if the consumer perceives that a service strengthens friendships, provides the possibility of becoming more integrated in the group, or promotes better relationships at the social, professional or family levels, then the service will contribute to social integration, and naturally the individual will recognize personal value in the service. Most of the research in business values deals with individual values. However, to our knowledge, no study has dealt with assessing overall personal values as well as their dimensions in a service context. Our final results show that the scales adapted from the Schwartz list were excluded. A possible explanation is that although Schwartz builds on Rokeach work in order to explore individual values, its dimensions might be especially focused on analyzing societal values. As we are looking for individual dimensions, this might explain why the values inspired by the Schwartz list were excluded from the model. The hierarchical structure of the final scale presented in this paper also presents theoretical implications. Although we cannot claim to definitively capture the dimensions of service personal values, we believe that we come close to capturing these overall evaluations because the second-order factor extracts the underlying commonality among dimensions. In addition to obtaining respondents' evaluations of the dimensions, the second-order factor model captures the common variance among these dimensions, reflecting the respondents' overall assessment of service personal values. Towards this fact, we expect that the service personal values conceptualization and measurement scale presented here contributes to both business values literature and the service marketing field, allowing for the delineation of strategies for adding value to services. This new scale also presents managerial implications. The SERPVAL dimensions give some guidance on how to better pursue a highly service-oriented business strategy. Indeed, the SERPVAL scale can be used for benchmarking purposes, as this scale can be used to identify whether or not a firms' marketing strategies are consistent with consumers' expectations. Managerial assessment of the personal values of a service might be extremely important because it allows managers to better understand what customers want or value. Thus, this scale allows us to identify what services are really valuable to the final consumer; providing knowledge for making choices regarding which services to include. Traditional approaches have focused their attention on service attributes (as quality) and service consequences(as service value), but personal values may be an important set of variables to be considered in understanding what attracts consumers to a certain service. By using the SERPVAL scale to assess the personal values associated with a services usage, managers may better understand the reasons behind services' usage, so that they may handle them more efficiently. While testing nomological validity, our empirical findings demonstrate that the three SERPVAL dimensions are positively and significantly associated with satisfaction. Additionally, while service value to social integration is related only with loyalty, service value to peaceful life is associated with both loyalty and repurchase intent. It is also interesting and surprising that service value to social recognition appears not to be significantly linked with loyalty and repurchase intent. A possible explanation is that no mobile service provider has yet emerged in the market as a luxury provider. All of the Portuguese providers are still trying to capture market share by means of low-end pricing. This research has implications for consumers as well. As more companies seek to build relationships with their customers, consumers are easily able to examine whether these relationships provide real value or not to their own lives. The selection of a strategy for a particular service depends on its customers' personal values. Being highly customer-oriented means having a strong commitment to customers, trying to create customer value and understanding customer needs. Enhancing service distinctiveness in order to provide a peaceful life, increase social recognition and gain a better social integration are all possible strategies that companies may pursue, but the one to pursue depends on the outstanding personal values held by the service customers. Data were gathered from 284 respondents in the korean discount store and online shopping mall market. This research proposed 3 hypotheses on 6 latent variables and tested through structural equation modeling. 6 alternative measurements were compared through statistical significance test of the 6 paths of research model and the overall fitting level of structural equation model. and the result was successful. and Perceived quality more positively influences service personal value when NFC is high than when no NFC is low in the off-line market. The results of the study indicate that service quality is properly modeled as an antecedent of service personal value. We consider the research and managerial implications of the study and its limitations. In sum, by knowing the dimensions a consumer takes into account when choosing a service, a better understanding of purchasing behaviors may be realized, guiding managers toward customers expectations. By defining strategies and actions that address potential problems with the service personal values, managers might ultimately influence their firm's performance. we expect to contribute to both business values and service marketing literatures through the development of the service personal value. At a time when marketing researchers are challenged to provide research with practical implications, it is also believed that this framework may be used by managers to pursue service-oriented business strategies while taking into consideration what customers value.