• Journal of the Korean Operations Research and Management Science Society
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• v.9 no.2
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• pp.9-14
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• 1984

The competitive bidding model with the reserve price has been studied by Riley and Samuelson. We extend their studies to the competitive model with the reserve price and the entry fee. First we present the bidder's optimal strategy, the winner's expected profit, the auctioner's expected revenue in the first-price sealed bidding model, and next those in the second-price sealed bidding model.

• Journal of the Korean Institute of Educational Facilities
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• v.21 no.3
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• pp.29-36
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• 2014

Properties of school foundation are divided into fundamental property for education and fundamental property for profit. As school sites and teachers used for educational and study activities of students, fundamental property for education includes practice sites, farms and support research attached facilities in addition to school facilities. According to the Clause 1 of Article 4 of the University Foundation and Management Regulation and the Attached Table 2 of the Same Regulation, dormitory is classified as property for education(non-profit). In other words, there is no need to create profit for dormitory management. It is supposed that there are little regional differences in construction cost of dormitory with general specifications. In this case, boarding fees of university dormitories should make no difference. This study analyzed boarding fees, depending on regional factors(Seoul, Gyeonggi-do, metropolitan cities and provinces), and depending on foundation subjects(national public university and private university), classes(four-year university and college) and principal schools-branch schools. The result of One-Way ANOVA showed that Seoul showed the highest average boarding fee and it was followed by Gyeonggi-do, metropolitan cities and provinces. Also, the average boarding fees of private universities and four-year universities were higher than national public universities and than colleges, respectively. In addition, branch school's boarding fee was higher than principal school's. Additionally, this study extracted a model using the hedonic model to see how various characteristics such as region, foundation subject and class influence the boarding fee. This study would serve as fundamental research on the boarding fee. Thus far, there have been difficulties in obtaining accurate data and analyzing boarding fees, since there is no open data about dormitories and it isn't mandatory to open it, but it is anticipated that this would be used as fundamental research for estimating and analyzing boarding fees of many universities in the future.

• 사회경제평론
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• v.31 no.2
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• pp.105-126
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• 2018

In this paper, I makes some critical comments on the temporal single-system interpretation (TSSI) of Marxian value theory. The first concerns the claim that the Fundamental Marxian Theorem (FMT) holds within the TSSI under completely general conditions. Based on the idea that the nominal profit does not well fit the FMT, the TSSI proponents suggest that more relevant for proving the TSSI FMT is the real profit, defined by deflating the output prices. In contrast, I propose a more general approach where three possible concepts of profit are all considered, in which case the result is that whether the FMT holds within the TSSI is indeterminate. Second, the refutation of the Okishio theorem presented in Kliman (1996) is critically examined, focusing on the criticism raised in the literature that the Kliman model ignores the cost-reduction criterion as for the technical change and therefore cannot be considered as an internal refutation of the Okishio theorem. Drawing upon the criticism, I explicitly incorporate the cost-reduction criterion into the Kliman model and show that the continuous labor-saving technical change of the Kliman model is not necessarily cost-reducing and under certain conditions is cost-neutral or cost-raising.

• Journal of Preventive Medicine and Public Health
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• v.31 no.3 s.62
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• pp.490-502
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• 1998

This study purports to find the predictor of hospital bankruptcy in Korea and to examine the predictive power of the discriminant function model of hospital bankruptcy. Data on 17 financial and 4 non-financial indicators of 31 bankrupt and 31 profitable hospitals of 1, 2, and 3 years before bankruptcy were obtained from the hospital performance databank of Korea Institute of Health Services Management. Significant variables were identified through mean comparison of each indicator between bankrupt and profitable hospitals, and the discriminant function model of hospital bankruptcy was developed. The major findings are as follows 1. As for profitability indicators, net worth to total assets, operating profit to total capital, operating profit ratio to gross revenues, normal profit to total assets, normal profit to gross revenues, net profit to total assets were significantly different in mean comparison test in 1, 2, and 3 years before hospital bankruptcy. With regard to liquidity indicators, current ratio and quick ratio were significant in 1 year before bankruptcy. For activity indicators, patients receivable turnover was significant in 2 and 3 years before bankruptcy and added value per adjusted inpatient days was significant in 3 years before bankruptcy. 2. The discriminant function in 1, 2, and 3 years before bankruptcy were; $Z=-0.0166{\times}quick$ ratio-$0.1356{\times}normal$ profit to total assets-$1.545{\times}total$ assets turnrounds in 1 year before bankruptcy, $Z=-0.0119{\times}quick$ ratio-$0.1433{\times}operating$ profit to total assets-$0.0227{\times}value$ added to total assets in 2 years before bankruptcy, and $Z=-0.3533{\times}net$ profit to total assets-$0.1336{\times}patients$ receivables turn-rounds-$0.04301{\times}added$ value per adjusted $patient+0.00119{\times}average$ daily inpatient census in 3 years before bankruptcy. 3. The discriminant function's discriminant power in 1, 2, and 3 years before bankruptcy was 77.42, 79.03, 82.25% respectively.

• Journal of the military operations research society of Korea
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• v.7 no.1
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• pp.53-80
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• 1981

This paper explores a rational investment decision model in sequential capital allocation process under capital rationing. A method is proposed for measuring the new investment decision factor which is the flexibility that describes the future availability of invested funds. This flexibility is important in sequential decision process. Also presented is a multiobjective (MO) decision model into which flexibility is incorporated with the profit and risk factors. The effectiveness of this criterion is compared with the expected present value and the mean-semivariance criteria through a simulation model.

• Journal of the Korean Operations Research and Management Science Society
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• v.39 no.3
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• pp.23-40
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• 2014

This paper measures the operational efficiency of domestic online game companies and analyze its trends and patterns by using data envelopment analysis (DEA). DEA is a non-parametric approach to measuring the relative efficiency of decision-making units (DMUs) with multiple inputs and outputs. 14 online game companies are selected as DMUs and three inputs (number of employees, capital and asset) and three outputs (sales, operating profit and net profit) are selected as DEA variables. First, the output-oriented BCC model and super-efficiency model are employed to measure the static operational efficiency of the online game companies from 2003 to 2012. We also conduct the dynamic analysis with DEA window model to capture the trends of their operational efficiency influenced by internal and external environmental changes. The results are expected to provide fruitful implications for strategic decision making of online game companies and policy making for the online game industry.

• Journal of the Korean Operations Research and Management Science Society
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• v.37 no.1
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• pp.1-18
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• 2012

The present study provides some extensions over a recent work in Won (2011) which investigates properties of the static newsvendor problem under a schedule involving progressive multiple discounts under the assumption that demand is given exogenously. Khouja (1995, 1996) formulated the extended versions over the classical newsvendor model with various discount policies including all-units discount and/or multiple discounts and found that the extended newsvendor models with discount schedules yield higher optimal expected profits than the classical newsvendor model with no-discounts. In this study, we establish a robust conjecture as a stronger statement than Khouja's findings with regard to the general relationship among the expected profits of newsvendor models in the sense that the conjecture holds for every order quantity as well as the optimal order quantity. The conjecture encourages the newsvendor facing quantity discounts to safely implement her own discounts policy to customer or accept quantity discounts offered by the supplier even if the optimal order quantity cannot be ordered due to additional restrictions such as budget or warehouse capacity constraints because the newsvendor models with quantity discounts always yield higher expected profit than the classic newsvendor model without quantity discounts regardless of the order quantity. Results from wide experiments with various probability distributions of demand strongly support our conjecture.

• Asia-Pacific Journal of Business
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• v.11 no.2
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• pp.27-43
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• 2020

Purpose - This study explores the impact of the real estate industry on related industries for the perspective of Chinese steel companies. Design/methodology/approach - The impact of housing prices on the 41 listed steel companies' performance was analyzed by using the panel data model. We used two kinds of housing price indexes that are set in the panel data models to estimate the range of the real estate market, driving the performance growth of steel listed companies. Moreover, the net profit of steel companies is used as the dependent variable. To test the stability of the model, ROA used as a dependent variable for the robustness test. Also, to avoid the time trend of housing prices, this paper selects the growth rate of housing prices as the primary research variable. After Fisher-type testings, there is no unit root problem in both independent and dependent variables. Findings - The results indicated that the rise in the housing price has a positive influence on the steel company performance. When the housing price increases by 1%, the net profit of steel enterprises will increase by 5 to 20 million yuan. Research implications or Originality - In this paper, empirical data at the micro-level and panel model are used to quantify China's real estate industry's driving effect on the iron and steel industry, providing evidence from the microdata level. It helps us to understand further the status and role of China's real estate industry in the economic structure.

• Asia-Pacific Journal of Business
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• v.11 no.3
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• pp.185-198
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• 2020

Purpose - The purpose of this study is to examine the effect of performance-related pay on gender labor productivity differences theoretically and empirically. Design/methodology/approach - This study analyzes the Principal-Agent model in which a firm employes many male and female workers under moral hazard, and uses large survey data from Survey of Business Activities of MDIS (MicroData Integrated Service) in Korea. The fixed-effect model is employed in order to analyze the data. Findings - The theoretical result is that, after performance-related pay is offered to workers, the effect of performance-related pay on gender productivity is determined by whether the female ratio within firm affects firm's performance(such as revenue and profit) per capita. The empirical result is that, before performance-related pay is provided for all workers, the firm's female ratio does not affect firm's revenue and profit per capita at all, but after it is offered, the female ratio positively affects firm's performance per capita. Research implications or Originality - Fixed pay does not bring about the difference between male and female productivity, but performance-related pay affects female productivity more positively than male productivity in Korean firms. It means that female workers are more sensitive to incentives than men in Korea.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.47 no.1
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• pp.1-8
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• 2024

This study analyzed the impact of Higher-order resources on profit sustainability for domestic companies using a mathematical statistical model. Higher-order resources refer to resources that do not directly affect profits but influence other resources that directly contribute to profits. As a result of analysis using 30 years of actual data from more than 650 domestic companies, the average duration of competitive advantage including high-order resources was found to be about twice as long as the period suggested by the autoregressive model excluding high-order resources. Through this, if companies want to earn more profits over a long period of time than their competitors, they must not only possess resources that are more valuable, rare, difficult to imitate, and non-substitutable compared to their competitors, but also that higher-order resources can contribute to changes in these resources over time. It was confirmed that it must lead the long-term profit difference. High-level resources include strategic planning, mergers and acquisitions (M&A) capabilities, and good forecasting.