• Environmental and Resource Economics Review
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• v.29 no.2
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• pp.219-246
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• 2020

From the Phase II (2018~2020) of K-ETS, the offset credit from 'CDM projects that domestic companies and others have carried out in foreign countries' can be used in the K-ETS. As a result, stakeholders in the K-ETS market are actively developing overseas CDM projects, such as the 'high-efficiency cook stove project'. which can secure a large amount of credits while marginal cost is relatively low. This paper develops the investment decision-making model of offset project for the 'high-efficiency cook stove project' using the real option approach. Under the uncertainty of the emission allowance price, the optimal investment threshold (p^⁎) is derived and sensitivity analysis is conducted. As a result, in the standard scenario (PoA-S), the optimal investment threshold is 29,054won/ton, which is lower than the stock price (p^⁎_spot). However, allocation entities are not only economics in the CDM project, but also CDM risk factors such as non-renewable biomass ratio, cook stove replacement ratio, equity ratio with host country, investment period and submission limitation of emission allowance. In addition, offset project developers will be able to derive the optimal investment threshold for each business stage and use it for economic feasibility checks.

• Environmental and Resource Economics Review
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• v.27 no.4
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• pp.613-637
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• 2018

Fuel cell power plant which has advantages as a distributed generation is influenced by high cost of investment and uncertainty of electricity price. This study suggests the model of real options which considers the irreversibility of investment in the fuel cell plant and the uncertainty of electricity price. Most models of real options assume the geometric Brownian motion for convenience, but this study develops the model for the feasibility analysis considering the mean reverting process of electricity price, with the closed form solution on the value of investment option. The result of the empirical analysis considering the data related to the fuel cell generation with the scale of 20MW and the domestic RPS circumstance represents that the investment is feasible without the uncertainty, and is not feasible with the uncertainty. This result implies that the political support as well as the improvement of profit system including revenue and cost are necessary for the activation of the fuel cell power plant.

• 한국경영정보학회:학술대회논문집
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• 2008.06a
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• pp.454-471
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• 2008

This study suggests the dynamic pricing model which reveals the organic relationship between ASP (Application Service Provider) price and the related factors, using system dynamics methodology. Basically, we applied the law of supply and demand for analyzing price changes. Then, we deducted ASP price, focusing on fixed cost and variable cost. We also researched the customer's buying behavior according to version differentiation policy. In the version policy, we set up the proposition about customer's satisfaction and willingness-to-pay, using option system. As a result, this research designed the simulation model which analyzes the changes of the sales according to version differentiations and customer's willingness-to-pay. Through this research, we can find effective version differentiation strategies. This paper also found that the larger the number of package, the greater the demand and customer's willingness-to-pay. The increase of the number of package causes the increase of the sales. The increase of the sale is not exactly relative to the number of package. Drawing S-curve, the sales was increased. This dynamic pricing model suggests the ground that the ASP price changes based on the existing version differentiation theory and the demand of customers can affect the changes of the sales. We expect that this model suggests a clear standard of ASP pricing by combining real cases.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.44 no.1
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• pp.1-8
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• 2021

As a nation experiencing rapid economic growth, South Korea and its government have made a continuous effort toward efficient research investments to achieve transformation of the Korean industry for the fourth industrial revolution. To achieve the maximum effectiveness of the research investments, it is necessary to evaluate its funding's worth and default risk. Thus, incorporating the concepts of the Black-Scholes-Merton model and the Greeks, this study develops a default-risk evaluation model in the foundation of a system dynamics methodology. By utilizing the proposed model, this study estimates the monetary worth and the default risks of research funding in the public and private sectors of Information and Communication technologies, along with the sensitivity of the R&D economic worth of research funding to changes in a given parameter. This study finds that the public sector has more potential than the private sector in terms of monetary worth and that the default risks of three types of research funding are relatively high. Through a sensitivity analysis, the results indicate that uncertainty in volatility, operation period, and a risk-free interest rate has trivial impacts on the monetary worth of research funding, while volatility has large impacts on the default risk among the uncertain factors.

• International Journal of Control, Automation, and Systems
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• v.6 no.2
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• pp.186-193
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• 2008

The Internet's low cost and ubiquity present an attractive option for real-time distributed control of processes on the factory floor. When integrated with the Internet, the LonWorks open control network can give ubiquitous accessibility with the distributed control nature of information on the factory floor. One of the most important points in real-time distributed control of processes is timely response. There are many processes on the factory floor that require timely response. However, the uncertain time delay inherent in the network makes it difficult to guarantee timely response in many cases. Especially, the transmission characteristics of the LonWorks/IP network show a highly stochastic nature. Therefore, the time delay problem has to be resolved to achieve high performance and quality of the real-time distributed control of the process in the LonWorks/IP Virtual Device Network (VDN). It should be properly predicted and compensated. In this paper, a new distributed control scheme that can compensate for the effects of the time delay in the network is proposed. It is based on the PID controller augmented with the Smith predictor and disturbance observer. Designing methods for output feedback filter and disturbance observer are also proposed. Tracking position control experiment of a geared DC Servo motor is performed using the proposed control method. The performance of the proposed controller is compared with that of the Internal Model Controller (IMC) with the Smith predictor. The result shows that the performance is improved and guaranteed by augmenting a PID controller with both the Smith predictor and disturbance observer under the stochastic time delay in the LonWorks/IP VDN.

• Journal of the Korean Institute of Telematics and Electronics T
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• v.35T no.3
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• pp.103-112
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• 1998

This paper proposes a propagation prediction model which can calculate a propagation path loss easily at option point in case of the propagation processing by repeat reflection when we analysis a propagation route, it makes the calculation speed which is the defect of a geometrical of image method and a ray-launching method improve and we develop and apply the algorithms which can do an angle of incidence, an angle of reflection with a propagation direct path, a reflection path and a maximum reflection number arithmetic process synchronously. Finally we choose as a sample which is the real road condition where is around SK telecoms chunnam branch office in wolgok-dong, kwangsan-ku, kwangju and simulate proposition model then we demonstrate the relative superiority with comparing the results.

• Korean Journal of Organic Agriculture
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• v.29 no.4
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• pp.507-521
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• 2021

The livestock farmers are producing under uncertainties such as Foot-and-Mouth Disease (FMD) and Free Trade Agreement (FTA). The purpose of this study is to strengthen the management capabilities of Hanwoo farmers to prepare them for the uncertainties just mentioned. To this end, this study was conducted to find the optimal rearing period in order to reduce the feed cost, which accounts for the largest portion of the operation cost of Hanwoo. Using the universal lattice model, 41,139 of 289,000 Hanwoo slaughter data from 2010 to 2019 were used for the FMD period and 246,605 heads for the general period. The results show that the maximum cutoff price of Hanwoo steer is 6,394,457 won at the 4th week of 27 months of age in general period, where as 6,242,752 won at the 2nd week of 26 months of age in the FMD period. Therefore, it is judged that it will be helpful for Hanwoo farms to maximize their business profits by slaughtering one month and two weeks earlier in the FMD period than in the general period. In addition, Hanwoo farmers need to break away from the conventional rearing method and improve their management efficiency through a more flexible rearing method.

• Journal of computational fluids engineering
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• v.18 no.1
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• pp.69-76
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• 2013

To reduce the damage from the coastal disaster such as typhoon and tsunami, a possible option is the eco-friendly approach to minimize the destruction of ecological system. One of feasible idea is the forest for damage prevention artificially arranged along the beach. To understand a precise physics on the flow before and after the forest, we use a CFD method. In this paper, a three-dimensional numerical model has been constructed based on tree cases in a real forest located at Byin-myeon, Seocheon-gun, Chungnam. The CFD computation using a commercial code COMSOL multiphysics is performed for the distribution of real spatial coordinate of each tree. Through this investigation, the CFD techniques are shown to be applied to the research of forest composition plan. The physics in the regime from laminar to turbulent flow is qualitatively explained, and the obtained data are compared one another quantitatively.

• Journal of Navigation and Port Research
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• v.46 no.5
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• pp.419-426
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• 2022

This study aimed to identify new routes for transporting automobiles from Korea to Mongolia by comparing them with the existing route. At present, a route from the Incheon Port through the Tianjin Port to Zamiin-Uud is commonly used to transport containerized cargo from Korea to Mongolia. This study examined five possible logistics routes from Korea to Mongolia using a time/cost-distance methodology based on real data. Through consecutive discussions with importers and freight forwarders in Mongolia, the potential routes were selected and costs, distance, and lead time were evaluated to provide additional route options for automobile logistics from Korea to Mongolia. The results indicated that each route could be ranked in terms of the total cost while the lead time for all options in the present COVID-19 period is 2 - 4 months, with no difference among the routes. In addition, although the confidence index of all routes was not impressive, route 3 was the most preferred option, followed by route 1. However, the study results cannot provide the answer to the question of "which route is more attractive for transporting automobiles from Korea to Mongolia." This limitation notwithstanding, this study provides real information on the critical factors of distance, cost, and lead time in terms of the selected transportation routes so that importers and exporters can compare the routes in terms of the priority of each factor in uncertain logistics environment.

• Journal of Information Technology Applications and Management
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• v.24 no.4
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• pp.13-24
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• 2017

This study aims to analyze which subsidiary configuration strategy is more effective under uncertainty especially technology base multinational corporations (henceforth MNCs). In previous studies real option theory scholars argue that high breadth subsidiary configuration is most effective strategy because that provides flexibility to MNCs global network. In this study I want unveil more various types of uncertainty such as technology and learning uncertainty which are more important for technology base firm and further more examine the effect of MNCs subsidiary configuration on firm R&D performance each uncertainty case. Empirical study is performed by negative binominal model based on Japanese 108 multinational corporations. The result shows that under technology uncertainty, high breadth subsidiary configuration is better for firm R&D performance but under learning uncertainty high depth subsidiary configuration is better. Thus, the effects of MNCs subsidiary configuration on firm value can differ by types of uncertainty.