• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.107-110
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• 2013

Recently, Korea parliament legislated the Low Carbon Green Growth Act (April, 2012) and approved a bill (May, 2012) to start carbon emission trading system in 2015. It means that for the first time, government would regulate the amounts of carbon emission in private entities, and private entities should attain predefined emission reduction goals by implementing clean development mechanism (CDM) project or buy the Certified Emission Reductions (CERs) from the trading market to avoid penalty. Under these circumstances, it is not easy for them to determine when or how to implement the CDM project because the governmental energy policies about the level of governmental subsidies, periods for free emission allocation, etc. are still under discussion and the future price of the CERs is quite uncertain. Thus, this study presents a real-option based model to assess the financial viability of the CDM project which switches bunker-C oil to liquefied natural gas (LNG). The proposed model is expected to assist private entities in establishing the investment strategy for CDM project under uncertain government energy policies.

• 대한수학회보
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• 제53권5호
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• pp.1411-1425
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• 2016

We provide a partial differential equation for European options on a stock whose price process follows a general geometric Riemannian Brownian motion. The existence and the uniqueness of solutions to the partial differential equation are investigated, and then an expression of the value for European options is obtained using the fundamental solution technique. Proper Riemannian metrics on the real number field can make the distribution of return rates of the stock induced by our model have the character of leptokurtosis and fat-tail; in addition, they can also explain option pricing bias and implied volatility smile (skew).

• 경영과학
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• 제32권1호
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• pp.1-13
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• 2015

We estimate the option value embedded in reverse mortgages using the framework of European put option. The reverse mortgage is a very useful financial product for senior citizens who own homes but do not have a cash income while it is a high risk one from lender's perspective. One of benefits of the reverse mortgages is that the debt limit is restricted to the scope of the disposition price of the collateralized house, which is considered a put option to borrowers. The put option is evaluated using Black-Scholes model and a sensitive analysis is performed on variables such as discount rate, volatility, and time period. We confirm that the option value of reverse mortgages increases rapidly as the borrowers live longer than their life expectancy. The results of this study can be used to promote the reverse mortgage program more effectively in order to solve the problem of income shortage of the elderly homeowners.

• 자원ㆍ환경경제연구
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• 제23권3호
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• pp.435-451
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• 2014

수도권 미세먼지 발생저감 대책의 일환으로, 노후화된 경유차에서 발생하는 주요 대기오염물질 배출을 저감하기 위한 수도권 운행경유차 공해저감 사업이 시행되었다. 본 사업의 사회적 경제성을 평가하기 위한 방법론을 제시하고, 주요 차량 배출저감장치의 유효성을 비교 분석하였다. 방법론적으로는 노후화된 차량의 차령이 유한하기 때문에, 본 사업의 평가에 적합하도록 만기유한 형태의 실물옵션 모형을 개발하였다. 분석 결과, 공해저감 사업의 사회적 경제성은 전반적으로 확보되며, 버스와 트럭별로 저감장치를 구분하여 선택적으로 이루어질 때 그 효과가 더욱 제고되는 것으로 나타났다.

• 한국국방경영분석학회지
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• 제31권1호
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• pp.14-25
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• 2005

Defense offset is considered to be all effective way of acquiring defense critical technologies and arms components as a counter-trade obligation ill defense acquisition contracts. Although arranging the offset contracts is wide]y perceived as necessary, there hardly exists an acceptable model of valuation of the offset technology. By undertaking the technology valuation approach and applying the option approach tn the offset program, we present an offset technology valuation model that maximizes social net benefit of the countries transferring the technology. This article applies our model to an actual case of defense technology transfer in the Republic of Korea. The contribution of this paper is in applying the option approach to the valuation of defense onset technology, providing for the additional flexibility to tile analysis. Our research suggests several policy implications that can be applied to the actual process of defense offsets. Our results elucidate managers' role and responsibilities in designing such a process by applying option approaches.

• Asian Journal of Innovation and Policy
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• 제7권1호
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• pp.178-189
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• 2018

In this paper, we present a case study of a new emerging business startup involved in smart house appliances. The irreversible investment concept and real-option theory are introduced as the fundamentals of the model. By using games theory we show that the startup's actions can trigger reactions from other firms. The first part covers initial the research and development stage, while the second part covers production and commercialization. The findings of this study suggest that, given a certain amount of initial investment, an open and shared innovation may lead to hurting a firm's investment while strengthening the competitors' position in the market. However, given the sensitivity analysis, when volatility and demand grow favorably, sharing R&D investment is not a bad option for a new player to adjust its position in the market while still maintaining positive returns.

• 청정기술
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• 제29권1호
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• pp.59-70
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• 2023

This study aims to introduce a biowaste processing system that uses spent coffee grounds and implement a real options method to evaluate the proposed process. Energy systems based on eco-friendly fuels lack sufficient data, and thus along with conventional approaches, they lack the techno-economic assessment required for great input qualities. On the other hand, real options analysis can estimate the different costs of options, such as continuing or abandoning a project, by considering uncertainties, which can lead to better decision-making. This study investigated the feasibility of a biowaste processing method using spent coffee grounds to produce biofuel and considered three different valuation models, which were the net present value using discounted cash flow, the Black-Scholes and binomial models. The suggested biowaste processing system consumes 200 kg/h of spent coffee grounds. The system utilizes a tilted-slide pyrolysis reactor integrated with a heat exchanger to warm the air, a combustor to generate a primary heat source, and a series of condensers to harness the biofuel. The result of the net present value is South Korean Won (KRW) -225 million, the result of the binomial model is KRW 172 million, and the result of the Black-Scholes model is KRW 1,301 million. These results reveal that a spent coffee ground-related biowaste processing system is worthy of investment from a real options valuation perspective.

• Restorative Dentistry and Endodontics
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• 제20권2호
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• pp.432-461
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• 1995

The basic principles in the design of Class II amalgam cavity preparations have been modified but not changed in essence over the last 90 years. The early essential principle was "extension for prevention". Most of the modifications have served to reduce the extent of preparation and, thus, increase the conservation of sound tooth structure. A more recent concept relating to conservative Class II cavity preparations involves elimination of occlusal preparation if no carious lesion exists in this area. To evaluate the ideal ClassII cavity preparation design, if carious lesion exists only in the interproximal area, three cavity design conditions were studied: Rodda's conventional cavity, simple proximal box cavity and proximal box cavity with retention grooves. In this study, MO amalgam cavity was prepared on maxillary first premolar. Three dimensional finite element models were made by serial photographic method. Linear, eight and six-nodal, isoparametric brick elements were used for the three dimensional finite element model. The periodontal ligament and alveolar bone surrounding the tooth were excluded in these models. Three types model(B option, Gap option and R option model) were developed. B option model was assumed perfect bonding between the restoration and cavty wall. Gap option model(Gap distance: $2{\mu}m$) was assumed the possibility of play at the interface simulated the lack of real bonding between the amalgam and cavity wall (enamel and dentin). R option model was assumed non-connection between the restoration and cavty wall. A load of 500N was applied vertically at the first node from the lingual slope of the buccal cusp tip. This study analysed the displacement, 1 and 2 direction normal stress and strain with FEM software ABAQUS Version 5.2 and hardware IRIS 4D/310 VGX Work-station. The results were as followed. 1. Rodda's cavity form model showed greater amount of displacement with other two models. 2. The stress and strain were increased on the distal marginal ridge and buccopulpal line angle in Rodda's cavity form model. 3. The stress and strain were increased on the central groove and a part of distal marginal ridge in simple proximal box model and proximal box model with retention grooves. 4. With Gap option, Rodda's cavity form model showed the greatest amount of the stress on distal marginal ridge followed by proximal box model with retention grooves and simple proximal box model in descending order. 5. With Gap option, simple proximal box model showed greater amount of stress on the central groove with proximal box model with retention grooves. 6. Retention grooves in the proximal box played the role of supporting the restorations opposing to loads.

• 기술혁신학회지
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• 제14권3호
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• pp.578-598
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• 2011

본 논문은 차세대 그린에너지원으로 주목받고 있는 태양광산업의 핵심소재 기술에 대한 가치를 실물 옵션 기법을 이용하여 추정한다. 본 논문의 기여는 두 가지이다. 하나는 방법론적인 기여로서, 실물옵션의 기초자산 불확실성을 대변하는 변수로서 주가를 고려하여 실물옵션 적용에서 가장 복잡한 단계인 기초자산 불확실성의 모형과정을 대폭 단순화시켰다. 다른 하나는 응용장의 기여로서, 최근 수요가 크게 증가하고 있는 태양광산업의 핵심소재인 폴리실리콘의 생산공정 기술의 경제적 가치를 평가하였다. 분석사례인 폴리실리콘 산업의 A기업에 적용한 결과, 동 기업의 폴리실리콘 기술의 기초자산이 기하브라운모션을 따르는 것으로 나타났으며 이러한 결과에 블랙-숄즈 옵션가격결정모형을 적용하여 A기업의 폴리실리콘 기술에 대한 콜옵션의 가치는 약 34,229억원으로 측정되었다.

• 한국산림과학회지
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• 제110권3호
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• pp.453-461
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• 2021

기후변화 대응과 탄소중립 실현을 위해 산림 바이오매스의 에너지 이용은 중요한 과제이다. 이 연구의 목적은 목재칩 보일러를 주력으로 사용하는 산림에너지자립마을의 투자 타당성을 분석하고 시설의 지속적 운영을 위해 필요한 적정열 보조금 수준을 산출하는 데 있다. 분석을 위해 순현재가치법과 선택의 유연성을 고려한 콜옵션 가격결정모형을 이용하였다. 분석결과에 따르면, 현재와 같이 국비 50%를 지원하고 전력에만 REC를 인정하면 산림에너지자립마을의 순현재가치와 내부수익률은 모두 음(-)이며, 실물옵션 모형으로 평가한 투자가치도 0으로 나타났다. 따라서 에너지 시설의 지속적 가동을 위해 정부 보조금이 필요하다. 시뮬레이션을 통해 사업의 옵션가치를 0보다 크게 만드는 열보조금 수준을 도출하였는데, 최소 0.0248원/kcal으로 나타났다.