• Korean Journal of Construction Engineering and Management
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• v.16 no.5
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• pp.114-122
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• 2015

Real estate development requires significant amount of capital investment. The project duration has been increased according to its enlarged size. For this reason, cost overrun and time delay are important risk factors that should be managed properly. As a method to hedge the risk, varoius real option methods have been presented. However, conventional project value assesment methods such as NPV(Net Present Value) have weakness to support decision making by reflecting dynamic situations in terms of variation of cost and time. Furthermore, the decision making process is serious of actions rather than discrete event. The purpose of this paper is to present a multiple real option valuation method to overcome the deterministic aspect of real option presented in previous research and practice. The method is developed as following: firstly, to select the model that can be applied in the real estate development project through a survey from previous literature on real options analysis; secondly, to apply data from office development case in order to verify the model by applying conventional real option and multiple real option valuation. According to analysis result, multiple real option provides enhanced values comparing to NPV and single real option.

• Journal of Industrial Convergence
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• v.22 no.6
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• pp.13-23
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• 2024

In this study, the optimal level of CER issuance price in the energy industry was estimated using a real options considering the uncertainty of emission price. As a result of the analysis, the break-even point for CDM projects in the energy industry registered by UNFCCC from December 2012 to the end of 2021 was 0.64-36.69 euros per ton of CO2 for each individual project. More closely, the emission permit price that reaches the break-even point when NPVw/o CER+ NPVCER ≥ 0 is estimated to be 12.10 euros on average, and the emission permit price that reaches the break-even point when NPVw/o CER + NPVCER ≥ option value is estimated to be 12.63 euros on average. Meanwhile, the option value using real options to reduce business uncertainty is about 19% at the 1-5 euro per ton level, about 11% at the 5-10 euro per ton level, and about 5% at the 10-15 euro per ton level. It was analyzed that there was an effect of increasing emissions prices due to uncertainty reduction. The results of this study may be useful to greenhouse gas reduction project entities, including investors, project operators, and companies with potential mandatory reductions.

• Journal of Korean Institute of Industrial Engineers
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• v.32 no.3
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• pp.226-235
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• 2006

Telematics is expected to be one of the fastest growing businesses in information technology area. It may create a new emerging market in industry related to automotive, telecommunications, and information services. Especially vehicle navigation service is considered as a killer application among telematics service applications. The current vehicle navigation service typically recommends a single path that is based on the traveling time or distance from the origin to the destination. The system provides two options for users to choose either via highway or via any road. Since the traffics and road conditions of big cities are very complicated and dynamic, the demand of multi-path guidance system is increasing in telematics market. The multi-path guidance system should allow drivers to choose a path based on their individual preferences such as traveling time, distance, or route familiarity. Using the Lawler's algorithm, it is possible to find multiple paths; however, due to the lengthy computational time, it is not suitable for the real-time services. This study suggests a computationally feasible and efficient heuristic multiple paths finding algorithm that is reliable for the real-time vehicle navigation services.

• Asian Journal of Innovation and Policy
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• v.7 no.1
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• pp.9-29
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• 2018

Japan's manufacturing is mostly dependent on the automotive industry in Toyota-Kariya cities. However, the nearby city of Hamamatsu is the home of a start-up ecosystem known as Japan's Silicon Valley. How is it possible to evaluate the innovative potential of each regional industry? What kind of guidelines exist for continuing R&D investment when companies' net incomes are negative in the face of the 'Valley-of-Death' or financial crisis? Is it possible to measure the regional resilience ability in the context of the financial crisis? Entrepreneurial innovation is defined as a real-option portfolio consisting of investment decision to commercialize R&D findings. The subcontractor system implies a vertical and tight industrial group. However, a start-up ecosystem means a platform for horizontal and flexible partnership. In this research, the data include the financial indices of each of 18 public companies in both regions between FY2009 and FY2017. The objective of this paper is to clarify the call option or resilience function of equity for R&D investment in the context of the financial crisis in both regions by using Bayesian MCMC analysis.

• The Journal of Korea Robotics Society
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• v.14 no.2
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• pp.122-130
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• 2019

Collecting a rich but meaningful training data plays a key role in machine learning and deep learning researches for a self-driving vehicle. This paper introduces a detailed overview of existing open-source simulators which could be used for training self-driving vehicles. After reviewing the simulators, we propose a new effective approach to make a synthetic autonomous vehicle simulation platform suitable for learning and training artificial intelligence algorithms. Specially, we develop a synthetic simulator with various realistic situations and weather conditions which make the autonomous shuttle to learn more realistic situations and handle some unexpected events. The virtual environment is the mimics of the activity of a genuine shuttle vehicle on a physical world. Instead of doing the whole experiment of training in the real physical world, scenarios in 3D virtual worlds are made to calculate the parameters and training the model. From the simulator, the user can obtain data for the various situation and utilize it for the training purpose. Flexible options are available to choose sensors, monitor the output and implement any autonomous driving algorithm. Finally, we verify the effectiveness of the developed simulator by implementing an end-to-end CNN algorithm for training a self-driving shuttle.

• International Journal of Highway Engineering
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• v.14 no.3
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• pp.163-171
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• 2012

Demand Responsive Transit (DRT) services are becoming necessary as part of not only alternative transportation means for elderly and mobility impaired passengers, but also sustainable and flexible transportation options in urban area due to the development of communication technologies and Location Based Services (LBS). It is difficult to investigate the system performance regarding vehicle operational schemes and vehicle routing algorithms due to the lack of commercial software to support door-to-door vehicle simulation for larger area. This study proposes a simulation framework to evaluate innovative and flexible transit systems focusing on various vehicle routing algorithms, which describes data-type requirements for simulating door-to-door service on demand. A simulation framework is applied to compare two vehicle dispatch algorithms, Nearest Vehicle Dispatch (NVD) and Insertion Heuristic (IH) for real-time shared-taxi service in Seoul. System productivity and efficiency of the shared-taxi service are investigated, comparing to the conventional taxi system.

• KIPS Transactions on Computer and Communication Systems
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• v.1 no.3
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• pp.229-242
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• 2012

Although many companies acknowledge the necessity of investment of information security, it is difficult to grasp a tangible effect and to calculate a scale of damage from the security incident. Consequently, companies are under the reality that it is not easy to make an investment decision for information security and to calculate the investment scale. For the investment decision making, although there are several traditional techniques of investment analysis, the investment of information security, comparing to other tangible assets, has limitations in using traditional techniques due to the highly uncertain investment effects. In this study, the traditional technique of investment analysis will be described, and the application method of analytic technique for Real Option, which is developed from the evaluation technique of highly uncertain financial futures and options, will be suggested.

• Korea Real Estate Review
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• v.28 no.3
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• pp.21-35
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• 2018

The recent performance of residential mortgages demonstrated how default risk operated separately from prepayment risk. In this study, we investigated the determinants of the borrowers' decisions pertaining to early termination through default from the mortgage performance data released by Freddie Mac, involving securitized mortgage loans from January 2011 to September 2013. We estimated a Cox-type, proportional hazard model with a single risk on fundamental factors associated with default options for individual mortgages. We proposed a mortgage default model that included two specifications of delinquency: one using a delinquency binary variable, while the other using a delinquency probability. We also compared the results obtained from two specifications with respect to goodness-of-fit proposed in the spirit of Vuong (1989) in both overlapping and nested models' cases. We found that a model with our proposed delinquency probability variable showed a statistically significant advantage compared to a benchmark model with delinquency dummy variables. We performed a default prediction power test based on the method proposed in Shumway (2001), and found a much stronger performance from the proposed model.

• Journal of the Korea Fashion and Costume Design Association
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• v.18 no.1
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• pp.191-203
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• 2016

The 3D virtual fitting system is a new and very efficient system replacing real fitting in apparel industry and on-line shopping. It is a win-win system for both of consumer and manufacturer which not only reduces design and production time but also resolves consumer's complaints by checking the wearing image beforehand. It is a must-have item in the future. The purpose of this study is to analyze sizing menu, terms, and current status and to figure out problems of avatar sizing programs which substitute human bodies in virtual fitting. We chose three existing outstanding programs in domestic and global market, compared and analyzed the program, manual, and terms that are used in avatar sizing, and investigated the strengths, weaknesses, problems of options and terms and finally suggested an alternative terms. The revealed problems are as follows: each program supports various avatars ranging from male to female, from child to adult, and from oriental style to western style. The image of the avatar could be changed through the options for hair style, shoes and accessories. But we found out some problems. The avatar body types are far from actual human body types, avatar sizing menus and item terms are different from program to program, and terms not yet standardized. Cooperative efforts of industry and academy on standardization of sizing menus and terms should be emphasized for the virtual fitting system to be widely used like the other computer graphic programs or word editors.

• Korean Journal of Health Education and Promotion
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• v.15 no.1
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• pp.151-163
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• 1998

The purpose of this study is to find options which reduce the job stress and to enhance morale through a variable analysis, and also apply this data in the legal and administration fields. The data for the research was obtained from 217 dental hygienists working in the dental clinics, dental hospitals and university's dental hospitals' in Seoul. The tool used by this study was a Questionnaire measuring on-the-job stress of dental hygienists, was a modified and revised. The Questionnaire version used to measure bank's job stress and used to suggest options by Dae-ha Yoon(1991). Classification of items for measuring job stress was based on Theoretical Study on Job Stress by Dae-hyon Song(1986). The scale used in study was the two points (yes or no in the job stress) scale measuring for variables. The period of data collection was 30 days from December 4, 1995 to January 5, 1996. The methods of data collection were self-writing, direct visit, and postal Questionnaire answering, 224 copies of Questionnaire data were collected, but only 217 copies were used. 7 copies could not be analyzed, were not used for this study. The data analysis was conducted by SPSS after coding the collected raw data. The general characteristics was obtained from real digits and percentages. In order to analyze the difference of sub-variables against the job stress based on general characteristics. Mean, Standard Deviation, and F test (ANDVA) were conducted. The following were the results of job stress variables: 1. Meaningful variable affecting the working organization, is compensation system(p〈0.03). 2. Meaningful variable affecting the working period, is work overload(p〈0.02). 3. Meaningful variable affecting average patients per day, is the career management and payment(p〈0.04, p〈0.01). 4. Meaningful variable affecting number of staff, is the comrade relationship, role conflict among patients, work overload, and job overload(p〈0.000, p〈0.05, p〈0.04, p〈0.01). The comrade relationship is most affected to the number of staffs aides. 5. Meaningful variables affecting job diversion, are the desire and value, the non-role play, and the environment(p〈0.003, p〈0.02, p〈0.005).