• KDI Journal of Economic Policy
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• v.12 no.3
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• pp.153-172
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• 1990

The present paper investigates the potential value of strategic antitrust policy in an oligopolistic international market. The market is characterized by a non-cooperative Cournot-Nash equilibrium and by asymmetry in costs among firms in the world market. The model is useful for two reasons. First, it is important in the context of policy-making to examine the conditions under which it may be beneficial to relax antitrust law to enhance competitiveness. Second, the explicit derivation of the level of cost-saving required for a gain in total domestic surplus provides an empirical rule for excluding industries that do not satisfy the requirements for a socially beneficial antitrust exemption. Results of the analysis include a criterion that tells how the cost-saving and concentration effects of a merger offset each other. The criterion is derived from fairly general assumptions on demand functions and is simple enough to be applied as a part of the merger guidelines. Another interesting policy implication of our analysis is that promoting mergers would not be a beneficial strategy in a net importing industry where cost-saving opportunities are thin. Cost-saving domestic mergers are more likely to increase national welfare in exporting industries. The best candidate industries for application of strategic antitrust policy are those with the following characteristics: (i) a large potential for efficiency enhancement; (ii) high market concentration at the world but not the domestic level; (iii) a high ratio of exports to imports. Recently, many policymakers and economists in Korea have also come to believe that the appropriate antitrust policy in an era of increased foreign competition may actually be to encourage rather than to prohibit domestic mergers. The Industry Development Act of 1986 and the proposed bill for Mergers and Conversions in the Financial Industry of 1990 reflect this changing perspective on antitrust policy. Antitrust laws may burden domestic firms in the sense that they have a more constrained strategy set. Expenditures to avoid antitrust attacks could also increase costs for domestic firms. But there is no clear evidence that the impact of antitrust policy is significant enough to harm the competitiveness of domestic firms. As a matter of fact, it is necessary for domestic financial institutions to become large in scale in this era of globalization. However, the absence of empirical evidence for efficiency enhancement from mergers suggests caution in the relaxation of antitrust standards.

• Journal of Venture Innovation
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• v.2 no.2
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• pp.31-46
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• 2019

Materials and Parts acts as the bridge in the manufacturing industry. In 2018, the materials and parts industry became the leading industry in Korea as its export reached $316.2 billion, accounting for 52.3 percent of the country's total exports. As such, it is the main industry of Korea leading the trade surplus, but when it comes to Japan, it is not. The trade deficit with Japan shrinks to $24 billion last year but the materials and parts industry still accounts for 60 percent of total deficit, which is about $15.1 billion. Today Japan has the top competitiveness in the high-tech materials and parts industry and the factors can be found in cooperation and symbiosis among companies, monotsukuri spirit, and long-term government policy. In order for Korean economy to pursue the Japan's high-tech materials and parts industry, the following change of perception is necessary. First, the material and parts industry requires win-win cooperation. In general, materials and parts are intermediate products. Therefore, it is important to understand the characterist that the transactions are all made up between companies not the with consumers. Second, expansion of joint technology development is absolutely necessary. South Korea is a leading country in the field of general-purpose materials and parts. However, the research shows that South Korea has structure which small and medium-sized companies could have difficulties in developing high-tech products as finding demand and developing market are hard due to low participation of large corporations at R&D stage. It is necessary for large corporations to participate in joint R&D and share opinions of customers from the beginning stage of R&D. Third, a long-term approach is needed. Structural vulnerabilities in the Korea's materials and parts industry, including the lack of advanced technologies is the main reason of solidification of Korea's trade deficit with Japan but there are also cultural differences about technology in the background. Even if it takes time, a long-term approach is absolutely necessary to build up technology and know-how in order to secure competitiveness in the high-tech materials and parts industry. This approach applies to act of corporation and government policy.

• The Journal of Fisheries Business Administration
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• v.22 no.2
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• pp.75-99
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• 1991

A quantitative analysis was carried out to monitor the commercial yield level of walleye pollock Theragra chalcogramma in the east coast of Korea, based on available data on catch and fishing effort, catch per unit of effort including fish prices from 1911 to 1988, using a traditional yield model. The results from the quantitative assessment were based to estimate maximum economic yield (MEY) and optimal fishing effort (E-opt) at MEY. On the other hand, interaction aspects between danish seine fishery and trawl fishery mainly targeting walleye pollock in the east coast of Korea were studied to predict optimal situation in fishing effort level from economic point of view which gives the most benefits to the two fisheries. Total production of walleye pollock in 1911 when its catch record was begun for the first time was about 12, 000 metric tons(M/T), and then the catch trend maintained nearly at the level of 50, 000 M/T per annum, showing a decreasing trend until 1930. The highest production from historical data base on walleye pollock fishery statistics was from the years in 1939 and 1940, about 270, 000 M/T and 26, 000 M/T, respectively. No production of the fish species was recorded during the years from 1943 to 1947, and from 1949 to 1951. From 1952 onwards annual production was only available from the southern part of 38$^{\circ}$N in the east coast. During two decades from 1952 to 1970, the production had sustained about less than 30, 000 M/T every year. Annual production showed an increasing trend from 1971, reaching a maximum level of approximately 162, 000 M/T in 1981. Afterwards, it has deceased sharply year after year and amounted to 180, 000 M/T in 1988. The catch composition of walleye pollock for different fishery segments during 1970~1988 showed that more than 70% of the total catch was from danish seine fishery until 1977 but from 1978 onwards, the catch proportion did not differ from one another, accounting for the nearly same proportion. Catch per unit of effort (CPUE) for both danish seine fishery and trawl fishery maintained a decline tendency after 1977 when the values of CPUE were at level of 800 kg/haul for the former fishery and 1, 300 kg/haul for the latter fishery, respectively. CPUEs of gillnet fishery during 1980~1983 increased to about 3.5 times as high value as in the years, 1970~1979 and during 1987~1988 it decreased again to the level of the years, 1970~1978. The bottom longline fishery's CPUE wa at a very low level (20 kg/basket) through the whole study years, with exception of the value (60 kg/basket) in 1980. Fishing grounds of walleye pollock in the east coast of Korea showed a very limited distribution range. Danish seine fishery concentrated fishing around the coastal areas of Sokcho and Jumunjin during January~February and October~December. Distributions of fishing grounds of trawl fishery were the areas along the coastal regions in the central part of the east coast. Gillnet and bottom longline fisheries fished walleye pollock mainly in the areas of around Sokcho and Jumunjin during January~February and December. Relationship between CPUEs' values from danish seine fishery and trawl fishery was used to standardize fishing effort to apply to surplus production model for estimating maximum sustainable yield (MSY) and optimum fish effort (F-opt) at MSY. The results suggested a MSY of 114, 000 M/T with an estimated F-opt of 173, 000 hauls per year. Based on the estimates of MSY and F-opt, MEY was estimated to be about 94, 000 M/T with a range of 81, 000 to 103, 000 M/T and E-opt 100, 000 hauls per year with a range of 80, 000 to 120, 000 hauls. The estimated values of MEY and E-opt corresponded to 82% of MSY and 58% of F-opt, respectively. An optimal situation in the fishing effort level, which can envisage either simultaneously maximum yield or maximum benefit for both danish seine fishery and trawl fishery, was determined from relationship between revenue and cost of running the fleet : the optimal fishing effort of danish seine fishery was about 52, 000 hauls per year, corresponding to 50 danish seiners and 27, 000 hauls per year which is equal nearly to 36 trawlers, respectively. It was anticipated that the net income from sustainable yield estimated from the respective optimal fishing effort of the two fisheries will be about 3, 800 million won for danish seine fishery and 1, 000 million won for trawl fishery.

• 한국유가공학회:학술대회논문집
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• 2002.04a
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• pp.59-60
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• 2002

Edible films such as wax coatings, sugar and chocolate covers, and sausage casings, have been used in food applications for years$^{(1)}$ However, interest in edible films and biodegradable polymers has been renewed due to concerns about the environment, a need to reduce the quantity of disposable packaging, and demand by the consumer for higher quality food products. Edible films can function as secondary packaging materials to enhance food quality and reduce the amount of traditional packaging needed. For example, edible films can serve to enhance food quality by acting as moisture and gas barriers, thus, providing protection to a food product after the primary packaging is opened. Edible films are not meant to replace synthetic packaging materials; instead, they provide the potential as food packagings where traditional synthetic or biodegradable plastics cannot function. For instance, edible films can be used as convenient soluble pouches containing single-servings for products such as instant noodles and soup/seasoning combination. In the food industry, they can be used as ingredient delivery systems for delivering pre-measured ingredients during processing. Edible films also can provide the food processors with a variety of new opportunities for product development and processing. Depends on materials of edible films, they also can be sources of nutritional supplements. Especially, whey proteins have excellent amino acid balance while some edible films resources lack adequate amount of certain amino acids, for example, soy protein is low in methionine and wheat flour is low in lysine$^{(2)}$. Whey proteins have a surplus of the essential amino acid lysine, threonine, methionine and isoleucine. Thus, the idea of using whey protein-based films to individually pack cereal products, which often deficient in these amino acids, become very attractive$^{(3)}$. Whey is a by-product of cheese manufacturing and much of annual production is not utilized$^{(4)}$. Development of edible films from whey protein is one of the ways to recover whey from dairy industry waste. Whey proteins as raw materials of film production can be obtained at inexpensive cost. I hypothesize that it is possible to make whey protein-based edible films with improved moisture barrier properties without significantly altering other properties by producing whey protein/lipid emulsion films and these films will be suitable far food applications. The fellowing are the specific otjectives of this research: 1. Develop whey protein/lipid emulsion edible films and determine their microstructures, barrier (moisture and oxygen) and mechanical (tensile strength and elongation) properties. 2. Study the nature of interactions involved in the formation and stability of the films. 3. Investigate thermal properties, heat sealability, and sealing properties of the films. 4. Demonstrate suitability of their application in foods as packaging materials. Methodologies were developed to produce edible films from whey protein isolate (WPI) and concentrate (WPC), and film-forming procedure was optimized. Lipids, butter fat (BF) and candelilla wax (CW), were added into film-forming solutions to produce whey protein/lipid emulsion edible films. Significant reduction in water vapor and oxygen permeabilities of the films could be achieved upon addition of BF and CW. Mechanical properties were also influenced by the lipid type. Microstructures of the films accounted for the differences in their barrier and mechanical properties. Studies with bond-dissociating agents indicated that disulfide and hydrogen bonds, cooperatively, were the primary forces involved in the formation and stability of whey protein/lipid emulsion films. Contribution of hydrophobic interactions was secondary. Thermal properties of the films were studied using differential scanning calorimetry, and the results were used to optimize heat-sealing conditions for the films. Electron spectroscopy for chemical analysis (ESCA) was used to study the nature of the interfacial interaction of sealed films. All films were heat sealable and showed good seal strengths while the plasticizer type influenced optimum heat-sealing temperatures of the films, 130$^{\circ}$C for sorbitol-plasticized WPI films and 110$^{\circ}$C for glycerol-plasticized WPI films. ESCA spectra showed that the main interactions responsible for the heat-sealed joint of whey protein-based edible films were hydrogen bonds and covalent bonds involving C-0-H and N-C components. Finally, solubility in water, moisture contents, moisture sorption isotherms and sensory attributes (using a trained sensory panel) of the films were determined. Solubility was influenced primarily by the plasticizer in the films, and the higher the plasticizer content, the greater was the solubility of the films in water. Moisture contents of the films showed a strong relationship with moisture sorption isotherm properties of the films. Lower moisture content of the films resulted in lower equilibrium moisture contents at all aw levels. Sensory evaluation of the films revealed that no distinctive odor existed in WPI films. All films tested showed slight sweetness and adhesiveness. Films with lipids were scored as being opaque while films without lipids were scored to be clear. Whey protein/lipid emulsion edible films may be suitable for packaging of powder mix and should be suitable for packaging of non-hygroscopic foods$^{(5,6,7,8,)}$.

• Korean Journal of Environmental Biology
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• v.21 no.1
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• pp.72-76
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• 2003

We investigated the effects of molting-hormone insecticide tebufenozide on fourth larvae of the midge C. flaviplumuon in growth development from fourth-instar to adult. Fourth-instar larvae were exposed test concentrations were chosen control, 10 $\mu\textrm{g}$$L^{-1}$, 30 $\mu\textrm{g}$$L^{-1}$, 60 $\mu\textrm{g}$$L^{-1}$ and 100$\mu\textrm{g}$$L^{-1}$. In control and 10 $\mu\textrm{g}$$L^{-1}$, 10~20% individuals succeed adults while low emergence rates were observed surplus 30 $\mu\textrm{g}$$L^{-1}$. Death larvae appeared a various day along the concentration. We observed the converged day: control, 10 $\mu\textrm{g}$$L^{-1}$, 30 $\mu\textrm{g}$$L^{-1}$ and 60~100 $\mu\textrm{g}$$L^{-1}$ were day 4 to day 18, day 13 to day 16, day 9 to day 17 and day 9 to day 15, respectively. Therefore we concerned a tendency that exposure concentration was high, death period was short. Also, due to molting hormone disruption, development of midge was postponed relatively low concentration such as 10 $\mu\textrm{g}$$L^{-1}$. The converged days of pupa stage revealed control, 10 $\mu\textrm{g}$$L^{-1}$, 30 $\mu\textrm{g}$$L^{-1}$ and 60~100$\mu\textrm{g}$$L^{-1}$ were day 11~15, day 16~20, day 9~15 and day 5~9, respectively. About 10% individuals grow up the pupa-stage in 60~100 $\mu\textrm{g}$$L^{-1}$ condition. Sex ratio of the emerged adults was not different in this study. Death pupae frequently appeared in day 13~16 in control, day 6~23 in 10 $\mu\textrm{g}$$L^{-1}$, day 13~16 in 30 $\mu\textrm{g}$$L^{-1}$ and day 6~16 in 60~100 $\mu\textrm{g}$$L^{-1}$.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.817-838
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• 2005

In this paper, the resource adequacy as well as the optimum fuel mix is obtained by the following procedures. First, the regulation body, the government agency, determine the reliability index as well as the optimum portfolio of the fuel mix during the planning horizon. Here, the resources with the characteristics of public goods such as demand-side management, renewable resources are assigned in advance. Also, the optimum portfolio is determined by reflecting the economics, environmental characteristics, public acceptance, regional supply and demand, etc. Second, the government announces the required amount of each fuel-type new resources during the planning horizon and the market participants bid to the government based on their own estimated fixed cost. Here, the government announces the winners of the each auction by plant type and the guaranteed fixed cost is determined by the marginal auction price by plant type. Third, the energy market is run and the surplus of each plant except their cost (guaranteed fixed cost and operating cost) is withdrew by the regulatory body. Here, to induce the generators to reduce their operating cost some incentives for each generator is given based on their performance. The performance is determined by the mechanism of the performance-based regulation (PBR). Here the free-riding performance should be subtracted to guarantee the transparent competition. Although the suggested mechanism looks like very regulated one, it provides two mechanism of the competition. That is, one is in the resource construction auction and the other is in the energy spot market. Also the advantages of the proposed method are it guarantee the proper resource adequacy as well as the desired fuel mix. However, this mechanism should be sustained during the transient period of the deregulation only. Therefore, generation resource planning procedure and market mechanisms are suggested to minimize possible stranded costs.

• Journal of Distribution Science
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• v.9 no.2
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• pp.83-95
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• 2011

Conventional markets in Korea have played a pivotal role in the vitalization of local communities and economies along with the distribution of products. Although many people believe the markets to be disorderly, they are lively and provide local people with things to enjoy, watch and buy. However, superstores have undergone a mushrooming proliferation since Korea opened its gates to multinational superstores in 1996. This phenomenon has caused a crisis for Korea's conventional markets. They have lost their competitiveness because of this environmental change, inefficient management, and their outmoded facilities. Government efforts to revitalize the markets have centered on redevelopment of the facilities, a perspective that has caused not only the fall of the old business districts but also the decline of the distribution function. Under these conditions, the traditional market has re-entered into competition. The Korean government enacted a special law to revitalize the conventional markets and has been implementing many policies to support them since 2003. In 2009, the government amended the law and adopted the Business Improvement District System. The government also changed the official term from 'old markets' to 'Conventional markets'. Despite this legal amendment, though, we still need to re-establish the concept of the Conventional market. Historically, markets grew up spontaneously to dispose of surplus products. Some manmade markets were established through urban planning or as public facilities. Their businesses transactions have always been based on mutual trust between consumers and trades people, the traditional way of commercial dealing. Conventional markets can be defined, then, as creatures of societal necessity where transactions for services and products are based on mutual trust. Problematically, unlisted markets are left out of government support. Although unlisted markets have performed almost the same functions as listed markets, they exist only as a statistic as far as the special law is concerned. In some areas, there are more unlisted markets than unlisted ones. Therefore, it is necessary to establish systematic management methods for the unlisted markets. Some unlisted markets received support in the form of facility improvement from local governments' budgets in the early stage of the special law's enforcement. The current government also assists with safety issues involving unlisted markets; however, the current special law provides no legal framework for unlisted markets. Moreover, consumers cannot tell the difference between unlisted markets and listed ones. Finding a solution to this problemrequires new standards and a wider scope of support by which the efficiency of the market improvement support system might be enhanced.

• Korean Journal of Fisheries and Aquatic Sciences
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• v.25 no.4
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• pp.282-290
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• 1992

Based on surplus production models using fishery data for the last 20 years, a stock assessment was conducted for the small yellow croaker in Korean waters. The maximum sustainable yields (MSY) from the Schaefer and Fox models were estimated to be 37,000 metric tons (mt) and 33,450 mt. Zhang's model using time-series biomass with instantaneous coefficients of fishing mortality (F) and using time-series biomass and catch yielded MSY estimates of 45,328 mt and 40,160 mt, respectively. A yield-per-recruit analysis showed that the current yield per recruit of about 20g with F= 1.11 $yr^{-l}$, where the age at first capture $(t_c)$ is 0.604, was much lower than the maximum possible yield per recruit of 43g. Fixing $t_c$ at the current level and reducing fishing intensity (F) from 1.11 $yr^{-l}$ to 0.4 $yr^{-l}$ yielded only a small increase in predicted yield per recruit, from 20 to 25g. However, estimated yield per recruit increased to 43g by increasing $(t_c)$ from the current age (0.604) to age three with F fixed at the current level. This age at first capture corresponded to the optimal length which was obtained from the $F_{0.1}$ method. According to the analysis of stock recovery strategies employing the Zhang model, the optimum equilibrium biomass $(B^*_{MSY})$ which produces the maximum yield could be achieved after approximately five years at the lower fishing intensity (F=0.5).

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.69-96
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• 1991

Economic circumstances of enterprise began to change after a series of democratization measures in 1987. Accompanied with it, competitive advantage of enterprise began to change as well. By that time Korean enterprises had a competitive advantage based on low wages of labor. Abrupt and steady upsurge in wage, however, weakened competitive advantage based on low wages, upward revaluation of won currency caused by surplus in BOP strengthened upward trend in price increase of export products. An urgent problem in Korea economy is, therefore, to find 'new' competitive advantage. For the time being preserving competitiveness based on cost advantage must inevitably remain our basic strategy in industrial policy. While cost advantage in the past referred to low wage level, this cost advantage must have foundation on the improvment in producing technology, which will increase labor productivity and decrease unit cost of products. Besides, other measure to improve competitiveness can be considered such as increasing the extent of production automation, self-development of new products, and spread and strengthening subcontracting system among various enterprises. In this paper we tried to perceive how subcontracting system as a form of intercompany division of labor operates and to which direction this system proceeds responding to the recent changes in economic circumstances. Speaking more concretly, we tried to perceive how large the gap of bargaining power between mother-company and subcontracting company is and how effectively subcontracting company's technical power contributes to mother-company. Facing up to weakeening of competitiveness, how stably is the partnership between mother-company and subcontracting company established and what measures are being prepared to retore the weakened competitiveness. In conclusion the result of investigation through the questionaire on subcontracting system is positive, from which we can infer the optimistic view of restoring Korean economy's competitiveness.

• Journal of the Korean Society of Food Science and Nutrition
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• v.41 no.2
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• pp.270-277
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• 2012

The purpose of this study was to evaluate the importance and satisfaction level foreigners place on human and physical evidence service in Korean restaurants based on nationality such as American/European, Japanese, Chinese, and Southeast Asian. The research was performed by using questionnaires conducted from August to September on 365 foreigners living in Busan. Total mean scores for the importance (3.96/5.00) and satisfaction (3.33/5.00) of Korean restaurant human and physical evidence service were significantly different (p<0.01), as the gap was -0.63. The mean scores of the gap were -1.03 for cleanliness of dining area, -1.01 for cleanliness of tableware, and -0.95 for easily understandable menu board. The mean scores of satisfaction for Southeast Asian individuals (3.77) were significantly (p<0.01) higher than those of American/European (3.40), Chinese (3.37), and Japanese (2.81). The importance and satisfaction grid showed that an easily understandable menu board and a brief description of the food or menu scored high for the importance and low for the satisfaction in American/European, Chinese, and Japanese individuals. Cleanliness of the dining area, cleanliness of tableware, cleanliness of staff appearance, kindness of employees, rapid resolution of complaints, and prompt and quick service scored high for importance and low for satisfaction in Japanese. However, Southeast Asians were satisfied with human and physical evidence service of Korean restaurants.