• The Journal of Asian Finance, Economics and Business
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• v.5 no.2
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• pp.25-33
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• 2018

In the globalization and free trade era, the current account deficit problem is a common phenomenon experienced by most countries, both developing and developed countries. Also with managed floating regime of exchange rate, it becomes very important to analyze the dynamics of current account balance which determine the trade. The deficit condition has lasted for four years in Indonesia, as well the deficit value above the value of the surplus that has been experienced during the period 2005-2011. This study is firstly aim to examine the condition of the deficit which happens in the export and import, manufactured goods and oil and gas, whether related to the transaction of goods and services. We try to build a predicted model which near the actual. Then, the focuses examines an exchange rate volatility impact on current account deficit. The model used in this research is a simultaneous model of Indonesia current account deficit from 2005 to 2014. The simulation result indicated that depreciation increase surplus to current account deficit. The decrease of export manufactured goods (non oil and gas) higher than the increase of import. For the oil and gas sector, depreciation of the rupiah against the US dollar results in an increased burden of higher oil and gas imports due to import transactions.

• The Korean Journal of Health Service Management
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• v.6 no.3
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• pp.219-229
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• 2012

In these days, the interest on medical industry is increasing around the world. This paper attempts to estimate the economic effects of the medical and measuring instrument industry through the Input-Output Analysis. Especially, 78*78 Sector Tables were used as the first analysis tool. So then, 79*79 Sector Tables adjusted were used for that industry. The main analysis tools of this study are comparing and analyzing backward and forward linkage effect, the induced effect of the self industry and other industries and the induced coefficients such as products, value-added, employee's pay, sales surplus, employment. According to the result of analysis, the medical and measuring instrument industry has great economic impacts which affects the major macroeconomic factors such as production and backward linkage effect. And the induced effects of the self medical and measuring instrument industry are significant compared to other industries in aspects of production, employee's pay and sales surplus.

• The Journal of Fisheries Business Administration
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• v.40 no.3
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• pp.29-49
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• 2009

There are various types of predictable economic benefits to restoring beneficial uses from contaminated marine sediment cleanup. These benefits can be derived from reduction in aquatic animals died or infected, increase in their consumption recovery, increase in tourism including recreational fishing, reduction in human health risk, increase in amenity and aesthetics, increase in ecosystem integrity, and so on. The paper focuses on estimating the net increase in value for producers and consumers from producing and consuming those fish due to the pollution reduction of marine contaminated cleanup project. Almost Ideal Demand System(AIDS) is employed for estimate of the demand for fish, and the production cost function for fish are determined using market data. The result shows 10.8 billion won per year for economic surplus to the net increase for producers and consumers.

• Journal of Fisheries and Marine Sciences Education
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• v.17 no.3
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• pp.383-389
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• 2005

In this study, we analyzed consumers' extra willingness-to-pay for the organic farmed laver, which recently is related to the increased interests in health. Survey questionnaires, which are targeted the urban consumers and based on the equivalent surplus concept, were intended to calculate extra willingness-to-pay for the organic farmed laver. Payment card format was used as the questionnaires type and tobit model was used for the analysis. Variables used for the analysis are sex, age, region, occupation, number in family and income. The results were that the consumers had extra willness-to-pay of 17.16% on average for the eco-friendly organic farmed laver. The higher the income and the more the family number, the customers had more extra willingness-to-pay.

• Bulletin of the Korean Mathematical Society
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• v.56 no.6
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• pp.1467-1483
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• 2019

This paper analyzes a robust optimal reinsurance and investment strategy for an Ambiguity-Averse Insurer (AAI), who worries about model misspecification and insists on seeking robust optimal strategies. The AAI's surplus process is assumed to follow a jump-diffusion model, and he is allowed to purchase proportional reinsurance or acquire new business, meanwhile invest his surplus in a risk-free asset and a risky-asset, whose price is described by an Ornstein-Uhlenbeck process. Under the criterion for maximizing the expected exponential utility of terminal wealth, robust optimal strategy and value function are derived by applying the stochastic dynamic programming approach. Serval numerical examples are given to illustrate the impact of model parameters on the robust optimal strategies and the loss utility function from ignoring the model uncertainty.

• Ocean and Polar Research
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• v.40 no.4
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• pp.237-247
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• 2018

This study aims to estimate optimal harvests, fishing efforts, and stock levels of hairtail harvested by the large pair bottom trawl, the large otter trawl, the large purse seine, the offshore long line, and the offshore angling fisheries by using the surplus production models and the current value Hamiltonian method. Processes of this study are as follows. First of all, this study estimates the standardized fishing efforts regarding the harvesting of the hairtail by the above five fishing gears based on the general linear model developed by Gavaris. Secondly, this study estimates environmental carrying capacity (k), intrinsic growth rate (r), and catchability coefficient (q) by applying the Clarke Yoshimoto Pooley (CY&P) model among various surplus production models. Thirdly, this study estimates the optimal harvests, fishing efforts, and stock levels regarding the hairtail by the current value Hamiltonian method, including the average landing price, the average unit cost, and the social discount rate. Finally, this study attempts a sensitivity analysis to figure out changes in optimal harvests, fishing efforts, and stock levels due to changes in the average landing price and the average unit cost. As results induced by the current value Hamiltonian method, the optimal harvests, fishing efforts, and stock levels regarding the hairtail caught by several fishing gears were estimated as 33,133 tons, 901,080 horse power, and 79,877 tons, respectively. In addition, from the results of the sensitivity analysis, first of all, if the average landing price of the hairtail constantly increases, the optimal harvests of it increase at a decreasing rate, and then harvests finally slightly decrease as a result of decreases in stock levels. Secondly, if the average unit cost of fishing efforts continuously increases, the optimal fishing efforts decreases, but optimal stock levels increase. Optimal harvests start climbing and then decrease continuously due to increases in the average unit cost. In summary, this study suggests that the optimal harvests (33,133 tons) were larger than actual harvests (25,133 tons), but the optimal fishing efforts (901,080 horse power) were much less than estimated standardized fishing efforts (1,277,284 horse power), corresponding to the average of the recent three years (2014-2016). This result implies that the hairtail has been inefficiently harvested and recently overfished due to excessive fishing efforts. Efficient management and conservation policies on stock levels need to be urgently implemented. Some appropriate strategies would be to include the hairtail in the Korean TAC species or to extend the closed fishing season for this species.

• Ocean and Polar Research
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• v.39 no.1
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• pp.51-59
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• 2017

The purpose of this paper is to estimate the economic value of beaches which are the major part of the East Sea Coast. ITCM (Individual Travel Cost Method) is applied to estimate the economic value of its beaches using Poisson, negative binomial, truncated Poisson and truncated negative binomial models. The consumer surplus during length of stay per capita is 214,088 won in beaches overall on the East Sea Coast, 206,398 won in Gangwon-do beaches and 271,171 won in Gyeongbuk/Ulsan beaches. Annual total economic value of its beaches considering the number of visitors at beaches is 6,269 billion won (3,970 billion won in Kangwondo beaches, 2,299 billion won in Kyungbuk/Ulsan beaches).

• International Commerce and Information Review
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• v.15 no.4
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• pp.97-122
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• 2013

Korea's trade balance in service showed surplus in 2012 on the basis of BPM5. This is recorded by 14 years since 1999. This owes to decrease of deficit in tourism balance, increase of surplus in construction and transportation, and shift from deficit to surplus, even in small portion, in personal cultural recreational services balance. While externally the global economic growth becomes inactive and the Korean Won has appreciated, internally Korean service industry is very weak and is not equipped with international competitiveness. This study intends to look into service surplus items and services deficit items and to present measures that will be able to strengthen competitiveness in service industry. As a short case study, German and Japan was benchmarked, as they are the countries which are developed on the basis of manufacturing like Korea. And in this study, by analyzing surplus items and deficit items in trade balance sheet, it is attempted to suggest policies which would be available for strengthening service industry. As the service industry is a highly value-added one, it is necessary to designate promising categories and intensively foster as strategic industry. Service industry has their own characteristics distinguished with manufacturing goods. It has very different logistics and payment system with manufacturing industry. It means there must be independent support systems which reflect the nature of industrial classification in service industry. It is necessary to provide export support system, to organize export market development group, to support marketing, to set common logistics center, to support diplomatic means, to provide legal service and so on.

• Applied Chemistry for Engineering
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• v.20 no.4
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• pp.363-369
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• 2009

High oil price and biodiesel expansion lead the surplus of glycerol in the market. Glycerol has been used as a raw material itself at petroleum chemistry, paint, tobacco, household products and cosmetics in the conventional market. Recently, many research to find new applications of glycerol as a low-cost feedstock for functional derivatives have led to the introduction of a number of selective processes for converting glycerol into commercially value-added products. The recent studies on the development of new value-added glycerol derivatives will be reviewed.

• Proceedings of the Korean Society of Near Infrared Spectroscopy Conference
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• 2001.06a
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• pp.1275-1275
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• 2001

The pH value of grass silages is one important parameter to determine the quality of the forages. In an attempt to use NIRS spectra taken for other quality parameter of grass silage it has been shown that a good correlation between NIR spectra of the dried forage and pH value of the fresh forage could be determined. Further investigations revealed that the B coefficients of the pH value calibration were almost the same as the B coefficients of the sugar calibration multiplied with -1. And indead the pH value - in the fresh sample material - of the calibration set is strongly correlated with the sugar concentration - in the dried sample material. It is concluded that next to scientific tools in research the scientist and the user of NTRS equippment has to scrutinze his own work. Examples are given. NIRS is a powerfull technique, but pitfalls are present in surplus.