• Journal of the Korean housing association
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• v.11 no.4
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• pp.23-33
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• 2000

Up until the mid-90s, the housing market of Korea has been supplier-oriented with the constant shortage of housing supply. But today, with the surplus of supply over demand and ever-increasing competitiveness in the housing market, understanding consumers needs have become one of the keys to successful business. Consumers overall living standard have increased and they are now looking for better living environment. As a matter of course, there have been much studies focusing on the evaluation factors and consumers preferences of the living environment, somewhat overlooking the asset value of a residential property. Consumers see their house in terms of both a living space and an asset. Therefore, it is these two values altogether that influences the buying decision process of consumers. This study seeks to stress on the importance of the fact that it is both the living environment and asset value of a house that are considered in the buyers valuation of residential property. And the study suggests that influencing factors of housing attributes in the decision-making process of buyers be sub-categorized into two broad groups, value as a living space and value as an asset. This is to serve both the researcher in the academic field and marketers for better understanding of consumers needs and influencing factors of buyers valuation of housings vis-a-vis market.

• Korean Business Review
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• v.22 no.1
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• pp.27-44
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• 2009

This paper compares the accounting standards for stock option of Japan and Korea. Especially, tire setting process of accounting standards for stock option, accounting methods and disclosures for stock option in two countries are analyzed. The results provide that two countries shaw different characteristics in accounting standards for stock option. First, in Japan, acquired services are reported as compensation costs and capital adjustments. On the other hand, in Korea, in case of cash-settled share- based payment transactions, acquired services are reported as compensation costs and capital adjustments, but in case of equity-settled share- based payment transactions, acquired services are reported as compensation costs and debt. Second, when tire stock option rights are abandoned, they are reported as extraordinary items in Japan and are reported as other surplus in Korea. Third, though both countries do not choose specific stock option pricing model, Japan prefers Black-Sholes Model and Korea regards binomial model as proper model.

• Journal of Korean Society of Transportation
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• v.25 no.6
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• pp.121-128
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• 2007

This paper suggests a way of estimating the value of interclass equity improvement by railway operations. Equity is understood in this paper in the context of a mobility gap between classes. The value of the reduced mobility gap by railway operations is interpreted as an increase of social equity. In particular, the unit value of equity improvement by rail services is quantified based on the amount of fare reduction through public service obligations. The difference in the surplus calculation between elastic and inelastic demands relative to the reduction is also discussed. The result of this study is expected to be helpful of performing more cautious appraisal for rail investment schemes.

• Management & Information Systems Review
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• v.25
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• pp.203-222
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• 2008

This thesis examines whether accounting information-earnings and book values-has the value relevance in the KOSDAQ. The study is motivated by previous studies which have examined the value relevance of accounting information. Prior researches have focused on KSE(Korea Stock Exchange). But, prior researches have not examined the value relevance of accounting information in KOSDAQ. So, this study examined the value relevance of accounting information which is disclosed by firms on KOSDAQ and whether accounting information between firms on KOSDAQ and KSE has the discriminative value relevance, underlying the expectation that KOSDAQ firms will have higher future profitability than KSE firms. In other words, book-value multiples of KOSDAQ firms is higher than book-value multiples of KSE firms and earnings multiples of KOSDAQ firms is lower than earnings multiples of KSE firms. The value relevance of accounting information is examined by a valuation framework presented by Ohlson(1995), which expresses the stock-price as a function of both earnings and book values of equity. The results indicate that accounting information of KOSDAQ has significant explanatory power for stock price over the 2005-2007 period. KOSDAQ firm are divided by Venture firms and Small to Mid size firms. KOSDAQ Venture firms have the discriminative value relevance, compared with KSE firms. But, KOSDAQ Small to Mid size firms have not the discriminative value relevance, compared with KSE firms.

• The Journal of Fisheries Business Administration
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• v.46 no.2
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• pp.59-74
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• 2015

This study aims to estimate optimal harvesting production, fishing efforts, and stock levels of yellow croaker caught by the offshore Stow Net and the offshore Gill Net fisheries using the current value Hamiltonian method and the surplus production model. As analyzing processes, firstly, this study uses the Gavaris general linear model to estimate standardized fishing efforts of yellow croaker caught by the above multiple fisheries. Secondly, this study applies the Clarke Yoshimoto Pooley(CY&P) model among the various exponential growth models to estimate intrinsic growth rate(r), environmental carrying capacity(K), and catchability coefficient(q) of yellow croaker which inhabits in offshore area of Korea. Thirdly, the study determines optimal harvesting production, fishing efforts, and stock levels of yellow croaker using the current value Hamiltonian method which is including average landing price of yellow croaker, average unit cost of fishing efforts, and social discount rate based on standard of the Korean Development Institute. Finally, this study tries sensitivity analysis to understand changes in optimal harvesting production, fishing efforts, and stock levels of yellow croaker caused by changes in economic and biological parameters. As results drawn by the current value Hamiltonian model, the optimal harvesting production, fishing efforts, and stock levels of yellow croaker caught by the multiple fisheries were estimated as 19,173 ton, 101,644 horse power, and 146,144 ton respectively. In addition, as results of sensitivity analysis, firstly, if the social discount rate and the average landing price of yellow croaker continuously increase, the optimal harvesting production of yellow croaker increases at decreasing rate and then finally slightly decreases due to decreases in stock levels of yellow croaker. Secondly, if the average unit cost of fishing efforts continuously increases, the optimal fishing efforts of the multiple fisheries decreases, but the optimal stock level of yellow croaker increases. The optimal harvest starts climbing and then continuously decreases due to increases in the average unit cost. Thirdly, when the intrinsic growth rate of yellow croaker increases, the optimal harvest, fishing efforts, and stock level all continuously increase. In conclusion, this study suggests that the optimal harvesting production and fishing efforts were much less than actual harvesting production(35,279 ton) and estimated standardized fishing efforts(175,512 horse power) in 2013. This result implies that yellow croaker has been overfished due to excessive fishing efforts. Efficient management and conservative policy on stock of yellow croaker need to be urgently implemented.

• Food Science of Animal Resources
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• v.26 no.2
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• pp.236-240
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• 2006

This study was conducted to manufacture new value-added corn dog using potato, milk powder and egg as nutritious and surplus agricultural and livestock products. A typical corn dog was manufactured with corn dog powder, potato, milk powder and egg as the same method of conventional corn dog. Corn dogs were divided into four groups; control group A [conventional corn dog], group B [corn dog manufactured with the fixed content of corn dog powder, milk powder, and egg, potato, water (3: 3: 1: 1: 2)], group C [corn dog manufactured with the fixed content of corn dog powder, milk powder, and egg, potato, water (3: 3: 2: 1: 2)], group D [corn dog manufactured with the fixed content of corn dog powder, milk powder, and egg, potato, water (3: 3: 1: 2: 2)], Viscosity of corn dog batter, pH of corn dog, rheology and sensory evaluation were measured. There were no significant differences for viscosity and pH between original corn dog and manufactured corn dog (p>0.05). However, hardness and brittleness of manufactured corn dog D were superior to the other groups (p<0.05). Also, manufactured corn dog D was superior to the other groups by the results of sensory evaluation. Therefore, these results suggest that it may be possible to manufacture new value-added corn dog which can help to stimulate the consumption of nutritious and surplus agriculture and livestock products.

• Journal of Korean Philosophical Society
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• v.146
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• pp.115-135
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• 2018

This article attempts to deal with the problem that science and technology function as a mechanism to oppress and exploit humans rather than to release humans from labor. To explore this subject, it is necessary to consider the difference between the theory of labor value and the theory of 'technology value'. In addition, it is also important to refer to Marx's critical view of the 'capitalist' use of technology. Above all, Marx' concepts of relative surplus value and special surplus value, and his analysis of organic composition of capital are still valid in explaining that development of technology tightens control over workers and intensity of labor, and worsens instability of employment. Reflection of the limitations of capitalist development of technology is also important for realization of its usefulness. Industry 4.0 in Germany therefore deserves to be noticed as a good example because it shows a different way from extreme capitalist exploitation. The model suggests also some points that shouldn't be overlooked, when we try to actualize the tremendous slogan of the current fourth industrial revolution as real innovation and progress in human life. In this matter, the most important point is the possibility of technological development that doesn't oppose workers' interests.

• Korean Management Science Review
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• v.26 no.1
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• pp.77-91
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• 2009

It is the most important sucess factor for the electricity generation industry to minimize operations cost of surplus electricity generation through accurate demand forecasts. Temperature forecast is a significant input variable, because power demand is mainly linked to the air temperature. This study estimates the information value of the temperature forecast by analyzing the relationship between electricity load and daily air temperature in Korea. Firstly, several characteristics was analyzed by using a population-weighted temperature index, which was transformed from the daily data of the maximum, minimum and mean temperature for the year of 2005 to 2007. A neural network-based load forecaster was derived on the basis of the temperature index. The neural network then was used to evaluate the performance of load forecasts for various types of temperature forecasts (i.e., persistence forecast and perfect forecast) as well as the actual forecast provided by KMA(Korea Meteorological Administration). Finally, the result of the sensitivity analysis indicates that a $0.1^{\circ}C$ improvement in forecast accuracy is worth about $11 million per year.

• The Journal of Fisheries Business Administration
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• v.38 no.2
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• pp.79-101
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• 2007

The purpose of this study is to estimate the economic value of the Songieong Beach in Off-season, using a Individual Travel Cost Model(ITCM). Songieong Beach is located in Busan but far away from city. These days, however, the increased rate of traffic inflow to the Songieong beach and the five-day working week are reflected in the trend analysis. Moreover, people have changed psychological value. For that reason, visitors are on the increase on the beach in off-season. The ITCM is applied to estimate non-market value or environmental Good like a Contingent Valuation Method and Hedonic Price Model etc. The ITCM was derived from the Count Data Model(i.e. Poisson and Negative Binomial model). So this paper compares Poisson and negative binomial count data models to measure the tourism demands. The data for the study were collected from the Songjeong Beach on visitors over the a week from November 1 through November 23, 2006. Interviewers were instructed to interview only individuals. So the sample was taken in 113. A dependent variable that is defined on the non-negative integers and subject to sampling truncation is the result of a truncated count data process. This paper analyzes the effects of determinants on visitors' demand for exhibition using a class of maximum-likelihood regression estimators for count data from truncated samples, The count data and truncated models are used primarily to explain non-negative integer and truncation properties of tourist trips as suggested by the economic valuation literature. The results suggest that the truncated negative binomial model is improved overdispersion problem and more preferred than the other models in the study. This paper is not the same as the others. One thing is that Estimating Value of the Beach in off-season. The other thing is this study emphasizes in particular 'travel cost' that is not only monetary cost but also including opportunity cost of 'travel time'. According to the truncated negative binomial model, estimates the Consumer Surplus(CS) values per trip of about 199,754 Korean won and the total economic value was estimated to be 1,288,680 Korean won.

• Journal of Dairy Science and Biotechnology
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• v.35 no.3
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• pp.184-195
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• 2017

This study was carried out to investigate the micro-agribusiness realities of dairy farms by surveying both farmers' opinions and consumers' recognition of dairy farm products for in a value-chain analysis. In most cases, dairy farms produced fermented milk for sales and to prepare cheese both for sales and for providing the necessary material for farm visitors. Value-chain analysis did not seem to be a viable strategy for dairy farmers, except when assessing the quality of farmstead milk products in comparisons of dairy farm milks and commercial milk products. Consumers had a wide range of experience with milk products and had no willingness to buy products from dairy farms because of the high cost and the lack of product diversity. Our findings established three strategies for improving the economic feasibility of dairy farms. First, the price should be reduced by adopting a production balance to establish a farm-gate price, i.e., not as quota milk but as surplus milk. Second, consumers should be educated on the prescription of cheese at home. Third, a value-chain based on cooperative partnerships should be established among dairy farms. In addition, to improve the consumers' satisfaction on the diversity and quality of farm dairy products, developments of new value-added milk products made from the milk of cows allowed to graze on mountain pastures are needed.