• KDI Journal of Economic Policy
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• v.13 no.4
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• pp.31-57
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• 1991

Korean firms of all sizes, from virtually every industry, have used and are using the term "excessive competition" to describe the state of their industry and to call for government interventions. Moreover, the Korean government has frequently responded to such calls in various ways favorable to the firms, such as controlling entry, curbing capacity investments, or allowing collusion. Despite such interventions' impact on the overall efficiency on the Korean economy as well as on the wealth distribution among diverse groups of economic agents, the term "excessive competition", the basis for the interventions, has so far escaped rigorous scrutiny. The objective of this paper is to clarify the notion of "excessive competition" and "over-investment" which usually accompanies "excessive competition", and to examine the circumstances under which they might occur. We first survey the cases where the terms are most widely used and proceed to examine those cases to determine if competition is indeed excessive, and if so, what causes "excessive competition". Our main concern deals with the case in which the firms must make investment decisions that involve large sunk costs while facing uncertain demand. In order to analyze this case, we developed a two period model of capacity precommitment and the ensuing competition. In the first period, oligopolistic firms make capacity investments that are irreversible. Demand is uncertain in period 1 and only the distribution is known. Thus, firms must make investment decisions under uncertainty. In the second period, demand is realized, and the firms compete with quantity under realized demand and capacity constraints. In the above setting, we find that there is "no over-investment," en ante, and there is "no excessive competition," ex post. As measured by the information available in period 1, expected return from investment of a firm is non-negative, overall industry capacity does not exceed the socially optimal level, and competition in the second period yields an outcome that gives each operating firm a non-negative second period profit. Thus, neither "excessive competition" nor "over-investment" is possible. This result will generally hold true if there is no externality and if the industry is not a natural monopoly. We also extend this result by examining a model in which the government is an active participant in the game with a well defined preference. Analysis of this model shows that over-investment arises if the government cannot credibly precommit itself to non-intervention when ex post idle capacity occurs, due to socio-political reasons. Firms invest in capacities that exceed socially optimal levels in this case because they correctly expect that the government will find it optimal for itself to intervene once over-investment and ensuing financial problems for the firms occur. Such planned over-investment and ensuing government intervention are the generic problems under the current system. These problems are expected to be repeated in many industries in years to come, causing a significant loss of welfare in the long run. As a remedy to this problem, we recommend a non-intervention policy by the government which creates and utilizes uncertainty. Based upon an argument which is essentially the same as that of Kreps and Wilson in the context of a chain-store game, we show that maintaining a consistent non-intervention policy will deter a planned over-investment by firms in the long run. We believe that the results obtained in this paper has a direct bearing on the public policies relating to many industries including the petrochemical industry that is currently in the center of heated debates.

• Korean Journal of Construction Engineering and Management
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• v.9 no.1
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• pp.187-198
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• 2008

There are usually plenty of material inventories in a construction site. More inventories can meet unexpected demands, and also they may have an economical advantage by avoiding a probable escalation of raw material costs. On the other hand, these inventories also cause negative aspects to increase costs for storing redundant inventory as well as decreasing construction productivity. Therefore, a proper method of deciding an optimal level of material inventories while considering dynamic variations of resources under uncertainty is very crucial for the economical efficiency of construction projects. This research presents a stochastic modelling method for construction operations, particularly targeting a work process involving on-site fabrication of raw materials like iron-rebar process (delivery, cut and assembly, and placement). To develop the model, we apply the concept of factory physics to depict the overall components of a system. Then, an optimal inventory management model is devised to support purchase decisions where users can make timely actions on how much to order and when to buy raw materials. Also, optimal time lag, which minimizes the storage time for pre-assembled materials, is obtained. To verify this method, a real case is applied to elicit an optimal amount of inventory and time lag. It is found that average values as well as variability of inventory level decreased significantly so as to minimize economic costs related to inventory management under uncertain project condition.

• Journal of Korean Society of Transportation
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• v.24 no.3 s.89
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• pp.103-112
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• 2006

For recent innovation of If technology and the beginning of Digital Multimedia Broadcasting (DMB) service, it has been dramatically increased to setup TV system in a car for watching TV and receiving traffic Information. Watching TV while driving would distract a driver s cognitive and visual attention as eating food, operating the radio, using a cell phone. However, there is paucity of empirical researches and it is uncertain how watching TV in driving impacts on the driver's cognition in the concrete. Therefore, we surveyed domestic drivers on the attitude watching TV while driving as well as conducted experiments through a driving simulator. Especially, we recruited two groups of participants to explore the effects of watching TV on driving behavior. The result proved that the participants who watched TV while their driving had relatively narrower the attention span than the Participants who did not watch TV. Also, those who watched TV drove with less stability and more urgent operations of the brake and accelerator than those who did not watched TV Finally, we discussed limitations and implications of the study.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.19
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• pp.33-66
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• 2003

This is a comparative and analytical study which comprises of the analysis of the rules of the buyer's remedies where the seller delivers defective goods of four legal systems; Directive, CISG, English law and Korean law. In light of threefold main purposes of this study, it firstly attempts to describe and analyze the remedy provisions of Directive in a comparative way in order to provide legal advice to the sellers who plans to enter into English consumer markets. It shows that the two tier remedial system under Directive is not much different from the other jurisdictions, except where the right of rescission under Directive is absolute in a sense that it does not require a certain degree of seriousness of defect. Secondly, the study compares the rules of one jurisdiction with those of other jurisdictions and evaluates the rules in light of the discipline of comparative law the basic question of which is whether a solution from one jurisdiction may facilitate the systematic development and reform of another jurisdiction. It proves the followings; (1) the reluctance and uncertainty in English law of ordering specific performance based on the discretionary power does not reflect the parties' preference because the order is either uncertain or rather negative where the purchase of substitute goods elsewhere is not a satisfactory solution in many cases; (2) the position in Korean law which has no limitation on the right to require substitute goods is likely unfair in commercial sales, but justified in consumer sales; (3) the right of termination or reduction under Directive which is subject to the applicability of the right to require repair or substitute goods seems to be contrary to the consumer's preference where the defective delivery destroys the basis of trust in the quality of the seller's performance; (4) the absolute right of termination under Directive and English law seems crucial in consumer sales because they are often inferior to commercial sellers in terms of information and bargaining power; (5) the right of reduction as a self-help remedy which is absent in English law emphasizes its usefulness. Thirdly, it finds that, where CISG is deemed to fail to unify different rules on the right to require specific performance between Civil and Common law, it is attempted once again in Directive and notwithstanding their hostility to awarding the right to require specific performance in English law, Regulations 2002 expressively stipulates such right.

• Journal of the Korean Regional Science Association
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• v.35 no.3
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• pp.7-23
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• 2019

Smart cities are expanding their spatial scope to urban areas and regions. Linking regional economic development strategies beyond the borders with smart city planning can lead to cooperation and economic development between regions and countries as well. The purpose of this study is to suggest cooperation and regional development of the three nations - Korea, North Korea and China - through the Yellow Sea Rim Smart Region. To this end, smart city strategies and economic development plan with implementation status in the three countries including special economic zones have analyzed that could be the spatial basis of the smart region. On the west coast of Korea facing the Yellow Sea, lots of projects related to smart cities are actively underway in Saemangeum, Yellow Sea Free Economic Zone(YESFEZ), and Incheon Free Economic Zone(IFEZ). Although the political situation is still uncertain, North Korea is analyzed to have economic and technical potential in the west coast connecting Haeju, Nampo, and Sinuiju. In Liaoning and Shandong provinces of China, smart city projects have been actively promoted in recent years especially in the state-supporting industrial cities. Restoration of economic cooperation between South Korea and China, linkage of transportation networks, vitalization of cross-border cooperation projects between China and North Korea centered on Dandong and Sinuiju, and the connecting of smart city infrastructure and services for China and South Korea's economic cooperation process will make the Yellow Sea Rim as a world prosperous economic region. However, it is necessary to establish and operate a governance system through long-term planning for transnational consultation and establishment of a promotion organization.

• The Korean Journal of Pharmacology
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• v.24 no.1
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• pp.83-92
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• 1988

Although the release of lysosomal enzymes from activated PMN leukocyte can be regulated by intracellular cyclic nucleotide levels, other responses of PMN leukocyte according to the binding of neurotransmitters to either ${\beta}$-adrenergic or muscarinic receptors are still not clarified. In addition, the function of PMN leukocyte mediated by ${\alpha}$-adrenergic receptors is uncertain. Atropine, phentolamine and propranolol inhibited calcium uptake, superoxide generation, NADPH oxidase activity and phagocytic activity in activated PMN leukocyte, whereas carbachol and isoproterenol slightly further stimulated the responses of activated cells. Either carbachol or isoproterenol stimulated superoxide generation was inhibited by their antagonists, atropine and propranolol, respectively. The response of activated PMN leukocyte was inhibited by chlorpromazine, verapamil and dantrolene but slightly stimulated by lithium. On the other hand, chlorpromazine and dibucaine did not affect NADPH oxidase activity. Atropine, phentolamine and propranolol suppressed the calcium dependent phagocytic activity. Thus, the results suggest that atropine, phentolamine and propranolol may inhibit superoxide generation in activated PMN leukocyte by the inhibition of calcium influx and by their direct action on the NADPH oxidase system which is associated with autonomic receptors.

• Journal of Navigation and Port Research
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• v.31 no.6
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• pp.537-543
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• 2007

It's an important part to calculate the weights between criterions and to aggregate the decision inputs in a MCDM(Multi criterion decision making) This paper presents a method for aggregation cf decision inputs and application to the MCDM. We incorporate the fuzzy set theory and the basic nature of subjectivity due to ambiguity to achieve a flexible decision approach suitable for uncertain and fuzzy environments. To obtain the scoring that corresponds to the best alternative or the ranking of the alternatives, we need to use a total order for the fuzzy numbers involved in the problem. In this article, we consider a definition of such a total order, which is based on two subjective aspects: the degree of optimism/pessimism reflected with the ordered weighted averaging(OWA) oprators. A numerical example, expecially location analysis for anchorage area, is given to illustrate the approach.

• Journal of Korea Port Economic Association
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• v.26 no.3
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• pp.114-129
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• 2010

Busan port's main function is handling container cargo compared to world major ports and the percentage of handling general cargo such as dirty bulk cargo is very low. In other words, although total cargo weight of Busan port that recorded the handling result of 13.29million TEU in 2008 reached 113.05million ton, total cargo weight of general cargo was 15.31million ton, so container cargo accounted for 88.1% of whole cargo weight. However, it is the time to create high added value by the increase of handling and marketing dirty bulk cargo. Originally, the dirty bulk cargo was not the avoided object from the first. Somehow, it is a very high added value cargo, and is surely essential strategic material to basic industries of nation. However, it becomes dirty bulk cargo as the companies are reluctant to handle it because of environmental problem, distinct characteristic in handling, uncertain break even point due to imbalance between supply and demand compared to container cargo. However, items that are classified as dirty bulk cargo now are certainly necessary strategic materials to national basic industries or national life. Besides it seems to be a high added value cargo here and now. Therefore, it is time that increasing of handling dirty bulk cargo by marketing it and the system for efficient handling such as constructing the exclusive use wharf in Busan port, modernizing of facilities and equipments, stable secure of place for holding and handling through development of distribution complex by item, efficient data processing and closer cooperation by setting up a SCM of related authorities are needful.

• Korean Journal of Social Welfare
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• v.62 no.3
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• pp.219-245
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• 2010

The objective of this study is to identify the community living experiences of married immigrant women in rural areas. For this purpose, we conducted qualitative research by sampling 14 married immigrant women who had lived in Korea for over three years by having in depth interviews with them. This study employed the grounded theory method suggested by Strauss and Corbin(1998). When raw data from in depth interviews with the participants were processed by open coding through the continuous comparison method with theoretical sensitivity, a total of 13 categories, 27 sub.categories, and 71 concepts were extracted. In case of axial coding, according to the results of analyzing through the paradigm procedure, the causal conditions for the community living experiences of married immigrant women in rural areas were 'Uncertain start' and 'Confront practical problems,' and the central phenomenon was 'Search for existence to participate in community activities.' Contextual conditions affecting the phenomenon was 'Regret international marriage,' 'Experience conflicts,' and 'Look with negative prejudices,' 'Overcome the actual' and action/interaction strategies were 'Look for a breakthrough of life' and 'Manage to acceptance.' Intervening conditions for promoting or suppressing the action/interaction strategies for the central phenomenon were 'Social support system' and 'local limitations,' and as a result, the community living experiences of married immigrant women in rural areas appeared to 'Prepare the future,' 'Hope continuous social activities,' and 'Expect public support systems.'

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.15 no.2
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• pp.33-45
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• 2020

While venture creation is considered to be of high social and economic importance, entrepreneurial outcomes are inherently uncertain and that failure is thus a central feature of entrepreneurship. Although failure in entrepreneurship is pervasive and critical, the impact of prior failure on future entrepreneurship has not received significant attention in the literature. Although failure is a painful and costly experience for entrepreneurs, it can also provide a powerful learning opportunity for those experiencing it. It has been argued that entrepreneurial failure is not just a individual problem but a matter of social concern. As part of the restarting business support system, entrepreneurial re-education program is provided to support failed entrepreneurs. The aim of this study is to examine the effects of failed entrepreneurs' prior entrepreneurial experience and re-education on subsequent venture creation. Moreover, this study also examined the moderating effects of entrepreneurial motivation. For the analyses, we surveyed the entrepreneurs who tried to re-start the subsequent business after the entrepreneurial failure through the "Revitalization Center for Strained Entrepreneur". The result found that failed entrepreneurs who learned a lot from their previous founding experience were more likely to re-start their subsequent business. The failed entrepreneurs who learned a lot from entrepreneurial re-education program were more likely to re-start their subsequent business. Moreover, the positive effect of failed entrepreneurs' previous founding experience and entrepreneurial re-education program on re-starting subsequent business was found to be weaker when entrepreneurial extrinsic motivation was high.