• The Journal of the Korea Contents Association
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• v.17 no.3
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• pp.532-541
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• 2017

Design is an extremely critical and important for the prosperity and development of a corporation, and design for children's facilities can be said to be a critical factor not only from a commercial perspective but also one of the critical factors that can be beneficial to the physical, intellectual and emotional growth and development of children. To measure the economic value of publicly designed children's facilities established with the purpose of children's design education, this research study utilized the Contingent Valuation Method. This research study attempts to provide useful information for policy administrators on the usage of both publicly designed children's facilities with high use value and also high non-use value through economic value measurement. To achieve the objectives of this research, the Contingent Valuation Method that utilized both open-ended questions and also double-bounded dichotomous choice methodologies was used. The results of the pre-verification that used the open-ended questions results from 50 test subject participants and the double-bounded dichotomous choice methodology results from 530 test subject participants confirmed that the average annual per person expense was estimated to be KRW 12,463. The gross benefit amount figure estimated for all households in the nation was estimated to be about KRW 219 billion annually.

• Korean Business Review
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• v.17 no.2
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• pp.1-23
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• 2004

Since revision of Korean GAAP on the merge transaction in 1999, the few studies on the problems of the GAAP or on the inconsistency of GAAP and regarding tax regulations have been performed. The objective of this study is to understand the present state of the merge transactions, to find out the problems on the regarding GAAP and tax regulations, and to suggest the method to improve them. Among the 69 merge transactions of the listed and registered companies for the recent 3 years, 67 merge transactions are reported as the purchase transactions and 2 transactions as the pooling of interest. And 11 transactions occurred between parents and subsidiaries. I investigate the sufficiency of the foot disclosures on the merge transactions, I find out that the disclosure on the amortization of the negative goodwill are not sufficient, and several transactions are not recorded in conformity with GAAP. This paper indicates the problems on the GAAP as follows: the complicated and irrational method of amortization of the negative goodwill, the valuation of the stocks acquired before the merge, the inconsistent adjustments to purchase consideration contingent on future events, and the valuation of the merge between the parents and subsidiaries. And the problems on the tax regulations are as follows: tax deferment of the income from merge valuation, the ambiguous definitions of the fair value, and stock dividend of the income from merge valuation.

• Journal of Energy Engineering
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• v.22 no.3
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• pp.270-282
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• 2013

Combustible waste into energy policy is an effective method to respond to climate change and depletion of fossil fuels. Combustible waste into energy is the process of generating energy in the form of electricity and/or heat from the combustible waste such as vinyl, paper and plastic. This study tries to estimate the external benefit of enhancing the ratio of combustible waste into energy to primary energy from 1.89% to 5% using contingent valuation(CV) method. To this end, we report the results from a CV survey to elicit the willingness to pay (WTP) for combustible waste into energy. A CV survey of 500 households was conducted in the Seoul by using person-to-person interviews. Thus, the procedures of applying and the findings from the one-and-one-half bounded dichotomous choice spike model used to deal with the zero WTP responses are provided in the paper. The results show that the average WTP is estimated to be 2,724 won per household per month and statistically significant at the 5% level. Expanding the value to the Seoul gives us an aggregate value of 13.7 billion won per year.

• Journal of Navigation and Port Research
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• v.42 no.6
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• pp.478-485
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• 2018

Aids to Navigation (AtoN) is one of the marine traffic safety facilities that promotes the safety of maritime traffic and enhance ship's operational efficiency. However, functional failure of AtoN due to ship's collision or bad weather conditions leads to inconvenience or navigational risk to various users such as the ship operators. For insstance, the largest container port in Korea, Busan Port has experienced a total of 400 AtoN accidents in the past 12 years (2006-2017).Therefore, an average of 20.6 days of recovery time is required, which increases the maritime safety anxiety for AtoN users. is the objective of this study was to present the quantitative support of the users for the prevention of AtoN accidents and the improvement of the feasibility of implementing more efficient management in Korea. A survey was conducted on the users of Busan port areas to investigate general perception of AtoN in general and the accidents that have happened, and to estimate the economic value of navigational risk reduction by implementing effective AtoN management measure. Using the representative non-market valuation method for environmental or public goods known as contingent valuation method (CVM), the economic value granted to users for the AtoN services in Busan port was estimated to at least 16 billion won. Therefore, these finding could be used by AtoN managers and/or policy makers as a valuable data to identify the users' need of various AtoN services including Busan Port and to establish and implement more efficient management plan.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.28 no.6D
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• pp.871-879
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• 2008

Recently, as there are a rise in the standard of living and higher concerns of an electromagnetic wave and environment, undergrounding the aerial cables which are supported by large pylons and generally considered as the least attractive feature of an urban area is on an increasing trend to improve aesthetic benefits and electric reliability. This study applied Contingent Valuation Method (CVM) which is expected to become an effective tool to measure indirect benefit to estimate the substantial benefits of undergrounding overhead power line projects in an urban area. The tunneling construction project of the 345kV Shinsungnam electric power cable in Seongnam city was selected and a hypothetical scenario was given to respondents to determine their levels of Willingness to Pay (WTP) for undergrounding overhead power lines. The result from the estimation of the WTP of undergrounding overhead power lines in Seongnam city was calculated as approximately 17.1 billion won. Placing existing overhead lines underground is difficult to justify economically. Most undergrounding costs appear to be justified by aesthetic and public policy considerations. Therefore, considering the result of this study, undergrounding overhead power lines is of great benefit to public.

• Journal of Forest and Environmental Science
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• v.28 no.1
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• pp.24-29
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• 2012

This paper assesses the stmpage value of Korean white pine (Pinus koraiensis) stands in the Research Forest of Kangwon National University. Assessment was done by means of the cost value method (Faustmann formula) for age class I, Glaser method for age class II-V, and inversion market method for age class over VI. Generally the value of stumpage is calculated by the inversion market method in the market. However, immature trees and middle age class trees are not assessed in market, and the Korean forest is not old enough to harvest. So, when forests are damaged by attacks from forest fire, blight and harmful insects, the forest cannot be compensated for the loss from the government or insurance company. For this reason, the value of all-age class trees are calculated by using appropriate methods. As a result, the value of age I class stands (0.3 ha) is calculated as 1,786,305 (won), age II-Vclass stands (22.1 ha) 206,677,975 (won) and age VI class and over stands (24.8 ha) 523,789,603 (won).

• Journal of the Korean Mathematical Society
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• v.41 no.3
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• pp.513-533
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• 2004

We present the pricing and hedging method for options with general payoffs in the presence of transaction costs. The convexity of the payoff function-gamma of the options- is an important issue under transaction costs. When the payoff function is convex, Leland-style pricing and hedging method still works. However, if the payoff function is of general form, additional assumptions on the size of transaction costs or of the hedging interval are needed. We do not assume that the payoff is convex as in Leland 〔11〕 and the value of the Leland number is less (bigger) than 1 as in Hoggard et al. 〔10〕, Avellaneda and Paras 〔1〕. We focus on generally recognized asymmetry between the option sellers and buyers. We decompose an option with general payoff into difference of two options each of which has a convex payoff. This method is consistent with a scheme of separating out the seller's and buyer's position of an option. In this paper, we first present a simple linear valuation method of general payoff options, and also propose in the last section more efficient hedging scheme which costs less to hedge options.

• International Journal of Highway Engineering
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• v.15 no.4
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• pp.155-165
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• 2013

PURPOSES : Benefits for improvement of travel time reliability obtained from construction of new highways should be considered as a major factor in the feasibility study for highway constructions. The purpose of this study is to develop a method of estimation for the value of travel time reliability. METHODS : Highway type (urban/rural highway) and traffic flow type(interrupted/uninterrupted) was considered to estimate he value of travel time reliability. And Double-bounded Dichotomous Choice among Contingent Valuation Method(CVM) was applied to survey the willingness-to-pay of drivers when travel time reliability is improved. Finally the value of travel time reliability was estimated using the results of survey and logit model. The value of travel time reliability was estimated considering travel objectives, time constraint travel and non-time constraint travel. RESULTS: The value of travel time reliability of business trip is higher than that of non-business trip. The value of travel time reliability of time constraint travel is higher than that of non-time constraint travel. The value of travel time reliability in urban area is higher than that in rural area. CONCLUSIONS: It was concluded that the proposed method in this study is more realistic and proper to estimate the value of travel time reliability because it reflects the situations of time constraint travel and non-time constraint travel.

• Environmental and Resource Economics Review
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• v.16 no.1
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• pp.65-98
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• 2007

Wetland provides various environmental services as well as marketable goods to human society. This paper presents a meta-analysis of the wetland valuation studies conducted in Korea during the past decade. Meta-analysis is a technique of summarizing research results from the separate but related studies using statistical methods. The objectives of the paper is to identify the main factors affecting the wetland values and to examine the applicability of meta-regression analysis for summarizing the information from valuation studies of natural ecosystem. The total of 64 observations from 24 studies are assembled, and we observe significant differences in wetland values depending on the characteristics of the studies. With the statistical significance, our results indicate that the method employed affects the wetland values while the wetland function evaluated affects little. In addition, we found that the size of wetland is negatively associated with the values, implying that wetland values exhibit the decreasing returns to scale. The evidences from our empirical analysis suggest that the meta-analysis has a potential as a tool to synthesize the research results from valuation studies and to provide useful information to policy makers. However, this study acknowledges that more effort should be dedicated toward the construction of DB on valuation studies as well as the research on the model improvement to enhance the validity and reliability of meta-analysis.

• Journal of Digital Convergence
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• v.12 no.11
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• pp.81-87
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• 2014

In this study, along with the expansion of the national R&D projects, by analyzing the case of K research center of Land and Transport R&D projects, and was evaluated in the value of technology. The evaluation of the value of technology, were analyzed using the SMART3 targeting patents K research center indicate best technical aspects have registered. Analysis technical value of research center K, was found to have maintained the same level as the average of about of Land and Transport R&D projects. The significance of this study is that it was approached by more concrete approach of valuation of technology principle of national R&D projects. We expect that the study of evaluation method and diverse objective to achieve the intended purpose of the national R&D projects are carried out more.