• Title/Summary/Keyword: auction price

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Economic Impacts of Carbon Reduction Policy: Analyzing Emission Permit Price Transmissions Using Macroeconometric Models (탄소감축 정책의 경제적 영향: 거시계량모형에 기반한 배출권가격 변동 효과 분석)

  • Jehoon Lee;Soojin Jo
    • Environmental and Resource Economics Review
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    • v.33 no.1
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    • pp.1-32
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    • 2024
  • The emissions trading system stands as a pivotal climate policy in Korea, incentivizing abatement equivalent to 87% of total emissions (as of 2021). As the system likely has a far-reaching impact, it is crucial to understand how the real economic activity, energy sector, as well as environment would be influenced by its implementation. Employing a macroeconometric model, this paper is the first study analyzing the effects of the Korean emissions trading policy. It interconnects the Korean Standard Industrial Classification (Economy), Energy Balance (Energy), and National Inventory Report (Environment), enhancing its real-world explanatory power. We find that a 50% increase in emission permit price over four years results in a decrease in greenhouse gas emissions (-0.043%) and downward shifts in key macroeconomic variables, including real GDP (-0.058%), private consumption (-0.003%), and investment (-0.301%). The price increase in emission permit is deemed crucial for achieving greenhouse gas reduction targets. To mitigate transition risk associated with price shocks, revenue recycling using auction could ensure the sustainability of the economy. This study confirms the comparative advantage of expanded current transfers expenditure over corporate tax reduction, particularly from an economic growth perspective.

A Study on Marketing of Cultured Laver Products (양식해태의 유통에 관한 조사 연구)

  • 유충열
    • The Journal of Fisheries Business Administration
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    • v.4 no.1_2
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    • pp.19-57
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    • 1973
  • Laver io one of the most necessary and seasonal items in Korean food from oldtimes. Laver is lagely eaten in dried form, and its supply depends entirely upon culture weeds. The history of laver culture in Korea about sixty or seventy years is older than in Japan. Significance of laver culture is divided into two aspects, one is food supply in the nation, and the other is export to other countries. Houses engaged in laver culture are about foully thousands, and laver production in 1972 is estimated as 1, 3 bitten sheets. (1 sheet is a dried laver of 20 cm sq, in the shape of paper) Especcially meaning of layer production is the concentration of labour input, and systematic management of labour. From around 1920, the method of laver culture was introduced by Japanese Imperialism for mono culture in shallow seas, and mass products of laver is provided to Japan market, DOMESTIC MARKET Fundamental consume function calculates at below, $D_{(68_71)}$=16354 $Y^{0.471}$ $P^{-1.0662}$ where D is total layer demand, Y income variable, P price variable. It means income elasticity is 476. in the whole country, and price elasticity is 1, 07. But generally income elasticity is higher in urban area than in rural area, as shown at 1, 3 in Seoul city. Expence of laver in house expenditure is mutually correlated with another expence, See Table 12 about the relative function. See Table 14 and 16 about the relation between the gathering and the changes of price in auction, wholesale and retail price support system is for two effects, one of which is constraint of the upper price, the other is rise of the lower price. Before the system control, the equation in three year average calculated as below, $Y_{b}$ =18, 907.7455+15435.9364 t (r=0.89) where the origin t=0 is the November and the units are month. Post the system control, $Y_{p}$ =30, 047.9636+1, 631.1721t (r=0.97) therefore, this system has an effect only on the rise of lower price, Average annual margins of laver products at four market levels according to the consumer spent is below. EXPORTING MARKET Japanese demand function of laver products is, Log D=5, 289+1, 108 Log Y-1, 395 Log P (r=0.987) where D is Japanese laver demand, Y income variable, P price variable. according to which income elasticity is 1. 1 and price elasticity is 1.4. Laver production in 1970 tile highest record till then, is estimated as six billion sheets. But the recent improvement of laver culture techniques, the production of seeds and freezing storage of seeds has been stabilized. Futher new culture farms have been developed by means of break- water fences or by floating culture method. These improvements have been backed up with increased demand of laver products. Import quantity and price of Korean laver products are restrained by three organizations, that is producer, distributor and consumer. This relationship calculated by regression equation shows that import is influenced only producer organization, at the sacrifice of consumer profit. For increase to export of laver products, we urgently require to open foreign trade of laver products for Japanese consumer, .and Japan has political responsibility to solve Korean laver structure. But with long run timeseries, as regards Japanese production and import quantity, importing function shows increasing trend as below, 250 million sheets <3, 947.1674+0.005 $L_{g}$ >) 600 million sheets where $L_{q}$ is relative production quantity of laver in Japan. (unit; 100 thousand sheets) Our Export effort should be put on the highly processed products whithin the restraind quote.ote.

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Designing Intelligent Agent System for Purchase Decision Making in Retail Electronic Commerce (전자상거래에서의 소비자 구매의사결정을 지원하는 지능형 에이전트 시스템의 설계)

  • Chu Seok Chin;Hong June S.
    • Journal of Intelligence and Information Systems
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    • v.10 no.2
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    • pp.147-163
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    • 2004
  • For the purchase of a cheaper product on the Internet, many customers have been trying to search online shopping mall sites and visit comparison-pricing shops that compare prices and other criteria of the product. Others have been participating into online auction markets or group-buying markets. However, a lot of online shopping malls, auction markets, and group-buying markets provide the same product with different prices. Since these marketplaces have different price settlement mechanism, it is very difficult for the customers to determine marketplace to purchase, considering different kinds of marketplaces at the same time. To overcome such limitations, decision rules and solution procedures for purchase decision making are necessary, which can cover multiple marketplaces simultaneously. For this purpose, purchase decision making in each market must be conducted to maximize customer's utility, and conflicts with other marketplaces must be resolved. Therefore, we have developed the rules and methods that can negotiate cooperatively the purchase decision making in several marketplaces, and designed an architecture of Intelligent Buyer Agent and a message structure to support the idea.

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Game Based Cooperative Negotiation among Cloud Providers in a Dynamic Collaborative Cloud Services Platform (게임 이론 기반 동적 협력 클라우드 서비스 플랫폼에서의 클라우드 공급자간 협상 기법)

  • Hassan, Mohammad Mehedi;Huh, Eui-Nam
    • Journal of Internet Computing and Services
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    • v.11 no.5
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    • pp.105-117
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    • 2010
  • In recent years, dynamic collaboration (DC) among cloud providers (CPs) is becoming an inevitable approach for the widely use of cloud computing and to realize the greatest value of it. In our previous paper, we proposed a combinatorial auction (CA) based cloud market model called CACM that enables a DC platform among different CPs. The CACM model allows any CP to dynamically collaborate with suitable partner CPs to form a group before joining an auction and thus addresses the issue of conflicts minimization that may occur when negotiating among providers. But how to determine optimal group bidding prices, how to obtain the stability condition of the group and how to distribute the winning prices/profits among the group members in the CACM model have not been studied thoroughly. In this paper, we propose to formulate the above problems of cooperative negotiation in the CACM model as a bankruptcy game which is a special type of N-person cooperative game. The stability of the group is analyzed by using the concept of the core and the amount of allocationsto each member of the group is obtained by using Shapley value. Numerical results are presented to demonstrate the behaviors of the proposed approaches.

A Study on the Power Supply and Demand Policy to Minimize Social Cost in Competitive Market (경쟁시장 하에서 사회적 비용을 고려한 전력수급정책 방향에 관한 연구)

  • Kwon, Byung-Hun;Song, Byung Gun;Kang, Seung-Jin
    • 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.

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Detection of Phantom Transaction using Data Mining: The Case of Agricultural Product Wholesale Market (데이터마이닝을 이용한 허위거래 예측 모형: 농산물 도매시장 사례)

  • Lee, Seon Ah;Chang, Namsik
    • Journal of Intelligence and Information Systems
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    • v.21 no.1
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    • pp.161-177
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    • 2015
  • With the rapid evolution of technology, the size, number, and the type of databases has increased concomitantly, so data mining approaches face many challenging applications from databases. One such application is discovery of fraud patterns from agricultural product wholesale transaction instances. The agricultural product wholesale market in Korea is huge, and vast numbers of transactions have been made every day. The demand for agricultural products continues to grow, and the use of electronic auction systems raises the efficiency of operations of wholesale market. Certainly, the number of unusual transactions is also assumed to be increased in proportion to the trading amount, where an unusual transaction is often the first sign of fraud. However, it is very difficult to identify and detect these transactions and the corresponding fraud occurred in agricultural product wholesale market because the types of fraud are more intelligent than ever before. The fraud can be detected by verifying the overall transaction records manually, but it requires significant amount of human resources, and ultimately is not a practical approach. Frauds also can be revealed by victim's report or complaint. But there are usually no victims in the agricultural product wholesale frauds because they are committed by collusion of an auction company and an intermediary wholesaler. Nevertheless, it is required to monitor transaction records continuously and to make an effort to prevent any fraud, because the fraud not only disturbs the fair trade order of the market but also reduces the credibility of the market rapidly. Applying data mining to such an environment is very useful since it can discover unknown fraud patterns or features from a large volume of transaction data properly. The objective of this research is to empirically investigate the factors necessary to detect fraud transactions in an agricultural product wholesale market by developing a data mining based fraud detection model. One of major frauds is the phantom transaction, which is a colluding transaction by the seller(auction company or forwarder) and buyer(intermediary wholesaler) to commit the fraud transaction. They pretend to fulfill the transaction by recording false data in the online transaction processing system without actually selling products, and the seller receives money from the buyer. This leads to the overstatement of sales performance and illegal money transfers, which reduces the credibility of market. This paper reviews the environment of wholesale market such as types of transactions, roles of participants of the market, and various types and characteristics of frauds, and introduces the whole process of developing the phantom transaction detection model. The process consists of the following 4 modules: (1) Data cleaning and standardization (2) Statistical data analysis such as distribution and correlation analysis, (3) Construction of classification model using decision-tree induction approach, (4) Verification of the model in terms of hit ratio. We collected real data from 6 associations of agricultural producers in metropolitan markets. Final model with a decision-tree induction approach revealed that monthly average trading price of item offered by forwarders is a key variable in detecting the phantom transaction. The verification procedure also confirmed the suitability of the results. However, even though the performance of the results of this research is satisfactory, sensitive issues are still remained for improving classification accuracy and conciseness of rules. One such issue is the robustness of data mining model. Data mining is very much data-oriented, so data mining models tend to be very sensitive to changes of data or situations. Thus, it is evident that this non-robustness of data mining model requires continuous remodeling as data or situation changes. We hope that this paper suggest valuable guideline to organizations and companies that consider introducing or constructing a fraud detection model in the future.

A Study on Improving the Fisheries Products Distribution Structure (수산물의 유통구조 개선에 관한 연구)

  • 이강우
    • The Journal of Fisheries Business Administration
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    • v.31 no.1
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    • pp.33-54
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    • 2000
  • This study intends to examine the distribution channel of the most popular ten species caught in Korean coastal and off-shore fisheries with the aid of interviewing fish brokers and cooperative staffs in fish landing markets. This paper finds and emphasizes the following three suggestions, in order to improve the present scheme of fish distribution system. Firstly, annual catch of 10 kinds of fishes is successively decreasing in quantity from 1994 to 1998. Moreover annual catch shows larger variations than fish price and cooperative sales quantity. Except sea eel and sole, cooperative sales accommodates more than 90% of the fish landed, accounting for the small variation in cooperative sales, which invalidates the effectiveness of the free distribution system adopted by the government. Secondly, diversified distribution channels are exposed according to the nature of the fish, the method to harvest, and the quantity caught. Large retailers such as discount stores, super chains and home shopping institutions are actively involving themselves in direct purchase in fish landing markets. Through the analysis of distribution routes, the general distribution channel of fresh fish has been found such as producers longrightarrow fish brokers in landing markets longrightarrow fish brokers in central wholesale markets longrightarrow wholesalers longrightarrow retailers longrightarrow consumers. In order to reduce distribution margin through the analysis of distribution function and distribution margin, this paper presents a new distribution channel such as producers longrightarrow fish brokers in landing markets longrightarrow wholesalers longrightarrow retailers longrightarrow consumers. Thirdly, to improve the fish landing markets, this paper suggests the M&A of uneconomical fish landing markets or renovating toward wholesalers, introduction of processing services and improvement of processing facilities, subsidizing fish brokers in landing markets, revitalization of marketing divisions in cooperatives and improvement in fish auction system.

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Estimation of Resonable Market Month of Age for Hanwoo Steer (한우 거세우의 적정 출하월령 추정)

  • Yoon, Ji Hwan;Won, Jeong Il;Lee, Kyung Soo;Kim, Jong Bok;Lee, Jeong Koo
    • Journal of Animal Science and Technology
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    • v.55 no.5
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    • pp.405-416
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    • 2013
  • This aim of this study was to estimate the most reasonable slaughter month for Hanwoo steers according to carcass traits. Carcass trait data on Hanwoo steers (17,249 head) were collected from October 2008 to September 2011. To measure the regression coefficients, Hanwoo steers were divided into two groups according to slaughter age: early (25 to 31 months) and late (32 to 38 months) groups. Regression coefficients of carcass traits according to slaughter age were significantly different (p<0.001) with the exception of PPKG (estimated auction price per 1 kg of carcass weight) in the early slaughter age group and MAR (marbling score, p<0.05) and PPKG (p<0.05) in the late slaughter age group. To obtain a positive gross margin, Hanwoo should be slaughtered at around 28 months of age.

Strategies to Enhance the Linkage between Retailers and Agricultural Product Wholesale Markets (소매업체와 농산물 도매시장의 연계성 강화 방안 - 청과물을 중심으로 -)

  • Kim, Dong-Hwan
    • Journal of Distribution Research
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    • v.15 no.5
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    • pp.273-285
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    • 2010
  • This paper analyzes retailers' purchasing patterns of fruits and vegetables and the problems with purchasing from agricultural product wholesale markets. While large-scale retailers purchase fruits and vegetables from various sources, medium and small-scale retailers and food service companies buy them mostly from agricultural product wholesale markets. The retailers point out the problems with purchasing from agricultural product wholesale markets as a lack of quality uniformity, not sufficient cooling storage facilities, not sufficient space for shipping area, high distribution cost, unnecessary price fluctuation, and etc. In order to enhance the linkage with retailers, agricultural product wholesale markets, first of all, have to adopt more flexible trading methods such as private treaty besides auctions which are exclusively legitimate trading methods in the market. Necessary are enlargement of jobbers' operating scale, securing shipping space for retailers, adoption of inspection service, introduction of methods to stabilize auction prices, saving of loading and unloading costs, implementation of marketing strategies.

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Multi-lateral Concurrent Automated Negotiation for Optimal Freight Settlement (최적 수송가격 결정을 위한 다자간 동시 자동협상 방법론 개발)

  • Park, Yong-Sung;Cho, Min-Je;Choi, Hyung-Rim;Kim, Hyun-Soo;Hong, Soon-Goo
    • Journal of Information Technology Services
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    • v.7 no.2
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    • pp.1-12
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    • 2008
  • The development of IT and explosively growing number of Internet users are rapidly spreading and developing e-commerce, while creating diverse on-line transaction methods such as a negotiation, a reverse auction, and a bid. Among these transaction methods, the transactions by means of a negotiation are being made for goods that have no posted price. In particular, the transactions by means of a negotiation are expected to be widely used in the B2B. In order to determine their transportation costs, shippers usually make negotiations with many transporters and logistics companies. And before long, these negotiations are expected to be made on an on-line automated negotiation system. Because of this, this study has tried to develop an automated negotiation methodology that is absolutely necessary for an on-line automated negotiation. This study has estimated and selected the evaluation functions for multi-lateral negotiators' proposals, thus developing an automated negotiation methodology. As a result of this study, a new direction for an automated negotiation has been suggested. Also we expect that this study will be widely used in the automated negotiation of diverse fields.