• STI Policy Review
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• v.6 no.1
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• pp.1-23
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• 2015

Based on the work of Anand et al. (2013) we measure inclusive income growth, which combines growth in gross domestic product (GDP) per capita and growth in the equity of the income distribution. Extending the work of Causa et al. (2014), we estimate a dynamic simultaneous structural equations model of GDP per capita and inclusive income on panel data for 63 countries over the 1990-2013 period. We estimate both equations in error correction form by difference GMM (generalized method of moments). Among the explanatory variables of the level and the distribution of GDP per capita we include R&D (research and development) expenditure per capita. In OECD countries we obtain a large positive effect of R&D on GDP. R&D is found to have a positive effect on the social mobility index but its impact on the income equity index at first decreases, then switches around to become slightly positive in the long run. In non- OECD countries, R&D is found to decrease inclusive income, mostly through a negative growth effect but also because of a slightly increasing income inequity effect.

• The Journal of Industrial Distribution & Business
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• v.6 no.4
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• pp.27-37
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• 2015

Purpose - This study first explores the possible dynamic relationship between ownership structure and firm performance using a panel of 4,900 Chinese-listed small- and medium-sized enterprises (SMEs) from 1999 to 2012. Research design, data, and methodology - We address this issue through a dynamic panel model using a method of moments (GMM) technique and dynamic simultaneous equations to alleviate the potential endogenous problem: unobserved heterogeneity, simultaneity, and dynamic endogeneity. Results - Under the framework of dynamic endogeneity, firm performance has a significantly positive influence on ownership, but not vice versa. Ownership and performance can be explained by their owned lagged values, respectively. Moreover, intertemporal endogeneity exists among ownership, investment, and performance through the application of system dynamic equations, which implies that the relationship among ownership structure, investment, and firm performance is dynamic by nature. Conclusions - This study also significantly contributes to a better understanding of dynamic corporate governance by providing further empirical evidence from the largest capital market in the Asian region.

• Journal of Korean Institute of Industrial Engineers
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• v.24 no.4
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• pp.475-483
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• 1998

Structural changes in an economy system bring about serious problems in establishing economic policies. The boom of middle-east export, the oil shock, and the recent dollar crisis in Korean economy are such examples. Hence, it is necessary to identify and estimate those structural changes. This study focuses on an output and price and analyzes structural changes in aggregate demand and supply. The aggregate demand and supply structures are described by conventional dynamic simultaneous equations model, where each structural change is represented by dummy variables and estimated by the proposed Bayesian method. By applying this model to Korean output and price, structural changes in the aggregate demand and supply are analyzed.

• Journal of Korean Institute of Industrial Engineers
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• v.23 no.3
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• pp.545-557
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• 1997

This paper deals with dynamic optimal pricing for new products by a firm which maximizes the discounted profit stream of it's own in a duopoly. The problem is constructed as differential games and dynamic optimization theory. Cost is assumed to decline as time goes on. A modified customer's choice model is formulated as a diffusion model and we solve a dynamic optimization problem by adopting the diffusion model. Since this paper focus on deriving real prices not showing a time trend, we formulate recursive form equations of costate variables(shadow price) and a simultaneous equation of price. Hence we derive a dynamic optimal pricing model for using in real market. In particular, we construct a dynamic optimal pricing model in the case that there are benefits from not only new subscribers but also previous subscribers. We analyze instant camera market in U.S.A(1976-1985) by utilizing the above model.

• The Korean Journal of Applied Statistics
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• v.11 no.1
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• pp.65-81
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• 1998

Simultaneous equation models, increasingly used in many detailed analyses, tend to get larger and more sophisticated to describe the structure of the study area to be close to the actual situations. In setting up such a system of equations, statistical results and simulation performance of the model as a whole may be meaningless and unrepresentative of the real world due to a structural instability that is built into the model when the equations are combined and solved simultaneously. Even though the use and subsequent analysis of an unstable system are likely to mislead us, most of the studies that take the simultaneous equation approaches neglect such a serious problem. Thus it is necessary to illustrate how to check the stability problem and apply to the actual model, then investigate how such as analysis is able to provide useful information about the structural characteristics of the model from the dynamic viewpoint.

• Proceedings of the Computational Structural Engineering Institute Conference
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• 1996.04a
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• pp.111-118
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• 1996

Dynamic load models which show the practical behavior of truss bridge subjected to moving train load are presented. Three basically approaches are available for evaluating structural response to dynamic effects : moving force, moving mass, and influence moving force and mass. Simple warren truss bridge model is selected in this research, and idealized lumped mass system, modelled as a planar structure. In the process of dynamic analysis, the uncoupled equation of motion is derived from simultaneous equation of the motion of truss bridge and moving train load. The solution of the uncoupled equations of motion is solved by Newmark-$\beta$ method. The results show that dynamic response of moving mass and static analysis considering the impact factor specified in the present railway bridge code was nearly the same. Generally, the dynamic response of moving force is somewhat greater than that of moving mass. The dynamic load models which are presented by this study are obtained relatively adequate load model when apply to a truss bridge.

• Steel and Composite Structures
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• v.9 no.5
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• pp.473-497
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• 2009

For the spatially coupled free vibration analysis of composite box beams resting on elastic foundation under the axial force, the exact solutions are presented by using the power series method based on the homogeneous form of simultaneous ordinary differential equations. The general vibrational theory for the composite box beam with arbitrary lamination is developed by introducing Vlasov°Øs assumption. Next, the equations of motion and force-displacement relationships are derived from the energy principle and explicit expressions for displacement parameters are presented based on power series expansions of displacement components. Finally, the dynamic stiffness matrix is calculated using force-displacement relationships. In addition, the finite element model based on the classical Hermitian interpolation polynomial is presented. To show the performances of the proposed dynamic stiffness matrix of composite box beam, the numerical solutions are presented and compared with the finite element solutions using the Hermitian beam elements and the results from other researchers. Particularly, the effects of the fiber orientation, the axial force, the elastic foundation, and the boundary condition on the vibrational behavior of composite box beam are investigated parametrically. Also the emphasis is given in showing the phenomenon of vibration mode change.

• Journal of Mechanical Science and Technology
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• v.17 no.6
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• pp.844-853
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• 2003

In this paper, a dynamic analysis of the reciprocating compression mechanism of a small refrigeration compressor is performed. In the problem formulation of the mechanism dynamics, the viscous frictional force between the piston and the cylinder wall is considered in order to determine the coupled dynamic behaviors of the piston and the crankshaft. Simultaneous solutions are obtained for the equations of motion of the reciprocating mechanism and the time-dependent Reynolds equations for the lubricating film between the piston and the cylinder wall and for the oil films on the journal bearings. The hydrodynamic forces of the journal bearings are calculated by using a finite bearing model along with the Gumbel boundary condition. A Newton-Raphson procedure is employed in solving the nonlinear equations for the piston and crankshaft. The developed computer program can be used to calculate the complete trajectories of the piston and the crankshaft as functions of the crank angle under compressor-running conditions. The results explored the effects of the radial clearance of the piston, oil viscosity, and mass and mass moment of inertia of the piston and connecting rod on the stability of the compression mechanism.

• Transactions of the Korean Society of Mechanical Engineers A
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• v.26 no.12
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• pp.2647-2655
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• 2002

This research presents an analytical model to investigate the stability due to the ball bearing waviness i n a rotating system supported by two ball bearings. The stiffness of a ball bearing changes periodically due to the waviness in the rolling elements as the rotor rotates, and it can be calculated by differentiating the nonlinear contact forces. The linearized equations of motion can be represented as a parametrically excited system in the form of Mathieu's equation, because the stiffness coefficients have time -varying components due to the waviness. Their solution can be assumed as a Fourier series expansion so that the equations of motion can be rewritten as the simultaneous algebraic equations with respect to the Fourier coefficients. Then, stability can be determined by solving the Hill's infinite determinant of these algebraic equations. The validity of this research is proved by comparing the stability chart with the time responses of the vibration model suggested by prior researches. This research shows that the waviness in the rolling elements of a ball bearing generates the time-varying component of the stiffness coefficient, whose frequency is called the frequency of the parametric excitation. It also shows that the instability takes place from the positions in which the ratio of the natural frequency to the frequency of the parametric excitation corresponds to i/2 (i=1,2,3..).

• The Korean Journal of Applied Statistics
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• v.27 no.5
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• pp.797-808
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• 2014

It is increasingly interested in investigating the relationships and the dynamic characteristics of variations among high class corporate values. This study formulates a statistical model of simultaneous equation system to examine the relationships among variations of stock returns for each class of corporate governance structure and to analyze the dynamic patterns of their long-run adjustment processes. Changes in stock returns for each class of corporate governance by an exogenous shock are found to have common structural features of slow adjustments to the long-run equilibriums.