• KDI Journal of Economic Policy
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• v.44 no.1
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• pp.1-47
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• 2022

This paper introduces a politico-economic model with a welfare state and immigration. In this model, policies on taxes and immigration are determined through a plurality voting system. While many studies of fiscal implications of immigration argue that relaxing immigration policies can substitute for tax reforms in an aging economy, I show that the democratic voting procedure can dampen the effect of relaxing immigration policies as desired policy reforms are not always implemented by the winner of an election. This political economy results in three types of social welfare losses. First, the skill composition is not balanced at a socially efficient level because workers are motivated to maximize their wages. Second, older retirees implement excessive taxes to maximize the size of the welfare state. Third, the volume of immigration is lower than the optimal level given the incentive by young workers to regain political power in the future.

• Journal of Distribution Science
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• v.15 no.2
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• pp.21-26
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• 2017

Purpose - Sharing economy is a promising research topic as a complementary approach for solving difficult issues resulting from market economy. Motive factors for consumer participation in sharing economy are necessary to facilitate the growth of sharing economy. This study analyzes motives for participating in sharing economy using samples from a car sharing service in South Korea. Research design, data, and methodology - Four hypotheses drawn from a new research model integrating the relationships between economic and social value, social value, and the intention to use sharing economy services were proposed. 292 valid samples were collected from Socar users in South Korea. Multiple regression analysis was employed to test the hypotheses. Results - An empirical study identified the importance of convenience and time savings as determinants of intention to use continuously a car sharing service. Cost savings and social value did not significantly influence the intention to use car sharing service. Conclusions - The present study implies that managers working in sharing economy don't have to miss a role of convenience. Although a new finding implies that convenience is an important factor influencing car sharing service, the present study has a limitation of generality that samples are mostly collected from the age range of 20 to 30 years.

• International Journal of Automotive Technology
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• v.7 no.4
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• pp.459-468
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• 2006

The objective of this paper is the development of the forward-looking dynamic simulation model of a hybrid electric vehicle(HEV) for a fuel economy study. The specification of the vehicle is determined based on two factors, engine peak power to curb weight ratio and specific engine power. The steady state efficiency models of the powertrain components are explained in detail. These include a spark ignition direct injection(SIDI) engine, an integrated starter alternator(ISA), and an infinitely variable transmission(IVT). The paper describes the integration of these models into a forward facing dynamic simulation diagram using the AMESim environment. Appropriate vehicle and driver models have been added and described. The controller was designed in Simulink and was combined with the physical powertrain model by the co-simulation interface. Finally, the simulation results of the HEV are compared with those of a baseline vehicle in order to demonstrate the fuel economy potential. Results for the vehicle speed error and the fuel economy over standard driving cycles are illustrated.

• Journal of Korea Society of Industrial Information Systems
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• v.23 no.3
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• pp.73-86
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• 2018

An analysis of Airbnb and Kozaza will show how valuable and rare resource can have an impact on company performances. Airbnb applied the sharing economy platform, and this business model had disrupted the hospitality industry. Thus, this paper will investigate a Korean company called Kozaza which had benchmarked Airbnb. Furthermore, it will apply the theory of VRIO framework, which consists of how valuable, rare, costly to imitate (imitability), and organization (exploited by the organization) to find competitiveness of Kozaza in the hospitality industry. Thus, it will attempt to show that Kozaza's business model of utilizing the unused resource of Hanok (traditional Korean house) and partnerships with Hanokstay, Seoul Metropolitan Government and Soul Tourism Organization and others have enhanced their resource and capability to strengthen their business model. Furthermore, this research will explore how Kozaza can competitively be successful in the future.

• KDI Journal of Economic Policy
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• v.37 no.3
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• pp.1-30
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• 2015

Based on a quantitative, heterogeneous agent general equilibrium model, we compute the optimal tax rates for labor and capital incomes for the Korean economy. According to our model, a more progressive income tax schedule along with a higher capital tax rate can increase average welfare by as much as 0.86% of permanent consumption. Approximately 64% of house-holds, those with low assets and low productivity, are better off when a more progressive optimal tax schedule is adopted. Despite the potentially significant welfare gains, our calculation should be interpreted with caution because our benchmark model does not take into account possible capital outflows or the increased administrative costs associated with high taxes.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2006.05a
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• pp.159-166
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• 2006

The aim of synchronization of production and transportation planning in the supply chain is to increase the flexibility and to decrease various costs. The suggested model in this study synchronizes the timing to supply to a downstream manufacturer directly after production and to be consumed in a downstream manufacturer right after receipt. This model deals with the frequent delivery in small amount which is a new trend of the transportation not governed the economy of scale principle. Moreover, various types of transportation governed by the economy of scale principle or not are considered. Then, the two-phase mathematical model is suggested to obtain optimal job sequence and production quantity for each tasks. But, it is difficult to gain optimal solutions if there is a transportation governed by the economy of scale principle in the supply chain, or the size of the problem is increased. Thus, heuristic algorithms based on simulated annealing and genetic algorithm are suggested to find good solutions in the reasonable time.

• 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.

• Transactions of the Korean Society of Automotive Engineers
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• v.10 no.5
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• pp.121-128
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• 2002

In this paper, the fuel economy of plug-in type hybrid electric vehicle is investigated through simulation. For the simulation study, 2 shaft type parallel hybrid powertrain is chosen and its operation modes are described. The operation algorithm which yields operation points of minimal fuel cost is suggested. Dynamic model fur operation of HEV and simulation procedure is described. Simulation results of fuel economy is compared to non plug-in type HEV as well as conventional vehicle. With total driving distance of 37km and full usage of 2kwh of electric energy stored in battery pack, plug-in type HEV shows 28-30% improved fuel economy compared to non plug-in type HEV and 86-93% improved fuel economy compared to conventional vehicle.

• KDI Journal of Economic Policy
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• v.36 no.2
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• pp.1-64
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• 2014

This paper attempts to search the driving forces of the Korean economy after 2000 by analyzing an estimated DSGE model and observing the degree of implementation regarding non-systematic parts of both the monetary and fiscal policy during the global financial crisis. Two types of trends, various cyclical factors and frictions are introduced in the model for an empirical analysis in which historical decompositions of key macro variables are quantitatively assessed after 2000. While the monetary policy during the global financial crisis have reacted systematically in accordance with the estimated Taylor rule relatively, the fiscal policy which was aggressively expansionary is not fully explained by the estimated fiscal rule but more by the large magnitude of non-systematic reaction.

• The Journal of Society for e-Business Studies
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• v.25 no.3
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• pp.63-76
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• 2020

In the 21st century, informatization is playing a huge role in people's lives. Korea is experiencing the tremendous changes in social structure and lifestyle caused by informatization. This paper focuses on economic phenomena rather than discussion on social structure due to informatization. We check whether the Goodwin model, which can comprehensively express economic growth, economic cycle, and income distribution, is suitable for the Korean economy in the information age. This model is simulated by selecting a quantitative economic methodology that estimates coefficients from time series data of the Korean economy. The simulation results confirmed that the Goodwin model is suitable for analyzing functional income distribution in Korea.