• Journal of Korea Water Resources Association
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• v.55 no.3
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• pp.177-189
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• 2022

The purpose of this study is to apply the d4PDF (Data for Policy Decision Making for Future Change) constructed from a large-scale ensemble climate simulation to estimate the probable rainfall with low frequency and high intensity. In addition, this study analyzes the uncertainty caused by the application of the frequency analysis by comparing the probable rainfall estimated using the d4PDF with that estimated using the observed data and frequency analysis at Geunsam, Imsil, Jeonju, and Jangsu stations. The d4PDF data consists of a total of 50 ensembles, and one ensemble provides climate and weather data for 60 years such as rainfall and temperature. Thus, it was possible to collect 3,000 annual maximum daily rainfall for each station. By using these characteristics, this study does not apply the frequency analysis for estimating the probability rainfall, and we estimated the probability rainfall with a return period of 10 to 1000 years by distributing 3,000 rainfall by the magnitude based on a non-parametric approach. Then, the estimated probability rainfall using d4PDF was compared with those estimated using the Gumbel or GEV distribution and the observed rainfall, and the deviation between two probability rainfall was estimated. As a result, this deviation increased as the difference between the return period and the observation period increased. Meanwhile, the d4PDF reasonably suggested the probability rainfall with a low frequency and high intensity by minimizing the uncertainty occurred by applying the frequency analysis and the observed data with the short data period.

• Journal of the Korean Institute of Gas
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• v.24 no.6
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• pp.34-46
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• 2020

In order to supply stable natural gas in the future, it is necessary to forecast the demand in advance and secure the quantity of supply. In this paper, we propose a method of estimating the demand function of industrial natural gas, which is the core of the increase of domestic natural gas demand in the future. The cross-sectional data of 304 domestic industries were used to estimate the demand function of the industrial natural gas, and the effect of industry specific characteristics such as capital investment, manufacturing cost. Finally, the least absolute deviation estimation method which is robust to outliers and does not assume the homogeneity of the error term and the normality, And the results were derived. In addition, the economic value of industrial city gas was estimated using the price elasticity of industrial city gas. Therefore, it can be seen that the continuous expansion and supply of city gas to the industrial sector is beneficial at the national level, and the government needs to promote expansion through the industrial city gas support policy.

• Journal of Korean Society of Transportation
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• v.35 no.4
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• pp.360-373
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• 2017

The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.19 no.3
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• pp.301-308
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• 2018

This study explores an analytical mathematical model designed to estimate the optimal debt ratio of the Korean automobile industry, which has a more significant effect on the national economy than that of other industries, and attempts to estimate the optimal debt ratio based on objective data. The analytical model is based on ROA and ROE which uses the debt ratio as an independent variable and employs ROS, TAT, and NFCL as the related parameters. Regarding the NFCL, the optimal debt ratio is usually defined as the debt ratio that maximizes the ROA and ROE and is calculated using analytical procedures, such as by adding an equation that considers the debt ratio and the linearity relationship to the analytical model. This is because the optimal debt ratio can be calculated reliably by making use of an estimated value within a certain range, which is derived from more than two calculations rather than a single estimation starting from one calculation formula. In this study, for the estimation of the optimal debt ratio, the ROA and ROE are expressed as a quadratic equation with the debt ratio as the independent variable. Using this analysis procedure, the optimal debt ratio obtained using the data from the Korean automobile industry over a sixteen year period, which would optimize the profitability of the Korean automobile industry, was found to be 188% of the debt ratio in the ROA and 213% of the debt ratio in the ROE. This result was obtained by overcoming the problem of the reliability of the estimation value in spite of the limitations of the logical theory of this study, and can be interpreted as meaning that maintaining a debt ratio of 188% to 213% can enhance the profitability and reduce the risks in the Korean automobile industry. Furthermore, this indicates that the existing debt ratio of the Korean automobile industry is lower than the optimal value within the estimated range. Consequently, it is necessary for corporations to change their future debt ratio policies, given that the purpose of debt ratio management is to maintain safety and increase profitability, and to take into account the characteristics of the specific industry.

• Korean Journal of Agricultural Science
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• v.29 no.1
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• pp.66-83
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• 2002

The economic feasibility analysis including benefit-cost ratio and internal rate of return of a land consolidation and on-farm development project was mainly depended upon the direct benefits and costs arising during project life. Therefore the projects were neglected in allocating the government's financial funds and loans on account of the low economic rate of return of the project. Accordingly the extended benefit-cost analysis method should be introduced and adapted to cover not only the benefit s such as non-market values of environmental and food security fun ct ions of the project but also market values of the project outputs. The main purposes of this study are (1) to prepare a guide line for economic feasibility analysis based on the IBRD and ADB guidelines, (2) to estimate the benefits from productivity increase, labor saving, savings of O&M cost of farm mechanization and project facilities, savings of farmer's burden for their public health, increasing environmental and public functional value of paddy fields, improving food security condition and formation of peaceful and uncontroversial rural society by implementing the land consolidation and on-farm development, (3) to introduce the newly adapted analytical method as the extended benefit cost analysis which could make possible to be included the values of non-market goods such as the food security and the environmental public function of paddy fields. To carry out this study, the existing publications on the guidelines for economic agricultural projects were reviewed and consultation was made with a For the post evaluation study of the land consolidation and on-farm development project, field survey in Jigok and other comparative area were made to get available information. According to the project completion report, Jigok land consolidation and on-farm development project has 55ha of benefit area out of 69ha of gross area. The project was started in November 11th, 2000 and completed october 30th, 2001. The total project costs were amounted to 2,548 million won and the annual project benefits were estimated at 335million won evaluated by domestic market prices. The ERR(Economic Rate of Return) and SRR(Social Rate of Return) of the project based on the shadow pricing system were estimated at 4.4% and 16% respectively. On the other hand, the ERR and SRR based on the domestic market value system were amounted to 6.37% and 14.62%. In conclusion, Korean land consolidation and on-farm development projects have not carried out from the view point of economic rate of return under shadow pricing system but from the view point of domestic pricing system. For the future feasibility studies on land consolidation projects have to be carried out including the non-market values as environmental and food security function of the projects.

• Journal of the Korea Institute of Information Security & Cryptology
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• v.28 no.1
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• pp.215-227
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• 2018

As Korea is rapidly becoming an IT powerhouse in the short term, various side effects such as cyber violence, personal information leakage and cyber terrorism are emerging as new social problems. Especially, the seriousness of leakage of personal information, which is the basis of safe cyber life, has been highlighted all over the world. In this regard, it is necessary to estimate the amount of the damage cost due to the leakage of personal information. In this study, we propose four evaluation methods to calculate the cost of damages due to personal information leakage according to average real transactions value, personally recognized value, compensation amount basis, and comparison to similar countries. We analyzed data from 2007 to 2016 to collect personal information leakage cases for 10 years and estimated the cost of damages. The number of cases used in the estimation is 65, and the total number of personal information leakage is about 430 million. The estimated cost of personal information leakage in 2016 was estimated to be at least KRW 7.4 billion, up to KRW 220 billion, and the 10 year average was estimated at from KRW 10.7 billion to KRW 307 billion per year. Also, we could find out the singularity that the estimated damage due to personal information leakage increases every three years. In the future, this study will be able to provide an index that can measure the damage cost caused by the leakage of personal information more accurately, and it can be used as an index of measures to reduce the damage cost due to personal information leakage.

• Environmental and Resource Economics Review
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• v.14 no.3
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• pp.699-728
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• 2005

This article is basically an extension of Barten(1993), Brown et al. (1995), Holt and Bishop's(2002) price formation system. A new dynamic price formation system is attempted considering full rationality of the consumers' side. The underlying idea of the new dynamic price formation system is that consumers are rational and farsighted and thus consider past and future consumptions in addition to current consumption to accept the prices traders called. In an empirical application, the U.S. commercial fish demand data are particularly interesting to this analysis in which the species are over fished, including many of the most valuable species. Especially, the grouper-snapper complex are under management jurisdiction of the National Marine Fisheries Council. In the empirical section, it shows how to adapt the model to estimate the marginal values to consumers of commercial fisheries. Since it is conceived of regulations as inducing movements along the marginal value curves, it is of growing importance to regional and national policy makers who are confronted with competing claims on diminishing fish stocks by commercial fisheries interests. It performs well and shows the plausible signs and magnitudes of price flexibilities and interaction among species. It further contributes to the general methodology of applied economics.

• Journal of the Korean Association of Geographic Information Studies
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• v.19 no.3
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• pp.61-74
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• 2016

The purpose of this paper is to analyze the relationship between the location of the epicenter of a medium-sized earthquake(magnitude 4.8) that occurred on January 20, 2007 in the Odaesan area with lineament features using a shaded relief map(1/25,000 scale) and satellite images from LANDSAT-8 and KOMPSAT-2. Previous studies have analyzed lineament features in tectonic settings primarily by examining two-dimensional satellite images and shaded relief maps. These methods, however, limit the application of the visual interpretation of relief features long considered as the major component of lineament extraction. To overcome some existing limitations of two-dimensional images, this study examined three-dimensional images, produced from a Digital Elevation Model and drainage network map, for lineament extraction. This approach reduces mapping errors introduced by visual interpretation. In addition, spline interpolation was conducted to produce density maps of lineament frequency, intersection, and length required to estimate the density of lineament at the epicenter of the earthquake. An algorithm was developed to compute the Value of the Relative Density(VRD) representing the relative density of lineament from the map. The VRD is the lineament density of each map grid divided by the maximum density value from the map. As such, it is a quantified value that indicates the concentration level of the lineament density across the area impacted by the earthquake. Using this algorithm, the VRD calculated at the earthquake epicenter using the lineament's frequency, intersection, and length density maps ranged from approximately 0.60(min) to 0.90(max). However, because there were differences in mapped images such as those for solar altitude and azimuth, the mean of VRD was used rather than those categorized by the images. The results show that the average frequency of VRD was approximately 0.85, which was 21% higher than the intersection and length of VRD, demonstrating the close relationship that exists between lineament and the epicenter. Therefore, it is concluded that the density map analysis described in this study, based on lineament extraction, is valid and can be used as a primary data analysis tool for earthquake research in the future.

• Asia pacific journal of information systems
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• v.20 no.3
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• pp.115-137
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• 2010

Information technology (IT) outsourcing, the use of a third-party vendor to provide IT services, started in the late 1980s and early 1990s in Korea, and has increased rapidly since 2000. Recently, firms have increased their efforts to capture greater value from IT outsourcing. To date, there have been a large number of studies on IT outsourcing. Most prior studies on IT outsourcing have focused on outsourcing practices and decisions, and little attention has been paid to objectively measuring the value of IT outsourcing. In addition, studies that examined the performance of IT outsourcing have mainly relied on anecdotal evidence or practitioners' perceptions. Our study examines the contribution of IT outsourcing to economic growth in Korean industries over the 1990 to 2007 period, using a production function framework and a panel data set for 54 industries constructed from input-output tables, fixed-capital formation tables, and employment tables. Based on the framework and estimation procedures that Han, Kauffman and Nault (2010) used to examine the economic impact of IT outsourcing in U.S. industries, we evaluate the impact of IT outsourcing on output and productivity in Korean industries. Because IT outsourcing started to grow at a significantly more rapid pace in 2000, we compare the impact of IT outsourcing in pre- and post-2000 periods. Our industry-level panel data cover a large proportion of Korean economy-54 out of 58 Korean industries. This allows us greater opportunity to assess the impacts of IT outsourcing on objective performance measures, such as output and productivity. Using IT outsourcing and IT capital as our primary independent variables, we employ an extended Cobb-Douglas production function in which both variables are treated as factor inputs. We also derive and estimate a labor productivity equation to assess the impact of our IT variables on labor productivity. We use data from seven years (1990, 1993, 2000, 2003, 2005, 2006, and 2007) for which both input-output tables and fixed-capital formation tables are available. Combining the input-output tables and fixed-capital formation tables resulted in 54 industries. IT outsourcing is measured as the value of computer-related services purchased by each industry in a given year. All the variables have been converted to 2000 Korean Won using GDP deflators. To calculate labor hours, we use the average work hours for each sector provided by the OECD. To effectively control for heteroskedasticity and autocorrelation present in our dataset, we use the feasible generalized least squares (FGLS) procedures. Because the AR1 process may be industry-specific (i.e., panel-specific), we consider both common AR1 and panel-specific AR1 (PSAR1) processes in our estimations. We also include year dummies to control for year-specific effects common across industries, and sector dummies (as defined in the GDP deflator) to control for time-invariant sector-specific effects. Based on the full sample of 378 observations, we find that a 1% increase in IT outsourcing is associated with a 0.012~0.014% increase in gross output and a 1% increase in IT capital is associated with a 0.024~0.027% increase in gross output. To compare the contribution of IT outsourcing relative to that of IT capital, we examined gross marginal product (GMP). The average GMP of IT outsourcing was 6.423, which is substantially greater than that of IT capital at 2.093. This indicates that on average if an industry invests KRW 1 millon, it can increase its output by KRW 6.4 million. In terms of the contribution to labor productivity, we find that a 1% increase in IT outsourcing is associated with a 0.009~0.01% increase in labor productivity while a 1% increase in IT capital is associated with a 0.024~0.025% increase in labor productivity. Overall, our results indicate that IT outsourcing has made positive and economically meaningful contributions to output and productivity in Korean industries over the 1990 to 2007 period. The average GMP of IT outsourcing we report about Korean industries is 1.44 times greater than that in U.S. industries reported in Han et al. (2010). Further, we find that the contribution of IT outsourcing has been significantly greater in the 2000~2007 period during which the growth of IT outsourcing accelerated. Our study provides implication for policymakers and managers. First, our results suggest that Korean industries can capture further benefits by increasing investments in IT outsourcing. Second, our analyses and results provide a basis for managers to assess the impact of investments in IT outsourcing and IT capital in an objective and quantitative manner. Building on our study, future research should examine the impact of IT outsourcing at a more detailed industry level and the firm level.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.32 no.6D
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• pp.679-686
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• 2012

KTX step 1 April 2004, after the opening, the second phase of the project was opened in November 2010. High-speed rail after the opening and continue to increase the demand of high-speed rail, Have the speed of competitive advantage compared too the means of transportation. The opening of these high-speed rail has led to changes of the move, the company's position, and the spatial structure of the population of reorganization, such as the social, economic, transportation. In this study, survey data using the High Speed Rail Station EMME/2 of the program to take advantage of the 2-Dimentional Blancing trip distribution to investigate the passage through the trip distribution by the estimation of the parameters of the model to estimate the distribution of the means of access and high-speed rail station to reproduce and Analysis of the results by means of access parameters (${\theta}$) autos 0.0395, buses 0.0390, subway 0.0650, taxi 0.0415, the frequency distribution (Trip Length Frequency Distribution: TLFD) were analyzed survey data value model with the results of comparing $R^2$ cars analysis and model values similar survey data 0.909 bus 0.923, subway 0.745 to 0.922, taxi, F test P value analysis is smaller than 0.05 at the 95% confidence level as a note that was judged to have been. Trip frequency distribution analysis, but in the future, set the unit to 5km-trip frequency distribution middle zone Units from small zone units (administrative district) segmentation research is needed, and can reflect the trip distance 0~5 km interval combined function to take advantage of the gravity model and the 3-Dimentional Blancing applied research is needed to be considered.