• Management Science and Financial Engineering
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• 제18권2호
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• pp.1-4
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• 2012

We study optimal trading strategy of a market maker with stock inventory. Following Avellaneda and Stoikov (2008), we assume the stock price follows a normal distribution. However, we take a constant expected rate of the stock return and assume that the stock volatility is an inverse function of the stock price level. We show that the optimal bid-ask spread of the market maker is wider for a higher expected rate of stock returns.

• 산업경영시스템학회지
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• 제13권21호
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• pp.101-110
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• 1990

This study presents a two-level inventory distribution system with one-upper level facility(warehouse) in first echelon and n-lower level facilities(stores) in the second echelon. The demand process at the upper level is induced by the aggregated backorder processes of n independently operated lower level facilities in parallel. For the upper level and the lower level we find the decision points and the distribution function of the aggregate backorders from n-stores. Optimal allocation units and expected system profits are obtained. If the product is of great enough importance to the customer, echelon structure will include a shadow installation. Also, this case is analyzed. Numerical examples are presented to illustrate the results for each case.

• 대한간호학회지
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• 제34권1호
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• pp.63-71
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• 2004

Purpose: This study was to identify the influencing factors of the compliance level to a therapeutic regimen after a bone mineral densitometry test. Method: The sample for the study was 95 people who took the bone mineral densitometry test from March, 2002 to July, 2002. Data was collected by mail using aself reporting questionnaire on the selected variables such as the compliance level, self efficacy, health locus of control, susceptibility, severity, usefulness, barrier, and self esteem. Results: The average compliance level was 63.93. Through multiple regression, three independent variables including chance health locus of control on personality, the result of bone mineral density and self-efficacy were entered in the model as the significant determinants of the compliance level after a bone mineral densitometry test. The coefficients of determination of each variable were 10.9%, 8.3% and 8.1% respectively. Conclusion: The identification of the determinants of the compliance level to the therapeutic regimen after bone mineral densitometry is expected to contribute to the development of an intervention program to improve the compliance level to the therapeutic regimen in osteoporosis patients.

• 한국구조물진단유지관리공학회 논문집
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• 제14권4호
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• pp.102-110
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• 2010

신뢰성평가는 고속철도교량에 포함된 불확실성의 영향을 고려하여 정량적 구조안전성을 검토하기 위한 효율적인 방안이며, 신뢰성평가에 기초한 기대생애주기비용은 고속철도교량의 합리적인 안전수준 및 설계기준을 제공할 것이다. 따라서 이 연구에서는 수치해석과 신뢰성평가 결과를 바탕으로 고속철도교량의 기대생애주기비용 및 최적설계 방안을 결정하고자 한다. 이를 위해, 고속철도교량의 표준설계를 기준으로 다양한 설계방안을 설정한 후, 각각의 설계방안에 대해 수치해석을 수행하였으며, 설계강도 한계상태방정식에 따른 신뢰성평가는 수치해석결과를 토대로 외적 불확실성의 영향을 고려하여 수행하였다. 고속철도교량의 기대생애주기비용은 각각의 설계방안에 따른 신뢰성평가 결과를 바탕으로 산정 하였다. 또한 최적설계 방안은 산정된 기대생애주기비용을 이용하여 결정하였다. 아울러, 최적설계 방안의 신뢰성평가 결과 및 기대생애주기비용에 대해 내적 불확실성의 영향을 고려하여 검토하였다. 이 연구결과는 고속철도교량의 체계적인 안전성 평가 및 최적 구조설계를 위한 기초자료로 활용될 것으로 기대된다.

• 한국국방경영분석학회지
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• 제24권1호
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• pp.176-188
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• 1998

In this paper, it is identified that the optimal level of each performance measures (service and inventory level) is not sensitive to an uncertain environment under JIT Kanban system designed by Moeeni. Moreover, it is proposed that the optimal design method considering multiple performance characteristics is the optimal level decision method according to the relative importance differences of each performance when there exist multiple performance characteristics. The result from the simulation analysis shows that the number of Kanban for stage 3 (final process) and stage 2 is increased at the service level. It is found that the expected loss is minimal when the cycle time decreases and the container size increases. However, the stage 1 is not affected by the number and cycle time of Kanban. It is thus important to consider carefully the cycle time and the container size of the Kanban to satisfy the demand in right time. In case of inventory level, the working inventory level decreases when the container size is decreased and the working inventory level also decreases slightly when the cycle time of the Kankban is increased in stage 1 and 2.

• 대한전기학회논문지
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• 제38권9호
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• pp.740-752
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• 1989

Many works have been reported in various fields on the subject of controlling a robot with high-level robot languages. This paper presents one such effort and explains the development of an automatic robot programming system which utilizes the concept of the task level language. This system is expected to act as an intelligent supporting tool in robot programming and be put into practical use. Emphasis is placed on the role of the programming system as a tool that generates the executable robot program according to the user specified tasks. Several task level commands are used in the developed system, and the resulting inflexibility is complemented by the motion level commands of the motion level robot languages. Thus, the advantages of both task and motion level languages are utilized, and no knowledge of specific language grammer is needed even when using motion level commands. To increase the usability of the developed system, various methods are provided for supplementing the programming system using taught data.

• 대한물리치료과학회지
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• 제7권1호
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• pp.333-352
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• 2000

The objective of this study was to identify the effects of the cognitive performance of stroke patients on their motor function recovery after comprehensive rehabilitation management. The subjects of this study were 41 stroke in-patients of the Rehabilitation Hospital, College of Medicine, Yonsei University, hospitalized during the period from September 1, 1997 to May 5, 1998. The cognitive performance was measured using a Mini-Mental State Examination(MMSE) and the motor function recovery using Motor Assessment Scale(MAS). The data were analyzed by the paired t-test, independent t-test, a one way ANOVA, and Pearson's correlation coefficiency. The findings were as follows: 1. There was a significant difference found in the motor function recovery level after the comprehensive rehabilitation management. 2. There was no significant difference found in relation to sex, age, cause of stroke, laterality of paralysis and the level of spasticity. However, there was a big difference between pre- and post-treatment regarding the treatment period. 3. In line with the cognitive performance level, there was a significant difference found in the motor function recovery level after the comprehensive rehabilitation management. 4. The correlation between the elements of the cognitive performance and the motor recovery was found to be high in orientation, attention, calculation, and language. Those elements were expected to give larger effects on motor recovery after the comprehensive rehabilitation management. Based on this study, the cognitive performance level was found to play an important role in bringing effects on motor recovery after the comprehensive rehabilitation management of stroke patients. And the evaluation on the motor recovery based on quality would be also expected to be examined, as well as the cognitive performance level test accompanied by Intelligence Quality(IQ) test.

• 한국경영과학회지
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• 제17권3호
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• pp.27-46
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• 1992

This paper considers an (r, Q) policy for operation of a multipurpose facility. It is assumed that whenever the inventory level falls below r, the model starts to produce the fixed amount of Q. The facility can be utilized for extra production during idle periods, that is, when the inventory level is still greater than r right after a main production operation is terminated or an extra production operation is finished. But, whenever the facility is in operation for an extra production, the operation can not be terminated for the main production even though the inventory level falls below r. In the model, the demand for the product is assumed to arrive according to a compound Poisson process and the processing time required to produce a product is assumed to follow an arbitary distribution. Similarly, the orders for the extra production is assumed to accur in a Poisson process are the extra production processing time is assumed to follow an arbitrary distribution. It is further assumed that unsatisfied demands are backordered and the expected comulative amount of demands is less than that of production during each production period. Under a cost structure which includes a setup/ production cost, a linear holding cost, a linear backorder cost, a linear extra production lost sale cost, and a linear extra production profit, an expression for the expected cost per unit time for a given (r, Q) policy is obtained, and using a convex property of the cost function, a procedure to find the optimal (r, Q) policy is presented.

• 무역상무연구
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• 제35권
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• pp.41-69
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• 2007

This study analyzes some important implications for the forthcoming revision of eUCP through the methodology of expected utility maximization theory. The overall results are as follows. First, beneficiary with an initial wealth has a risk-averse utility in traditional letter of credit transaction, and he would be more risk-averse in eUCP transaction. Secondly, the beneficiary who has risk-averse utility will pay for the risk premium to reduce the risk of corruption of an electronic record by means of cost of loss reduction activities. Thirdly, the cost of loss reduction activities is represented by a convex cost function, Fourthly, a risk averse beneficiary pursues loss reducing activities to the point where the expected marginal product of loss reduction is less than its marginal cost. Fifthly, a more risk-averse eUCP beneficiary will always select a higher level of loss reduction as long as the effectiveness of loss reduction is certain. Sixthly, when the effectiveness of loss reduction is uncertain, the more risk-averse eUCP beneficiary does not necessarily choose a higher level of loss reducing activities. Finally, it would be more reasonable that eUCP Article 11 should protect eUCP beneficiary who pursues a higher level of loss reducing activities.

• 아태비즈니스연구
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• 제10권2호
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• pp.27-41
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• 2019

Following the methodology of Ben-Rephael, Kadan and Wohl (2015), this paper examines whether firm-level liquidity premium exists and whether the premium exhibits a long-term trend in the Korean stock market. The results show that over the whole sample period (1998-2018), a liquidity premium of 0.083% exists in the cross-section of stocks. Interestingly, the pricing of liquidity declines significantly over the sample period. Sub-period analysis indicates that liquidity is priced mainly in the first sub-period (1998-2004) with a significant monthly premium of 0.304%, while the pricing of liquidity becomes weaker or insignificant in the second (2005-2011) and the third (2012-2018) period. I also find that the significance of the liquidity premium in the first period is attributed to small stocks. To explore underlying reasons that might affect the decline in the liquidity premium, I decompose liquidity premium into the product of firm-level liquidity and the sensitivity of expected stock returns on liquidity. The results reveal that the long-term decline is explained by both an increase in firm-level liquidity and a decrease in the sensitivity of expected returns on liquidity.