• Korean Management Science Review
• /
• v.32 no.1
• /
• pp.1-13
• /
• 2015

We estimate the option value embedded in reverse mortgages using the framework of European put option. The reverse mortgage is a very useful financial product for senior citizens who own homes but do not have a cash income while it is a high risk one from lender's perspective. One of benefits of the reverse mortgages is that the debt limit is restricted to the scope of the disposition price of the collateralized house, which is considered a put option to borrowers. The put option is evaluated using Black-Scholes model and a sensitive analysis is performed on variables such as discount rate, volatility, and time period. We confirm that the option value of reverse mortgages increases rapidly as the borrowers live longer than their life expectancy. The results of this study can be used to promote the reverse mortgage program more effectively in order to solve the problem of income shortage of the elderly homeowners.

• Journal of Advanced Marine Engineering and Technology
• /
• v.36 no.2
• /
• pp.230-237
• /
• 2012

Engine makers are lately interested in the gas engine development as the alternative for diesel engine in order to cope the rise of oil price and the environmental regulation. So, STX has developed the 1.6MW gas engine which was converted from 22HLX diesel engine. The gas engine developed with precombustion chamber, which has good performance of 21bar BMEP at engine speed 1000rpm and low $NO_X$ emission of 50ppm at 15% oxygen composition, has been developed recently. Especially, it has a good thermal efficiency of 45% and a reduction efficiency of green house gas($CO_2$) emission of 25% than a conventional diesel engine.

• Advances in Energy Research
• /
• v.5 no.2
• /
• pp.129-145
• /
• 2017

In this study, the use of a micro gas turbine system using biogas to supply heating, cooling and electricity loads of a rural building located in rural area around Tehran has been studied. Initially, the amount of energy needed by the farmhouse was calculated and then the number of needed microturbines was determined. Accordingly, the amount of substances entering biogas digester as well as tank volume were determined. The results of this study showed that village house loads including electrical, heating and cooling and hot water loads can be supplied by using a microturbine with a nominal power of 30 kW and $33.5m^3/day$ of biogas. Digester tank and reservoir tank volumes are $67m^3$ and $31.2m^3$, respectively. The cost of electricity produced by this system is 0.446 US$/kWh. For rural area in Iran, this system is not compatible with micro gas turbine and IC engine system use urban natural gas due to low price of natural gas in Iran, but it can be compatible by wind turbine, photovoltaic and hybrid system (wind turbine& photovoltaic) systems.

• 한국태양에너지학회:학술대회논문집
• /
• 2008.04a
• /
• pp.178-183
• /
• 2008

Recently, sick house syndrome caused by pollutants and contamination of buildings crops out in residential environment of buildings. According to price increase of global oil, comfort of occupants in indoor air quality is required with reduction of energy consumption and environmental load. So, building performance certification criteria come into effect for improvement of building energy efficiency and performance in environment at home and abroad. GBCC(Green Building Certification Criteria) of domestic country as a Criteria is managed Korea Green Building Council(KGBC) for green building. Thus, purpose of this study is to design a direction of Green Building Certification Criteria for improvement through analysis of GBCC application elements and selected building.

• 한국태양에너지학회:학술대회논문집
• /
• 2008.04a
• /
• pp.318-323
• /
• 2008

First aim of this study is to investigate consumer's actual value for environment related performance of house by using three different method, Ranking, Analytical Hierarchy Process (AHP) and Conjoint Analysis method. Second aim is to estimate consumers' monetary value about environment related factor through Marginal Willing to Pay(MWTP), and third aim is to find out the difference of values between the groups classified according to respondents' characteristics. A questionnaire survey was carried out in Seoul in order to clarify the preference and monetary value of four selected attributes. They are environmental performance, residents' health, home automation and increase of floor area. As a result, people showed high values in the order of health, environmental consideration, increase of floor area and home automation. Moreover, it was found out that MWTP for environmental performance and health are higher than market price. In addition, the group of high age and group of female showed high values for the reduction of $CO_2$ emission

• Journal of the Korean housing association
• /
• v.22 no.1
• /
• pp.11-23
• /
• 2011

The purpose of this study is to explore cohort changes in first-time homeownership in Korea. The study collected qualitative data from individual interviews to explore the housing trajectories of different birth cohorts. As a result, Individual interviews facilitated an exploration of the decision making process of first-time homeowner with in a cohort context. The cohorts born in the 1950s seek a sense of security through homeownership, and have strong Korean sentiments of ownership. They tried various means to buy a house, and real estate market boom at that time played a role in the driving force. The cohorts born in the 1960s have less insecurity of tenure than the previous cohorts, but they still feel the need for homeownership. Since the currency crisis in 1997 caused the fluctuation of housing price, the 1960s cohort experienced a dramatic decline and rebound of assets while the previous cohorts had experienced a steady rise in housing prices. Finally, the attitude towards housing in the group of 1970s cohorts has changed from ownershiporiented to use-oriented.

• Journal of ILASS-Korea
• /
• v.18 no.2
• /
• pp.106-111
• /
• 2013

Adulterations fuel have been using in the vehicle in these days. Because gasoline, diesel prices are rising every day. so people find more cheap price fuel. Adulterations fuel caused a serious air pollution problems. Adulteration fuel were made from waste engine oil, waste paint. According to Government regulations permit to be used recycle fuel(adulteration fuel) only in industrial boiler. Unburned fuel pollutants are effected to human health. In this paper, the hazardous air pollutants characteristics in the diesel vehicles according to adulterations of vehicle fuels were carried out in the NEDC test mode in chassis dynamometer. It is revealed that the all of the regulation pollutants (THC, NOx, CO and PM) emission in the adulterations of vehicle fuels was increased also the green house gas, $CO_2$ was increased. In the hazardous air pollutants characteristics, the VOCs(Volitile Organic Compounds) BTEX(Benzene, Toluene, Ethylbenzene, Xylene) emissions in the adulterations of vehicle fuels showed higher level than these in the diesel fuels.

• Proceeding of Spring/Autumn Annual Conference of KHA
• /
• 2003.11a
• /
• pp.277-282
• /
• 2003

The purpose of this study is to investigate the architectural visual identity, and scheme of conceptional extent of architectural visual identity through literature research and sample analysis by design factors for apartment design. Korea National Housing Corporation's Mapo apartment put first caterer which is continued about 30 years to solve shortage of houses by beginning and the impact of IMF and the price decontrol on second half in the 1990s have changed the housing status to commercial goods. Construction companies have introduced brand concept to satisfy consumer's appetite in production of house goods including apartment under market situation. Importance of visual identity in apartment design occupies has risen in heftily. However most companies are in condition of stay on two-dimensional application that uses symbol, logotype, and character assistance. Several high position construction companies are trying architectural visual identity, but those are applied in partial element and those are not going forward to systematic classification and synthetic visual identity plan within peculiarity of apartment complex. This study is to grasp plan and design tendency to acquire identity of design element of construction field and goods through design examination. In conclusion visual identity in apartment design is architectural visual identity on all of 2 dimensions and 3 dimension for application. Architectural visual identity is a language of form that prescribe identity about external appearance in combination with brand image.

• International Commerce and Information Review
• /
• v.7 no.1
• /
• pp.95-117
• /
• 2005

The purpose of this study is to provide a conceptual understanding of ASP service for ERP implementation in small-to-medium enterprises under the current market situation in which the significance of information systems was standing out to respond to the rapid changes of managerial environment caused by the spread of Internet. In addition, it was to extract practical causes of introduction of ERP through ASP services by analyzing the causes and benefits considered by small-to-medium enterprises which use it. This study confirms that using ASP is better, faster and cheaper. Therefore, it is inevitable. The enterprises can reduce many risks of in-House ERP system such as excessive initial investment and operational expenses, lengthened constructional time, and the possibility of failure while achieving the benefit of ERP solution. However, there are many considerations which the enterprise carefully take into in order to implement the systems successfully such as selecting the system which is right for the enterprise's environment by setting the goal of implementing the system clearly, reducing the construction time by minimizing the customizing of the system, including the core people who knows the business process well, enough education before and after the implementation, and considering many aspect of ASP service provider. Also, the service provider should develop new way to provide customized service with cheap price while guaranteeing the reliability and supporting the customer's needs actively.

• Journal of Korean Ophthalmic Optics Society
• /
• v.12 no.4
• /
• pp.23-27
• /
• 2007

This research was conducted to assist with domestic eyewear industry to gain better understanding of manufacturing through study relationship between purchase behaviors and selecting elements such as design, brand, price, material and nation. Domestic consumers think that the most important factor is a design when they purchase eyeglasses regardless of kinds and brands of eyeglasses, and optometrists choose the eyewear design as a primary factor when they buy eyeglasses for display and sale. As a role of eyeglasses for fashion items increases, the interest of the eyewear design will be higher. Many optometrists have plans to import and make house brand. Some of them also would like to study eyewear design.