• Proceedings of the KIEE Conference
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• 2001.07a
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• pp.512-514
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• 2001

Recently, Korea's electric industry is in the midst of a period of profound changes in the structure and function, including the introduction of market competition in the generation sector. Korea is in the early stages of market competition, so the market price is chosen by generation costs but will be chosen by bids in future. Therefore, the profits of generators is determined by market pool price and the prospects of pool price are very important for new capacity investment determination of generators and IPPs. This study analyzes hourly marginal costs and LOLP considering basic generation mix and characteristics, develops the relationship of pool price using the above in competition market, and proposes basic direction for profits variation and supply-demand analysis in the electric market in future.

• Korean Management Science Review
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• v.20 no.1
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• pp.89-102
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• 2003

With the progress of Internet and e-commerce, there have been many researches on the market efficiency of the Internet markets using real price data. Contrary to the common expectations by many economists, most of the previous researches have fatted to prove that the Internet market is more efficient than the conventional market. This paper empirically analyzes the pricing behavior of Internet and conventional retailers in South Korea. We have collected real price data on CDs and TVs from various types of retailers, from which we have analyzed three aspects of pricing behavior : price level, price change over time, and price dispersion across the retailers. We have found that the average prices of CDs and TVs at the Internet retailers are lower than those at the conventional retailers. We have also found that there is a close association between the behaviors (e.g., magnitude and timing of changes) of TV prices at the Internet retailers and those at the conventional retailers. It has been observed that the range of the CD prices at the internet retailers is less than a half of the range at the conventional retailers, which can be considered as an evidence of a relatively stronger price competition at the Internet market compared with the conventional market.

• Korean System Dynamics Review
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• v.14 no.3
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• pp.135-163
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• 2013

This study aims to analyze the feedback loops and policy simulation of price fluctuation of Korean Cattle. The Korean Cattle market shows the 'Cycle of Beef' since 1970. In general, the market for agricultural commodities exhibit repeated cycles of prices and production. Why Beef products market in Korea shows the fluctuation of cattle and beef price repeatedly for forty years? To find an answer, this paper explores the feedback structure of the dynamics of the beef market by the systems thinking and build a stock-flow diagram model for the simulation of future behavior of the market sector of the Cattle. The dynamic simulation model was developed to identify and analyze the cyclical behavior among many variables, which is the number of cattle (calves, cow, etc.), the price of cattle, the demand for beef, the desirable number of cattle, slaughter, etc. The results of this study demonstrate that dominant feedback loops between the number of cattle and livestock prices. The demand for Beef and slaughter with time delay, also the results of the simulation to explain the persistence of future price fluctuations and actions meat market until 2025.

• KIEE International Transactions on Power Engineering
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• v.5A no.4
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• pp.403-411
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• 2005

At present, the Cournot model is one of the most commonly used theories to analyze the gaming situation in an oligopoly type market. However, several problems exist in the successful application of this model to the electricity market. The representative one is obtaining the inverse demand curve able to be induced from the relationship between market price and demand response. In the Cournot model, each player offers their generation quantity to obtain maximum profit, which is accomplished by reducing their quantity compared with available total capacity. As stated above, to obtain the probable Cournot equilibrium to reflect the real market situation, we have to induce the correct demand function first of all. Usually the correlation between price and demand appears over the long-term through statistical data analysis (for example, regression analysis) or by investigating consumer utility functions of several consumer groups classified as residential, industrial, and commercial. However, the elasticity has a tendency to change continuously according to the total market demand size or the level of market price. Therefore it should be updated as the trading period passes by. In this paper we propose a method for inducing and updating this price elasticity of demand function for more realistic market equilibrium.

• Information Systems Review
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• v.3 no.1
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• pp.3-18
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• 2001

The Internet is taking up every single life of us with a huge speed of growth. If the ideal market called 'perfect competition' in economics will ever come true in this digital world, the sellers won't be able to have monopolistic profits above the marginal cost any more, letting the resource allocation much more efficient. This paper attempts to test whether this theory is true in e-market as well through observing price differences between online and offline retailers of extremely homogeneous products, CDs. Since most results from previous research were supporting the inefficiency of e-market in price level, price adjustment, and especially price dispersion, this article designed the research methodology most carefully. The results of pervious works are partly due to the immaturity of the Internet market or due to the uniqueness of the American CD market, where oligopolistic market players are significantly dominant. The analysis of price data of 20 titles from 20 retailers for five weeks supports that online market is more efficient than offline market with statistical significance in all the three dimensions. We could conclude that the e-market is going much more efficient at least compared to the offline market and the more would it be unless the sellers resist and prevent comparison-shopping.

• THE INTERNATIONAL COMMERCE & LAW REVIEW
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• v.51
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• pp.133-158
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• 2011

The purpose of this study is to analyze one of CIETEC(China International Economic and Trade Arbitration Commission) Award on the dispute arising from Cotton Sale Contact which deals with damages and reduction of the price. Especially this case focused on the effect of reduction of the price to damages. The purpose of damages is to place the aggrieved party in as good a position as if the other party had properly performed the contract. So court costs and attorney's fee should be regarded as the loss, because these are caused by consequence of the breach which is recoverable. With the same reason, overpaid taxes should also regard as the loss. It is not impossible, however, to claim both damages and reduction of the price for same loss at the same time. It means buyer could not claim damages for the same loss, once he already claimed reduction of the price. So Korean companies should consider which remedy is proper to himself under the circumstances. He should choose reduction of the price when market price is down. In case of rising market price, he should consider follows: first, it is better to choose damages based on current price(Art.76), if upswing of non-conformity price is higher then upswing of market price. Second, it is better to choose general rule for measuring damages(Art.74), if upswing of market price is higher then upswing of non-conformity price.

• The Journal of Information Technology and Database
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• v.6 no.2
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• pp.115-130
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• 1999

The price structure of housing market varies depending upon market price policy rather than low or high price policy because of IMF. The object of this study is to develop an analysis system for analyzing housing market and its demand. The analysis system consists of four major categories: macro index analysis, market decision analysis, housing market analysis, and consumer analysis. We model each category by using a variety of techniques such as generalized linear model, categorical analysis, bubble analysis, drill-down analysis, price sensitivity meter analysis, optimum price index analysis, profit index measurement analysis, correspondence analysis, conjoint analysis, and multidimensional scaling analysis. Seoul apartment data is analyzed to demonstrate the practical usefulness of the system.

• The Transactions of the Korean Institute of Electrical Engineers A
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• v.52 no.6
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• pp.340-346
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• 2003

This paper presents a game theory application for an analysis of uniform price auction in a simplified competitive electricity market and analyzes the properties of Nash equilibrium for various conditions. We have assumed that each generation firm submits his bid to a market in the form of a sealed bid and the market is operated as a uniform price auction. Two firms are supposed to be the players of the market, and we consider the maximum generation quantity constraint of one firm only. The system demand is assumed to have a linear relationship with market clearing prices and the bidding curve of each firm, representing the price at which he has a willingness to sell his generation quantity, is also assumed to have a linear function. In this paper, we analyze the effects of maximum generation quantity constraints on the Nash equilibrium of the uniform price auction. A simple numerical example with two generation firms is demonstrated to show the basic idea of the proposed methodology.

• Korean Journal of Organic Agriculture
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• v.26 no.4
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• pp.571-583
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• 2018

The purpose of this study is to explore the dynamic properties of causality and asymmetric price transmission in the distributional channel of the tomato market in Korea. Using the wholesale and retail price series of the tomato market, we obtain the following results. First, the price transmission mechanism reveals the causal relationship channeling from the wholesale price to the retail price. Second, we find an asymmetric price transmission from the analysis using the threshold partial adjustment model. The retail price responds strongly when the wholesale price increases. On the other hand, the retail price shows sluggish adjustment when the wholesale price decreases.

• Environmental and Resource Economics Review
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• v.23 no.2
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• pp.187-224
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• 2014

We present key issues to consider in estimating damages from price-fixing cases and then apply the procedure addressing those issues to a transportation fuel market. Among the five methods of overcharge calculation, the regression analysis incorporating the yardstick method is the best. If the price equation relates the domestic price to the foreign price and the exchange rate as in the transportation fuel market, the functional form satisfying both logical consistency and modeling flexibility is the log-log functional form. If the data under analysis is of time series in nature, then the ARDL model should be the base model for each market and the regression analysis incorporating the yardstick method combines these ARDL equations to account for inter-market correlation and arrange constant terms and collusion-period dummies across component equations appropriately so as to identify the overcharge parameter. We propose a two-step test for the benchmarked market: (a) conduct market-by-market Spearman or Kendall test for randomness of the individual market price series first and (b) then conduct across-market Friedman test for homogeneity of the market price series. Statistical significance is the minimal requirement to establish the alleged proposition in the world of uncertainty. Between the sensitivity analysis and the model selection process for the best fitting model, the latter is far more important in the economic analysis of damage in price-fixing litigation. We applied our framework to a transportation fuel market and could not reject the null hypothesis of no overcharge.