• Asia-Pacific Journal of Business
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• v.13 no.1
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• pp.263-275
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• 2022

Purpose - This study estimated the non-market value of pumped storage power generation using the contingent valuation method(CVM). Design/methodology/approach - CVM, a non-market value estimation method, was used. The perception of pumped storage power generation and the willingness to pay(WTP) for pumped storage power generation were investigated among 612 randomly selected households. Findings - It was analyzed that the average value per household was 7309.99 won/month, and the sources of these benefits were 1819.37 won due to the improvement of power generation efficiency, 1320.48 won due to the improvement of power system reliability, 2359.24 won due to the stabilization of electricity rates, 2110.89 won due to water resource management It was assumed that a circle occurred. If the average monthly benefit per household is expanded to cover countries across the country, it is estimated that the annual value to our society from pumped storage power generation will be KRW 1.796.6 trillion. Research implications or Originality - It is necessary to consider the operation of pumped-water power generation by reflecting the value of pumped-up power generation that is not evaluated in the market. Since Korea's electricity market is isolated in a state where it is impossible to connect with other countries, it may be vulnerable to a stable electricity operation system. Therefore, there is a need for a facility that can stably secure reserve power and produce power quickly when necessary. If pumped-water power generation is actively used for power operation, a more stable power system can be secured.

• East Asian Journal of Business Economics (EAJBE)
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• v.12 no.2
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• pp.1-7
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• 2024

Purpose: This study delves into the application of the Ohlson 1995 valuation model, particularly addressing the intricacies of the "Other information" variable. Our goal is to pinpoint the most suitable variables for substitution within this category, focusing specifically on the Mongolian Stock Exchange (MSE) context. Research design, data, and methodology: Employing data spanning from 2012 to 2022 from 60 MSE-listed companies, we conduct a comprehensive analysis encompassing both financial and non-financial indicators. Through meticulous examination, we aim to identify which variables effectively substitute for the "Other information" component of the Ohlson model. Results: Our findings reveal significant outcomes. While all financial variables within the model exhibit importance, certain non-financial indicators, notably the company's level and state ownership participation, emerge as particularly influential in determining stock prices on the MSE. Conclusions: This study not only contributes to a deeper understanding of valuation dynamics within the MSE but also provides actionable insights for future research endeavors. By refining key variables within the Ohlson model, this research enhances the accuracy and efficacy of financial analysis practices. Moreover, the implications extend to practitioners, offering valuable insights into the determinants of stock prices in the MSE and guiding strategic decision-making processes.

• The Korean Journal of Financial Management
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• v.20 no.1
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• pp.1-27
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• 2003

The purpose of this study is to empirically investigate the role of capitalized intangibles such as patents, copy rights and R&D and non-capitalized intangibles such as advertising expenses and labor-related expenses, which are considered to be important to generating future excess profits, on the valuation of IPO shares. This study examines 125 firms which went public during 1992 - 1998. The result suggests that advertising expenses do not have significant influence on the offer price and the market price of IPO shares. On the other hand, R&D and labor-related expenses play important role in determining the offer price and the market price of IPO shares. In case of capitalized intangible assets, they we important factors in determining the market price but not the of for price. This study suspects that the Securities and Exchange Law of the Korean Securities Exchange Commission potentially contribute to the result of no effect of capitalized intangibles (except R&D) on the offer price by underwriters. According to the Law, any intangible assets which are considered to be irrelevant to the valuation of IPO shares must be exclued. This is very ambiguous and potentially cause underwriters to exclude any intangibles difficult to measure their value. However the market considers capitalized intangibles to be important, as suggested by the result of this study. To reduce this valuation asymmetry, it is important to reveal detailed information regarding the valuation of assets, in particular, intangible assets to the public.

• Journal of the HCI Society of Korea
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• v.11 no.1
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• pp.11-19
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• 2016

This study aimed to assess the economic value of the UX design and applied contingent valuation method (CVM) to the three smartphone screen unlock interface types: touch, fingerprint, and iris recognition. The contingent valuation method was chosen from various economic valuation approaches because the interface components such as the screen unlock are important user experience values but non-market goods which are not traded independently. Using the double-bounded dichotomous choice approach of the contingent valuation method, the survey results of the logit model showed that the economic value of touch unlock interface was 529 won, fingerprint was 4,214 won, and iris recognition was 1,316 won. That is, the fingerprint interface had the highest economic value, followed by iris recognition and touch interface. The main contribution of this research is that we examined a method for economic valuation of the UX design and generated systematic and credible results.

• Journal of the Korean Society for information Management
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• v.25 no.4
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• pp.245-267
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• 2008

This study is to develope a user-based economic valuation methodology and model for the economic analysis on the DDS of foreign journals. For this study, the sampling data on the annual subscribed journals by K institution was used and the online questionnaire was used to collect data. There are three aspects of the economic value of DDS journals was classified as use value, non-use value, and expectancy value. We suggested the income and market approach to measure its economic use value. To estimate the its value by individual users, this study applied a contingent valuation method and designed the imaginary scenarios.

• Environmental and Resource Economics Review
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• v.9 no.4
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• pp.747-771
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• 2000

This paper reports the results of a study to elicit willingness to pay (WTP) for changes in health risks from exposure to As, Pb, THM in tap water using experimental market method. The experimental market method, compared with other non-market valuation methods, allows us to use incentive compatible demand revealing scheme, to acquire market-like experience through repetitive auctions, and to incorporate learning process by providing new information during the session. Participants seemed to utilize the objective risk information in a 'rational' manner, and to change their WTP bids accordingly. Moreover they were able to reduce the 'ambiguity' in risk perception processes when objective risk probabilities provided are quite different from their subjective perceptions. Nonetheless, anchoring effects appeared to be still persistent in spite of market-like experience and learning opportunity. And implicit values entailed by WTP bid/risk tradeoffs indicate a wide variation in values across alternative risk reductions and overrated responses to very small risk reductions.

• The KIPS Transactions:PartC
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• v.8C no.5
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• pp.615-620
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• 2001

This paper is a study on the model that measures economic values for the non-market properties of Electronic Commerce(EC). For development of this model, first of all, we reviewed the properties of EC service, and looked around the relation between customer satisfaction and/or payment value and EC properties. In addition, we checked the method to measure economic values of these properties. This measurement method is the contingent valuation method which is a method of measuring the value of the environmental product. We modified it to adapt to the EC. Finally, in this paper, we proposed an economic value model which measures the value of willingness to pay(WTP) to our objectives. However, there could be some restrictions at the time when surveying empirically. Therefore, the succeeding study should be done in order to improve these restrictions some day.

• The Journal of Fisheries Business Administration
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• v.53 no.2
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• pp.42-57
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• 2022

The purpose of this study was to estimate the economic values of whale watching. The data used in this study were collected with 1,599 coastal tourists and the questionnaire included contingent valuation method questions. The results show that coastal tourists obtained the benefits of about KRW 15,970 from whale watching. Further analyses were conducted to check the differences of willingness to pay for whale watching based on the three variables as follows: previous experience of whale watching and participation intention in whale watching tourism, and previous experience of cruise trips. The results indicate that the respondents, who already participated or intended to participate in this type of tourism activity, were willing to pay higher than those, who did not participated or had no intention of participation, respectively. These results imply that whale watching could be a feasible alternative to the direct consumption of whale meat. Based on the study results, we provide policy and management-related implications for whale watching programs.

• The Journal of Society for e-Business Studies
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• v.17 no.3
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• pp.73-84
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• 2012

With transition to Knowledge society and introduction of information industry, there are many companies which have higher stock price than the suggested value from its financial information. To explain similar cases in capital markets, many researchers focus on non-financial information such as Web Traffic data or intangible assets such as intellectual property rights rather than traditional financial analysis. Besides, the relationships between financial and non-financial information with firm value are changed according to industry lifecycle. As Industry grows, financial information of company is more important for firm valuation in Capital market. We'd like to review the changes of relationships between financial information and firm valuation in Capital market especially for "Software", "Digital Contents", and "Internet" companies listed in Kosdaq market during 2000~2011. The result of data analysis shows the financial information gets more important after 2007. Inversely, it provides analytical bases that related industry gets mature. Also we show that intangible properties are more relevant to stock price of those technical based companies than others.

• Journal of Korea Technology Innovation Society
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• v.16 no.1
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• pp.20-40
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• 2013

A project of developing marine environmental risk assesment and management technology was proposed to improve the level of marine environmental management research. This paper attempts to measure the non-market benefits of the project. To this end, the dichotomous choice contingent valuation method is used. In particular, recently proposed one and one-half bounded model is applied. The model can reduce the potential for response bias comparing to the double bounded model while maintaining much of its efficiency. Moreover, in order to deal with zero WTP observations, a spike model is adjusted for our data. A survey of randomly selected 600 households was implemented and the respondents were asked in person-to-person interviews about how they would be willing to pay for implementing the project. Respondents overall accepted the contingent market and were willing to contribute a significant amount (2,663 won), on average, per household per year. The aggregate value of the project in the nation amounts to approximately 46.3 billion won per year. The figure 2.16 of cost-benefit ratio shows that economic validity of this technical development.