• 충청수학회지
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• 제26권3호
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• pp.571-576
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• 2013

In this paper, we solve the optimal investment problem when the investor gets labor income and may have a wage increase. We assume the investor has constant absolute risk aversion(CARA) utility and obtain closed form solutions.

• 한국철도학회:학술대회논문집
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• 한국철도학회 2000년도 추계학술대회 논문집
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• pp.68-76
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• 2000

Reliable external cost must be estimated to achieve the optimal market share between transportation modes. In this paper, we determined the market share between railroad and road on the cost minimization base. The results show that optimal market share is achieved by increasing investment on railroad.

• 전력전자학회논문지
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• 제4권2호
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• pp.215-222
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• 1999

전기에너지의 저장은 발전효율면이나 전력의 품질향상 등 전력시스템에서 뚜렷한 장점을 가지고 있다. 초전도 에너지 저장장치는 전기에너지를 저장할 수 있는 설비의 하나로 높은 효율과 속응성, 긴 수명 등의 특성으로 전력시스템 적용시 곧 이루어지리라 예상된다. 본 논문에서는 SMES의 국내도입시 필요한 투자정보를 제공하기 위한 최적규모 산정의 알고리즘을 제안한다. 제안한 알고리즘은 SMES의 경제적 운전 양상을 결정하는 확률적 운전모형과 최대원리를 이용한 투자계획모형으로 구성되어 있다.

• 한국경영과학회지
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• 제34권3호
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• pp.155-163
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• 2009

We develop a probability model to evaluate information security investment portfolios. We assume that organizations install portfolios of information security countermeasures to mitigate the damage such as loss of the transaction being processed, damage of hardware and data, etc. A queueing model and Its expected value analysis are used to derive the lost cost of transactions being processed, the replacement cost of hardwares, and the recovery cost of data. The net present value for each portfolio is derived and organizations can select the optimal information security investment portfolio by comparing portfolios.

• East Asian Economic Review
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• 제16권2호
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• pp.139-154
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• 2012

This paper provides a theoretical setup for an analysis of strategic relationships inherent to activities of an innovative multinational enterprise (MNE) and a local company in a host country. Additionally, we explore the incentives of the host country's government to provide subsidies to attract foreign direct investment (FDI) and to protect outcomes of R&D activities conducted by the MNE. We show that the MNE's commercial interests may collide with local companies' over protection of IPRs. Therefore, the extent of knowledge spillovers from the MNE to the local company and the magnitude of incentives to the MNE perform a crucial function in determining the optimal policy mix of IPR protection and FDI subsidies of the host country's government.

• The Journal of Asian Finance, Economics and Business
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• 제9권6호
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• pp.231-243
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• 2022

The objective of this study is to analyze the impact of conservative financial reporting on investment during uncertainty. It was assumed that during uncertainty conservative financial reporting can play an important role to improve investment decision-making. For our analysis, data sets from 2005-2020 of nonfinancial companies are used. To measure the impact of conservative financial reporting in the non-financial sector of Pakistan, Khan and Watts' (2009) model is applied. "Prospector" and "Defender" Business strategy is applied for measuring firm-level uncertainty. Investment is measured by adding the change in fixed assets (property, plant, and equipment). To check the robustness of conservative financial reporting, Givoly and Hayn's (2000) Negative Accruals measure is applied. To measure the robustness of uncertainty, environmental scanning and alertness technique is applied. According to environmental scanning and alertness technique, companies are divided into two groups named 'inert' and 'alert'. 'Inert' are those firms that are not scanning their environment, and 'alert' are those firms who continuously analyze their environment. The empirical estimations support our hypothesis. The empirical findings provide the proof that in the wake of uncertainty conservative financial reporting may facilitate to take optimal investment decisions in the developing economy of Pakistan. Our results provide critical and practical implications for investors, researchers, and standard setters.

• 정보보호학회논문지
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• 제27권4호
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• pp.855-861
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• 2017

Gordon과 Loeb[1]은 기업의 정보보호 투자 의사결정은 정보보호 투자를 통한 한계편익(MB)과 정보보호 투자의 한계비용(MC)이 일치하는 곳에서 최적의 투자수준이 결정된다고 한다. 그러나, 정보보호 사고를 당하고 있는 많은 기업의 경우, 정보보호 사고를 당하고 있다는 것을 인지하지 못하고 유출되는 피해가 얼마인지 측정하지 못하고 있다. 본 연구에서는 불완전한 정보 상황에서 정보보호 투자 의사결정을 수행하는 모델을 Gordon과 Loeb[1]의 모델을 수정하여 제시하고, 투자수준의 차이를 비교하였다. 불완전정보 하에서 정보보호 투자를 통한 기대수익은 실제 발생하는 정보 보호 사고에 비해 낮게 인식되는 경향을 띄게 되고, 정보보호 투자도 적게 되었다. 이는 정부와 같은 제3의 기관이 정보 보호 사고발생률, 피해액 규모 등 정확한 정보를 알려주면 기업 스스로 정보보호 투자를 확대 할 수 있음을 보여준다.

• 대한산업공학회지
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• 제38권2호
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• pp.144-156
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• 2012

In recent years, advanced countries in energy sector are emphasizing the importance of the development and deployment of renewable energy to cope with the global environmental crisis such as depletion of fossil energy, climate convention to control emissions of greenhouse gases. In this paper, we evaluate the economic value of the investment in new and renewable energy R&D in Korea and optimal deployment timing of new and renewable energy by using the real option approach. The real option model adopted in this paper assumes that a decision maker has a compound option to abandon, deployment, or continue the R&D. As a result by using empirical data of Korea, it is found that there exists a considerable amount of positive real option value (ROV) in the investment of new and renewable energy R&D while its net present value (NPV) calculated by traditional discounted cash flow (DCF) model shows negative value.

• 한국경영과학회지
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• 제20권2호
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• pp.39-60
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• 1995

In this paper, an integration of stochastic dynamic programming (SDP), integer goal programming (IGP) and analytic hierarchy process (AHP) is proposed to handle multiobjective-multicriteria sequential decision making problems under uncertainty inherent in R & D investment planning. SDP has its capability to handle problems which are sequential and stochastic. In the SDP model, the probabilities of the funding levels in any time period are generated using a subjective model which employs functional relationships among interrelated parameters, scenarios of future budget availability and subjective inputs elicited from a group of decision makers. The SDP model primarily yields an optimal investment planning policy considering the possibility that actual funding received may be less than anticipated one and thus the projects being selected under the anticipated budget would be interrupted. IGP is used to handle the multiobjective issues such as tradoff between economic benefit and technology accumulation level. Other managerial concerns related to the determination of the optimal project portifolio within each stage of the SDP model. including project selection, project scheduling and annual budget allocation are also determined by the IGP. AHP is proposed for generating scenario-based transformation probabilities under budgetary uncertainty and for quantifying the environmental risk to be considered.

• 한국수자원학회:학술대회논문집
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• 한국수자원학회 2021년도 학술발표회
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• pp.145-145
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• 2021

Water distribution networks (WDNs) are designed to satisfy water requirement of an urban community. One of the central issues in human history is providing sufficient quality and quantity of water through WDNs. A WDN consists of a great number of pipelines with different ages, lengths, materials, and sizes in varying degrees of deterioration. The available annual budget for rehabilitation of these infrastructures only covers part of the network; thus it is important to manage the limited budget in the most cost-effective manner. In this study, a novel pipe replacement scheduling approach is proposed in order to smooth the annual investment time series based on a life cycle cost assessment. The proposed approach is applied to a real WDN currently operating in South Korea. The proposed scheduling plan considers both the annual budget limitation and the optimum investment on pipes' useful life. A non-dominated sorting genetic algorithm is used to solve a multi-objective optimization problem. Three decision-making objectives, including the minimum imposed LCC of the network, the minimum standard deviation of annual cost, and the minimum average age of the network, are considered to find optimal pipe replacement planning over long-term time period. The results indicate that the proposed scheduling structure provides efficient and cost-effective rehabilitation management of water network with consistent annual budget.