• The Korean Journal of Financial Management
• /
• v.2 no.1
• /
• pp.55-75
• /
• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• Resources Recycling
• /
• v.15 no.1 s.69
• /
• pp.37-45
• /
• 2006

For treating a huge amount of plastic waste with the environment problem, pyrolysis of plastic waste into alternative fuel oil is one or important issue in recycling methods. This study was introduced over the trend or generation of plastic waste, in Korea pyrolysis technology in domestic and foreign countries, basic technology in pyrolysis process and new technology of pyrolysis developed in KIER (Korea Institute of Energy research). The characteristics of process developed in KIER are the continuous loading treatment or mixed plastic waste with an automatic control system, the minimization of wax production by circulation pyrolysis system in non-catalytic reactor, the reuse of gas produced and the oil recovery from sludge generated in pyrolysis plant, which have greatly the advantage economically and environmetally. The experiment result data in 300 ton/yr pilot plant showed about $81\;wt\%$ liquid yield for 3 days continuous reaction time, and also the boiling point distribution of light oil (LO) and heavy oil (HO) produced in distillation tower was a little higher than that of commercial gasoline and diesel, respectively.

• Proceedings of the Korean Institute of Resources Recycling Conference
• /
• 2005.10a
• /
• pp.34-46
• /
• 2005

For treating a huge amount of plastic waste with the environment problem, pyrolysis of plastic waste into alternative fuel oil is one of important issue in recycling methods. This study was introduced over the trend of generation of plastic waste, pyrolysis technology in domestic and foreign countries, basic technology in pyrolysis process and new technology of pyrolysis developed in KIER (Korea Institute of Energy Research). The characteristics of process developed in KIER are the continuous loading treatment of mixed plastic waste with an automatic control system, the minimization of wax production by circulation pyrolysis system in non-catalytic reactor, the reuse of gas produced and the oil recovery from sludge generated in pyrolysis plant, which have greatly the advantage economically and environmetally. The experiment result data in 300 ton/yr pilot plant showed about 81 wt% liquid yield for 3 days continuous reaction time, and also the boiling point distribution of light oil (LO) and heavy oil (HO) produced in distillation tower was a little higher than that of commercial gasoline and diesel, respectively.

• KDI Journal of Economic Policy
• /
• v.12 no.1
• /
• pp.31-68
• /
• 1990

The concentration of economic power takes the form of one or a few firms controlling a substantial portion of the economic resources and means in a certain economic area. At the same time, to the extent that these firms are owned by a few individuals, resource allocation can be manipulated by them rather than by the impersonal market mechanism. This will impair allocative efficiency, run counter to a decentralized market system and hamper the equitable distribution of wealth. Viewed from the historical evolution of Western capitalism in general, the concentration of economic power is a paradox in that it is a product of the free market system itself. The economic principle of natural discrimination works so that a few big firms preempt scarce resources and market opportunities. Prominent historical examples include trusts in America, Konzern in Germany and Zaibatsu in Japan in the early twentieth century. In other words, the concentration of economic power is the outcome as well as the antithesis of free competition. As long as judgment of the economic system at large depends upon the value systems of individuals, therefore, the issue of how to evaluate the concentration of economic power will inevitably be tinged with ideology. We have witnessed several different approaches to this problem such as communism, fascism and revised capitalism, and the last one seems to be the only surviving alternative. The concentration of economic power in Korea can be summarily represented by the "jaebol," namely, the conglomerate business group, the majority of whose member firms are monopolistic or oligopolistic in their respective markets and are owned by particular individuals. The jaebol has many dimensions in its size, but to sketch its magnitude, the share of the jaebol in the manufacturing sector reached 37.3% in shipment and 17.6% in employment as of 1989. The concentration of economic power can be ascribed to a number of causes. In the early stages of economic development, when the market system is immature, entrepreneurship must fill the gap inherent in the market in addition to performing its customary managerial function. Entrepreneurship of this sort is a scarce resource and becomes even more valuable as the target rate of economic growth gets higher. Entrepreneurship can neither be readily obtained in the market nor exhausted despite repeated use. Because of these peculiarities, economic power is bound to be concentrated in the hands of a few entrepreneurs and their business groups. It goes without saying, however, that the issue of whether the full exercise of money-making entrepreneurship is compatible with social mores is a different matter entirely. The rapidity of the concentration of economic power can also be traced to the diversification of business groups. The transplantation of advanced technology oriented toward mass production tends to saturate the small domestic market quite early and allows a firm to expand into new markets by making use of excess capacity and of monopoly profits. One of the reasons why the jaebol issue has become so acute in Korea lies in the nature of the government-business relationship. The Korean government has set economic development as its foremost national goal and, since then, has intervened profoundly in the private sector. Since most strategic industries promoted by the government required a huge capacity in technology, capital and manpower, big firms were favored over smaller firms, and the benefits of industrial policy naturally accrued to large business groups. The concentration of economic power which occured along the way was, therefore, not necessarily a product of the market system. At the same time, the concentration of ownership in business groups has been left largely intact as they have customarily met capital requirements by means of debt. The real advantage enjoyed by large business groups lies in synergy due to multiplant and multiproduct production. Even these effects, however, cannot always be considered socially optimal, as they offer disadvantages to other independent firms-for example, by foreclosing their markets. Moreover their fictitious or artificial advantages only aggravate the popular perception that most business groups have accumulated their wealth at the expense of the general public and under the behest of the government. Since Korea stands now at the threshold of establishing a full-fledged market economy along with political democracy, the phenomenon called the concentration of economic power must be correctly understood and the roles of business groups must be accordingly redefined. In doing so, we would do better to take a closer look at Japan which has experienced a demise of family-controlled Zaibatsu and a success with business groups(Kigyoshudan) whose ownership is dispersed among many firms and ultimately among the general public. The Japanese case cannot be an ideal model, but at least it gives us a good point of departure in that the issue of ownership is at the heart of the matter. In setting the basic direction of public policy aimed at controlling the concentration of economic power, one must harmonize efficiency and equity. Firm size in itself is not a problem, if it is dictated by efficiency considerations and if the firm behaves competitively in the market. As long as entrepreneurship is required for continuous economic growth and there is a discrepancy in entrepreneurial capacity among individuals, a concentration of economic power is bound to take place to some degree. Hence, the most effective way of reducing the inefficiency of business groups may be to impose competitive pressure on their activities. Concurrently, unless the concentration of ownership in business groups is scaled down, the seed of social discontent will still remain. Nevertheless, the dispersion of ownership requires a number of preconditions and, consequently, we must make consistent, long-term efforts on many fronts. We can suggest a long list of policy measures specifically designed to control the concentration of economic power. Whatever the policy may be, however, its intended effects will not be fully realized unless business groups abide by the moral code expected of socially responsible entrepreneurs. This is especially true, since the root of the problem of the excessive concentration of economic power lies outside the issue of efficiency, in problems concerning distribution, equity, and social justice.

• Journal of Convergence for Information Technology
• /
• v.12 no.1
• /
• pp.76-82
• /
• 2022

Recently, natural and social disasters in Korea are increasing, and new disasters such as COVID 19 and sinkholes, and large-scale disasters that combine natural and social disasters are occurring frequently. In order to reduce damage caused by disasters and effectively respond to disasters, the importance of disaster safety education is emerging because it is necessary to understand the awareness of disaster situations and the functional response process. Ministry of Public Interior and Security is providing disaster safety education for emergency managers through 54 specialized disaster safety education institutions. There is also a lack of experience facilities. This has a problem in that it makes it difficult for disaster safety personnel to effectively respond to disasters due to lack of experience in actual disaster sites. Also, unlike other education fields, the connection between disaster safety education contents and new technologies such as AI is still lacking. In this study, focusing on natural disaster, the current status and problems of domestic disaster safety education institutions and their contents are investigated and analyzed, and based on this, this study suggested improvement plans for domestic disaster safety education contents such as establishment of a unified disaster safety standard curriculum, production and distribution of disaster safety education experience contents using virtual reality technology and infotainment technology, and development of mobile AI tutoring service.

• Journal of Bio-Environment Control
• /
• v.29 no.3
• /
• pp.285-292
• /
• 2020

Because the inner environment of greenhouse has a direct impact on crop production, many studies have been performed to develop technologies for controlling the environment in the greenhouse. However, it is difficult to apply the technology developed to all greenhouses because those studies were conducted through empirical experiments in specific greenhouses. It takes a lot of time and cost to develop the models that can be applicable to all greenhouse in real situation. Therefore studies are underway to solve this problem using computer-based simulation techniques. In this study, a model was developed to predict the inner environment of glass greenhouse using CFD simulation method. The developed model was validated using primary and secondary heating experiment and daytime greenhouse inner temperature data. As a result of comparing the measured and predicted value, the mean temperature and uniformity were 2.62℃ and 2.92%p higher in the predicted value, respectively. R² was 0.9628, confirming that the measured and the predicted values showed similar tendency. In the future, the model needs to improve by applying the shape of the greenhouse and the position of the inner heat exchanger for efficient thermal energy management of the greenhouse.

• The Journal of Korean Academy of Prosthodontics
• /
• v.43 no.1
• /
• pp.120-131
• /
• 2005

Statement of problem. More than 70% of patients who need the implant supported restoration are parially edentulous. The principles of design for implant supported fixed partial denture in mandibular posterior region are many and varied. Jurisdiction for their use is usually based on clinical evaluation. There are several areas or interest regarding the design of implant supported fixed partial denture in mandibular posterior region. 1) Straight and tripod configuration in implant placement, 2) Two restoration types such as individualized and splinted restorations. Purpose. The purpose of this study was to compare the amount and distribution of stress around the implant fixtures placed in the mandibular posterior region with two different arrangements and to evaluate the effects of splinting using the photoelastic stress analysis. Material & methods. 1) Production of study model: Mandibular partially edentulous model was waxed-up and duplicated with silicone and two models were poured in stone. 2) Fixture installation and photoelastic model construction: Using surveyor(Ney, USh), 3 fixtures(two 4.0 $\times$13 mm, one 5.0$\times$10 mm, Lifecore, USA) were insta)led in straight & tripod configurations. Silicone molds were made and poured in photoelastic resin (PL-2. Measurements group, USA). 3) Prostheses construction: Four 3-unit bridges (Type III gold alloy, Dongmyung co., Korea) were produced with nonhexed and hexed UCLA abutments and fitted with conventional methods. The abutments were tightened with 30 Ncm torque and the static loads were applied at 12 points of the occlusal surface. 4) Photoelastic stress analysis : The polarizer analyzer system with digital camera(S-2 Pro, Fujifilm, Japan) was used to take the photoelastic fringes and analysed using computer analysis program. Results. Solitary hexed UCLA restoration developed different stress patterns between two implant arrangement configurations, but there were no stress transfer to adjacent implants from the loaded implant in both configurations. However splinted restorations showed lesser amount of stresses in the loaded implants and showed stress transfer to adjacent implants in both configurations. Solitary hexed UCLA restoration with tripod configuration developed higher stresses in anterior and middle implants under loading than implants with straight configurations. Splintied 3 unit fixed partial dentures with tripod configuration showed higher stress development in posterior implant under loading but there were no obvious differences between two configurations. Conclusions. The tripod configuration of implant arrangement didn't show any advantages over the straight configuration. Splinting of 3 unit bridges with nonhexed UCLA abutments showed less stress development around the fixtures. Solitary hexed UCLA restoration developed tilting of implant fixture under offset loads.

• Proceedings of the KSEEG Conference
• /
• 2002.10a
• /
• pp.53-67
• /
• 2002

As in the past, we are concerned today with the magnitudes of mineral resources and the adequacy of these resources to meet future needs. In looking at global resource issues, we should consider the need for the resource, its supply, and the environmental consequences of using it. The need for a resource can become a resource dependency, specially as the global population expands and each of us becomes Increasingly dependent upon hundreds of natural materials. Therefore, our great mineral consumption makes the human population a true “Geologic Force”, which will be even more significant in the future when the global population is projected to reach alarming proportions. Although our supplies of mineral resources probably will be sufficient for the 21st century, the uneven distribution of minerals in the Earth's crust almost certainly will continue to be a major problem. The most likely result will be major shifts in both prices and sources of supply of many mineral resources. As for energy resources, we must avoid an obsessive dependency on one fuel and expand instead to other energy resources. Finally, because the use of resources affects the environment, we need to focus on resource exploitation and global pollution, particularly in regard to ground water and arable land. We must manage our resources so as to be in balance with our environment. And the accelerated industrialization of South Korean economy over the last three decades has resulted in the mass consumption of mineral commodities. South Korea has around 50 useful mineral commodities for the mineral industry, among 330 kinds of minerals described. The component ratio of the mining industry sector of the gross national production(GNP) in South Korea dropped from 1.2% in 1971 to 0.34% in 1997 due to the rapid growth of other industries in the country. During the period from 1971 to 1997, the average growth rate of mineral consumption in South Korea was 9.13% yearly and that of GMP per capita was 14.97%. The mineral consumptions per capita showed a continual increase during the last 30 years as follows(parenthesis: GW per capita); 0.99 metric tons in 1997($289), 3.83 metric tons in 1989($5, 210), 6.11 metric tons in 1995 ($10, 037), and 6.66 metric tons in 1997($9, 511). The total amount of mineral consumption in South Korea was 33 million tons of 32 mineral commodities in 1971, and 306 million metric tons of 47 mineral commodities in 1997.

• Korean Journal of Food Science and Technology
• /
• v.31 no.1
• /
• pp.196-205
• /
• 1999

Kochujang prepared by liquid and solid koji using isolated bacteria(Sunchang 1 and Park 2) showing excellent enzyme activities were gamma irradiated at $15{\pm}1.5\;kGy$ to investigate their qualities from the physicochemical, microbiological and enzymatic points of view during fermentaion at $25^{\circ}C$ for 90 days. The amino type nitrogen contents were $0.6{\sim}0.7%$ after 30 days of fermentation. Irradiation completly stopped gas production which is one of biggest problem of kochujang distribution. Enzyme activities were some different according to koji and irradiation treatment. Amino type nitrogen content as one the most important quality indice was higher in kochujang fermented by isolated bacteria (Park 2) than non inoculated traditional kochujang. But sensory quality was not significantly different.

• Proceedings of the Mineralogical Society of Korea Conference
• /
• 2002.10a
• /
• pp.53-67
• /
• 2002

As in the past, we are concerned today with the magnitudes of mineral resources and the adequacy of these resources to meet future needs. In looking at global resource issues, we should consider the need for the resource, its supply, and the environmental consequences of using it. The need for a resource can become a resource dependency, especially as the global population expands and each of us becomes increasingly dependent upon hundreds of natural materials. Therefore, our great mineral consumption makes the human population a true 'Geologic Force', which will be even more significant in the future when the global population is projected to reach alarming proportions. Although our supplies of mineral resources probably will be sufficient for the 21s1 century, the uneven distribution of minerals in the Earth's crust almost certainly will continue to be a major problem The most likely result will be major shifts in both prices and sources of supply of many mineral resources. As for energy resources, we must avoid an obsessive dependency on one fuel and expand instead to thor energy resources. Finally, because the use of resources affects the environment, we need to focus on resource exploitation and global pollution, particularly in regard to ground water and arable land. We must manage our resources so as to be in balance with our environment. And the accelerated industrialization of South Korean economy over the last three decades has resulted in the mass consumption of nuneral commodities. South Korea has around 50 useful mineral commodities for the mineral industry, among 330 kinds of minerals described. The component ratio of the mining industry sector of the gross national production(GNP) in South Korea dropped from $1.2\%\;in\;1971\;to\;0.34\%$ in 1997 due to the rapid growth of other industries In the countxy. During the period from 1971 to 1997, the average growth rate of mineral consumption in South Korea was $9.13\%$ yearly and that of GNP per capita was $14.97\%$. The mineral consumptions per capita showed a continual Increase during the last 30 years as follows(parenthesis. GNP per capita): 0.99 metric tons in 1971($\$289$), 3.83 metric tons in 1989($\$5,210$), 6.11 metric tons in 1995 ($\$10,037$), and 6.66 metric tons in 1997($9,511). The total amount of mineral consumption in South Korea was 33 million tons of 32 mineral commodities in 1971, and 306 million metric tons of 47 mineral commodities In 1997.