• Journal of Korean Institute of Industrial Engineers
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• v.38 no.2
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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.

• Proceedings of the Technology Innovation Conference
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• 2001.06a
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• pp.117-130
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• 2001

R&D is the core competence of an enterprise. Furthermore, R&D requires huge capital investment and has very risky characteristics. Therefore, to be successful in R&D process, several approaches of engineering economics are used prior to decision-making. Until now, typical approaches of engineering economics such as NPV(net present value) or DCF(Discounted cash flow) have been used. But, they cannot properly capture managerial flexibility to adapt and revise later decisions in response to unexpected market development. In a constantly changing and always uncertain marketplace, managerial operation flexibility and strategic adaptability have become vital in order to successfully capitalize on favorable future investment opportunities and limit losses from adverse market development. For the alternatives of conventional static decision-making approaches, new concept of using real options is introduced. Real option theory is based on financial option's characteristics and checks every revision interval whether situation have changed favorable to decision maker or not. In advantageous situation, the decision maker has only to go on. In contrast, with unfavorable situation, he abandons the investment immediately. In this aspect, real option model is more suitable in very uncertain and dynamic business environment in that it can provide the opportunity to cope with flexibility. This paper suggests efficient and effective R&D investment strategy by using real options model. In addition, this paper compares financial options and real options.

• Journal of Technology Innovation
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• v.24 no.4
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• pp.277-307
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• 2016

Since 2011, DCF(Discounted Cash Flow) method has been used initiatively for valuating R&D technology assets in the agricultural food industry and recently technology valuation based on royalties comparison among technology transfer transactions has been also carried out in parallel when evaluating the technology assets such as new seed development technologies. Since the DCF method which has been known until now has many input variables to be estimated, sophisticated estimation has been demanded at the time of technology valuation. In addition, considering more similar trading cases when applying sales transaction comparison or industry norm method based on information of technology transfer royalty, it is an important issue that should be taken into account in the same way in the Agri-Food industry. The main input variables used for technology valuation in the Agri-Food industry are life cycle of technology asset, the financial information related to the Agri-Food industry, discount rate, and technology contribution rate. The latest infrastructure building and data updating related to technology valuation has been carried out on a regular basis in the evaluation organization of the Agri-Food segment. This study verifies the key variables that give the most important impact on the results for the existing technology valuation in the Agri-Food industry and clarifies the difference between the existing valuation result and the outcome by referring the support information that is derived through the latest input information applied in DCF method. In addition, while presenting the scheme to complement fragment information which the latest input data just influence result of technology valuation, we tried to perform comparative analysis between the existing valuation results and the evaluated outcome after the latest of reference data for making a decision the input values to be estimated in DCF. To perform these analyzes, it was first selected the representative cases evaluated past in the Agri-Food industry, applied a sensitivity analysis for input variables based on these selected cases, and then executed a simulation analysis utilizing the key input variables derived from sensitivity analysis. The results of this study is to provide the information which there are the need for modernization of the data related to the input variables that are utilized during valuating technology assets in the Agri-Food sector and for building the infrastructure of the key input variables in DCF. Therefore it is expected to provide more fruitful information about the results of valuation.

• Asian Journal of Innovation and Policy
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• v.5 no.2
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• pp.197-207
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• 2016

This paper seeks to measure the monetary value of technical development in the deep seabed manganese nodule mining by applying the compound option model (COM). The COM is appropriate for the project in terms of its decision-making structure and embedded uncertainty. The estimation results show that the deep seabed mining project has more economic potential than shown by the previously obtained results from the discounted cash flow (DCF) analysis. In addition, it is reasonable to invest in the project taking the various uncertainty factors into consideration, because the ratio of the value to the cost of the project is far higher than one. This information can be utilized in national ocean policy decision-making.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.32 no.2 s.57
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• pp.69-74
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• 2006

Selaginella tamariscina with the popular Korean name Keoun Back, is a traditional medicinal plant for therapy of advanced cancer patients in the Orient. In this study, we evaluated anti-aging activity of S. tamariscina using processed technology and investigated diverse biological activities of processed S. tamariscina (PST) as an anti-aging ingredient of cosmetics. PST, heated with sand, used to different purpose compared with origin in medicine. PST raises total phenol concentration and enhances the DPPH radical scavenging activity. For testing intracellular ROS scavenging activity, the cultured human dermal fibroblasts were analyzed by increase in dichlorofluorescein (DCF) fluorescence upon exposure to UVB $20 mJ/cm^2$ after treatment of PST. UVA-induced MMP-1 expression in human dermal fibroblasts was reduced in a dose-dependent manner by PST. Taken together, 4hese results suggest that PST may act as an anti-aging agent by preventing the skin cell from damage induced by UV irradiation, and imply that PST may be useful as a new ingredient for anti-aging cosmetics.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.42 no.3
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• pp.269-278
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• 2016

In searching for novel agents for skin anti-aging from natural resources, we found that the extract of the fruiting bodies of Ramaria formosa (R. formosa) had significant antioxidant and human neutrophil elastase (HNE) inhibitory activities. R. formosa extract exhibited a considerable DPPH radical scavenging activity with an antioxidant content of 117.0mg/mL (ascorbic acid equivalents) at the concentration of $500{\mu}g/mL$. The capacity of R. formosa extract to scavenge peroxy radicals measured by ORAC assay also showed dose-dependent antioxidant effect with $ORAC_{Roo}$ (trolox equivalents, $1{\mu}M$) values of 0.8, 5.2, and 7.8 at the concentrations of 1, 10, and $20{\mu}g/mL$. The cellular antioxidant capacity of R. formosa extract was investigated by assaying the cellular fluorescence intensity using dichlorodihydrofluorescein (DCF). The cellular oxidative stress induced by AAPH, $Cu^{2+}$ or $H_2O_2$ in HepG2 cells was significantly attenuated by more than 30% at $20{\mu}g/mL$ of R. formosa extract. HNE activity was reduced by treatment with R. formosa extract in a dose-dependent manner, and the $ED_{50}$ value for the ethanol extract of R. formosa was $42.9{\mu}g/mL$. R. formosa extract did not exhibited antimicrobial activity against four microorganisms including Bacillus subtilis (B. subtilis), Escherichia coli (E. coli), Candida albicans (C. albicans), Aspergillus oryzae (A. oryzae). Furthermore, the extract did not affect the inflammatory cytokine production of interleukin-10 and interferon-${\gamma}$ in NK92 cells. From the above results, we found that R. formosa extract has considerable antioxidant and elastase inhibitory effects, and does not stimulate immune cells. These findings suggest that R. formosa extract may be used as a bioactive component in cosmetic composition.

• Journal of the Society of Cosmetic Scientists of Korea
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• v.32 no.2 s.57
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• pp.75-79
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• 2006

In this study. we evaluated anti-aging activity of medical plants that protect the skin cell damage induced by UV irradiation. We have investigated diverse biological activities of Selaginella tamariscina as an anti-aging ingredient of cosmetics. S. tamariscina was found to show scavenging activities of radicals and reactive oxygen species (ROS) with the $IC_{50}$ values of $65.1{\mu}g/mL$ against 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical and $40.9 {\mu}g/mL$ against superoxide radicals in the xanthine/xanthine oxidase system, respectively. For testing intracellular ROS scavenging activity, the cultured human dermal fibroblasts were analyzed by increase in dichlorofluorescein (DCF) fluorescence upon exposure to UVB $20 mJ/cm^2$ after treatment of S. tamariscina. UVA-induced MMP-1 protein and mRNA expression in human dermal fibroblasts were reduced in a dose-dependent manner by S. tamariscina. Moreover, S. tamariscina inhibited MMP-2 (gelatinase) activity in UVA-irradiated human dermal fibroblasts assayed by zymography and semi-quantitative RT-PCR. Taken together, these results suggest that S. tamariscina may act as an anti-aging agent by Increasing collagen and preventing the skin cell damage induced by UV irradiation, and imply that S. tamariscina nay be useful as a new ingredient for anti-aging cosmetics.

• Journal of the Korean Society of Food Science and Nutrition
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• v.40 no.10
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• pp.1353-1360
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• 2011

This study was performed to investigate the antimicrobial effects against food-borne pathogens and antioxidant activity of Rhododendron brachycarpum ethanol-extract. The antimicrobial activity of the extract was determined using a paper disc-diffusion method, and the diameter of the clear zone was measured. The diameter of the clear zone in the presence of 10 mg of extract was maximal against Bacillus cereus among the three tested Gram-positive bacteria and against Escherichia coli O157:H7 among the five tested Gram-negative bacteria. Analysis of the minimum inhibitory concentration (MIC) showed that the extract exhibited a similar efficacy as that of sorbic acid, a well-known chemical preservative. The growth inhibitory effects of the extract at concentrations of 250, 500, 1,000, and 2,000 mg/L on food-borne pathogens were determined against Staphylococcus aureus, Listeria monocytogenes, Salmonella Typhimurium, and Escherichia coli O157:H7. Growth of the microorganisms was not affected by the extract at concentrations up to 250 mg/L, but it was significantly (p<0.05) inhibited by the extract at concentrations higher than 1,000 mg/L. The antioxidant effects of the extract were examined via measurement of DPPH radical scavenging activity, inhibition of reactive oxygen species (ROS) generation using fluorescent dichlorofluorescien (DCF) assay, and prevention of peroxyl radical- and hydroxyl radical-induced supercoiled DNA breakage. The $IC_{50}$ of the extract for DPPH radical scavenging activity was about half that of ${\alpha}$-tocopherol, which was used as a positive control. DCF fluorescence intensity decreased as the concentration of the extract increased, demonstrating that ROS generation was inhibited in a concentration-dependent manner. The ROS inhibitory effect of the extract was higher than that of ascorbic acid. The extract prevented supercoiled DNA strand breakage induced by peroxyl radical and hydroxyl radical. Thus, the results of the present study demonstrate that the extract exhibits antimicrobial effects against food-borne pathogens as well as potent antioxidant capacity, suggesting that R. brachycarpum could be used as a natural antibacterial agent and effective antioxidant in food.

• The Journal of the Korea institute of electronic communication sciences
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• v.1 no.1
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• pp.56-62
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• 2006

Currently, Most of the Backhual and Submarine's networks are being installed using DWDM and EDFA to deal with dramatically increasing internet traffic. In a conventional type optical system, the so-called 3R repeater, fiber non- linearity was not significant factor but it is one of the most important consideration when designing new DWDM network based on the EDFAs. To minimize the signal pulse distortion in long-haul optical network, Zero-dispersion fiber is indispensable but causes the fiber non-linearity. Therefore this conflicting problems should be managed to transmit a high-speed capacity traffic. In this paper, key technologies in DWDM submarine optic network were found out for a high capacity traffic and introduced the dispersion management way for solving the conflicting problems between Zero-dispersion and non-linearity. Lastly designed a dispersion map in section between Korea and Hong-kong.

• Horticultural Science & Technology
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• v.30 no.1
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• pp.64-72
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• 2012

Phytophthora root rot has been causing a serious yield loss in pepper production. Since 2004, the year in which commercial cultivars resistant to the disease were firstly commercialized, it has been necessary to introduce the resistance into domestic pepper cultivars for dried red pepper. Therefore, developing molecular markers linked to the resistance is required for an accurate selection of resistant plants and increasing breeding efficiency. Until now, several markers associated with the major dominant gene resistant to Phytophthora root rot have been reported but they have some serious limitations for their usage. In this study, we aimed to develop molecular markers linked to the major dominant gene that can be used for almost of all genetic resources resistant to Phytophthora root rot. Two segregating $F_2$ populations derived from a 'Subicho' ${\times}$ 'CM334' combination and a commercial cultivar 'Dokyacheongcheong' were used to develop molecular markers associated with the resistance. After screening 1,024 AFLP primer combinations with bulked segregant analysis, three AFLP (AFLP1, AFLP2, and AFLP3) markers were identified and converted into three CAPS markers (M1-CAPS, M2-CAPS, and M3-CAPS), respectively. Among them, M3-CAPS marker was further studied in ten resistants, fourteen susceptibles, five hybrids and 53 commercial cultivars. As a result, M3-CAPS marker was more fitted to identify Phytophthora resistance than previously reported P5-SNAP and Phyto5.2-SCAR markers. The result indicated that the M3-CAPS marker will be useful for resistance breeding to Phytophthora root rot in chili pepper.