• Proceedings of the Korean Operations and Management Science Society Conference
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• 2008.10a
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• pp.179-190
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• 2008

Consumers earn a number of points for every purchase and then they can exchange a specified number of points for a desired reward in a typical loyalty program. The immediate payoff of their effort given as points is not the real reward they actually care about. It is merely an instrument (or medium) which has no value in itself. In a real world, consumers frequently choose the option with a bigger medium even though the economic value of the option is not changed by the medium. We call it 'medium effect'. In this study we explored if the size of medium affects on consumers' preferences. For this we controlled the reward options with three types of medium (small, medium, big) and measured the magnitude of preference difference among the three types of reward options. In addition, we manipulated comparability of reward options with wine and gas discount coupon. We confirmed that choosing one of two wines was easier than that of the two gas coupons. 164 respondents were allocated into three experimental groups and one control group. In three experimental groups, the ratios of the focused reward option's medium to the compared reward option's medium were different. For example, the focused reward option has 10 million points whereas the compared reward option has 10 million points for 1 million won purchase amount in the first group. Then each respondent was asked to choose one of two loyalty programs (focused program vs. compared program) in two different conditions (comparability between reward options: easiness vs. difficulty). To compare the medium effects among the experiment conditions we used chi-squares tests. The empirical results show the medium effect increases and then decreases as the ratio of reward mileages/points to purchase amount increases. Additionally, they let us know that comparability of alternatives affects on the medium effects depending on the ratio of reward mileages/points to purchase amount.

• Communications for Statistical Applications and Methods
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• v.24 no.2
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• pp.163-172
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• 2017

Economic sentiment is typically measured using ordinary response options. The University of Michigan and the United States Conference Board are two widely used major indexes that have separately established independent consumer sentiment indexes based on three-level ordinary response options: positive, neutral, and negative. Notwithstanding, limited attention has been paid to the structural differences in their built-in formulas, which are referred to the disparate micro scoring schemes applied to an individual question. This paper examines the structural difference of the two indexes and then addresses situations where one is more reliable than the other. Real data from business tendency surveys of the Organization for Economic Cooperation and Development are used to illustrate our points empirically. As a conclusion, it is stressed that the two indexes should be handled with care when applied to economic sentiment comparison studies.

• IE interfaces
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• v.13 no.2
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• pp.281-287
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• 2000

We studied a model house system on cyberspace using JAVA and VRML in this paper. In the system, users can not only browse the model house using a web browser but also choose options that they want to install in the final house and the chosen options are combined with the figure of the model house on the terminal window in real time. In addition, the information of the chosen options are transferred to a database on a server machine at the construction company and the company can use the information for the customer management. The developed system can be used by a simple EC system since it includes duplex information paths.

• Environmental and Resource Economics Review
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• v.28 no.2
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• pp.177-200
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• 2019

Energy demand forecast which serves as an essential input in energy policy is exposed to multiple factors of uncertainty such as GDP and weather forecast uncertainty. The Master Plan of Electricity Market in Korea which is biennially prepared is critically based on fluctuating energy demand forecast whereas its resulting proposal on electricity generation mix is substantially irreversible. The paper provides a real options model to evaluate energy transition policy by considering Knightian uncertainty as a measure to study multiple uncertainties with multiple set of probability distributions. Our finding is that the current energy transition policy under the master plan is not robust in terms of securing stable management of electricity demand and supply system.

• Journal of Korea Technology Innovation Society
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• v.3 no.1
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• pp.37-54
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• 2000

본 글에서는 최근 기술가치평가에 적용되고 있는 조건부가치평가법(Contingent Valuation Method) 다속성효용평가법(Multi-attribute Utility Assessment) 그리고 조건부청구권가치평가법(Real Option Pricing Method)의 세가지 가치측정기법들의 특징과 조요 관련 문헌들을 간략하게 정리하여 소개함으로서 관심있는 연구자들에게 유용한 정보를 제공하고자 한다. 소개하는 방법론들은 환경재화의 가치측정기법과 위험도가 높은 에너지프로젝트의 가치평가기법으로 개발된 기법들로서 신기술이 가지는 특징인 외부성 등의 비시장재적 특성과 높은 위험도에따른 투자가치를 반영할 수있어 기술 및 기업의 가치평가 사례연구에 응용할 수있다.

• Journal of Korea Technology Innovation Society
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• v.9 no.1
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• pp.84-102
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• 2006

This paper compares four models to value a biotechnology R&D project; option tree model, dynamic discounted cash flow(DCF) model, and option thinking DCF model with general DCF model. Real Options, especially 6-folded option tree model yields boner estimate of value than values using other methods. According to sensitivity analysis, sales of final products, number of investigational new drug developments(INDs) and success rates of each stage are key factors for the value of biotechnology R&D investment.

• Economic and Environmental Geology
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• v.41 no.5
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• pp.551-562
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• 2008

Option pricing model in finance has been applied to price non-financial options, called real options. The real option valuation method is ideally suited to irreversible decision making under uncertainty, including the need to determine the optimal time to act and even change between alternative courses of action as information is collected. Therefore, the real option valuation method is expected to provide a superior and less subjective approach to determining optimal strategies for water resources supply projects, which have been reported to have huge risks due to uncertainties, and investors and policy makers need to build an optimal strategy - when and if to invest - with uncertainties and managerial flexibilities considered.

• Korean Journal of Construction Engineering and Management
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• v.17 no.1
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• pp.76-82
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• 2016

Decision-making in construction projects often include options features. Such embedded options are difficult to value properly and many decision makers do not have experience in option analysis. The purpose of this paper is to demonstrate how real option analysis can be used to value capital expenditures on construction materials. We propose a real option framework to evaluate decision-making processes involving the purchase of construction materials. A case study was conducted by evaluating the purchase decision-making of solar cells, a good with high price volatility. Using real option analysis two strategies to improve the financial feasibility of installing a solar panel system were derived. The first strategy involves using a price cap that gives the project manager the right, but not obligation, to buy the modules for a predefined price during the next year. The second strategy is to defer the purchase of the solar cells until future price information becomes clearer. Both of the strategies in the case study were valued using the binominal model. This study will help to improve the financial feasibility of purchasing construction materials with high price volatility by including the value of managerial flexibility.

• Journal of Information Technology Services
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• v.22 no.4
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• pp.81-95
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• 2023

The emergence of Security Token has revolutionized the way assets are traded, bringing efficiency, transparency, and accessibility to the market. However, the Real Estate Security Token market faces challenges, particularly in terms of liquidity. The CMTO(Collateralized Mortgage Token Obligation) model addresses this issue by introducing a novel approach that combines the benefits of NFT(Non-Fungible Token), STO(Security Token Offering), and CMO(Collateralized Mortgage Obligation) techniques to enhance liquidity and promote investment in Real Estate Security Token. The CMTO framework functions by allowing DABS token investors to leverage their tokens as collateral for loans. These token-collateralized loans are pooled together and form the basis for issuing Sequential CMO named CMTO. The CMTO represent a diversified portfolio of token-collateralized loans, providing investors with options based on their financial goals and risk preferences. By implementing CMTO, the Real Estate Security Token market can overcome liquidity challenges, attract a broader range of investors, and unlock the full potential of digital assets in the real estate industry.

• 한국신재생에너지학회:학술대회논문집
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• 2005.06a
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• pp.604-604
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• 2005