• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.613-641
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• 2013

This paper uses the error correction model to analyse dynamic gasoline price adjustments of the four refiners. Unlike the existing studies, this model allows a refiner's asymmetric adjustment to changes in the other refiners' prices as well as in its own price and costs. With the estimation results, we can obtain the following findings. First, there are the asymmetric price adjustments to changes in exchange rate and international gasoline price, but showing opposing directions. Second, for most of the refiners, the prices respond immediately to the lagged deviation from the long run equilibrium price, but asymmetrically respond for a few refiners. Third, there are some refiners that adjust their price to the other refiners' price deviation from the long run equilibrium. For some refiners, there are competitive price adjustments to the others' price deviations. These findings imply that a refiner faces inelastic demand, intends to maintain implicitly a relative level of its own price to others, and tends to respond competitively to the others' price deviation from the equilibrium.

• Environmental and Resource Economics Review
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• v.16 no.2
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• pp.213-237
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• 2007

Discussions on regionalization of the world crude oil markets have provided important implications for the establishment of national energy policies. In particular, due to arbitrage trading, if these markets are regionalized, Korea who imports approximately 80% of the annual oil consumption from a single region may be faced with a crucial problem. Therefore, in this study, we analyzed regionalization of the world crude oil markets using causality analysis as well as cointegration method to consider temporal relationship and time lags. To analyze regionalization, we chose Dubai price for the Middle East market, Brent for the European, WTI for the U.S., and Tapis for the East Asian. For the case that long-run equilibrium existed between market prices, we used vector error correction model to analyze causal relationship, and for the case that equilibrium did not exist, we used Hsiao (1981)'s framework that can consider asymmetric time lags in the model for causality analysis. By the results of cointegration analysis, there did not exist long-run equilibrium among Dubai price and the other prices. However, we found the causal relationship among Dubai price and the other prices with one to four weeks time lags. Therefore, in effect, we could conclude that the world crude oil markets are unified supporting Adelman (1984)'s hypothesis.

• Korean Journal of Air-Conditioning and Refrigeration Engineering
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• v.20 no.4
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• pp.266-273
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• 2008

Natural gas hydrates are ice-like solid substances, which are composed of water and natural gas, mainly methane. They have three kinds of crystal structures of five polyhedra formed by hydrogen-bonded water molecules, and are stable at high pressures and low temperatures. They contain large amounts of organic carbon and widely occur in deep oceans and permafrost regions. Therefore, they are expected as a potential energy resource in the future. Especially, $1m^3$ natural gas hydrate contains up to $172Nm^3$ of methane gas, de pending on the pressure and temperature of production. Such large volumes make natural gas hydrates can be used to store and transport natural gas. In this study, three-phase equilibrium conditions for forming natural gas hydrate were numerically obtained in pure water and single electrolyte solution containing 3 wt% NaCl. The results show that the predictions match the previous experimental values very well, and it was found that NaCl acts as an inhibitor. Also, help gases such that ethane, propane, i-butane, and n-butane reduce the hydrate formation pressure at the same temperature.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.12 no.9
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• pp.4166-4182
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• 2018

We consider the Device-to-Device (D2D) communications in cellular networks where each cellular user (CU) shares the same resource with multiple D2D users (DUs). In this paper, we aim to maximize the energy efficiency (EE) of the D2D networks, subject to an interference constraint required by the CU. Since the cellular and D2D communications belong to different networks, we consider to incentivize base station (BS) while assisting the DUs. To this end, we propose a Stackelberg game based interference pricing framework for the considered D2D communications in cellular networks. Unlike most of the existing methods, we use interference pricing framework to jointly address the EE resource allocation problem and the interference management in our networks rather than only improve the EE of the DUs or protect cellular networks. In particular, BS and all the users do not need all channel state information, which is more realistic in practice. In addition, two different pricing strategies are also proposed. Based on the two strategies, we analyze the equilibrium of the game. Moreover, in the first strategy, the upper and lower boundaries of the interference price are obtained. The closed-form expression is gained with a backward induction for the second strategy. Both offer valuable insights to the considered scenarios. Finally, compared with the existing work, the EE of the D2D communications is significantly improved. The advantageous performance of our scheme are demonstrated by the simulation results.

• Resources Recycling
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• v.22 no.6
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• pp.48-54
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• 2013

The methods to separate and remove copper in the mixed solution ((399 ppm Cu, 208 ppm Fe, 15.3 g/L Ni, 2.1 g/L Co) with nickel, cobalt and iron were investigated. With hydroxide precipitation method, copper and iron ions were completely precipitated and removed from the solution at pH 7 while some nickel and cobalt also were precipitated. 99.75% copper could be precipitated and removed as copper sulfide from the solution with adding $Na_2S$ (1.25 w/v concentration) of 2 times equivalent of Cu at pH 1. Copper was selectively absorbed on TP 207 ion exchange resin at equilibrium pH 2.0 and could be eluted from copper-loaded resin using 5% $H_2SO_4$.

• Environmental and Resource Economics Review
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• v.28 no.1
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• pp.39-59
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• 2019

The Korean Demilitarized Zone (DMZ) has the great ecosystem as all the artificial activities in DMZ have been prohibited over half a century. The ecosystem should be conserved even after the reunification of Korea and hence the conservation plan should be established not after the reunification but before it. It requires a considerable budget to conserve DMZ, considering management of ecology resource, recovery, and research. The objective of this paper is to analyze a fund-raising measure for DMZ conservation, using economic incentives mechanism when multiple developers participate in the auction to get the right to develop North Korean regions, have private information about their sunk costs and pay a part of their profits for the fund. First, we analyze the real option model to decide the optimal investment time. Second, we construct the auction for bidders not to misrepresent their private information, based on Bayesian Nash equilibrium.

• Environmental and Resource Economics Review
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• v.22 no.4
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• pp.671-689
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• 2013

Transmission mechanisms of volatility between two crude oil markets (WTI and Brent markets) have drawn the attention of numerous academics and practitioners because they both play crucial roles in portfolio and risk management in crude oil markets. In this context, we examined the volatility linkages between two representative crude oil markets using a VECM and an asymmetric bivariate GARCH model. First, looking at the return transmission through the VECM test, we found a long-run equilibrium and bidirectional relationship between two crude oil markets. However, the estimation results of the GARCH-BEKK model suggest that there is unidirectional volatility spillover from the WTI market to the Brent market, implying that the WTI market tends to exert influence over the Brent market and not vice versa. Regarding asymmetric volatility transmission, we also found that bad news volatility in the WTI market increases the volatility of the Brent market. Thus, WTI information is transmitted into the Brent market, indicating that the prices of the WTI market seem to lead the prices of the Brent market.

• Journal of Family Resource Management and Policy Review
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• v.2 no.1
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• pp.15-31
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• 1998

The purpose of study is to understand the home management strategy to cope with rapid changing environments and to verify that how personal value orientation affect home management strategy. The research results are summarized below. First, variables that affect the value orientation of Korean urbanite are sex, area of dwelling, degree of information using and degree of stress recognition in case of material orientation, degree of information using in case of environmental orientation, academic career, sex, degree of information using, degree of stress recognition in cases of fate control orientation, number of children, sex, degree of information using in case of equilibrium orientation, sex, degree of stress recognition in case of present orientation and academic career, degree of stress recognition in case of individualistic orientation. Second, value orientation variables that affect overall home management strategy of Korean urbanite are material orientation, environmental orientation, fate control orientation and individualistic orientation. Third, variables that affect overall home management strategy of Korean urbanite are age, academic career, degree of information using, degree of stress recognition, perception level of living relative to others, environmental orientation and fate control orientation and it is shown that degree of information using is domineering variable.

• Journal of Family Resource Management and Policy Review
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• v.2 no.2
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• pp.1-19
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• 1998

The purpose of study is to understand the home management strategy to cope with rapid changing environments and to verify that how personal value orientation affect home management strategy. The research results are summarized below. First, variables that affect the value orientation of Korean urbanite are sex, area of dwelling, degree of information using and degree of stress recognition in case of material orientation, degree of information using in case of environmental orientation, academic career, sex, degree of information using, degree of stress recognition in cases of fate control orientation, number of children, sex, degree of information using in case of equilibrium orientation, sex, degree of stress recognition in case of present orientation and academic career, degree of stress recognition in case of individualistic orientation. Second, value orientation variables that affect overall home management strategy of Korean urbanite are material orientation, environmental orientation, fate control orientation and individualistic orientation. Third, variables that affect overall home management strategy of Korean urbanite are age, academic career, degree of information using, degree of stress recognition, perception level of living relative to others, environmental orientation and fate control orientation and it is shown that degree of information using is domineering variable.

• Environmental and Resource Economics Review
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• v.19 no.1
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• pp.45-80
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• 2010

A computable general equilibrium model has been used to analyze the likelihood of double-dividend effect in Korean economy. Revenue neutral introduction of carbon tax through the reduction in payroll tax and corporate income tax had been experimented in this regard. Double-dividend measured by income shows the existence of weak double-dividend in both cases, while double-dividend measured by consumption level could not be found in case of carbon tax with corporate income tax reduction. A notable result is in the employment measured double-dividend effect as the sizable strong double-dividend effect were found in the case of carbon tax with payroll tax reduction.