• Journal of Communications and Networks
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• v.18 no.4
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• pp.610-618
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• 2016

A green cognitive radio network (CRN), characterized by base stations (BSs) that conserve energy during sleep periods, is a promising candidate for realizing more efficient spectrum allocation. To improve the spectrum efficiency and achieve greener communication in wireless applications, we consider CRNs with an long term evolution advanced (LTE-A) structure and propose a novel energy-saving strategy. By establishing a type of preemptive priority queueing model with a single vacation, we capture the stochastic behavior of the proposed strategy. Using the method of matrix geometric solutions, we derive the performance measures in terms of the average latency of secondary user (SU) packets and the energy-saving degree of BSs. Furthermore, we provide numerical results to demonstrate the influence of the sleeping parameter on the system performance. Finally, we compare the Nash equilibrium behavior and social optimization behavior of the proposed strategy to present a pricing policy for SU packets.

• Journal of Electrical Engineering and Technology
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• v.13 no.1
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• pp.51-59
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• 2018

Despite the advantages of energy arbitrage using energy storage systems (ESSs), the high cost of ESSs has not attracted storage owners for the arbitrage. However, as the costs of ESS have decreased and the price volatility of the electricity market has increased, many studies have been conducted on energy arbitrage using ESSs. In this study, the existing two-period model is modified in consideration of the ESS cost and risk-free contracts. Optimal investment strategies that maximize the sum of external effects caused by price changes and arbitrage profits are formulated by market participants. The optimal amounts of ESS investment for three types of investors in three different market structures are determined with game theory, and strategies in the form of the mixed-complementarity problem are solved by using the PATH solver of GAMS. Results show that when all market participants can participate in investment simultaneously, only customers invest in ESSs, which means that customers can obtain market power by operating their ESSs. Attracting other types of ESS investors, such as merchant storage owners and producers, to mitigate market power can be achieved by increasing risk-free contracts.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.12 no.11
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• pp.5269-5286
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• 2018

Task scheduling is one of the key issues in improving system performance and optimizing resource management in cloud computing environment. In order to provide appropriate services for heterogeneous users, we propose a novel task scheduling strategy with service differentiation, in which the delay sensitive tasks are assigned to the rapid cloud with high-speed processing, whereas the fault sensitive tasks are assigned to the reliable cloud with service restoration. Considering that a user can receive service from either local SaaS (Software as a Service) servers or public IaaS (Infrastructure as a Service) cloud, we establish a hybrid queueing network based system model. With the assumption of Poisson arriving process, we analyze the system model in steady state. Moreover, we derive the performance measures in terms of average response time of the delay sensitive tasks and utilization of VMs (Virtual Machines) in reliable cloud. We provide experimental results to validate the proposed strategy and the system model. Furthermore, we investigate the Nash equilibrium behavior and the social optimization behavior of the delay sensitive tasks. Finally, we carry out an improved intelligent searching algorithm to obtain the optimal arrival rate of total tasks and present a pricing policy for the delay sensitive tasks.

• Communications for Statistical Applications and Methods
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• v.27 no.6
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• pp.649-673
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• 2020

This paper makes a theoretical contribution by providing clear and detailed derivation of economic agents' decision problems including elastic labor supply in Gertler's overlapping generation (OLG) model. We apply the model to the Korean economy by calibration based on Korean economic data. It also analyzes the impact of current social issues such as aging and extension of retirement age, on the Korean economy in a long-run equilibrium. Subsequently, we also discuss the implications of the analysis. Aging has prolonged the period of retirement; therefore, population structure changes by the increase in the proportion of retirees, the total consumption-to-GDP ratio decreases, and capital stock increases due to reduced propensity to consume out of wealth in preparation for an individual's retirement life. The implementation of retirement age extension increases the proportion of retirees relatively less and alleviates fluctuations in labor supply and the share of financial assets for both economic agents. However, the decrements in consumption-to-GDP ratio is larger than before, and this leads to a larger rise in the capital stock compared to when there is only an aging effect.

• KDI Journal of Economic Policy
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• v.12 no.2
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• pp.95-120
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• 1990

The underpricing of new shares of a firm that are offered to the public for the first time (initial offerings) is well known and has puzzled financial economists for a long time since it seems at odds with the optimal behavior of the owners of issuing firms. Past attempts by financial economists to explain this phenomenon have not been successful in the sense that the explanations given by them are either inconsistent with the equilibrium theory or implausible. Approaches by such authors as Welch or Allen and Faulhaber are no exceptions. In this paper, we develop a signalling model of capital investment to explain the underpricing phenomenon and also analyze the efficiency of investment. The model focuses on the information asymmetry between the owners of issuing firms and general investors. We consider a firm that has been owned and operated by a single owner and that has a profitable project but has no capital to develop it. The profit from the project depends on the capital invested in the project as well as a profitability parameter. The model also assumes that the financial market is represented by a single investor who maximizes the expected wealth. The owner has superior information as to the value of the firm to investors in the sense that it knows the true value of the parameter while investors have only a probability distribution about the parameter. The owner offers the representative investor a fraction of the ownership of the firm in return for a certain amount of investment in the firm. This offer condition is equivalent to the usual offer condition consisting of the number of issues to sell and the unit price of a share. Thus, the model is a signalling game. Using Kreps' criterion as the solution concept, we obtained an essentially unique separating equilibrium offer condition. Analysis of this separating equilibrium shows that the owner of the firm with high profitability chooses an offer condition that raises an amount of capital that is short of the amount that maximizes the potential profit from the project. It also reveals that the fraction of the ownership of the firm that the representative investor receives from the owner of the highly profitable firm in return for its investment has a value that exceeds the investment. In other words, the initial offering in the model is underpriced when the profitability of the firm is high. The source of underpricing and underinvestment is the signalling activity by the owner of the highly profitable firm who attempts to convince investors that his firm has a highly profitable project by choosing an offer condition that cannot be imitated by the owner of a firm with low profitability. Thus, we obtained two main results. First, underpricing is a result of a signalling activity by the owner of a firm with high profitability when there exists information asymmetry between the owner of the issuing firm and investors. Second, such information asymmetry also leads to underinvestment in a highly profitable project. Those results clearly show the underpricing entails underinvestment and that information asymmetry leads to a social cost as well as a private cost. The above results are quite general in the sense that they are based upon a neoclassical profit function and full rationality of economic agents. We believe that the results of this paper can be used as a basis for further research on the capital investment process. For instance, one can view the results of this paper as a subgame equilibrium in a larger game in which a firm chooses among diverse ways to raise capital. In addition, the method used in this paper can be used in analyzing a wide range of problems arising from information asymmetry that the Korean financial market faces.

• Journal of Korean Society of Transportation
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• v.22 no.5
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• pp.123-137
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• 2004

The study on traffic assignment is actively being performed which reflect networks status using time. Its background is increasing social needs to use traffic assignment models in not only hardware area of road network plan but also software area of traffic management or control. In addition, multi-class traffic assignment model is receiving study in order to fill a gap between theory and practice of traffic assignment model. This model is made up of two, one of which is multi-driver class and the other multi-vehicle class. The latter is the more realistic because it can be combined with dynamic model. On this background, this study is to build multidynamic model combining the above-mentioned two areas. This has been a theoretic pillar of ITS in which dynamic user equilibrium assignment model is now made an issue, therefore more realistic dynamic model is expected to be built by combining it with multi-class model. In case of multi-vehicle, FIFO would be violated which is necessary to build the dynamic assignment model. This means that it is impossible to build multi-vehicle dynamic model with the existing dynamic assignment modelling method built under the conditions of FIFO. This study builds dynamic network model which could relieve the FIFO conditions. At the same time, simulation method, one of the existing network loading method, is modified to be applied to this study. Also, as a solution(algorithm) area, time dependent shortest path algorithm which has been modified from existing shortest path algorithm and the existing MSA modified algorithm are built. The convergence of the algorithm is examined which is built by calculating dynamic user equilibrium solution adopting the model and algorithm and grid network.

• Environmental and Resource Economics Review
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• v.20 no.4
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• pp.827-858
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• 2011

In Korea, various environmentally harmful subsidies are granted in agriculture, fishery, energy, electricity, transportation, steel and shipbuilding industry. Examples include tax-exempt fuel for agriculture & fishery, VAT- exemption for briquette & anthracite, temporary subsidy for fuel, production stabilizing subsidy for coal mining, subsidy for briquette. Korea's yearly total subsidy in energy area is about 5,291 billion won, among them is 4,870 billion won. To reduce air pollutants and to mitigate climate change, Korea has to review the phase-out of environmentally harmful subsidies and the phase-in of environment-friendly subsidy. The reduction or removal of environmentally harmful subsidies will enhance economic efficiency and bring about environmental benefits. Economic efficiency means less use of inputs, which reduces environmental cost and improves social benefits. This paper applies the Shoven and Whalley's model to the Korean economy and analyzes the general equilibrium incidence effects of reforming environmentally harmful subsidies in the energy and electricity in Korea. We consider several counterfactual scenarios in which current environmentally harmful subsidies are reduced or abolished, compare them with the reference case in the economy, and evaluated the change in efficiency costs and distributional incidence of tax reforms related to subsidies.

• Journal of the Korean association of regional geographers
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• v.7 no.2
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• pp.71-81
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• 2001

According to the change of stream power/resisting power relationship due to the crustal movement or the climatic change, most channel landforms which reflect the equilibrium state of fluvial system are eroded and a part of them is remained as a river terrace. In many rivers in Korea are extensively distributed the relatively younger low river terraces. But their accurate formation mechanism is not known. In this paper, the formation processes and the dating of low river terraces distributed in Nakdong River basin will be investigated. Stream power of the downward erosion was revived because the sea level fell down. So stream power was superior to the resisting power under the cool-wet climatic condition during the last glacial period. Thus the river bed was excavated deeply, so that low river terraces were built up. And many incised meander loops were cut during this period. But, when fluvial system did not have equilibrium over all reaches, the last glacial period ended and the sea level initiated to rise rapidly. The headward erosion from the fall of sea level during the last glacial period had kept up to Hagye Fall because of the cutting of incised meander loops. Deeply excavated valleys and abandoned channel of cut-meander in lower reaches of a stream were filled with sediments. Thus the longitudinal profile of the uppermost reaches reflect the last interglacial, the upper reaches the last glacial, and the middle/1ower reaches recent fluvial system. Therefore low river terraces have been formed since the last glacial period.

• Journal of Korea Trade
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• v.24 no.8
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• pp.153-170
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• 2020

Purpose - As the US-China trade war intensifies and lasts long time, there is growing concern about its potential effects on the global economy. In particular, for the countries like Korea that have a large economic dependence on the economy of the two countries, the US-China trade war may have a great repercussion in many ways. The aim of this paper is to investigate the global productivity and market structure implications of the US-China trade war for Korea, as well as for other surrounding countries and regions. Design/methodology - In this paper, we develop a full multi-country/region multi-sector computable general equilibrium (CGE) model of global trade incorporating heterogeneous workers and firms in individual skill levels and used technologies. We then calibrate the model using a global Social Accounting Matrix (SAM) dataset extracted from the recently released GTAP 10 Database, and assess the potential effects of the US-China trade war on the aggregate real productivity and the market structure for Korea, as well as for other surrounding countries and regions. Findings - We show that the US-China trade war may largely affect the aggregate productivity in each sector in each country/region, as well as the global market structure through entry and exit of firms, which results finally in considerable changes in the industrial comparative advantage of each country/region. Though the effects are diverse sector by sector, the results show that Korea may also be affected significantly: concerning the real productivity implications, it is shown that the machinery industry may be affected the most negatively; on the other hand, it is shown that the number of exporting firms may decrease the most in the other transports industry. Originality/value - As the US-China trade war intensifies, many studies have tried to estimate the possible implications, and for this usually the CGE models have largely been used as the standard tool for evaluating the impacts of changes in trade policies. Standard CGE models, however, cannot be used to assess the global productivity and market structure implications due to the symmetric and simplified base assumptions. This paper is the first to analyze and quantify the possible impacts of the US-China trade war on the aggregate productivity and global market structure using a CGE model incorporating endogenous skill-technology assignment of heterogeneous workers and firms.

• Journal of Korean Society of Transportation
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• v.26 no.1
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• pp.103-112
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• 2008

In the feasibility analysis, Braess' Paradox results in the negative social benefit in spite of adding transportation facilities. Consequently, it has been difficult to judge on the investment of SOC projects. This research aims to analyze the Braess' Paradox in the feasibility analysis and to seek a remedy for the Paradox. Several experiments were conducted on the simple network under the various conditions. From the experiments, following findings were validated: Braess' Paradox occurred only if travel demands met within certain intermediate range. In terms of traffic assignment method, the SO was more likely to reduce the effect of the Braess' Paradox than the UE. However, the Braess' Paradox in the benefit of operating cost saving occurred in all cases and the paradox in the total benefit continued. In order to solve the problem, new link cost function considered travel time and operating cost simultaneously were suggested. As a result, the negative benefit was significantly decreased in the UE case and total negative benefit was no longer shown in the SO case through the analysis.