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

• Journal of Ocean Engineering and Technology
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• v.33 no.6
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• pp.620-626
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• 2019

With the development of robot technology, the expectation of autonomous mission operations has increased, and the research on robot control architectures and mission planners has continued. A scalable and robust control architecture is required for unmanned surface vehicles (USVs) to perform a variety of tasks, such as surveillance, reconnaissance, and search and rescue operations, in unstructured and time-varying maritime environments. In this paper, we propose a robot control architecture along with a new utility function that can be extended to various applications for USVs. Also, an additional structure is proposed to reflect the operator's command and improve the performance of the autonomous mission. The proposed architecture was developed using a robot operating system (ROS), and the performance and feasibility of the architecture were verified through simulations.

• Journal of Chest Surgery
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• v.15 no.2
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• pp.194-203
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• 1982

In this investigation we undertook to evaluate the utility of radionuclide cardiac angiography in the detection of cardiac shunts before and after surgical correction. Time-activity curves of ventricles and lungs were evaluated after bolus intravenous injection of 99mTc-human serum albumin in 512 preoperative patients and 551 post-operative patients. Omitting 31 cases of technical failure due to poor bolus, we detected shunts in 459 cases of 481 preoperative evaluations, so the detectability was 95.4%. The cases which couldn`t be detected by this method had small amount of shunt. Also the degree of shunt detected by radioisotope methods were well correlated with oxymetry method. [r=0.89, p<0.01 ] In postoperative evaluations, 18 out of 411 patients with left to right shunt and 10 out of 140 right to left shunt were found to have remnant shunts with radionuclide cardiac angiography. Of the 28 cases with failed operation, 2 were confirmed in reoperation, 2 by cardiac catheterization, 2 by two -dimensional echocardiography. All except one .f these patients had membranous ventricular septal defects and those with left to right shunts had moderate to severe pulmonary hypertension and shunt amount. Also those had larger septal defects than control group. We consider that radionuclide cardiac angiography is a simple and noninvasive method which can show the preoperative diagnosis and postoperative follow up of cardiac shunts.

• Management Science and Financial Engineering
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• v.10 no.1
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• pp.25-41
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• 2004

There have been many studies to build a model that can help investors construct optimal portfolio. Most of the previous models, however, are based upon the path-breaking Markowitz model (1959) which is a quantitative model. One of the most important problems with that kind of quantitative model is that, in reality, most of the investors use not only quantitative, but also qualitative information when they select their optimal portfolio. Since collecting both types of information from the markets are time consuming and expensive, making a set of target assets smaller, without suffering heavy loss in the rate of return, would attract investors. To extract only desired assets among all available assets, we need knowledge that identifies investors' preference for the risk of the assets. This study suggests two-layer decision-making rules capable of identifying an investor's risk preference and an architecture applying them to a quantitative portfolio model based on risk and expected return. Our knowledge-based portfolio system is to build an investor's preference-oriented portfolio. The empirical tests using the data from Korean capital markets show the results that our model contributes significantly to the construction of a better portfolio in the perspective of an investor's benefit/cost ratio than that produced by the existing portfolio models.

• The Journal of Information Systems
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• v.14 no.2
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• pp.55-74
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• 2005

In order to purchase a product cheaper, a lot of customers have been trying to search one or more marketplaces. Ever since the commercial use of the Internet, several types of marketplaces have been operating successfully on the Internet. Some of them are online shopping malls, auction markets, and group-buying markets. They have the price settlement mechanisms of their own. Online shopping malls where many stores are located support a customer to purchase the product that matches his/her requests such as price, function, design, and so forth. In online auction market, a customer can buy the product by making bids sequentially and competitively until a final price is reached. In online group-buying market, a customer can purchase the product by aggregating the orders from several buyers so that cheaper prices can be negotiated. The cheaper customers could purchase the same product item, the more satisfied they would be. However, it is very difficult for the customer to determine the marketplace to purchase, considering different kinds of marketplaces at the same time. Even though the purchasing price is cheapest in one marketplace, it is very difficult for customers to convince it the cheapest for all marketplaces. Therefore, rules and methods have been developed for purchase decision making in multiple marketplaces to reach the optimal purchase decision as a whole. They can maximize customer's utility and resolve the conflicts with other marketplaces through multi-agent negotiation.

• Proceedings of the KSR Conference
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• 2010.06a
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• pp.1615-1622
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• 2010

Recently, there has been an increase in interest from the aspects of transshipment and connection between the means of transportation. Not only for passengers but also for freight transportation as the need for transportation efficiency is growing while the importance of logistic railway transportation is emerging. The domestic freight transportation is carried out by roads, railroads, ships, and port. However, as other means of transportation, except road, is impossible for Door to Door Service, multimodal transportation accompanied by road transportation is carried out. Here, even though 'transshipment' occurs, because of the lack of basic data regarding this, it is difficult to reflect it in the demand forecasting. With respect to the Korean freight O-D, it was very difficult to have equivalent comparison on the competitiveness and availability of transportation services between the point of departure and the final destination. Taking into account the study of implementation of logit model considering the time and cost of transshipment of multimodal transportation and the transshipment resistance value upon selecting means of freight transportation on multimodal transportation was comparatively insufficient. This study consisted of questionnaire targeting shippers, and based on this, transshipment resistance value was calculated by deriving utility function. By doing so, I intend to examine the effect 'transshipment' has on selecting the means of transportation occurring from freight transportation.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.9 no.1
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• pp.34-49
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• 2015

Market means of spectrum trading have been utilized as a vital method of spectrum sharing and access in future cognitive radio system. In this paper, we consider the spectrum trading with multiple primary carrier providers (PCP) leasing the spectrum to multiple secondary carrier providers (SCP) for a short period of time. Several factors including the price of the resource, duration of leasing, and the spectrum quality guides the proposed model. We formulate three trading policies based on the game theory for dynamic spectrum access in a LTE based cognitive radio system (CRS). In the first, we consider utility function based resource sharing (UFRS) without any knowledge of past transaction. In the second policy, each SCP deals with PCP using a non-cooperative resource sharing (NCRS) method which employs optimal strategy based on reinforcement learning. In variation of second policy, third policy adopts a Nash bargaining while incorporating a recommendation entity in resource sharing (RERS). The simulation results suggest overall increase in throughput while maintaining higher spectrum efficiency and fairness.

• Proceeding of Spring/Autumn Annual Conference of KHA
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• 2008.04a
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• pp.339-344
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• 2008

The purpose of this study was to find out the residents' perceptive opinions of apartment housing environment and to contribute to develop a apartment unit plan in Daejeon City. This research was performed by a questionnaire survey method, 464 data was collected from apartment residents lived in about $85m^2$ unit with 3 rooms and the apartments was limited to the complexes within 3 years at Yuseong-gu and Seo-gu. By analyzing those data, findings are as follows: 1) Residents thought living room, kitchen and bathroom were importment space in a unit plan. They needed a storage function in an entrance and a intermediate room, and Anbang(materbed room) so did. L-DK plan type was very preferred. 2) Sub-kitchen was needed for a refrigerator of Kinch, the location of it was realted to a main kitchen and a uitility. the third room was needed for library, home office and storage space. 3) The enlargment remodeling of balcony was showed livingroom balcony or personal bedrooms at the time of occupancy. They needed the balcony near a kitchen or an utility to equip a storage facility. And residents were preferred to their taste rather than a choice of interior concept package services.

• Journal of the Korean Society of Manufacturing Process Engineers
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• v.21 no.1
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• pp.41-48
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• 2022

Vehicle vibration was introduced in the time and frequency domains using fast Fourier transform (FFT) analysis. In particular, a vibration mode analysis and characteristics of the frequency response function (FRF) in a sport utility vehicle (SUV) passing over a bump barrier at different speeds was performed systematically. The response behavior of the theoretical acceleration was obtained using a numerical method applied to the forced vibration model. The amplitude and frequency of the external force on the vehicle cause various power spectra with individual intrinsic system frequencies. In this regard, several modes of power spectra were acquired from the spectra and are discussed in this paper. The proposed technique can be used for monitoring the acceleration in a vehicle passing over a bump barrier. To acquire acceleration signals, various experimental runs were performed using the SUV. These acceleration signals were then used to acquire the FRF and to conduct mode analysis. The vehicle characteristics according to the vehicle condition were analyzed using FRF. In addition, the vehicle structural system and bump passing frequencies were discriminated based on their power spectra and other FRF spectra.

• The KIPS Transactions:PartB
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• v.16B no.5
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• pp.403-410
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• 2009

The two-dimensional bin packing problem(2D-BPP) has been known to be NP-hard, and it is difficult to solve the problem exactly. Many approximation methods, such as genetic algorithm, simulated annealing and tabu search etc, have been also proposed to gain better solutions. However, the existing approximation algorithms, such as branch-and-bound and tabu search, have shown the low efficiency and the long execution time due to a large of iterations. To solve these problems, we first define the fitness function to simplify and increase the utility of algorithm. The function decides whether an item is packed into a given area, and as an important information for a packing strategy, the number of subarea that can accommodate a given item is obtained from the variant of the fitness function. Then we present a heuristic algorithm BF for 2D bin packing, constructed by the fitness function and subarea. Finally, the effectiveness of the proposed algorithm will be expressed by the comparison experiments with the heuristic and the metaheuristic of the literatures. As comparing with existing heuristic algorithms and metaheuristic algorithms, it has been found that the packing rate of algorithm BP is the same as 97% as existing heuristic algorithms, FFF and FBS, or better than them. Also, it has been shown the same as 86% as tabu search algorithm or better.