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Measuring the Economic Impact of Item Descriptions on Sales Performance (온라인 상품 판매 성과에 영향을 미치는 상품 소개글 효과 측정 기법)

  • Lee, Dongwon;Park, Sung-Hyuk;Moon, Songchun
    • Journal of Intelligence and Information Systems
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    • v.18 no.4
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    • pp.1-17
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    • 2012
  • Personalized smart devices such as smartphones and smart pads are widely used. Unlike traditional feature phones, theses smart devices allow users to choose a variety of functions, which support not only daily experiences but also business operations. Actually, there exist a huge number of applications accessible by smart device users in online and mobile application markets. Users can choose apps that fit their own tastes and needs, which is impossible for conventional phone users. With the increase in app demand, the tastes and needs of app users are becoming more diverse. To meet these requirements, numerous apps with diverse functions are being released on the market, which leads to fierce competition. Unlike offline markets, online markets have a limitation in that purchasing decisions should be made without experiencing the items. Therefore, online customers rely more on item-related information that can be seen on the item page in which online markets commonly provide details about each item. Customers can feel confident about the quality of an item through the online information and decide whether to purchase it. The same is true of online app markets. To win the sales competition against other apps that perform similar functions, app developers need to focus on writing app descriptions to attract the attention of customers. If we can measure the effect of app descriptions on sales without regard to the app's price and quality, app descriptions that facilitate the sale of apps can be identified. This study intends to provide such a quantitative result for app developers who want to promote the sales of their apps. For this purpose, we collected app details including the descriptions written in Korean from one of the largest app markets in Korea, and then extracted keywords from the descriptions. Next, the impact of the keywords on sales performance was measured through our econometric model. Through this analysis, we were able to analyze the impact of each keyword itself, apart from that of the design or quality. The keywords, comprised of the attribute and evaluation of each app, are extracted by a morpheme analyzer. Our model with the keywords as its input variables was established to analyze their impact on sales performance. A regression analysis was conducted for each category in which apps are included. This analysis was required because we found the keywords, which are emphasized in app descriptions, different category-by-category. The analysis conducted not only for free apps but also for paid apps showed which keywords have more impact on sales performance for each type of app. In the analysis of paid apps in the education category, keywords such as 'search+easy' and 'words+abundant' showed higher effectiveness. In the same category, free apps whose keywords emphasize the quality of apps showed higher sales performance. One interesting fact is that keywords describing not only the app but also the need for the app have asignificant impact. Language learning apps, regardless of whether they are sold free or paid, showed higher sales performance by including the keywords 'foreign language study+important'. This result shows that motivation for the purchase affected sales. While item reviews are widely researched in online markets, item descriptions are not very actively studied. In the case of the mobile app markets, newly introduced apps may not have many item reviews because of the low quantity sold. In such cases, item descriptions can be regarded more important when customers make a decision about purchasing items. This study is the first trial to quantitatively analyze the relationship between an item description and its impact on sales performance. The results show that our research framework successfully provides a list of the most effective sales key terms with the estimates of their effectiveness. Although this study is performed for a specified type of item (i.e., mobile apps), our model can be applied to almost all of the items traded in online markets.

Improving the Accuracy of Document Classification by Learning Heterogeneity (이질성 학습을 통한 문서 분류의 정확성 향상 기법)

  • Wong, William Xiu Shun;Hyun, Yoonjin;Kim, Namgyu
    • Journal of Intelligence and Information Systems
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    • v.24 no.3
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    • pp.21-44
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    • 2018
  • In recent years, the rapid development of internet technology and the popularization of smart devices have resulted in massive amounts of text data. Those text data were produced and distributed through various media platforms such as World Wide Web, Internet news feeds, microblog, and social media. However, this enormous amount of easily obtained information is lack of organization. Therefore, this problem has raised the interest of many researchers in order to manage this huge amount of information. Further, this problem also required professionals that are capable of classifying relevant information and hence text classification is introduced. Text classification is a challenging task in modern data analysis, which it needs to assign a text document into one or more predefined categories or classes. In text classification field, there are different kinds of techniques available such as K-Nearest Neighbor, Naïve Bayes Algorithm, Support Vector Machine, Decision Tree, and Artificial Neural Network. However, while dealing with huge amount of text data, model performance and accuracy becomes a challenge. According to the type of words used in the corpus and type of features created for classification, the performance of a text classification model can be varied. Most of the attempts are been made based on proposing a new algorithm or modifying an existing algorithm. This kind of research can be said already reached their certain limitations for further improvements. In this study, aside from proposing a new algorithm or modifying the algorithm, we focus on searching a way to modify the use of data. It is widely known that classifier performance is influenced by the quality of training data upon which this classifier is built. The real world datasets in most of the time contain noise, or in other words noisy data, these can actually affect the decision made by the classifiers built from these data. In this study, we consider that the data from different domains, which is heterogeneous data might have the characteristics of noise which can be utilized in the classification process. In order to build the classifier, machine learning algorithm is performed based on the assumption that the characteristics of training data and target data are the same or very similar to each other. However, in the case of unstructured data such as text, the features are determined according to the vocabularies included in the document. If the viewpoints of the learning data and target data are different, the features may be appearing different between these two data. In this study, we attempt to improve the classification accuracy by strengthening the robustness of the document classifier through artificially injecting the noise into the process of constructing the document classifier. With data coming from various kind of sources, these data are likely formatted differently. These cause difficulties for traditional machine learning algorithms because they are not developed to recognize different type of data representation at one time and to put them together in same generalization. Therefore, in order to utilize heterogeneous data in the learning process of document classifier, we apply semi-supervised learning in our study. However, unlabeled data might have the possibility to degrade the performance of the document classifier. Therefore, we further proposed a method called Rule Selection-Based Ensemble Semi-Supervised Learning Algorithm (RSESLA) to select only the documents that contributing to the accuracy improvement of the classifier. RSESLA creates multiple views by manipulating the features using different types of classification models and different types of heterogeneous data. The most confident classification rules will be selected and applied for the final decision making. In this paper, three different types of real-world data sources were used, which are news, twitter and blogs.

Deconstructive reading of Makoto Shinkai's : Stories of things that cannot meet without their names (해체로 읽는 신카이 마코토의 <너의 이름은. 군(君)の명(名)は.> : 이름 없이는 서로 만날 수 없는 사물들에 대해)

  • Ahn, Yoon-kyung;Kim, Hyun-suk
    • Cartoon and Animation Studies
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    • s.50
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    • pp.75-99
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    • 2018
  • Makoto Shinkai, an animated film maker in Japan, has been featured as a one-person production system and as a 'writer of light', but his 2016 release of "Your Name" was a departure from the elements that characterize his existing works. At the same time, by the combination of the traditional musubi(むすび) story, ending these, it was a big hit due to its rich narratives and attraction of open interpretation possibility. As it can be guessed from the title of this work, this work shows the encounter between the Japanese ancient language and the modern language in relation to the 'name', and presents the image that the role of the name(language) is repeatedly emphasized with various variations in events for the perfect 'encounter'. In this work, the interpretations of $Signifi\acute{e}$ for characters and objects are extended and reserved as a metaphorical role of the similarity, depending on the meaning of the subject which they touch. The relationship between words and objects analyzed through the structure of Signifiant and $Signifi\acute{e}$ is an epoch-making ideological discovery of modern times revealed through F. Saussure. Focusing on "the difference" between being this and that from the notion of Saussure, Derrida dismissed logocentrism, rationalism that fully obeyed the order of Logos. Likewise, dismissing the center, or dismissing the owner had emerged after the exclusive and closed principle of metaphysics in the west was dismissed. Derrida's definition of 'deconstruction' is a philosophical strategy that starts with the insight on the nature of language. 'Dissemination,' a metaphor that he used as a methodological concept to read texts acts as interpretation and practice (or play), but does not pursue an ultimate interpretation. His 'undecidability' does not start with infinity, but ends with infinity. The researcher testifies himself and identifies that we can't be an interpreter of the world because we, as a human are not the subject of language but a user. Derrida also interpreted the world of things composed of Signifiant and $Signifi\acute{e}$ as open texts. In this respect, this study aimed to read Makoto's works telling about the meeting of a thing and a thing with name as a guide, based on Derrida's frame of 'deconstruction' and 'dissemination.' This study intends to re-consider which relationship the Signifiant and $Signifi\acute{e}$ have with human beings who live in modern times, examine the relationship between words and objects presented in this work through Jacques Derrida's destruction and dissemination concepts, and recognize that we are merely a part of Signifiant and $Signifi\acute{e}$. Just as Taki and Mitsuha confirm the existence by asking each other, we are in the world of things, expecting musubi that a world of names calls me.

Processing and Characteristics of Canned Kwamaegi 3. Processing and Characteristics of Canned Kwamaegi using tomato paste sauce (과메기통조림의 제조 및 특성 3. 토마토페이스트소스첨가 과메기통조림의 제조 및 특성)

  • Park, Tae-Ho;Kwon, Soon-Jae;Lee, In-Seok;Lee, Jae-Dong;Yoon, Moon-Joo;Back, Kwang-Ho;Noe, Yu-Ni;Kong, Cheung-Sik;Kim, Jeong-Gyun
    • Journal of Fisheries and Marine Sciences Education
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    • v.25 no.6
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    • pp.1348-1359
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    • 2013
  • Kwamaegi is made from the flesh of Pacific saury, Cololabis Saira, which is traditional Korean seafood. It is well-recognized as a valuable health food containing EPA(eicosapentaenoic acid) and DHA(docosahexaenoic acid) to be known ${\omega}$-3 fatty acid. This study was conducted to obtain basic data which can be applied to process of canned Kwamaegi using tomato paste sauce. Commercial Kwamaegi was cut into $2{\times}3cm$ lengths, filled 90 g into can (301-3), added with 60 g water and then precooked for 10 min. at $100^{\circ}C$. After precooking, water was drained. The precooked Kwamaegi was packed into the can, and added with 60 g of tomato paste sauce(tomato paste 42%, gum guar 1.0%, salt 2.0%, starch syrup 2.0%, cooking wine 1%, water 52%). The cans were seamed using a vacuum seamer, and then sterilized for various Fo values (Fo 8~12 min.) in a steam system retort at $121^{\circ}C$. pH, VBN, amino-N, total amino acid, free amino acid, color value (L, a, b), texture profile, TBA value, mineral, sensory evaluation and viable bacterial count of the canned Kwamaegi using tomato paste sauce produced at various sterilization condition(Fo 8~12 min.) were measured. There was no remarkable difference between sterilization conditions and sensual characteristics. The results showed that the product sterilized at Fo 8 min. was the most desirable because this condition is the most economical and tasty.

Microstructural Study of Mortar Bar on Akali-Silica Reaction by Means of SEM and EPMA Analysis (알칼리-실리카 반응에 의한 모르타르 봉의 SEM과 EPMA 분석을 통한 미세구조 연구)

  • Jun, Ssang-Sun;Lee, Hyo-Min;Jin, Chi-Sub
    • Journal of the Korea Concrete Institute
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    • v.21 no.4
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    • pp.531-537
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    • 2009
  • In this study alkali reactivity of crushed stone was conducted according to the ASTM C 227 that is traditional mortar bar test, and C 1260 that is accelerated mortar bar test method. The morphology and chemical composition of products formed in mortar bar, 3 years after the mortar bar tests had been performed, were examined using scanning electron microscopy (SEM) with secondary electron imaging (SEI) and electron probe microanalysis (EPMA) with backscattered electron imaging (BSEI). The crushed stone used in this study was not identified as being reactive by ASTM C 227. However, mortar bars exceeded the limit for deleterious expansion in accelerated mortar bar test used KOH solution. The result of SEM (SEI) analysis, after the ASTM C 227 mortar bar test, confirmed that there were no reactive products and evidence of reaction between aggregate particles and cement paste. However, mortar bars exposed to alkali solution (KOH) indicated that crystallized products having rosette morphology were observed in the interior wall of pores. EPMA results of mortar bar by ASTM C 227 indicated that white dots were observed on the surface of particles and these products were identified as Al-ASR gels. It can be considered that the mortar bar by ASTM C 227 started to appear sign of alkali-silica reaction in normal condition. EPMA results of the mortar bar by ASTM C 1260 showed the gel accumulated in the pores and diffused in to the cement matrix through cracks, and gel in the pores were found to be richer in calcium compared to gel in cracks within aggregate particles. In this experimental study, damages to mortar bars due to alkali-silica reaction (ASR) were observed. Due to the increasing needs of crushed stones, it is considered that specifications and guidelines to prevent ASR in new concrete should be developed.

Effects of Adenophora triphylla Ethylacetate Extract on mRNA Levels of Antioxidant Enzymes in Human HepG2 Cells (인간 HepG2 Cell에서 항산화 효소의 mRNA 발현에 대한 잔대 에틸아세테이트 추출물 효과)

  • Choi, Hyun-Jin;Kim, Soo-Hyun;Oh, Hyun-Taek;Chung, Mi-Ja;Cui, Cheng-Bi;Ham, Seung-Shi
    • Journal of the Korean Society of Food Science and Nutrition
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    • v.37 no.10
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    • pp.1238-1243
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    • 2008
  • The root of Adenophora triphylla is widely used as traditional herbal medicine in Korea. We studied its effects on sodium nitroprusside (SNP) cytotoxicity and antioxidant genes expression in HepG2 cells. To study whether Adenophora triphylla ethylacetate extract (ATea) inhibited NO-induced cell death, HepG2 cells were preincubated for 24 hr with 50 and 100 $\mu$g/mL ATea followed by 24-hr exposure to 0.5 mM SNP (exogenous NO donor). No-induced cytotoxicity was inhibited by pretreatment of ATea, as assessed by mitochondrial dehydrogenase activity (MTT assay). We further investigated the effects of ATea on mRNA levels of various enzymes of the antioxidant system such as Cu, Zn superoxide dismutase (SOD 1), Mn SOD (SOD 2), glutathione peroxidase (GPx), catalase and several enzymes of the glutathione metabolism [glutathione reductase (GR), $\gamma$-glutamyl-cystein synthetase (GCS), glutathione-S-transferase (GST), $\gamma$-glutamyltranspeptidase ($\gamma$-GT), glucose-6-phosphate dehydrogenase (G6PD)] by RT-PCR. CAT, GCS, GR and G6PD mRNA levels were increased after treatment with ATea. The SOD 1, SOD 2, GPx, GST and $\gamma$-GT mRNA levels were not affected in ATea-treated HepG2 cells. We concluded that ATea have an indirect antioxidant effects, perhaps via induction of CAT, GCS, GR and G6PD.

Mass Screening of Lovastatin High-yielding Mutants through Statistical Optimization of Sporulation Medium and Application of Miniaturized Fungal Cell Cultures (Lovastatin 고생산성 변이주의 신속 선별을 위해 통계적 방법을 적용한 Sporulation 배지 개발 및 Miniature 배양 방법 개발)

  • Ahn, Hyun-Jung;Jeong, Yong-Seob;Kim, Pyeung-Hyeun;Chun, Gie-Taek
    • KSBB Journal
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    • v.22 no.5
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    • pp.297-304
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    • 2007
  • For large and rapid screening of high-yielding mutants of lovastatin produced by filamentous fungal cells of Aspergillus terreus, one of the most important stage is to test as large amounts of mutated strains as possible. For this purpose, we intended to develop a miniaturized cultivation method using $7m{\ell}$ culture tube instead of traditional $250m{\ell}$ flask (working volume $50m{\ell}$). For obtaining large amounts of conidiospores to be used as inoculums for miniaturized cultures, 4 components i.e., glucose, sucrose, yeast extract and $KH_2PO_4$ were intensively investigated, which had been observed to show positive effect on enhancement of spore production through Plackett-Burman design experimet. When optimum concentrations of these components that were determined through application of response surface method (RSM) based on central composite design (CCD) were used, maximum spore numbers amounting to $1.9\times10^{10}$ spores/plate were obtained, resulting in approximately 190 fold increase as compared to the commonly used PDA sporulation medium. Using the miniaturized cultures, intensive strain development programs were carried out for screening of lovastatin high-yielding as well as highly reproducible mutants. It was observed that, for maximum production of lovastatin, the producers should be activated through 'PaB' adaptation process during the early solid culture stage. In addition, they should be proliferated in condensed filamentous forms in miniaturized growth cultures, so that optimum amounts of highly active cells could be transferred to the production culture-tube as reproducible inoculums. Under these highly controlled fermentation conditions, compact-pelleted morphology of optimum size (less than 1 mm in diameter) was successfully induced in the miniaturized production cultures, which proved essential for maximal utilization of the producers' physiology leading to significantly enhanced production of lovastatin. As a result of continuous screening in the miniaturized cultures, lovastatin production levels of the 81% of the daughter cells derived from the high-yielding producers turned out to be in the range of 80%$\sim$120% of the lovastatin production level of the parallel flask cultures. These results demonstrate that the miniaturized cultivation method developed in this study is efficient high throughput system for large and rapid screening of highly stable and productive strains.

An Embedding /Extracting Method of Audio Watermark Information for High Quality Stereo Music (고품질 스테레오 음악을 위한 오디오 워터마크 정보 삽입/추출 기술)

  • Bae, Kyungyul
    • Journal of Intelligence and Information Systems
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    • v.24 no.2
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    • pp.21-35
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    • 2018
  • Since the introduction of MP3 players, CD recordings have gradually been vanishing, and the music consuming environment of music users is shifting to mobile devices. The introduction of smart devices has increased the utilization of music through music playback, mass storage, and search functions that are integrated into smartphones and tablets. At the time of initial MP3 player supply, the bitrate of the compressed music contents generally was 128 Kbps. However, as increasing of the demand for high quality music, sound quality of 384 Kbps appeared. Recently, music content of FLAC (Free License Audio Codec) format using lossless compression method is becoming popular. The download service of many music sites in Korea has classified by unlimited download with technical protection and limited download without technical protection. Digital Rights Management (DRM) technology is used as a technical protection measure for unlimited download, but it can only be used with authenticated devices that have DRM installed. Even if music purchased by the user, it cannot be used by other devices. On the contrary, in the case of music that is limited in quantity but not technically protected, there is no way to enforce anyone who distributes it, and in the case of high quality music such as FLAC, the loss is greater. In this paper, the author proposes an audio watermarking technology for copyright protection of high quality stereo music. Two kinds of information, "Copyright" and "Copy_free", are generated by using the turbo code. The two watermarks are composed of 9 bytes (72 bits). If turbo code is applied for error correction, the amount of information to be inserted as 222 bits increases. The 222-bit watermark was expanded to 1024 bits to be robust against additional errors and finally used as a watermark to insert into stereo music. Turbo code is a way to recover raw data if the damaged amount is less than 15% even if part of the code is damaged due to attack of watermarked content. It can be extended to 1024 bits or it can find 222 bits from some damaged contents by increasing the probability, the watermark itself has made it more resistant to attack. The proposed algorithm uses quantization in DCT so that watermark can be detected efficiently and SNR can be improved when stereo music is converted into mono. As a result, on average SNR exceeded 40dB, resulting in sound quality improvements of over 10dB over traditional quantization methods. This is a very significant result because it means relatively 10 times improvement in sound quality. In addition, the sample length required for extracting the watermark can be extracted sufficiently if the length is shorter than 1 second, and the watermark can be completely extracted from music samples of less than one second in all of the MP3 compression having a bit rate of 128 Kbps. The conventional quantization method can extract the watermark with a length of only 1/10 compared to the case where the sampling of the 10-second length largely fails to extract the watermark. In this study, since the length of the watermark embedded into music is 72 bits, it provides sufficient capacity to embed necessary information for music. It is enough bits to identify the music distributed all over the world. 272 can identify $4*10^{21}$, so it can be used as an identifier and it can be used for copyright protection of high quality music service. The proposed algorithm can be used not only for high quality audio but also for development of watermarking algorithm in multimedia such as UHD (Ultra High Definition) TV and high-resolution image. In addition, with the development of digital devices, users are demanding high quality music in the music industry, and artificial intelligence assistant is coming along with high quality music and streaming service. The results of this study can be used to protect the rights of copyright holders in these industries.

A Study on the Direction of Restoration for Baegun-dong Garden in Gangjin through a Diachronic Interpretation of the Prototype Scenery (통시적 원형경관 해석을 통해 본 강진 백운동 원림의 복원 방향)

  • Ha, Hye-Kyung;So, Hyun-Su
    • Journal of the Korean Institute of Landscape Architecture
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    • v.45 no.3
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    • pp.116-128
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    • 2017
  • In this study, the original scenery of Baegun-dong Garden in Gangjin was compared with that of the reconstructed site to suggest directions for restoration in the future. The diachronic prototype scenery of the Baegun-dong Garden was derived by integrating the elements of the original and contemporary prototype sceneries from the old poetry series. The old poetry series is comprised of "Baegun-dong 8Yeong(詠)" by Lee Damro(李聃老), "Baegun-dong 10Su(首)" by Song Ikhwi(宋翼輝), "Baegun-dong 12Gyeong (景)" by Jeong Yakyong(丁若鏞), and "Baegun-dong 14Gyeong" by Lee Siheon (李時憲). Guidance for directions for future restoration was suggested through a comparative analysis between the diachronic prototype scenery of Baegun-dong Garden and the current scenery of the restored site. The research result is as follows. First, the prototype scenery of Baegun-dong Garden was a harmonic view composed of the camellia forest road, 'Baegun-dong' the letter carved on a rock, a cliff 'Changhabyeok(蒼霞壁)' the red letter written by Jeong Yakyong, paulownia trees, waterfalls and a maple forest. Outside the Byeolseo(別墅), there were a red plum blossom forest, a pine forest, and a bamboo forest, as well as the view of Okpanbong(玉版峯) from Jeongseondae(停仙臺). In the yard, there were Chwimiseonbang(翠微禪房), Jug-gak(竹閣), Pyeongsang(榻), a lotus Bangji(方池), Gogsugeo(曲水渠) and Hwagye(花階). Cranes were even raised in the yard. Second, comparing the diachronic prototype scenery of Baegun-dong Garden with its restored site, following a restoration guide is suggested. There should be more water flow in Baegun-dong Valley and Jug-gak should be restored. 'Changhabyeok' the red letter should be carved on the stone wall. Trees should be controlled for a better view of Okpanbong from Jeongseondae. More trees and plants, such as red plum blossom, pine tree, paulownia trees, azaleas(映山紅), chrysanthemum, orchid, daffodil, and lotus should be planted in the yard. A system of integrated guide boards is also required for effective information transmission for visitors.

The Liability of Participants in Commercial Space Ventures and Space Insurance (상업우주사업(商業宇宙事業) 참가기업(參加企業)의 책임(責任)과 우주보험(宇宙保險))

  • Lee, Kang-Bin
    • The Korean Journal of Air & Space Law and Policy
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    • v.5
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    • pp.101-118
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    • 1993
  • Generally there is no law and liability system which applies particulary to commercial space ventures. There are several international treaties and national statutes which deal with space ventures, but their impact on the liability of commercial space ventures has not been significant. Every state law in the United States will impose both tort and contract liability on those responsible for injuries or losses caused by defective products or by services performed negligently. As with the providers of other products and services, those who participate in commercial space ventures have exposure to liability in both tort and contract which is limited to the extent of the resulting damage The manufacturer of a small and cheap component which caused a satellite to fail to reach orbit or to operate nominally has the same exposure to liability as the provider of launch vehicle or the manufacturer of satellite into which the component was incorporaded. Considering the enormity of losses which may result from launch failure or satellite failure, those participated in commercial space ventures will do their best to limit their exposure to liability by contract to the extent permitted by law. In most states of the United States, contracts which limit or disclaim the liability are enforceable with respect to claims for losses or damage to property if they are drafted in compliance with the requirements of the applicable law. In California an attempt to disclaim the liability for one's own negligence will be enforceable only if the contract states explicitly that the parties intend to have the disclaimer apply to negligence claims. Most state laws of the United States will refuse to enforce contracts which attempt to disclaim the liability for gross negligence on public policy grounds. However, the public policy which favoured disclaiming the liability as to gross negligence for providers of launch services was pronounced by the United States Congress in the 1988 Amendments to the 1984 Commercial Space Launch Act. To extend the disclaimer of liability to remote purchasers, the contract of resale should state expressly that the disclaimer applies for the benefit of all contractors and subcontractors who participated in producing the product. This situation may occur when the purchaser of a satellite which has failed to reach orbit has not contracted directly with the provider of launch services. Contracts for launch services usually contain cross-waiver of liability clauses by which each participant in the launch agrees to be responsible for it's own loss and to waive any claims which it may have against other participants. The crosswaiver of liability clause may apply to the participants in the launch who are parties to the launch services agreement, but not apply to their subcontractors. The role of insurance in responding to many risks has been critical in assisting commercial space ventures grow. Today traditional property and liability insurance, such as pre-launch, launch and in-orbit insurance and third party liability insurance, have become mandatory parts of most space projects. The manufacture and pre-launch insurance covers direct physical loss or damage to the satellite, its apogee kick moter and including its related launch equipment from commencement of loading operations at the manufacture's plant until lift off. The launch and early orbit insurance covers the satellite for physical loss or damage from attachment of risk through to commissioning and for some period of initial operation between 180 days and 12 months after launch. The in-orbit insurance covers physical loss of or damage to the satellite occuring during or caused by an event during the policy period. The third party liability insurance covers the satellite owner' s liability exposure at the launch site and liability arising out of the launch and operation in orbit. In conclusion, the liability in commercial space ventures extends to any organization which participates in providing products and services used in the venture. Accordingly, it is essential for any organization participating in commercial space ventures to contractually disclaim its liability to the extent permitted by law. To achieve the effective disclaimers, it is necessary to determine the applicable law and to understand the requirements of the law which will govern the terms of the contract. A great deal of funds have been used in R&D for commercial space ventures to increase reliability, safety and success. However, the historical reliability of launches and success for commercial space ventures have proved to be slightly lower than we would have wished for. Space insurance has played an important role in reducing the high risks present in commercial space ventures.

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