• Title, Summary, Keyword: valuation functional

Search Result 34, Processing Time 0.049 seconds

Study on Economic Valuation of Manufacturing Technology of Platycodon grandiflorum Using Contingent Valuation Method - Focusing on the Virtual Market of Platycodon grandiflorum's Health Functions Food - (조건부가치측정법(CVM)을 이용한 도라지 제조기술의 경제적 가치 추정 연구 -도라지 건강기능식품 가상시장을 중심으로-)

  • Lee, Hyun Ji;Chang, Insu;Jo, Haeun;Kim, Brian H.S
    • Journal of Korean Society of Rural Planning
    • /
    • v.26 no.1
    • /
    • pp.137-147
    • /
    • 2020
  • Rural Development Administration (RDA) has developed a manufacturing technology which can increase the amount of platycodin D in Platycodon grandiflorum. A study is needed to estimate the value of this new technology and predict the market demand for a new product. This study estimates additional amount of willingness to pay (WTP) using contingent valuation method (CVM) for a new product with the technology that RDA has developed. The survey was created under virtual health functional foods market of Platycodon grandiflorums. It was conducted with 1,000 adult males and females aged between 19 and 59 years old in 17 major cities and provinces nationwide from December 4 to December 7, 2018. The amount of WTP for the health functional Platycodon grandiflorum was drawn using maxinum likelihood estimation method. The estimated average and median WTP values are 21,933.85 won per person and 10,000 won per person, respectively. The independent factors, including the ratio of monthly average health function food consumption to income, the average monthly income level of a household, and existence of family members or relatives engaged in food and nutrition-related professions in a household, have been shown to have a statistically significant influence on the WTP. This study presents the potential magnitude of health functional food market and the value of the new technology based on health functional food market.

Technology Valuation Method Selection using Axiomatic Design (공리적 설계를 이용한 기술가치평가방법의 선정)

  • 문병근;조규갑
    • Proceedings of the Technology Innovation Conference
    • /
    • /
    • pp.191-199
    • /
    • 2003
  • It is critical to select an appropriate technology valuation method when the characteristics of a technology and valuation environment are variable. To ensure high quality decision making when selecting a technology valuation method, it is necessary to understand the principles of a good technology valuation method, and define and apply a decision making theory for selecting an optimal method. The authors propose that Axiomatic Design Principles can be applied as a decision making theory. In order to apply Axiomatic Design for this problem, this paper describes four domains(customer, functional, physical, and process domain) and four axioms(independence, information, cost, time axiom) for the decision making process for the optimal technology valuation method. The result of this study will contribute flexibility to the dynamic technology valuation process.

  • PDF

A Preliminary Study on Natural Dyeing by the Delphi Method (Part III) -Developing Valuation of Natural Dyes- (델파이법을 이용한 천연염색에 관한 기초 연구 (제3보) -천연염료의 개발가치 평가-)

  • You Myung-Nim;Roh Eui-Kyung
    • Journal of the Korean Society of Clothing and Textiles
    • /
    • v.30 no.5
    • /
    • pp.733-741
    • /
    • 2006
  • This study was to investigate categories of valuation and make the standard on developing valuation of natural dyes by Delphi method. The three-round Delphi tests were performed with 36 professional in the academic, the industrial, and the art field.'Dyeability property' meant levelling, adsorption, color diversity with mordant, color stability, 'marketability', possibility of mass production, economical efficiency, functionality, demand and supply of natural dyes, 'color', yield, beautiful color, value of color and 'color fastness', washing, perspiration and light fastness. Indigo, persimmon, cochineal, safflower and onion in dyeability property were evaluated highly, functional natural dyes in marketability, red and purple color ones except indigo in color and ones containing tannin in color fastness.

Effects of the KMS Adoption Factor and the Compensation Factor on the Business Performance of Public Organization (공공분야의 지식관리 시스템 도입요인과 보상요인이 성과에 미치는 영향)

  • Ku, Byeong-Kwan;Yi, Seon-Gyu
    • The Journal of the Korea Contents Association
    • /
    • v.12 no.10
    • /
    • pp.418-429
    • /
    • 2012
  • In this research, we analyzed empirically whether the valuation and compensation factor being moderating variable played the role of adjuster between KMS adoption factor(organizational factor, knowledge Informational factor, user factor) and business performance. The results of this research are as follows. First, The valuation and compensation factor affects the usage of KMS in case of organization's flexibility, trust, suitability of knowledge, degree of functional provision and perceived benefit. But it does not affect the usage of KMS in case of easiness of usage and user expertise. Second, The valuation and compensation factor affects the user's satisfaction of KMS in case of organization's flexibility, trust, degree of functional provision and user expertise. But it does not affect the user's satisfaction of KMS in case of suitability of knowledge, easiness of usage and perceived benefit.

A Study for Benefit Calculation of Bicycle Roadway Construction using Contingent Valuation Method (조건부 가치측정법(CVM)을 이용한 자전거도로 건설에 따른 편익 산출에 관한 연구)

  • Kwon, Yong Seok;Lee, Jin Kak;Son, Young Tae
    • KSCE Journal of Civil and Environmental Engineering Research
    • /
    • v.26 no.6D
    • /
    • pp.945-950
    • /
    • 2006
  • In implementing transportation projects, benefits have been estimated using conventional benefit components. However, these components have a lot of assumptions and limitations for benefit estimations and thus it seems to be difficult to obtain values of parameters as well as to overlook benefits of non-market goods in calculation process. In other words, current benefit estimations are considered that can be solely measured by directly depending on traffic volumes. Existing economic analysis do not reflect the full benefits, including direct and indirect of the project implementations. To illustrate this fact, bicycle road construction can result in various functional benefits, including improved quality of life, balanced regional development, and good scenery composition. These benefits can not be explained with conventional economic analysis. The objective of this research is to estimate valuation of bicycle road construction using Contingent Valuation Method (CVM). CVM can evaluate user's direct willingness-to-pay as well as maximize bicycle utilization with balanced regional development. This research used the coastline bicycle road construction project for example. The proposed method can be well calculated or estimated benefits for non-market goods of bicycle road constructions using CVM.

  • PDF

A Comparative Analysis of the Functional Values for Wastewater Treatment and Atmospheric Regulation in Coastal Wetland and Rice Paddy Ecosystems (갯벌과 간척농지의 수질 및 대기조절가치의 비교분석)

  • Pyo, Hee-Dong
    • Environmental and Resource Economics Review
    • /
    • v.10 no.1
    • /
    • pp.95-126
    • /
    • 2001
  • Functional values for wastewater treatment and atmospheric regulation in coastal wetland and rice paddy ecosystems are quantified, and an illustration is given on how to integrate biophysical parameters into a valuation framework. This is one of most controversial issues in economic analysis for wetland preservation versus wetland conversion to agricultural use. This paper includes theoretical considerations for estimating functional values of environmental ecosystems, and the integration of biophysical data and replacement cost method employed. Specific physical and geographical characteristics and data on ecosystem functions and services in coastal wetlands and rice paddies are addressed for evaluating their values in economic terms. In particular this paper indicates double counting problems and overestimation in the previous studies, and demonstrates how to avoid them and to maintain the consistency of valuation process involving a least-cost method, thus enables an accurate integration of the coastal wetland ecology and wetland economics. As a result which is far away from the previous studies, the total economic present value of wastewater assimilation by coastal wetland is estimated at 7,484,640 won/ha, and the net present value of positive effect for atmospheric regulation, negative effects for air pollution and water pollution by rice paddy is estimated at -37,934 won/ha, assuming that resources are infinitely long-lived and the annual value and the rate of discount (10%) is constant every year. In conclusion, for further reliability and validity of functional values for natural resources it is very noteworthy that a general equilibrium framework that could directly incorporate the interdependence between ecosystem functions and services would be preferred to the partial equilibrium framework.

  • PDF

VALUATION FUNCTIONALS AND STATIC NO ARBITRAGE OPTION PRICING FORMULAS

  • Jeon, In-Tae;Park, Cheol-Ung
    • Journal of the Korean Society for Industrial and Applied Mathematics
    • /
    • v.14 no.4
    • /
    • pp.249-273
    • /
    • 2010
  • Often in practice, the implied volatility of an option is calculated to find the option price tomorrow or the prices of, nearby' options. To show that one does not need to adhere to the Black- Scholes formula in this scheme, Figlewski has provided a new pricing formula and has shown that his, alternating passive model' performs as well as the Black-Scholes formula [8]. The Figlewski model was modified by Henderson et al. so that the formula would have no static arbitrage [10]. In this paper, we show how to construct a huge class of such static no arbitrage pricing functions, making use of distortions, coherent risk measures and the pricing theory in incomplete markets by Carr et al. [4]. Through this construction, we provide a more elaborate static no arbitrage pricing formula than Black-Sholes in the above scheme. Moreover, using our pricing formula, we find a volatility curve which fits with striking accuracy the synthetic data used by Henderson et al. [10].

Measuring the Economic Value of Restoring Hampyeong Stream Space

  • Lee, Hee-Chan;Leem, Joo-Whan;Kim, Kyu-Ho
    • Korean Journal of Environment and Ecology
    • /
    • v.29 no.2
    • /
    • pp.292-303
    • /
    • 2015
  • The objective of this study is to evaluate the spatial restoration of Hampyeong Stream and to analyze the determinants of demand for the multi-functionalities of the stream. A Contingent Valuation Method (CVM) was used to estimate the multi-functional public benefits of restored stream area, and major determinants were scrutinized by establishing a demand model. The research data was collected by conducting a survey intended for Hampyeong's local residents, resulting in 284 valid samples. In terms of determinants that affect willingness to pay (WTP), 'physical factor of waterfront area' and 'experience factor of stream space' showed a significantly positive influence on WTP. As a result of applying a double-bounded CVM, the willingness to pay for the restored Hampyeong Stream area indicated a potential contribution of 22,523 won (17,362~27,459 won, 95% confidence interval). When multiplying the number of households in Hampyeong-gun, the total annual value of Hampyeong Stream spatial restoration is approximately 302million won.

The Estimation of Economic Service Life on Manufacturing Equipments Which It Follows in Technological Obsolescence (제조설비의 기술진부화에 따른 경제적 내용연수 추정)

  • Cho, Jin-Hyung;Oh, Hyun-Seung;Lim, Taek;Jung, Su-Il;Lee, Jung-Youp;Kim, Byung-Keug
    • Journal of the Society of Korea Industrial and Systems Engineering
    • /
    • v.34 no.1
    • /
    • pp.74-79
    • /
    • 2011
  • Engineering valuation is a specialized discipline requiring expert knowledge and judgment, which scientifically estimates the economic value of industrial properties. By industrial properties, we mean engineering structures such as mines, factories, buildings, machines, and other industrial facilities as well as facilities of public enterprises. Particular industrial properties can have longer economic life if their performance is excellent and they are still suitable for current manufacturing needs. If not, its economic life will be shorter. As speed of technological progress becomes rapid, life-cycle and development period of a product is becoming shorter. In an industry characterized by rapid development of technology, industrial properties can become obsolescent faster. Even if they are in good working order, they could be no longer suitable for manufacturing new products based on radically different technology. In our research, we apply engineering approach to estimating functional economic life by factoring in technological obsolescence in such an industry.

Estimation Economic Value of Multi-functionality and Preservation Program of Stone Fences in Jeju (제주 전통돌담의 가치평가 및 보전 방안)

  • Rhee, Sang-Young
    • Journal of Korean Society of Rural Planning
    • /
    • v.12 no.2
    • /
    • pp.27-35
    • /
    • 2006
  • The purpose of this paper is to estimate the economic value of Multi-functionality Roles including landscape and so on, which the stone fences in Jejudo possess, using Dichotomous Choice Contingent Valuation Method(DC-CVM). The stone wall is life cultural heritance of Cheju islanders. It has functions like Development of Favorable Landscapes, Maintenance of Cultural Heritage, and Recreation/Relaxation. Expectation from Cheju visitors shows that the existence and inheritance value of the stone wall is higher then we expected. According to the research that we had done from the people that had agreed to contribute the stone wall, the result was that the public commercial value of Cheju tradition stone will increase every yew(2006: 367 billion won, 2011: 437.1 billion won). Therefore, preserving the stone wall that has Multi-functional Roles and values can lead to huge economic value in the future. But farmhouses in the stone wall conservation area are being supported 6 million won every year. This is only 10% of the income that farmhouse ems per year. Thus, stone wall preservation policy and plan that can raise green-tour commercial value of Cheju Island of long-term inside measurement will have to be propelled continuously.