Go to the main menu
Skip to content
Go to bottom
REFERENCE LINKING PLATFORM OF KOREA S&T JOURNALS
> Journal Vol & Issue
Korean Management Science Review
Journal Basic Information
Journal DOI :
The Korean Operations and Management Science Society
Editor in Chief :
Volume & Issues
Volume 25, Issue 3 - Nov 2008
Volume 25, Issue 2 - Jul 2008
Volume 25, Issue 1 - Mar 2008
Selecting the target year
Levy-Type Swaption Pricing Model
Lee, Joon-Hee ; Park, Jong-Woo ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 1~12
The Swaption is one of the popular Interest rates derivatives. In spite of such a popularity, the swaption pricing formula is hard to derived within the theoretical consistency. Most of swaption pricing model are heavily depending on the simulation technique. We present a new class of swaption model based on the multi-factor HJM levy-mixture model. A key contribution of this paper is to provide a generalized swaption pricing formula encompassing many market stylize facts. We provide an approximated closed form solution of the swaption price using the Gram-Charlier expansion. Specifically, the solution form is similar to the market models, since our approximation is based on the Lognormal distribution. It can be directly compared with the traditional Black's formula when the size of third and fourth moments are not so large. The proposed extended levy model is also expected to be capable of producing the volatility smiles and skewness.
Impulse Responses Analysis of Government and Public Sector R&D in IT Industry
Yang, Chang-Joon ; Hong, Jung-Sik ; Ko, Sang-Won ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 13~26
We investigate the effect of government and public sector R&D Investment at IT Industry on the amount of Production, export and nongovernment R&D Investment at IT Industry. We, firstly, examine the stationarity of each variable by the unit root t-test and perform the co-integration test for the pairs of variables. We use YECM(Vector Error Correction Model) according to the results of co-integration test for the examination of Granger-causality between variables. It is found that there exist an Granger-causality between public sector R&D Investment and nongovernment R&D investment and also between public sector R&D Investment and export. Secondly, we analyze the impulse response of government and public sector R&D Investment at IT Industry on the amount of production, export and nongovernment R&D investment at IT Industry based on VECM model. It is found that the response of the amount of production is highest at 3th period and is lowest at 8th period and that of export shows similar pattern.
Forecasting a Gyeongju's Local Society Change Using Urban Dynamics Model
Lee, Young-Chan ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 27~43
This study analyzes the changes of Gyeongju local society because of setting up low and intermediate level radioactive waste disposal site by using urban dynamics model. Specifically, after examining 'Gyeongju Long-Term Development Plan' announced in 2007, I establish the number of industries, population, gross local product, residents' income, and the long term employment condition as essential change-causing factors in Gyeongju local society based on the Big3 government project, and forecast it by using 'Gyeongju long-Term Development Plan' and all sorts of statistical data. In this stage, I assume 3 scenarios(basic, optimistic, and pessimistic view) to estimate the changes of local society more exquisitely, and scenarios are composed through mediation about variables of a growth rate and an inflow or outflow rate. The result shows that Gyeonaju local society would have growing changes by 2020. The essential change-causing factors are as follows. The case of population is estimated that it starts going down at the level of approximately 270 thousand by 2009, starts going up continuously after 2009, the year of completion of low and intermediate level radioactive waste disposal site, and increases from the level of about 300 thousand as minimum to 340 thousand as maximum in 2020. The estimates of other cases are made that the number of Industries has about 10 thousand increases, gross local product has almost 6 trillion increases, nominal gross national income doubles, as well as residences have approximately 280 thousand increases, and also made that employment condition also improves continuously, and diffusion ratio of house starts going up but the amount of supplies is a little bit insufficient in the long view.
A Study on the Efficient Workflow Processing Procedure by Genetic Algorithm
Lee, Seung-Wook ; Ha, Gui-Ryong ; Yoon, Sang-Hum ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 45~57
This paper considers a genetic algorithm for sequencing activities and allocating resources to reduce the over all completion time of workflow in the presence resource constraints. The algorithm provides an integrated solution for two sub-problems. The first is to decide the priority for the activities which require the same resource. The other problem is to select one among available resources for each activity by considering the incurred setup time and the performance factor of each resource. We evaluate the algorithm performance for three different kinds of workflows including parallel structures. Computational results show that the proposed algorithm is more effective than a previous work.
R&D Opportunity Scan Framework for Information and Telecommunications Company in Aging Society
Lee, Young-Ho ; Jang, Kyu-Nam ; Kim, Young-Wook ; Kim, Young-Jin ; Park, Myung-Soon ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 59~72
This paper proposes an R&D opportunity scan framework for information and telecommunications company in aging society. The framework consists of trend analysis, market-oriented search, technology-oriented search, and R&D Portfolio development. We identify technology themes in the market-oriented search by developing market scenarios and analyzing a new business model framework. And then we search prospective technologies in the technology-oriented recess by technology scanning and patent analysis. By matching technology themes with prospective technologies, generate an R&D portfolio. Finally, we evaluate the risk of the proposed R&D portfolio.
Implementation of a BPMS-based Virtual Enterprise in the Port Logistics Industry
Han, Yong-Ho ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 73~85
First we provide an overview of how virtual enterprise works, including the lifecycle of a virtual enterprise, expected benefits from a virtual enterprise, and various types of collaborative networks. Next we focus on a problem encountered in the port logistics industry and suggest that implementation of a virtual enterprise can be a good solution to the problem. Then we suggest a prototype of the virtual enterprise in the port logistics industry and a freight transportation process as a business process in the prototype. And then we introduce major functions of the business process management system (BPMS) which, in general, can be regarded as a tool to create the virtual enterprise. Finally by adopting a specific BPMS, we illustrate how to design and implement the freight transportation process in the prototype.
How to Reinvent Network Services for All
Kim, Yong-J. ; Lee, Seo-Jun ; Lim, Jay-Ick ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 87~99
Besieged by needs for upgrading the current Internet, social pressures, and regulatory concerns, a network operator may be left with few options to Improve his services. Yet he can still consider a transition prioritizing network services. In this paper, we describe a transition from a non-priority system to a prioritized one, using non-preemptive M/G/1 model. After reviewing the constraints and theoretical results from past research, we describe steps making the transition Pareto-improving, which boils down to a multi-goal search for a Pareto-improving state. We use a genetic algorithm that captures actual transition costs along with incentive-compatible and Pareto-Improving constraints. Simulation results demonstrate that the initial post-transition solutions are typically Pareto-improving. for non Pareto-improving solutions, the heuristic quickly generates Pareto-improving and incentive-compatible solutions.
Empirical Studies on the Conceptual Combination of Digital Convergence Products
Kim, Jin-Woo ; Yoon, Ji-Eun ; Lee, In-Seong ; Lee, Ki-Ho ; Choi, Bo-Reum ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 101~122
A wide variety of convergent digital products are emerging through the combination of multiple independent digital technologies. Digital convergence provides new revenue sources for businesses and new ways of satisfying individual needs of consumers. Despite its business and consumer implications, little research has addressed how people perceive or evaluate convergent products. This study aims at understanding how consumers interpret and evaluate convergent digital products by conducting two consecutive studies. Firstly, a survey was conducted to understand how people interpret convergent products in three ways suggested by the conceptual combination theory based in cognitive science. Secondly, an experiment was conducted to investigate the impact of combination strategies and product similarities on user evaluation of convergent products. Study results indicate that similarity of constituent products has a substantial effect on the interpretation of concept combination strategies. Moreover, combination strategy and product similarity were found to have substantial effects on user comprehension, perceived newness, and preferences for convergent products. This paper ends with an examination of the implications and limitations of the study results.
A Study On The Relationship Between Ownership Structure And Corporate Social Responsibility
Park, Yong-Sam ; Pyo, Se-Won ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 123~133
We investigate the relationship between ownership structure and firm performance. For this paper, we use the 'donation' figure from the income statement of each firm as a measure of firm Performance lather than short-term financial measure that has been wifely used by previous studies. Our results are consistent with the idea that family ownership is both prevalent and substantial in Korea. More importantly, however, non-family firms are found to give more donations than family firms. This suggests that non-family firms more readily recognize the significance of corporate social responsibility and play an active role in philanthropy.
A Study on Continued Use of Online Shopping Site Using a Weighted Expectation-Confirmation Model
Lee, Sun-Ro ; Jung, Yon-Oh ;
Korean Management Science Review, volume 25, issue 3, 2008, Pages 135~155
This paper investigates the value of the expectation-confirmation model(ECM) of IT continuance in the internet shopping environments and attempts to expand the ECM with consideration of users diverse internet shopping factors and their preferences. Here, the extended ECM measures the users expectation-confirmation separately at the product, site and service levels, rather than treating it a single construct as measured in the original model. Further, AHP has been used for assessing the relative importance among the shopping factors, and the priority has been used for deriving weighted expectation-confirmation levels in the model. PLS analysis shows that there are significant differences in path coefficients between the ECM and a weighted ECM. This Indicates that users preferences among the diverse shopping factors need to be properly assessed to better understand the relationship between users expectation-confirmation and their continued usage behavior.