• Title/Summary/Keyword: Utility

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Impact of Pursuing Goals on Customer Channel Preference: Mediating Effects of Product Utility and Process Utility

  • Li, Dao-sheng;Lee, Hyunjoung;Hong, Jinhwan
    • Asia Marketing Journal
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    • v.16 no.2
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    • pp.15-38
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    • 2014
  • This paper explores the influence of pursuing goals on customer channel preference in Chinese rural market. With the rapid change in distribution channels and increase in multi-channels, it is necessary to understand the preference for channel choice as well as product choice. This study empirically validated the conceptual framework of the relationship between the pursuing goals and customer channel choice proposed by Balasubramanian, Raghunathan, and Mahajan (2005). Based on the survey data of 232 fertilizer customers in Chinese rural market, this study explores how economic, social, and psychological pursuing goals can impact customer channel preference by mediating variables of product utility and process utility. The results indicate that pursuing goals positively related with product utility and process utility, and product / process utility can mediate the relationship between pursuing goals and customer channel preference positively. Consequently, we can conclude that customers' economic-social-psychological pursuing goals can directly influence customer channel preference via their purchase process utility and product utility. This result also implies that product utility is effective on process utility during consumer's buying decision making, and process utility and product utility are not mutually independent. Therefore, purchase process utility is a "latent driving force" on customer's channel choice decision.

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The Utility of Function Expressed in 1990s Fashion (1990년대 패션에 나타난 기능의 효율성)

  • Ham, Youn-Ja
    • Fashion & Textile Research Journal
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    • v.7 no.4
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    • pp.371-377
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    • 2005
  • The purpose of this study is to consider 1990s fashion design involving the utility of function which is the essence of modernism. First, documentary studies about the aesthetic value of the utility of function throughout the 20th century sociocultural contexts has been done. Second, content analysis of articles in American "Vogue" from 1990 to 2002 has been accomplished to hold the actual proof for the utility of function in postmodernism fashion. As a result, the utility of function has been defined the utility of body activity, the utility of practical use, and the utility of mechanical product. According to contents analysis, new aspects has been introduced in use of high-tech fabrics, ornaments, and mass customization in 1990s. In conclusion, the utility of function in fashion has been improved in accordance with the change of sociocultural contexts and women's wants.

A Double Auction Model based on Nonlinear Utility Functions : Genetic Algorithms Approach for Market Optimization (비선형 효용함수 기반의 다중경매 모형 : 시장 최적화를 위한 유전자 알고리즘 접근법)

  • Choi, Jin-Ho;Ahn, Hyun-Chul
    • Journal of the Korean Operations Research and Management Science Society
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    • v.33 no.1
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    • pp.19-33
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    • 2008
  • In the previous double auction research for the market optimization, two basic assumptions are usually applied - (1) each trader has a linear or quasi-linear utility function of price and quantity, and (2) buyers as well as sellers have identical utility functions. However, in practice, each buyer and seller in a double auction market may have diverse utility functions for trading goods. Therefore, a flexible and integrated double auction mechanism that can integrate all traders' diverse utility functions is necessary. In particular, the flexible mechanism is more useful in a synchronous double auction because traders can properly change utilities in each round. Therefore, in this paper, we propose a flexible synchronous double auction mechanism in which traders can express diverse utility functions for the price and quantity of the goods, and optimal total market utility is guaranteed. In order to optimize the total market utility which consists of multiple complex utility functions of traders. We show the viability of the proposed mechanism through a several simulation experiments.

An Investigation on the Effect of Utility Variance on Choice Probability without Assumptions on the Specific Forms of Probability Distributions (특정한 확률분포를 가정하지 않는 경우에 효용의 분산이 제품선택확률에 미치는 영향에 대한 연구)

  • Won, Jee-Sung
    • Korean Management Science Review
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    • v.28 no.1
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    • pp.159-167
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    • 2011
  • The theory of random utility maximization (RUM) defines the probability of an alternative being chosen as the probability of its utility being perceived as higher than those of all the other competing alternatives in the choice set (Marschak 1960). According to this theory, consumers perceive the utility of an alternative not as a constant but as a probability distribution. Over the last two decades, there have been an increasing number of studies on the effect of utility variance on choice probability. The common result of the previous studies is that as the utility variance increases, the effect of the mean value of the utility (the deterministic component of the utility) on choice probability is reduced. This study provides a theoretical investigation on the effect of utility variance on choice probability without any assumptions on the specific forms of probability distributions. This study suggests that without assumptions of the probability distribution functions, firms cannot apply the marketing strategy of maximizing choice probability (or market share), but can only adopt the strategy of maximizing the minimum or maximum value of the expected choice probability. This study applies the Chebyshef inequality and shows how the changes in utility variances affect the maximum of minimum of choice probabilities and provides managerial implications.

The effects of career identity on learning persistence and academic achievement: Mediating effect of utility value (진로정체성이 수학 교과 학습지속성과 학업성취에 미치는 영향: 유용가치의 매개 효과)

  • Woo, Yeon-Kyoung;Kim, Seong-Kyeong;Choi, Young-in
    • The Mathematical Education
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    • v.58 no.1
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    • pp.41-54
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    • 2019
  • The purpose of this study was to examine the effects of career identity on learning persistence and academic achievement, and mediating effect of utility value. To examine the effect of mediating role of utility value, we divided utility value into two types, utility value of daily matters and utility value of career. This study was conducted on 228 senior students in high school, to investigate relations among career identity, utility value, learning persistence and academic achievement in mathematics, by using the structural equation model. The results are as follows. First, career identity positively predicted learning persistence in mathematics. Second, career identity positively predicted the utility value of daily matters and career. Third, both type of utility value in mathematics positively predicted learning persistence in mathematics. Fourth, the utility value of daily matters and career, in mathematics subjects, showed differential predictability toward learning persistence and academic achievement. Both type of utility value in mathematics positively predicted learning persistence, but showed differential predictability toward learning academic achievement. Specifically, the utility value of daily matters in the near future did not predict the academic achievement, but the utility value of career in the distant future positively predicted the academic achievement. Fifth, the utility value was found to play a mediating role in the relationship between career identity and learning persistence. Based on the results of this study, implications for mathematics education were discussed.

Consumer Issuers and Regulatory Alternatives far Improving Consumer Welfare in Public Utility Pricing (공공요금 관련 소비자문제와 공공요금결정과정에서의 소비자복지 증진방안)

  • 여정성;최현자
    • Journal of Families and Better Life
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    • v.19 no.6
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    • pp.19-33
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    • 2001
  • This study was performed to make suggestions for improving consumer welfare in public utility pricing. The consumer related issues in the process of public utility pricing and the consumers' burden on expenditures for public utility were reviewed. Due to the large proportions of the expenditures for public utility to total consumption expenditures, the poor and the younger consumers had more disadvantages in rising consumer price on public utility than the rich and the older. Finally, four kinds of alternatives were suggested to solve the consumer problems in public utility pricing.

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A BIFUNCTIONAL UTILITY CONNECTED PHOTOVOLTAIC SYSTEM WITH POWER FACTOR CORRECTION AND U.P.S. FACILITY

  • Kim. S.;Yoo, Gwonjong;Song, Jinsoo
    • Proceedings of the KIPE Conference
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    • 1996.06a
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    • pp.103-108
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    • 1996
  • In this paper, a novel utility connected photovoltaic power generation system with unity power factor and uninterruptable power system facility and its control strategy are proposed. The proposed photovoltaic(PV) system is connected in parallel between utility and load. The PV system provides an uninterruptable voltage to load, a maximum power tracking to solar array, and power factor correction to the utility. The proposed system has the following advantages compared with the conventional utility connected PV system. 1. Harmonic elimination Function 2. Feeding the photovoltaic energy to the utility 3. Providing the uninterruptible power source along battery to the load In case that the photovoltaic array system is on the poor power generation, the battery and capacitor of the PV system are charged by three phase utility source and the inverter in the PV system only provides the reactive current to eliminate the harmonic current exited on the utility. In the normal operation mode, the PV system supplies active power to load and reactive power to utility in order to maintain the unity power factor and to regulate ac load voltage.

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A Novel Approach for Mining High-Utility Sequential Patterns in Sequence Databases

  • Ahmed, Chowdhury Farhan;Tanbeer, Syed Khairuzzaman;Jeong, Byeong-Soo
    • ETRI Journal
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    • v.32 no.5
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    • pp.676-686
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    • 2010
  • Mining sequential patterns is an important research issue in data mining and knowledge discovery with broad applications. However, the existing sequential pattern mining approaches consider only binary frequency values of items in sequences and equal importance/significance values of distinct items. Therefore, they are not applicable to actually represent many real-world scenarios. In this paper, we propose a novel framework for mining high-utility sequential patterns for more real-life applicable information extraction from sequence databases with non-binary frequency values of items in sequences and different importance/significance values for distinct items. Moreover, for mining high-utility sequential patterns, we propose two new algorithms: UtilityLevel is a high-utility sequential pattern mining with a level-wise candidate generation approach, and UtilitySpan is a high-utility sequential pattern mining with a pattern growth approach. Extensive performance analyses show that our algorithms are very efficient and scalable for mining high-utility sequential patterns.

A Double Auction Model based on Nonlinear Utility Functions;Genetic Algorithms Approach for Market Optimization

  • Choe, Jin-Ho;An, Hyeon-Cheol
    • Proceedings of the Korea Inteligent Information System Society Conference
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    • 2007.11a
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    • pp.592-601
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    • 2007
  • In the conventional double auction approaches, two basic assumptions are usually applied - (1) each trader has a linear or quasi-linear utility function of price and quantity, (2) buyers as well as sellers have identical utility functions. However, in practice, these assumptions are unrealisitc. Therefore, a flexible and integrated double auction mechanism that can integrate all traders' diverse utility functions is necessary. We propose a double auction mechanism with resource allocation based on nonlinear utility functions, namely a flexible synchronous double auction system where each participant can express a diverse utility function on the price and quantity. In order to optimize the total market utility consists of multiple complex utility functions of traders, our study proposes a genetic algorithm (GA) We show the viability of the proposed mechanism through several simulation experiments.

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Declining Japanese Yen in the Changing International Monetary System

  • Ogaw, Eiji;Muto, Makoto
    • East Asian Economic Review
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    • v.21 no.4
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    • pp.317-342
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    • 2017
  • The US dollar has kept as a position of key currency in the global economy in the changing international monetary system where the euro was introduced to some states of the EU in 1999. It is an evidence of inertia of the US dollar as a key currency. Our previous study (Ogawa and Muto, 2017b) conducted empirical analysis to investigate effects of several events on inertia of the US dollar. One of our findings was that the introduction of the euro increased utility of euro while utility of US dollar was kept unchanged. This paper examines the effects of the global financial crisis and the euro zone crisis as well as the introduction of the euro on the utility of the Japanese yen. The introduction of the euro significantly decreased the utility of the Japanese yen. It indicates that the introduction of the euro increased the utility of the euro while reducing the utility of the Japanese yen rather than the utility of the US dollar. The utility of the Japanese yen has significantly decreased while the global financial crisis and the euro zone crisis occurred. The Japanese yen has a declining trend in terms of its utility over time in the changing international monetary system.