김관수 교수

Abstract The paper investigates the linkages between technological change and production risk, with an application to corn. The effects of technology on risk exposure are analyzed. We define technological progress to be risk‐increasing (risk‐decreasing) if it increases (decreases) the relative risk premium. The analysis is applied to panel data from Wisconsin research stations. Conditional moments (including mean, variance and skewness) of corn yield, grain moisture and corn profit are estimated

Abstract This article examines the microeconomics of productivity associated with specialization/diversification in production activities, with an application to Korean rice farms. Korean rice farms tend to be very small and highly specialized. Our analysis examines the productivity effects associated with both farm size and farm specialization/diversification in Korean agriculture. Relying on farm‐level panel data, the analysis studies farm productivity in a multi‐input multi‐output context, ac

Abstract Measuring soil quality is extremely difficult, yet it has clear economic importance. In particular, there is a great deal of empirical interest in the dynamics of soil quality evolution when land managers respond to policies and other incentives. Yet current methodologies for measuring changes in agricultural land quality are largely static and rely heavily either on incomplete measures such as proxy variables, or ad hoc indexes of selected soil characteristics. Moreover, much empirical

This study examines the value of the time that a user spends to participate in a social game. We focus on how a massive multiplayer online role-playing game (MMORPG) vendor can establish prices to encourage participation and retain its players. We estimate value through an application of the hedonic pricing model and analyze a data set for an MMORPG in Korea. The results permit us to estimate the value of game-playing time in monetary terms. Based on our empirical results, we propose an economic

This study presents an econometric analysis of the effects of a government price support program on price dynamics and price volatility. Price support programs, a common feature of agricultural policy, provide a lower-bound censoring of the distribution of market prices. An econometric model of market prices is developed using a dynamic Tobit specification under time-varying volatility. The model is applied to the U.S. non-fat dry milk market. It is used to investigate the impact of market liber

Purpose The authors examine cryptocurrency market behavior using a hidden Markov model (HMM). Under the assumption that the cryptocurrency market has unobserved heterogeneity, an HMM allows us to study (1) the extent to which cryptocurrency markets shift due to interactions with social sentiment during a bull or bear market and (2) the heterogeneous pattern of cryptocurrency market behavior under these two market conditions. Design/methodology/approach The authors advance the HMM model based on

Banks can reduce resources spent on anti-money laundering (AML) compliance with block-chain-based transaction infrastructure. We consider AML compliance as a superset of know-your-customer (KYC) and transaction monitoring capabilities. We conducted an instrumental case study with Danske Bank and Concordium, using internal documents and interviews that served as empirical data. We show how storing digital representations of verified IDs with a blockchain can automate tasks and reduce redundant ve

Highly conformal Cu thin films were deposited on the SiO2 trench substrate with an aspect ratio of 10 by pulsed metallorganic chemical vapor deposition (MOCVD) using cycles of the alternate supply of (hexafluoroacetylacetonate) Cu-(I)(3,3-dimethyl-1-butene) [(hfac) Cu(DMB)] pulse and argon purge gas. The film was 75 nm thick with a good step coverage. The growth temperature was 70 degreesC and the growth rate was 0.75 - 1.1 Angstrom/ cycle depending on the (hfac) Cu(DMB) pulse duration of 5 - 10

The purpose of this study is to evaluate the economic impacts of generic advertisement in an agricultural sector. In particular, we pay attention to the effects of dairy checkoff program on dairy markets in Korea. In 2003, 87.7% of dairy checkoff fund was used for generic fluid milk advertising. This paper examines the impacts of generic milk advertising expenditures on fluid milk sales by estimating advertising response elasticities of both generic and brand advertisement. The results indicated

Marssonina blotch in apples and pear scab are diseases that may affect apple and pear production as well as related industries significantly. The range and scale of the economic influence of such outbreaks should be clarified to ensure the sustainable growth of these industries. This study evaluates the direct and indirect economic effects of outbreaks through a partial equilibrium approach and an input–output model; direct influences are measured on the basis of reduced production, and the esti

In this paper, we investigated the impacts of direct rice income compensation payment program on the rental behavior of individual farms in Korea. In particular, we decomposed the effect of changes in rice price on the farmland rental demand into two parts, i.e., direct effects and indirect effects. The former represents the shift of rental demand curve caused by a rice price change, and the latter the movement along the demand curve caused by a rent change that is induced by rice price change.