장희선 교수

Using a large-scale pilot test on time-of-use (TOU) pricing for residential customers, this study analyzes the effects of TOU pricing on the load patterns of residential customers and on producer surplus in South Korea . We estimate the difference in the electricity demand functions of residential customers across peak, intermediate, and off-peak periods before and after TOU pricing. In addition, we assess the supply curve in the wholesale electricity market and calculate the changes in electric

The Conservation Reserve Program (CRP), which provides incentives for landowners to idle erodible and marginal farmland, faced new challenges as record-high commodity prices significantly affected landowners’ interests in the program in recent years. We develop and estimate an empirical structural model to examine the manner in which productivity, market conditions, and CRP payment affect landowners’ land use decisions. The model carefully controls for the endogeneity of CRP payment and landowne

Texas has experienced a rapid development of wind power over the last 20 years. Since wind power was developed mostly in desolate areas that are remote from urban centers due to its nature conditions, Texas implemented the Competitive Renewable Energy Zones (CREZ) project, the goal of which is to integrate the wind supply regions with the large demand centers. The objectives of this paper are two-fold. The first is to investigate the impact of the CREZ project on market price convergence. Specif

Using patent counts and citation data from 1977 to 2011, we explore the determining factors of innovative activities of the U.S. biofuel industry.We take into account both demand-side factors— such as crude-oil price, government R&D expenditure on biofuel, and federal-level support policies—and supply-side factors, represented by constructed knowledge stocks, to quantify the effects on biofuel-related innovations. The citation generation process is quantified using patent citation records an

본 연구는 A/R CDM 사업을 대상으로 한 투자타당성 분석을 하되, CDM 사업기간의 연장이 가능한 경우를 상정하여, 기업이 해당 사업의 연장 여부를 최적 결 정할 수 있도록 하는 의사결정 모형을 제공하는데 초점을 두었다. 고전적인 비용편익 분석의 한계점으로 지적되는 부분인 기업이 직면하는 불확실성 및 다양한 옵션가치를 고려, A/R CDM 사업의 실물옵션 분석을 수행하였다. 인도네시아에서의 산업조림과 A/R CDM 사업의 경제성을 고전적인 비용편익분석 방법을 통해 분석한 박종호 외 (2007)의 결과와 비교, 본 논문에서는 lCDR가격의 불확실성을 반영하는 블랙-숄즈 옵 션 모형을 이용하여 사업의 경제성 분석을 수행하였다. 추정결과, 박종호 외(2007)의 A/R CDM 사업의 순현재가치는 음의 값을 나타내고 B/C 비율(B/C ratio)도 1보다 작 은 값을 보임으로써 투자 타당성이 없는 것으로 분석된 반면, 불확실성을 반영한 본 논문의 경우 옵션가치가 충분히 큰 값을 나타내

We estimate production technologies of major dairy producing regions in the U.S. The simultaneity and sample selection biases are carefully corrected following the recent development in the literature. The commonly applied control function approaches are found to be misleading in correcting for biases of coefficient estimates on flexible and quasi-fixed input variables. We show that the emerging dairy regions have relatively higher aggregate productivity than traditional regions. Dynamic decompo

This paper uses a standard non-cooperative sequential game with two homogeneous players to analyze investment options of groundwater development project in South Korea’s Jeju island. The model is constructed as an option game taking the uncertainty of water price and the irreversibility of investment into account. The results show that the threshold water price of follower increases with the investment scale of both the leader and the follower while the threshold water price for the leader decre

온실가스 감축과 기후변화 적응역량 강화를 동시에 도모하기 위하여 조림사업에 대한 관심이 높아지고 있다. 본 논문은 조림을 통한 A/R CDM 사업을 수행할 때 획득하게 되는 CER 가격의 불확실성이 존재할 때 기업의 투자여부에 대한 최적 결정모형을 연구하는데 목적이 있다. CER 가격의 불확실성으로 인한 사업의 리스크가 증가할 경우 기존의 전통적인 투자분석기법이 가지는 한계를 극복하기 위해 실물옵션 모형을 제시하되, A/R CDM 사업에 고유한 사업의 연장가능성을 고려하였다. 실증분석으로 인도네시아에서의 A/R CDM 사업을 선정하였으며, 분석 결과 A/R CDM 사업의 경제성을 확보하기 위한 CER의 최소가격기준은 약 22,199원인 것으로 도출되었다.

This paper analyzes economic performances of cooperatives relative to other types of ownership in the US electric power industry. Specifically, the paper uses a panel data of electric utilities over 2001–2013 to analyze economic performances of cooperatives relative to for-profit firms and to investigate the sources of performance differences under a model of cost minimization. The results show that investor-owned utilities are more profitable than cooperatives, but there are no significant diff

Employing the patent data over 1977-2011, this study explores the factors determining innovative activities in the US ethanol industry. We take into account both demand-side and supply-side factors, the latter of which is represented by constructed knowledge stocks, to quantify the effects of price- and policy-induced innovations. We quantify the citation generation process using patent citations and construct the simple and weighted stocks of knowledge with weights of patent productivity. We co