이 연구는 한국의 유가증권시장과 코스닥시장의 비금융업종 기업을 대상으로 기업의 비대칭적 환노출과 기업의 주가급락위험 간의 관계를 분석하였다. 분석 기간은 2009년부터 2021년까지이다. 분석 결과 환율이 상승하는 경우 주가가 크게 하락하는 특성의 비대칭적 환노출이 있는 기업의 경우 주가급락위험이 감소하는 결과를 확인하 였다. 이러한 결과는 환율이 상승하는 경우 기업의 주가가 하락하는 정도가, 환율이 하락하는 경우 주가가 상승 하는 정도보다 큰 것으로 시장에서 확인되어 있는 경우 경영자는 환율 상승과 주가 하락에 관련된 정보를 은닉하기 보다는 환노출을 관리하는 선택을 하게 되고, 시장에서도 이러한 기업들의 환율변동과 주가 간의 관계에 관심을 갖게 되어 환율변동의 영향이 신속하게 주가에 반영되기 때문에 주가급락위험이 오히려 감소하는, 비대칭적 환노출 의 주가급락위험 감소 효과가 나타나기 때문인 것으로 판단된다. 그러나 평균적인 관계와는 달리 비대칭 환노출이 있는 기업의 경우 환율 상승에 따른 주가급락위험 증가의 가능성이 있음도 확인할 수 있었다. 이 연구의 분석 결과 는 환노출이 있는 기업의 경우 환노출과 관련된 정보를 시장에 충분히 공지하는 것이 주가급락위험 예방의 차원 에서 중요할 수 있음을 확인시켜 준다.

본 연구에서는 대파의 가락시장 도매가격을 이용하여 기존 시계열 모형인 ARIMA 모형, 홀트-윈터스 평활법과 대표적인 기계학습 방법인 랜덤 포레스트(Random forest) 분석 기법의 가격 예측력을 비교하였다. 세 모형의 예측력을 분석한 결과는 다음과 같다. 가장 예측력이 높게 나타난 모형은 3년(36개월)을 주기로 설정한 ARIMA 모형이었다. 또한 ARIMA 모형과 홀트-윈터스 평활법은 일별 데이터보다 월별 데이터를 이용한 예측 결과의 정확도가 더 높아 훈련 데이터에 대한 과적합(overfitting)이 오히려 예측력을 낮추는 현상을 보였다. 반면, 랜덤 포레스트는 월별 데이터 보다 일별 데이터를 사용한 모형의 예측력이 더 높았다. 이는 학습량이 많을수록 높은 예측력을 보여주는 기계학습의 특징을 보여주었다. 그러나 기계학습 방법을 활용한 가격 예측에는 가격에 영향을 주는 설명변수를 찾고, 양질의 훈련 데이터 축적이 필요하다는 것을 알 수 있었다. 향후 연구에서는 다양한 설명변수와 기계학습 및 딥러닝 기법을 적용한다면 농축산물 가격 예측력을 높이는데 도움이 될 것으로 판단된다.

Although the phenomenon of lead categories is well-documented in the marketing literature, our understanding of this important store choice factor remains limited. Lead categories are defined as those product categories that are so important for the shopping trip that they influence the consumer’s store choice decision. The purposes of this paper are to offer theoretical bases that explain why lead categories form and to understand how overall images of product quality, selection, and price affect lead category formation. The authors use theories of anchoring effects and automatic cognitive processing to offer theoretical explanations regarding why consumers form lead categories and how overall images of product quality, selection, and price affect lead category formation. Using survey data collected from consumers at two grocery stores, the authors find that positive overall product quality and selection images facilitate lead category formation and that an overall low-price image hinders it.

To reduce food waste at the retail and personal consumption stages, discounts are offered in retail channels to encourage consumers to buy goods that are less attractive or close to their expiry dates. While discounts can encourage consumers to accept and purchase suboptimal foods, previous studies find that low prices or price discounts will make consumers produce positive or negative perceptions of product values. Consumers may increase their purchase intentions due to price concessions, but will think that price reductions are caused by quality degradation and thus reduce their purchase intentions. Additionally, the literature rarely explores the interaction between original prices of suboptimal products and discount presentation modes. This study thus contends that the interaction between original prices of goods and discount types will lead to significant differences in consumers' attitudes and purchase behavior toward suboptimal products. For research goals, this study employed a full factorial between‐subjects experiment designed with 2 original prices (High and Low) × 2 discount presentation modes (Discount percentage and Discounted price). An anonymous web-based questionnaire posted on the popular PTT forum and in Facebook and Instagram related communities is used to collect the data, and then a total of 328 valid questionnaires were finally collected. The findings indicate that attitudes and purchase intentions toward suboptimal food with a low original price is significantly higher than that of a high original price. Among the interaction effects, the means of attitudes and purchase intentions on the level of the low original price of suboptimal foods presented by discount percentage are higher the other three types. For the high original prices of suboptimal foods, the means of attitudes and purchase intentions on the level of discounted price are higher than for discount percentage. Based on these findings, this study demonstrates that consumer attitudes and purchase decision-making toward suboptimal foods are shaped by original prices and discount presentation modes. In Asia-Pacific countries such as Taiwan, consumers are price-sensitive but once a food item belongs to the category of suboptimal foods, their perceptions of discounts become different. Consumers’ attitudes toward that food and their willingness to buy may be moderated by the high or low original price of suboptimal food with the levels of discount presentation mode. Thus, based on the analysis and results of this study, we offer fresh findings and make both theoretical and managerial contributions to the related field of suboptimal food marketing and price discounts.

Internal reference price (IRP) is conceptualized as ‘a dynamic, internal price to which individuals compare the offered price of a product or service’. For this internal price, multiple conceptualizations and operationalizations have been proposed. This study finds heterogeneity in the use of reference price cues when consumers form an IRP and stablishes that seven distinct segments with different approaches can be can be distinguished.

Central to retail therapy is the notion that stress can be eased by simple browsing, which produces immediate and positive psychological effects through shopping. In the Philippines, retailers are slowly adopting omnichannel strategies as a response to the fundamental shift to online retailing. However, during the pandemic, shoppers resorted to retail therapy to appease emotions and senses. This might explain how the Filipino deserve ko ‘to (I deserve this) mindset can be a form of self-gifting that may relate to retail therapy.

To broaden the utilization of nuclear energy, uranium as a fuel should be mined indispensably. Mining accounts for the largest portion of the cost of producing the uranium assembly. Therefore, this study analyzes the trends of uranium prices, which have a significant impacts on the mining cost. Uranium production contributing to the price fluctuations is explained in five periods from 1945 to the present. Moreover, the series of events affecting uranium prices from the 1970s until the present are verified. Among them, the most recent incidents considered in this study are the following: COVID-19 pandemic, Kazakhstan unrest, and Russia-Ukraine war. European countries have started to reconsider the transition to nuclear power to reduce their dependence on Russian oil and gas, which has contributed to the surge in uranium prices. Based on the results of this study, various international issues have been closely associated with the nuclear power industry and uranium, affecting the production of uranium and its price.

본 연구는 국내 플라워숍에서 절화의 판매가격표시제도를 활용하는 것에 대한 소비자와 판매자의 인식 및 만족도를 알 아보고 국내 화훼시장에서의 효과적인 판매가격표시제도의 활용방안을 모색하고자 국내 소비자 237명, 판매자 32명을 대상으로 설문을 진행하였다. 소비자와 판매자 모두 절화의 가격이 절화 상품의 포장법과 함께 가장 높은 구매 결정 요인 으로 나타났다. 플라워숍의 절화 판매가격표시제도 활용 장점 에 대해 소비자가 판매자보다 높게 인식하고 있었으며, 소비 자와 판매자 모두 판매가격표시제도를 활용함으로써 소비자 의 합리적인 절화 소비 및 절화 가격 신뢰에 가장 큰 도움을 준다고 응답하였다. 소비자는 절화 판매가격표시제도에 대한 불편한 점이 모두 보통(3.00) 이하로 나온 것에 비해, 판매자 의 경우 매번 바뀌는 가격(4.25) 및 가격 표기 기준의 애매함 (3.78), 가격 표기의 번거로움(3.69)을 불편한 요인으로 인식 하였다. 효과적인 판매가격표시제도 방법에 대한 설문에서 소 비자는 한 송이, 한 단 보다는 3~4줄기의 한 묶음씩 판매를 선호하였고, 판매자는 판매 단위에 따른 선호 차이가 없었다. 가격 표시 방법에는 소비자와 판매자 모두 화병에 가격을 표 시하는 것을 가장 선호하였다. 전반적인 절화 판매가격표시제 도에 대하여 소비자들은 판매자들이 기대하는 이상으로 만족 도가 높았으며(P<0.001), 특히 절화 품질(3.75)보다도 절화 가격(3.97)에 대한 만족도가 더 높아지는 것으로 나타났다. 이 를 통해, 절화 판매가격표시제도가 활성화된다면 소비자들의 절화 가격에 대한 신뢰도와 만족도를 높여줄 것이며 국내 화 훼산업 활성화에 도움이 될 것으로 판단한다.

This paper analyzed the price stabilization before and after the fisheries outlook project for seaweed, flatfish, and abalone. First, the stabilization effect was analyzed through the price variation coefficient before and after the observation project. In terms of the variation coefficient, there was no effect that the price was stabilized through the seaweed outlook project. However, it can be seen that flatfish and abalone have a price-stabilizing effect. Second, as a result of analyzing the price stabilization effect through the improved ARMA-T-GARCH model, it was confirmed that seaweed was not statistically significant while flatfish and abalone had a price stabilization effect by statistically significantly reducing volatility of real prices after the introduction of the fisheries outlook project. Third, as a result of analyzing the factors affecting price stability, it was found that the price of seaweed was stabilized after the WTO, but the Japanese earthquake expanded the price volatility. In the case of flatfish, it was analyzed that the price stabilized after the WTO and the Great Japanese Earthquake. Finally, the price of abalone has stabilized since the WTO and the Great Japanese Earthquake.

The study was aimed to investigate the operational meal costs by kindergarten size in Seoul and to analyze recognition for optimal meal prices. A survey (31.6% recovery rate) was conducted on all kindergartens (779 kindergartens) in Seoul on April 2021 using descriptive analysis, t-test, and dispersion method. A price sensitivity measurement (psm) method was used to determine optimal meal prices. Result showed an average food cost for kindergartens of 2,647 won, an average labor cost of 605 won, an average operating cost of 146 won, and the total meal cost of 3,506 won. Total meal cost decreased with increasing kindergarten size (p<0.001). On the other hand, kindergartens with more students decreased the ratio of food cost to total meal cost, and operating cost and labor costs (p<0.001) increased. The optimal price of kindergarten operators' meal cost (OPP) was KRW 3,673. Furthermore, the analysis showed the sensitivity of operators' meal costs to kindergarten size was insignificant.

하도급거래의 현실은 수직적 구조를 특징으로 하기 때문에 계약관계에서 우월적 지위가 전제된다. 이러한 구조적 문제점으로 인한 불공정 하도급거래행위를 억제하고 공정한 하도급거래 시장 환경을 구축하기 위한 다양한 제도적 장치가 마련되어 왔다. 하지만 경제나 기술적 환경, 노동시장의 변화 등으로 인하여 하도급계약을 둘러싸고는 여전히 많은 쟁점이 도출되고 있으며 이에 대한 제도적 접근에 대한 논의가 진행되고 있다. 최근 논의가 활발해지고 있는 납품 단가 연동제 역시 COVID-19나 우크라이나 사태와 같이 평소 예기치 못한 특별한 사정이 발생하여 원자재 가격 등이 상승함으로 발생한 위험을 하도급 계약의 당사자 간에 어떻게 분담할 것인가에 대한 논의를 다시 촉발시켰다. 원자재 가격 등이 급등하여 하도급계약에서 정한 제품이나 용역을 제공하기 위해 필요한 비용이 크게 증가하였음에도 불구하고 납품단가에 대하여 다시 검토하지 않는 것은 원사업자의 우월적 지위를 남용하여 수급사업자에게 실질적 으로 하도급계약을 통한 대가를 인하하는 것과 같은 불이익을 주게 될 수 있다.이러한 점을 고려하면 현행 조정협의제의 실효성에 한계가 노정된 경우 납품 단가 연동제를 통한 보완책을 마련하는 것은 고려할 수 있는 하나의 대안으로 생각된다. 그러나 건설 하도급거래는 전통적으로 도급계약이 가장 많이 활용되는 분야이다. 아울러 건설공사는 통상의 제조업과는 달리 정형적인 제품을 일률적으로 생산 하는 것이 아니라 발주자의 수요에 따라 다양한 형태의 생산물이 요구된다. 그리고 건설공사의 수직적 구조에 참여하는 다양한 건설주체들에 의해 만들어 지는 중간생산물이 긴밀하게 연계되어 최종 생산물을 완성하게 된다. 결국, 건설공사를 이루는 수직적 구조에서는 참여자 간에 협의 및 조정을 통한 협력이 매우 중요하다. 따라서 하도급대금의 조정에 관한 입법정책은 계약의 당사자들 간의 자발적 협의 및 조정을 강화할 수 있는 방향으로 설계되고 운용되는 것이 바람직할 것이다.

The purpose of this study is to compare short-term price predictive power among ARMA ARMAX and VAR forecasting models based on the MDM test using monthly consumer price data of frozen mackerel. This study also aims to help policymakers and economic actors make reasonable choices in the market on monthly consumer price of frozen mackerel. To analyze this study, the frozen wholesale prices and new consumer prices were used as variables while the price time series data were used from December 2013 to July 2021. Through the unit root test, it was confirmed that the time series variables employed in the models were stable while the level variables were used for analysis. As a result of conducting information standards and Granger causality tests, it was found that the wholesale prices and fresh consumer prices from the previous month have affected the frozen consumer prices. Then, the model with the highest predictive power was selected by RMSE, RMSPE, MAE, MAPE, and Theil’s inequality coefficient criteria where the predictive power was compared by the MDM test in order to examine which model is superior. As a result of the analysis, ARMAX(1,1) with the frozen wholesale, ARMAX(1,1) with the fresh consumer model and VAR model were selected. Through the five criteria and MDM tests, the VAR model was selected as the superior model in predicting the monthly consumer price of frozen mackerel.

The purpose of this study was to analyze the operators' perception of the allowable price range and the optimal price of kindergarten meals by using the PSM (price sensitivity measurement) technique and provide basic data on calculating kindergarten meal costs reflecting realistic meals. From April to May 2021, 779 kindergartens in Seoul were surveyed, based on 246 (31.6%) of the respondents. According to the survey, kindergarteners spent 3,506 won for meals on average, followed by 3,822 won for kindergarten attached to elementary school, 3,316 won for public kindergartens, and 2,896 won for private kindergartens (p<0.001). The allowed price range for the kindergarten meal service workers was estimated at 3,447~3854 won, 3,447 won for PMC (Point of Marginal Cheapness), and 3,854 won for PME (Point of Marginal Expensiveness). The appropriate cost of the kindergarten meal service provider was 3,950 won for kindergartens attached to elementary school, 3,425 won for public kindergartens, and 3,546 won for private kindergartens.

The purpose of this study was to investigate the perception of the quality of school meals by parents of kindergarten children in Seoul, analyze the acceptance price and the optimal school meal cost using PSM (price sensitivity measurement) techniques, and provide basic data for improving the quality of kindergarten meals. The survey was conducted using descriptive statistics and PSM analysis of the responses of 1,272 parents of 779 kindergarten children belonging to the Seoul Metropolitan Office of Education from April to May 2021 and prior research analysis related to kindergarten meals. 74.1% of the parents surveyed were women, with 61% of children attending kindergartens attached to elementary schools, followed by private kindergartens (28.9%) and public kindergartens (10.1%). According to a study of the quality of meals, private kindergarten parents are highly satisfied with all the quality attributes of meals, such as “sanitation of dining environment” and “nutritionally balanced food” (p<0.001, p<0.01). The analysis of the acceptance price range and the optimal price for school meals showed that there was no significant variation based on the type of kindergarten establishment, with parents' acceptance price range ranging from 3,596 won to 4,454 won with an optimal price of 3,948 won.

중국에는 상장지수펀드(ETF)와 함께 상장개방형펀드(LOF)라는 특유의 펀드 형태가 존재한다. LOF는 증권 거래소에 상장되어 거래된다는 점에서 ETF와 비슷하지만, 지수 추종과 더불어 적극적 운용이 가능하다는 점에서 차이가 있다. 본 연구는 2012년 1월부터 2020년 6월까지 중국의 CSI300지수를 추종하는 ETF와 LOF를 대상으로 가격 효율성을 분석한다. 실증분석 결과는 다음과 같다. 첫째, 시장가격과 순자산가치(NAV)의 상대적 차이(괴리율)는 ETF보다 LOF에서 크게 나타난 반면, 펀드 유동성은 ETF보다 LOF에서 작게 나타났다. 둘째, ETF 와 LOF의 일별 가격 괴리율은 자기상관을 보여 ETF 혹은 LOF의 가격과 NAV 차이를 이용한 차익거래 기회가 단시일 안에 해소되지 않고 있다는 점을 시사한다. 셋째, ETF와 LOF의 비유동성은 괴리율의 자기상관성과 펀드 규모, 가격 변동성, 모멘텀 등을 통제하고 난 뒤에도 가격 괴리율에 유의한 양(+)의 영향을 미치는 것으로 나타났다. 연구에 강건성을 확보하기 위해 2단계 GMM(Generalized Moment of Method)을 적용하여도 결과는 일치했다. 본 연구는 유동성이 ETF 및 LOF 가격 효율성의 중요한 결정요인이 된다는 점과 더불어 ETF 대비 낮은 가격 효율성이 LOF 시장의 성장을 저해하는 요인으로 작용한다는 점을 시사한다.

The information products dramatically reduce the production costs of vertically differentiated products. Information products are also more likely to be affected by network externalities. Thus the proliferation of digital products is increasing the interests in network externality and vertical product differentiation. In step with this trend, the impact of network externalities on price competition in vertically differentiated markets has been continuously studied. Existing studies related to this topic have assumed that network externalities increase consumers' willingness to pay per unit quality. The results show that higher quality products are affected more by network externality. However, network externality is essentially a concept affected by the size of the consumer, not a concept associated with quality. In this work, unlike previous studies, we present a new market model that reflects the essential definition of network externality. Based on the proposed market model, we derive both simultaneous and sequential Nash equilibria and analyze them numerically. The main results obtained from the analysis can be summarized as follows. First, network externalities primarily increase the demand for low-quality products and have a secondary impact on the demand for high-quality products. Second, the larger the quality difference between products, the more profitable they are. It also has been shown that sequential pricing methods are more advantageous in terms of revenue than simultaneous pricing method.

The purpose of this study is to identify the leading price between Jeju and Wando’s oliver flounder producer price and to analyze the dynamic effect of the regional producer price using the panel VAR model. In the process of analysis, it was confirmed that there are unit roots in the monthly data of Jeju and Wando’s oliver flounder producer price. So, in order to avoid spurious regression, the rate change of producer price which carries out log difference was used in the analysis. As a result of the analysis, first, the panel Granger causality test showed that the influence of the change rate of producer price in oliver flounder in Jeju was slightly larger than that in Wando, but it was found that each region all leads the change rate of the producer price in oliver flounder. Second, the panel VAR estimation showed that the rate change of producer price in Jeju and Wando a month ago had a statistically significant effect on the change rate of producer price of each region. Third, the impulse response analysis indicated that other regions are affected a little more than the same region in case of the occurrence of the impact on the error terms of the change rate of produce price in Jeju and Wando oliver flounder. Fourth, the variance decomposition analysis showed that the change rate of producer price in the two regions was higher explained by Jeju compared to Wando. In conclusion, it is expected that the above results can not only be useful as basic data for the stabilization of oliver flounder producer price and the establishment of policies for easing volatility but can also help the oliver flounder industry operate its business.

Eco-friendly consumption is a prominent trend in the fashion industry, by which many firms attract the interest of consumers using a green marketing strategy. However, “greenwashing” (caused by distorted, exaggerated, and false information) gives rise to consumer confusion. The purpose of this study is to investigate the effect of consumer confusion and value on price sensitivity and purchase intention. Data was collected from 228 respondents using a questionnaire that was distributed to consumers living in Seoul and Kyunggi, South Korea. The data was analyzed by factor analysis, regression analysis, and Cronbach’s alpha using SPSS 23.0. The results were as follows: First, factor analysis showed the consumer value variable was significantly categorized in altruistic and self-expressive values. All variables (altruism, selfexpression, consumer confusion, price sensitivity, and purchase intention) were shown to have significantly good internal validity. Second, altruistic consumer value was shown to positively affect the purchase intention of eco-friendly fashion products, but self-expressive consumer value had no significant effect. Third, consumer confusion on eco-friendly fashion products had a negative effect on purchase intention. Fourth, altruistic and self-expressive consumer values had no effect on price sensitivity. Fifth, consumer confusion on eco-friendly fashion products positively affect price sensitivity. Sixth, price sensitivity on eco-friendly fashion products had a negative effect on purchase intention. Therefore, fashion firms should provide a certified green mark to consumers to eliminate confusion and deliver the right message without greenwashing. Moreover, fashion firms should develop green marketing strategies that are more focused on altruistic consumers.

The purpose of this study was to examine the relationship between the regular selling price and nutrient contents of foods used for special medical purposes in Korea. This study investigated the regular selling price and nutritional composition of 114 enteral nutrition (EN) foods on the manufacturer’s internet homepage. The average price of the total products was 1,156.0 won/100 mL. The price of foods used for calorie and nutrient supplementation (CNS) was significantly higher compared to that of the other EN food types (p<0.01). With respect to the nutritional content per 100 mL of the product, EN foods for CNS had significantly higher contents of energy, protein, 5 minerals, and 7 vitamins than the other EN food types. On comparing the nutritional contents of foods according to the price, the balanced nutrition foods showed significantly higher contents of energy, carbohydrate, protein, 3 minerals, and 7 vitamins in high-priced products than in low-priced foods. Summarizing these results, foods for CNS were approximately twice as expensive as the other EN foods, and the energy, protein, mineral, and vitamin contents were also high. Balanced nutrition foods had higher nutrient contents in high-priced products, which showed the relationship between the product price and nutrient content.

본 연구는 송아지 경매가격에 영향을 미치는 환경적인 요인 및 친자확인의 효과에 대하여 검정해 보고자 경남 G지역 송아지 경매시장에서 거래 된 6 ~ 10개월령 사이의 수송아지 12,668두의 데이터를 이용하여 일반분석과 분산분석 및 유의성검정을 실시하였다. 경매가격과 체중에 대한 환경효과 분석을 실시하였고 독립변수로는 경매년도, 경매월령 및 친자확인결과를 분석하였다. 분석한 경매가격과 체중에 대한 분산분석의 결과는 경매년도, 경매월령 및 친자확인결과에서 모든 효과가 고도의 유의성(p>0.01)을 보이고 있었다. 유의성검정 결과에서 경매가격과 체중에 대한 도축년도의 효과는 경매가격이 경매년도가 지남에 따라 유의적으로 높아지는 추세를 보였다. 경매가격과 체중에 대한 경매월령의 효과에서 경매가격은 7~8개월령인 송아지가 유의적으로 가장 높게 나타났고 월령이 높아질수록 가격이 낮아지는 추세를 보이는 반면 체중은 높아지는 추세를 보이고 있었다. 경매가격 과 체중에 대한 친자확인의 효과에서 경매가격은 친자일치가 유의적으로 가장 높게 나타났지만 미분석과 유의적인 차이가 없었고, 체중은 친자일치가 유의적으로 가장 낮게 나타났다. 경매가격에 대한 경매년도와 친자확인결과의 효과에서 2016년까지 유의적인 차이가 없었지만 2017년부터는 친자일치 개체가 유의적으로 가장 높게 나타나기 시작했다. 경매가격에 대한 경매월령과 친자확인결과의 효과에서는 전체적으로 친자부정이 유의적으로 낮게 나타났고 일치와 미분석은 대부분은 유의적인 차이를 나타내지 않았지만 7개월령의 경우에는 친자일치가 유의적으로 높게 나타났다.