We analyzed the effects of drought on rice production and its economic effects. The results show that rice yields decrease by 3.0% (0.7%) when the number of days of “very severe” (“severe”) drought increases by one. However, we also found that the effects of drought decreased continuously from 2011 to 2015. Specifically, even though the drought in 2015 was more severe than the drought in 2011, the marginal effect of drought on rice yield in 2011 (-0.08%) was larger than that in 2015 (-0.02%). This result reflects the effects of the enhancement of agricultural technologies and the adaptive capacity to drought. An analysis of a regional input-output table shows that the economic losses due to “severe” or “very severe” drought were about 27.6 billion KRW in 2011, 1.1 billion KRW in 2012 and 2014, and 13.2 billion KRW in 2015. Also, we found that the negative economic effects of drought would spread over nearby provinces due to economic linkages among provinces. For example, when crop production in Incheon decreases by 1% due to drought, the total production of Seoul and Gyeonggi province decreases by 0.08% and 0.06% respectively.

As Statistics Korea replaced the beef statistics with beef traceability data from September 2017, it is necessary to develop an economic model of Hanwoo based on the data. This study developed an advanced supply-demand model of Hanwoo by utilizing endogenous advantages of the data. The model was constructed by using a mixture of the cohort factor method and econometric method. We estimated cohort factors, such as mortality, slaughter, and sex ratio at birth, and attempted to build a stable model using the cohort factors. On the other hand, the econometric methods were used because the farm household's intention to breed and slaughter as well as the intention of consumption are determined by various economic factors. The model developed in this study is expected to be useful as a tool to forecast the Hanwoo market and establish the preemptive supply and demand policies.

This study examines the theoretical background of the hedonic price model based on consumer utility maximization and producer profit maximization. The objective of this study is to evaluate the characteristics value of cheese and analyze willingness to pay for the cheese characteristics with the hedonic price model. This study provides implications for strengthening the competitiveness of domestic cheese, which can actively respond to changing domestic and international conditions in the dairy market. The price elasticity of the packaged unit has a relatively large impact on consumers' willingness to pay. The WTP for non-antibiotic and organic cheese is higher than the non-certified cheese. Domestic brands have a lower price premium than imported brands. Also, America's crude cheese is the cheapest, followed by Oceania and the EU, and the preference for natural cheese is higher than processed cheese. In addition, it is estimated that cooking cheese has a lower price premium than ordinary cheese.

The purpose of this study is to analyze the characteristics of kimchi procurement channels. The study uses raw data of the 'Food Consumption Behavior Survey in 2017' conducted by the Korea Rural Economic Institute. Among various socio-economic factors, age, personal income, gender, household structure, frequency of taking food away from home are selected as explanatory variables. In order to analyze the factors affecting the characteristics of kimchi procurement channels, a multinomial logit model was used. The results showed that the factors affecting kimchi procurement channels were gender and age of food purchaser in the household, household income, household structure, and frequency of taking food away from home.

Seniors need specially processed foods because of their vulnerable appetite. Their ability to take foods is relatively weak, which disturbs their nutritional balance. However, the food industry is reluctant to conduct research and development for senior-friendly foods due to the low income level of the elderly and uncertain market prospects. This study adopts a contingent valuation method to examine elderly people's willingness-to-pay for various types of senior-friendly foods and related government services. Based on the results, expected welfare that could be generated through development of the senior-friendly food market in South Korea is derived. The magnitude of the estimated willingness-to-pay and expected welfare may provide the central government as well as the food industry with a motivation to involve in the senior-friendly food market in terms of product development and food policy.