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An Analysis of Social Economy of A Culture & Arts Center Using Real Option Method

Culture & Arts centers have been dramatically increasing due to the governmental policies and increasing demands of using them for the recent years. However, there have been some problems from the central and local governments’ manipulations for achievements or patronization that they can’t play a role not fit to their original purposes. As reflecting the fact, the operating status by culture & arts centers are different, and it is expected that such institutes shall be built strictly based on the social economy in future. This study aims at presenting the analysis of social economy using real option method could be usefully utilized with considerations on irreversibility and uncertainty of investment on culture & arts centers, and convenience of investment. Therefore, the binomial option model of real option methods was applied for simulation on the culture & art center in Daejeon. As a result of the analysis, in the case of the culture & arts center, when considering its ‘operational expansion option’ at specific time, its economy would be highest with accomplishment of the economies of scale.