• Environmental and Resource Economics Review
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• v.27 no.1
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• pp.105-138
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• 2018

This paper reports novel empirical results of a choice experiment that elicited the economic values that residents in the Seoul metropolitan area place on the amenity services realized from the landscape views and accessibilities to urban green spaces (i.e., mountains, rivers and urban parks). The 1,000 respondents in the sample were divided into two residential of housing types (apartments vs. houses) and occupancy types (owners vs. tenants). Residents living in apartments are willing to pay an average of 28% (5.0 million KRW per year) above the current housing prices per household for a mountain view, compared to an apartment view from their living room. Their willingness to pay values are about 22% (4.0 million KRW per year) and 10% (1.8 million KRW per year) respectively for a river view and a urban park view. Economic benefits of having access (i.e., a 10 minutes working distance) to mountains, rivers and urban parks are estimated to be an average of 16% (2.9 million KRW per year), 20% (3.6 million KRW per year) and 18% (3.2 million KRW per year), respectively, above the current housing prices per household. On the other hand, access benefits for those residing in houses are 18% (4.7 million KRW per year), 16% (4.1 million KRW per year) and 22% (5.6 million KRW per year) per household, respectively. They are also willing to pay an average of 35% (8.9 million KRW per year) above the current housing prices for keeping or having a garden or vegetation bed. Furthermore, a strong "greenspace premium" is centered around the three Gangnam districts for house-dwellers, whereas it is areas of "new real estate boom" for apartment dwellers.

• Korea Real Estate Review
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• v.28 no.1
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• pp.91-104
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• 2018

In this study, the occurrence and degree of herding behavior as a market participant behavior in a housing market were analyzed. For the analysis method, the actual sales price was applied in the CSAD (Cross-sectional Absolute Deviation) model, which has been used the most of late for herding behavior analysis. For the analysis contents, these were subdivided into region, elapsed year, size, and market condition to analyze the regionality and the internal and external factors. For the study results, first, there was no herding behavior in the entire region of Seoul. By region, herding behavior occurred in the downtown, southeast, and northwest regions, which coincided with the results of the precedent study (Ngene et al., 2017). Second, in the market analysis by elapsed year, herding behavior was captured in dilapidated dwellings. By size, herding behavior was observed in small-scale ($60m^2$ or less) apartments and in $85m^2$ or higher and less than $102m^2$ national housing units. Third, during the time of the global financial crisis, herding behavior was not observed in all the regions, whereas when the market situations were in a boom cycle, it was observed in the northwest region. These results suggest that there is a difference from the stock market, where in a period of recession, herding behavior occurs intensively with the expanding fear of incurring losses. This study is significant in that it analyzed the market participant behaviors in the behavioral economic aspects to better understand the abnormal phenomenon in a housing market, and in that it additionally provides a psychological factor - market participant behavior - in market analysis.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.480-488
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• 2016

As the subprime mortgage crisis spread globally, it depressed not only the financial market, but also the construction business in Korea. In fact, according to CERIK, the BSI of the construction businesses plunged from 80 points in December 2006 to 14.6 points in November 2008, and the extent of the depression in the housing sector was particularly serious. In this respect, this paper analyzes the influence of the financial market fluctuation on the housing market before and after the Global Financial Crisis using VECM. The periods from January 2000 to December 2007 and January 2008 to October 2015, before and after the financial crisis, were set as Models 1 and 2, respectively. The results are as follows. First, when the economy is good, the Gangnam housing market is an attractive one for investment. However, when it is depressed, the Gangnam housing market changes in response to the macroeconomic fluctuations. Second, the Gangbuk and Gangnam housing markets showed different responses to fluctuations in the financial market. Third, when the economy is bad, the effect of low interest rates is limited, due to the housing market risk.

• Food Science and Preservation
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• v.11 no.1
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• pp.122-125
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• 2004

Factor analysis is estimated using housewives's intention data in Seoul province. Rice consumers considered safety, high nutritive value, shape and cultivation region as important factors in buying rice. The factors of food safety are brand and quality certification mark. The differences of two housewife groups on safety factor are caused by residence type, employment existence and residence region. The marketing strategies for rice containing food safety target housewives living in apartment, Gang Nam region. Also selling extension for target consumers housewives should be employed.

• Journal of the Korean Society of Food Culture
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• v.3 no.2
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• pp.163-175
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• 1988

The purpose of this study was to find out the utilization status of Korean rice-cakes and the evaluation degrees of their commercial products by subjects. The subjects were 530 housewives lived in Seoul, Deajeon, Youngju city, and Secheon khun. We conducted this survey from November 16 to 28, 1987 by questionnaire method. The results obtained can be summarized as follows; 1. In the subjects' home, 37 kinds of Korean rice-cakes were used. All of them, Inchelmi (67.9%), Songpyeon (66.6%), Whinddeg (51.4%) and Gaepiddeg (43.4%) were frequently used. 2. All of ceremonial days, Korean rice-cakes were used most frequently on the wedding day but they were used scarecely on the funeral day. 3. On the birth day of children and adults, cakes were used more frequently than Korean rice-cakes. 4. All of Korean festival days, Korean rice-cakes were used most frequently on New Year's day. 5. In the future, most housewives (61.7%) hoped to make the Korean rice cakes of themselves at home. 6. Convenience (65.8%) was the most favored cause purchasing the commercial products but many housewives (44.3%) wanted to make the Korean rice-cakes of themselves at home. 7. All the quality properties of commercial products, taste and color property were favored and price, package, storage and hygienic property were poorly evaluated by housewives. 8. The evaluation about color property of commercial products were affected by resident place variable of housewives (P<0.05) and hygienic property were affected by resident place and academic career variable of housewives significantly (P<0.01). And package property of them was affected by dwelling house type significantly. (P<0.05) 9. Housewives indicated that commercial products were improved hygienic property (37.0%), price (23.8%), package (15.6%), taste (11.1%), storage (10.1%) and color (2.4%) in order.