• Journal of Korean Society of Transportation
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• v.19 no.4
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• pp.19-33
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• 2001

In the developed countries, traffic noise is one of most serious problems faced by people's lives. So the importance of the traffic noise is quite well recognized by the infrastructure planners as well as the people. The traffic noise is valued in monetary terms in some countries and it is reflected in estimating the net present value or benefit/cost ratio. On the contrary, the effects of traffic noise are not reflected in the assessment of infrastructure in most cases in Korea. However, as the income level has been increasing, more people have been becoming to put more importance on their living conditions. The purpose of this paper is to estimate the value of traffic noise in the Seoul metropolitan area. The housing price were surveyed to use the quasi-hedonic price technique. By this way, two housing prices at the same floor level in different 128 complexes in the Seoul metropolitan area were surveyed. the actual traffic noise level was also measured. The differences of housing prices and noise levels were analyzed using the various types of regression models. The value is quite different by size of house. The value of large house is higher than that of small house. Since the income level of people in large house is higher than that in small house. it might be said that value of traffic noise for high income people is higher than that for low income people. Moreover, the increase of 1dB(A) noise affects the house price by about 0.3% in Seoul metropolitan area.

• Spatial Information Research
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• v.7 no.1
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• pp.29-37
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• 1999

Pursuing a higher quality of life, citizens are becoming mere interested in the urban landscape surrounding therm. A well maintained landscape provides visual aesthetics for people who appreciate it. However, because of the difficulty in measuring landscape value quantitatively, establishing proper strategies for the landscape management has always been a problem For these circumstances, this study was conducted with the following purposes : estimating of openness and the other useful purposes by 3D simulation program. This study also provides information useful for builder s rational price strategy.

• Journal of the Korean Institute of Landscape Architecture
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• v.37 no.2
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• pp.70-77
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• 2009

The purpose of this study is to evaluate the economic value of an urban landscape. The site of this study was Independence Park in Seoul. Before measuring economic valuation, an amount of view analysis was performed to learn the visual characteristics of the landscape. As a result, the green space ratio of the park is approximately 64%. This study estimates the intrinsic value of an urban landscape that might be included in housing prices using a hedonic price model. The hedonic price model is a statistical analysis that is often used to estimate intrinsic values of certain attributes of a product. The Box-Cox model was adopted as an analysis tool while the housing price for $3.3m^2$ was used as a dependent variable and housing and landscape features as independent variables. Results show that the value of the landscape of the Independence Park is approximately 2.2% of the housing market price. The Landscape variables of the park is the second most significant of the 8 variables. This shows that residents perceived the view of the urban landscape as one of the most significant factors in their living environment. The study also indicates that urban landscapes play important roles in improving quality of life and in influencing housing prices. The implication of the study can be said to be the potential of the urban landscape as a significant urban infrastructure. These results can be used to help make policy decisions to preserve and/or develop urban landscapes.

• Korean Business Review
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• v.20 no.2
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• pp.15-27
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• 2007

This paper analyzed the relationship between Housing Purchase Price volatility of Seoul and Housing Purchase Price volatility of local large city. Other studies investigates the effect on the observed volatility Observed volatility consists of fundamental volatility and transitory volatility. Fundamental volatility is caused by information arrival and transitory volatility is caused by noise trading. Fundamental volatility is trend component and is modelled as a random walk with drift. Transitory volatility is cyclical component and is modelled as a stationary process. In contrast to other studies, this study investigates the effect on the fundamental volatility and transitory volatility individually. Observed volatility is estimated by GJR GARCH(1,1) model. We find that GJH GARCH model is superior to GARCH model and good news is more remarkable effect on volatility than bad news. This study decomposes the observed volatility into fundamental volatility and transitory volatility using Kalman filtering method. The findings in this paper is as follows. The correlation between Seoul housing price volatility and Busan housing price volatility is high. But, the correlation between Seoul and Daejeon is low. And the correlation between Daejeon and Busan is low. As a distinguishing feature, the correlation between fundamental volatilities is high in the case of all pairs. But, the correlation between transitory volatilities turns out low. The reason is as follows. When economic information arrives, Seoul, Daejeon, and Busan housing markets, all together, are affected by this information.

• Journal of Korea Water Resources Association
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• v.46 no.3
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• pp.277-285
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• 2013

The purpose of this research is to evaluate the scenic value of the Gyungin Ara waterway in real estate prices. Apart from the multi-functionality such as transportation of passengers and freight, prevention of floods, and provision of leisure areas, the Ara waterway possesses a scenic function which offers people esthetic value through unique and beautiful scenery. This scenic function is an externality for apartment residents living nearby. The applied methodology for this research is the Hedonic Price Model (HPM) which creates a cause and effect model between real estate prices and attributes. Variables such as apartment sale prices, complex characteristics, location characteristics, timely characteristics have been deduced through data collected from a total of 4,207 households that have experienced actual transactions during the same period, all located within the scenic benefit boundaries of the waterway. Landscape variable has been derived from algorithm designed by a combination of digital map and Google Mapview. The scenic value of the waterway estimated through the application of HPM on these variables is 165,000 Won per area (pyeong). The regional asset enhancing effect caused by the landscape view of the waterway is estimated to be 89.1 billion won.

• The Korean Journal of Financial Management
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• v.23 no.1
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• pp.165-191
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• 2006

I examine the relationship between values and security designs of MBS(mortgage-backed securities), using four different types of them. To this end I consider a pass-through and three different kinds of CMOs(collateralized mortgage obligations). It turns out that the pass-through has the lowest value and that, among CMOs, that of a senior-mezzanine-subordinate design has the highest value. This implies that CMOs of a simple and extreme design, like that of a senior-subordinate design, are not likely to be the best CMOs for risk averse buyers. Another critical finding is that the optimal security design of CMOs or MBS does exist in the form of an interior solution. This indicates that MBS issuers could charge higher prices of MBS given their underlying mortgages by tailoring MBS security designs to the needs or utilities of MBS buyers, usually by removing and combining risks of component tranches of MBS. Accordingly a thorough study of realistic utility functions of MBA buyers could enhance the values or prices of MBS to be issued.

• Journal of the Korean Institute of Landscape Architecture
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• v.43 no.2
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• pp.1-12
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• 2015

This study explores urban gardening and garden culture in residential area as an everydayness that has been overlooked during the modern period urbanization and investigates the meaning and value of urban gardening from the perspective of urban formations and growth in spontaneous urban residential area, Haebangchon. The result identified that urban gardening as a meaning of contemporary culture is a new clue to improving the urban physical environment and changing the lives and community network of residents. Haebangchon is one of the few remaining spontaneous habitations in Seoul, and was created as a temporary unlicensed shantytown in 1940s. It became the representative habitation for common people in downtown Seoul through the revitalization of the 60s and the local reform through self-sustaining redevelopment projects during the 70s through the 90s. This area still contains the image of times during the 50s to the 60s, the 70s to the 80s and present, with the percentage of long-term stay residents high. Within this context, the site is divided into third quarters, and the research undertaken by observation and investigation to determine characteristics of urban gardening as an everydayness. It can be said that urban gardening and garden culture in Haebangchon is a unique location culture that has accumulated in the crevices of the physical condition and culture of life. These places are an expression of resident's desires that seeking out nature and gardening as revealed in densely-populated areas and the grounds of practical acting and participating in care and cultivation. It forms a unique, indigenous local landscape as an accumulation of everyday life of residents. Urban gardens in detached home has retained the original function of the dwelling and the garden, or 'madang', and takes on the characteristic of public space through the sharing of a public nature as well as semi-private spatial characteristic. Also, urban gardens including small kitchen garden and flowerpots that appear in the narrow streets provide pleasure as a part of nature that blossoms in narrow alley and functions as a public garden for exchanging with neighbors by sharing produce. This paper provides the concept of redefining the relationship between the private-public area that occurs between outside spaces that are cut off in a modern city.