• 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 Journal of the Korea Contents Association
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• v.13 no.12
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• pp.369-378
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• 2013

The Korean Won-Dollar exchange markets showed radical price movements in the late 1990s and 2008. Therefore it provides good sources for studying volatility phenomena. Using the GARCH option models, I analysed how the prices of foreign exchange options react volatilities in the foreign exchange spot prices. For this I compared the explanatory power of three option models(Black and Scholes, Duan, Heston and Nandi), using the Won-Dollar OTC option markets data from 2006 to 2013. I estimated the parameters using MLE and calculated the mean square pricing errors. According to the my empirical studies, the pricing errors of Duan, Black and Scholes models are 0.1%. And the pricing errors of the Heston and Nandi model is greatest among the three models. So I would like to recommend using Duan or Black and Scholes model for hedging the foreign exchange risks. Finally, the historical average of spot volatilities is about 14%, so trading the options around 5% may lead to serious losses to sellers.

• Korean Journal of Construction Engineering and Management
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• v.21 no.1
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• pp.12-20
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• 2020

To estimate collusion effects on bid award in Public Construction works, this paper uses Logit Model, which is a choice variable model. Price, design, competition, and other factors are included, with a special focus on collusion, as independent variables in the model. The empirical results are as follows. First, collusion has little effects on bid award, but great impacts on bidding behavior. Secondly, the score of design is the most important and significant factors among all variables. Thirdly, competition has also significant effects on bid award. Finally it is analyzed that institutional framework and characteristics of public work have some effects on bidding award.

• Journal of Korean Society of Transportation
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• v.20 no.3
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• pp.93-103
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• 2002

우리 국민의 교통수요행태를 분석하기 위하여 준이상수요체계(almost ideal demand system) 함수형태의 집계교통수요모형을 설정하였다. 대중교통수단으로서 시내버스, 시외버스, 택시, 기차, 전철이 그리고 개인교통수단으로서 연료비가 포함되었으며, 기타재화 및 서비스에 대한 소비지출이 함께 추정되었다. 추정에 이용된 자료는 통계청의 "도시가계연보"에 수록된 '전국 도시가구 소비지출'과 "물가통계"에 수록된 '전국 도시소비자 물가'이다. 추정결과 모형의 설명력을 나타내는 수정결정계수(adjusted-$R^2$)는 대부분 0.9 내외에서 높게 나타났다. 추정계수는 총 51개중에서 25개가 5% 수준에서 유의한 것으로 나타났다. 추정된 계수값을 이용하여 가격탄력성과 소득탄력성을 구하였다. 자기가격탄력성과 소득탄력성 추정치는 조금 높기는 하나 부호와 상대적 크기가 모두 예상과 일치하고 다른 연구결과들과 유사한 범위에 있다. 연료비에 대한 소득탄력성은 1.72로 가장 높게 나타났고, 대중교통수단은 0.03~0.49 사이에서 나타나므로 교통수단이 정상재임을 의미한다. 보상수요의 교차가격탄력성은 총 15개의 교차관계에서 12개의 관계가 상식과 일치한다. 다음 연구에서는 더 많은 시계열자료를 발굴하여, 장기간의 교통수요 변화에 대한 분석을 시도할 필요가 있다. 또한 초월대수함수나 동태함수 등 다양한 형태의 수요함수를 시도할 필요가 있다. 여러가지 형태의 교통수요함수추정을 통해서 우리 현실에 적합한 교통수요모형을 발견할 수 있을 것이다. 대도시와 중소도시 등 지역별 지출자료를 발굴하여 지역특성을 반영하는 교통수요함수의 추정도 필요하다.

• Korea Real Estate Review
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• v.28 no.3
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• pp.65-77
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• 2018

The purpose of this study is to analyze the effect of the educational environment on the prices of studio apartments, known as officetels, in Korea. Since the revision of relevant laws in 2010, they have served as substitutes for residential purposes in areas suffering from housing shortage, especially where the educational environment is a significant factor. To assess the relation between the educational environment and rental rates, the hedonic price model and artificial neural networks were implemented. The national assessment of the academic performance of middle and high schools that were closest to each officetel, and the ratio of students going to special-purpose schools and private high schools were considered as independent variables. Research findings indicated that the positive effect of the dependent variable increased as the value of educational environment-related variables increased. This result could be utilized as a functional index for housing providers after considering educational environments.

• Journal of Digital Convergence
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• v.16 no.7
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• pp.1-8
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• 2018

In Korea, water supply capacity and facility investments had been emphasized around the 1980s. The water pricing have gained focuses in water policy since the 1990s. This study analyzes a water demand and estimates the relation of water demand and other socio-economic variable, using econometric models on the city of Busan. Water price and income are two key elements to explain water demand. Modeling approach using translog function provides better results, and water demand responds positively to population and income. Energy and water prices are negative factors in deciding water demand. It is requested that water pricing needs to reflect more production costs. Alternative approaches such as water saving facilities by household and use of digital water information should be emphasized for efficient water management in a local community.

• Environmental and Resource Economics Review
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• v.4 no.2
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• pp.383-393
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• 1995

석유개발사업은 고도의 위험성, 투자자금의 장기회임성, 그리고 대규모 투자자금의 필요성등의 특성을 가지고 있다. 따라서 개발사업에 참여하기에 앞서 개발비용과 향후 유가추이를 면밀히 검토하여야 한다. 국제원유시장은 기본적으로 공급초과 상태에 있으며 앞으로 상당기간동안 가격은 안정추세를 나타낼 것이다. 단기적 등락에도 불구하고 원유가격은 장기적으로 상승할 것이라는 당대의 견해는 이른바 유한고갈성자원의 희소렌트가 이자율과 같은 속도로 상승한다는 '호텔링의 모형'에 이론적 기초를 두고 있다. 그러나 국제원유시장에서의 원유가격은 경쟁가격이 아니라 OPEC카르텔에 의한 담합가격으로 실제적 시장상황에 비해 인위적으로 높게 유지되어 왔다. '카오스 이론'에 따르면 석유시장은 동태적으로 구조변화를 반복하기 때문에 사전적으로 석유가격을 예측한다는 것은 애당초 불가능하다. 따라서 불규칙적으로 변화하는 석유가격을 예측하려고 노력하기보다는 석유시장의 불확실성을 인정하고 선물시장의 활용을 통해 석유개발과 관련된 위험을 줄여나가야 할 것이다.

• Journal of Digital Convergence
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• v.20 no.3
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• pp.231-240
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• 2022

This study empirically analyzed the effect of complex commercial facilities on the price of nearby apartments in a Hedonic price model. The spatial range of this study was the walking area of H Department Store located in Pangyo among the second new towns suburb of Seoul, and the time range was 2020. The dependent variable was the real transaction price of the apartment, and independent variable were the characteristics of the housing, the characteristics of the complex, and the characteristics of the region. As a result of the analysis, the area of exclusive use space, the transaction floor, and the highway accessibility had a positive effect on the price of the apartment, and the elapsed year had a negative effect on the price of the apartment. However, the size of the apartment had little effect on apartment prices, and the distance from the complex commercial facilities was shown to be related to apartment prices, indicating that apartment prices declined as it moved away from the complex commercial facilities. Therefore, this is much more influential than the influence of distance from subway stations on apartment price. This confirms that the effect factors of apartment prices and the size of their influence appear differently in the new town area and the existing metropolitan area.

• Journal of Korean Society of Transportation
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• v.12 no.4
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• pp.65-88
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• 1994

교통수요와 공급은 상호 밀접한 연관성을 지니고 있다. 교통수요는 교통시설 서비 스수준 및 교통시설의 이용가격에 영향을 미치는 반면에 교통시설 공급비용과 서비스수준은 교통수요에 영향을 준다. 또한, 교통수요와 공급간의 상호작용은 도시공간상에서 발생하기 때문에 교통시스템의 공간적 구조 및 도시의 공간적 특성은 공급, 가격 및 수요를 통합한 교통균형모형에 있어서 매우 중요한 영향인자로 작용하게 된다. 그러나, 이제까지 개발된 교통균형모형에서는 통행인의 통행시간가치 및 교통체증의 도시공간상 변화가능성을 적절하 게 반영하지 못하고 있다. 본 연구에서는 도시공간상에서 통행인의 통행시간가치 변화패턴 을 반영한 수 도시공간상에서의 교통시설의 최적 서비스 수준, 교통수단별 최적요금체계를 도출할 수 있었다. 단핵도시구조를 지닌 도시공간상에서의 최적버스요금은 통행거리에 따라 할증되는 체계를 가져야 한다. 선행연구에서는 승용차에 대한 통행혼잡세 부과는 소득역분 배적인 효과를 초래하는 것으로 알려졌다. 그러나 버스의 요금구조나 서비스 수준이 최적수 준에서 제공된다면 통행혼잡세는 소득역분배적 결과를 초래하지 않는 것으로 나타났다.

• KSCE Journal of Civil and Environmental Engineering Research
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• v.35 no.3
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• pp.725-735
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• 2015

The aim of this study is to specifically understand the officetel market by empirical analysis for the determining factors that affect determining the price of the officetel in Busan. In my opinion, it can help officetel providers to select the appropriate size and location that analysis for the factors determining officetel price with market price, and also it can help customers officetel to choice depending on the purpose. So I was conducting this study. In this study, I analyzes the factors determining the price of Officetel using a OLS linear regression, semi-log model, and a robust regression-Busan area Officetel Real Transaction Price as the dependent variable and factors representing the physical characteristics, locational characteristics and regional characteristics as independent variables.