• Environmental and Resource Economics Review
• /
• v.11 no.2
• /
• pp.261-278
• /
• 2002

Based on the hedonic pricing method, this paper investigates the effect of air quality on the apartment price in Seoul. The empirical results show that both the structural variables such as years of construction, heating system, and size of apartment complex and accessability variables such as distances to subway station and parks provide statistically significant effects on the price of apartment, Especially, the dendity of sulfurous acid gas ($SO_2$) and ozone ($O_3$) in the air, indicating air quality, negatively affect the price of apartment, This implies that as the condition of air quality to become worse, apartment price decreases, Therefore, when the degree of aversion of apartment residents against the air pollution affects the formation of apartment's market price, the MWPT(Marginal Willingness to Pay) in order to improve the air quality 10% has been estimated as 36,000~39,000Won per month.

• Journal of the Economic Geographical Society of Korea
• /
• v.20 no.3
• /
• pp.405-418
• /
• 2017

SHIFT is public rental housing policy introduced by Seoul Metropolitan in 2007, which works as Chonsei(korean unique deposit rental system). This paper examines the effect of SHIFT on Chonsei prices of neighborhood apartments. To estimate the change in prices of Chonsei after the provision of SHIFT, I collect data on Chonsei prices of apartments within a 5km radius from the SHIFT housings. Summary of main results are following. Chonsei prices of the apartments within a 2-3km radius decreased by 4.4% after the provision of SHIFT housings. In contrast, when it comes to apartments within a 1-2km radius, I can't find the stochastic relationship between the provision of SHIFT hosing and price changes. This results can be explained by "Offset effects" caused by real estate development. Provision of SHIFT can sequentially induce nearby area's development, which plays a factor in the effect of price increases. And this offset effects varies in each apartment complex depending on demand for Chonsei and supply of the SHIFT.

• The Journal of the Korea Contents Association
• /
• v.14 no.12
• /
• pp.924-934
• /
• 2014

In the last 10 years the digital music contents market has grown rapidly. However digital music contents product and services are not managed with product planning and price policy considered customer attitude and digital music contents values. This study is to define the value properties of digital music contents services based on streaming and download as genre, price, sound quality, and usage appliance, and suggest the strategic market price and service composition of digital music contents service by customer attitudes about the value properties. The research used the conjoint analysis methodology based on the hedonic price model and collected 405 questionaries by users of Korean digital music contents services to the analysis. Hence 'sound quality' in download platform, and 'appliance' in streaming platform were the elements to evaluate the customer attitude. The results present the music contents productions and companies have to provide the differentiated services and price by the value properties of user preference in the market.

• Journal of the Korean housing association
• /
• v.21 no.6
• /
• pp.81-90
• /
• 2010

The existing most studies on the apartment sales prices have been limited to relatively small size apartment complexes and have not categorized the apartment complexes based on the number of households. Some of them uses the apartment-related indices such as regional value estimates, sales unit price, and view right values. In the case of Seoul Metropolitan Area, the size of apartment complex has been growing to the level of large complex over more than 1,000 households through new town development, redevelopment and reconstruction. People prefers to choose a large scale complex instead of small complex based on their perception that a large scale apartment complex provides more conveniences in living. The result of this analysis revealed that the variables chosen as important determinants of the hedonic price model for large scale apartment complexes were square meters of apartment unit, rent/price ratio, number of bays, distance to the nearest subway station, and heating system method. This means that the sales price of apartment unit will be higher as the square meters of apartment unit increase, as the rent/price ratio decreases, as the distance to the nearest subway station increases, and as the number of bays increase.

• The Journal of Society for e-Business Studies
• /
• v.12 no.4
• /
• pp.85-98
• /
• 2007

This study uses conjoint analysis technique to calculate relative importance of each attribute of a specific online content: video-on-demand (VoD) services of TV soap operas. A series of interviews were conducted to identify and derive critical attributes for VoD services. Conjoint instrument was constructed using attributes identified and administered among actual viewers. Price, genre, additional service, and actors were found to be the most highly valued attributes of the VoD services. While price was the most valued attribute for female viewers, it was genre for male viewers. The result suggests that these attribute differentiation would lead to more profitable pricing scheme, and development of additional services may be critical for online content business' success.

• Journal of the Economic Geographical Society of Korea
• /
• v.25 no.1
• /
• pp.183-201
• /
• 2022

Estimating the implicit value of housing assets is a very important task for participants in the housing market. Until now, such estimations were usually carried out using multiple regression analysis based on the inherent characteristics of the estate. However, in this paper, we examine the estimation capabilities of the Artificial Neural Network(ANN) and its 'Deep Learning' faculty. To make use of the strength of the neural network model, which allows the recognition of patterns in data by modeling non-linear and complex relationships between variables, this study utilizes geographic coordinates (i.e. longitudinal/latitudinal points) as the locational factor of housing prices. Specifically, we built a dataset including structural and spatiotemporal factors based on the hedonic price model and compared the estimation performance of the models with and without geographic coordinate variables. The results show that high estimation performance can be achieved in ANN by explaining the spatial effect on housing prices through the geographic location.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.28 no.4D
• /
• pp.523-531
• /
• 2008

This study tried to find differences between housing lotting prices and sale prices owing to new multi-family housing price regulation. As the results of this study, they are as follows; First, this study shows housing market in Busan has a preferences of new housing which has a new housing form differing from the existing housing form. For example, the mixed-use apartment with higher stories shows steeper incline than the apartments with the existing forms. Second, the new housing prices are affected by the information that affect the price of the old existing housing. They are rates of green area of an apartment complex, the number of household, accessibility to downtown Busan and etc.. They are also confirmed factors that affect a rise of used-housing price in other studies. Third, brand value of apartments affects new housing prices. For example, if the major construction companies build the new apartment, it shows a rising trend than any other housing. Therefore, the local construction companies are expected to be put on a disadvantage places than major construction companies. Fourth, the lotting prices are the most important cause that lead to rise the new housing prices. Accordingly, the present lotting prices are expected that upward tendency the purchasing prices of the new housing will not continue, because the lotting prices have risen since the government removed lotting price regulations and exceeded the level of used-housing prices. And it denote that importance of housing sub-market which indicates rates of old existing housing market rising, frist preference Gu, second preference Gu, rate of multi-family housing.

• Journal of Cadastre & Land InformatiX
• /
• v.49 no.2
• /
• pp.39-56
• /
• 2019

In this study, we analyzed the effect of the Eungam Loop Line of Seoul Subway Line 6 on the sale price of adjacent row and multi-family houses on the accessibility and structural characteristics of subway stations. This study empirically analyzed a total of 17,938 cases from 2006 to 2017 based on data on the sale price of row and multi-family houses. In summary, the results of this study using the Hedonic Price Model are as follows. First, this study confirms that the Eungam Loop Line characteristics have a positive effect on the sale price as it is adjacent to the subway station. It is noteworthy that the sale price of 100-200m segment has a positive effect, and the sale price of Bulgwang station, which has excellent mobility and connectivity with CBD, YBD and GBD, has a positive effect. Second, this study shows the locational characteristics such as distance to bus stop, distance to mart, and distance to school have influence on the sale price. Third, this study finds the land characteristics such as land area, land shape, land facing, and road width, have significant effects on the sale price. Fourth, this study discovers the sale price is also is also affected by building and floor characteristics such as the type of housing, building area, the number of households, building age, elevator, and floor level.

• Journal of the Korean Regional Science Association
• /
• v.32 no.1
• /
• pp.3-26
• /
• 2016

This study aims to examine the influence of the Daegu Subway Line 3 construction on apartment price fluctuation and to find the factors causing the apartment price fluctuation in the station area of the Daegu Subway Line 3. Empirical results of this study are as follows: first, the apartment price is more fluctuated or increased at the time of completion of subway construction than at the time of breaking ground; second, the opening of the Daegu Subway Line 3 has positive impact on apartment price nearby the station area of the Daegu Subway Line 3, especially apartment prices in the second station area (200-600m) are positively related to the opening of the Daegu Subway Line 3; third, medium-large size ($85-135m^2$) and large size (excess of $135m^2$) apartment are sensitively related to the apartment price fluctuation by the Daegu Subway Line 3 construction; and fourth, Buk-gu and Suseong-gu areas are the main beneficiaries. The results of this study suggest implications for tax and redistribution policies in the station areas.

• Proceedings of the Korea Technology Innovation Society Conference
• /
• 2001.11a
• /
• pp.169-186
• /
• 2001

The researches about the general flow of new product development process was achieved in various field. But there was little discussion about the methodologies and tools used in that process. So we suggest new DEA model as the methodology that determines sustainable price and quality attributes and this can substitute econometric hedonic methodology. To make smooth surface composed of quality attributes and price, we use QC-DEA model. Additionally we make AR-QC DEA model by introducing AR to reflect consumer perceptions on quality attributes. AR-QC DEA overcomes the limits of parametric methodology and represents product-specific shadow prices, so it is possible to supply the information about quality attributes and price combination in new product development process and to simulate easily whether new product can exist in the market. Finally by empirical research on notebook computer we can show that AR-QC DEA has the ability to explain market change.