• Korean Journal of Construction Engineering and Management
• /
• v.20 no.5
• /
• pp.115-124
• /
• 2019

The purpose of this study is to analyze the housing price variation within the redevelopment project district, affected by the characteristics of project and implementation stage. This study implemented the hedonic price model employing the actual transaction price with 24 dependent variables from 2006 to 2016 inside 19 redevelopment districts in Seoul. Research finding indicates that the larger ratio of the number of tenants and general distribution, the smaller ratio of rented households and the more positive effect of housing price. It is noteworthy that this study demonstrated the actual transaction price of houses located within the project districts by implementation stage. This study is expected to help the policy makers, the developers and the investors make more reliable decisions on the feasibility study related to the redevelopment project.

• Korean Journal of Construction Engineering and Management
• /
• v.22 no.3
• /
• pp.61-68
• /
• 2021

This study analyzed the influencing factors for urban redevelopment projects with a relatively long project duration in the context of Seoul's increasing urbanization rate and aging. Among the business areas that have been designated since 2005 and have been approved for the management and disposal plan of the entire Seoul area, 75 business areas have been set as targets. A hedonic price model was used to analyze the project area, economic, and locational characteristics as independent variables with the project duration from designation of zones to approval of management and disposal plans as dependent variables. As a result of the analysis, the smaller the project area, the larger the area occupied per union member, the larger the land price change rate, and the smaller the KOSPI index, the shorter the required period. This study has the distinction of empirically analyzing the effect of characteristic variables considering size and economic and locational characteristics on period. It provides implications that the area of the business area, the number of union members, and economic conditions should be considered when establishing a business area.

• Korean Journal of Construction Engineering and Management
• /
• v.22 no.1
• /
• pp.27-35
• /
• 2021

The study intends to identify the effects of infrastructure property on an apartment house by analyzing the price variation affected by factors constituting the quality of the transit services of each individual station in urban railway system based on hedonic price model. The research findings indicate that the prices depending on the transit users have increased from 7.8% to 12.2% in Seoul and decreased from 6.1% to 12.9% in Gyeonggi, which implies that a lower number of transfer users has a positive effect on housing prices in Seoul unlike Gyeonggi. It also is noteworthy that the distance to the urban railway station had a negative effect on housing prices in Seoul and positive effect in Gyeonggi. Taking these results together, in Seoul, the increase in the number of transit users had a negative effect on neighborhood housing prices. When analyzed by segments, however, an additional negative effect was observed only in the apartments located within the radius of 100 meters. It is also found that the impact of transit users varies according to the regional characteristics, such as the density of commercial facilities and the population density, and the spatial extent of negative effect also showed regional differences. These results provide implications for the planning of new stations, new cities, and land use of existing areas around stations.

• Environmental and Resource Economics Review
• /
• v.17 no.1
• /
• pp.165-196
• /
• 2008

This paper reports a quantitative meta analysis of the economic impacts of localized noxious and contaminated sites. Using either hedonic property value or stated preference methods, economists have studied the effects of contamination or noxious activities, or the benefits realized from their elimination, on real estate prices at more than 40 sites. In support of wise public and private investments in environmental quality, most of these studies aim to inform decision makers about the benefits of remediation and cleanup. Their results vary considerably, but there has been no previous systematic effort to analyze the differences and identify shared insights. This study uses established methods of meta analysis to identify points of agreement and differences in this body of literature. The studies are characterized by the type of site, modeling approach, geographic extent of impacts, data features, and other key factors that underlie their value estimates. The impact estimates are normalized as proportional effects on property values. This study attempts to discover whether the estimated economic impacts of contamination or noxious activity differ according to these characteristics of the studies, and whether anything general can be said about the economic consequences of site contamination and remediation. Bivariate, multivariate, and logit techniques are applied to the data. The results suggest that the property value is the most sensitive to water base contamination, published case studies result in systematically greater environmental value than those in unpublished reports, and real estate markets show responses to environmental condition changes.

• Journal of Korea Technology Innovation Society
• /
• v.3 no.3
• /
• pp.85-101
• /
• 2000

The purpose of this study is to test whether prices of personal computers reflect their varying degrees of non-marketable characteristics including after-sales service. This purpose is carried out using the hedonic price model. In this paper, we estimated 74 functional forms of hedonic price model using the quadratic Box-Cox transformation function and selected one based on the three criteria: expected signs, the statistical significance of estimated coefficients, and goodness of fit in terms of root-mean-square-percentage-error. In this study, we found hat as the after-sales service level increases the price of the personal computer increases. This result is consistent with the hypothesis that the less after-sales service offered with a personal computer, the less consumers are willing to pay for the personal computer, when all else remain constant. This finding shows that since the market works indirectly to influence pricing, the need to rely on consumer protection legislation to guarantee after-sales service is lessened. This study also found that after-sales service supported by each personal computer producer is not a free service, thus produces have a profit incentive for providing after-sales service.

• Journal of Information Technology Applications and Management
• /
• v.23 no.4
• /
• pp.41-53
• /
• 2016

According to the price-decline effect, the art auction prices are known to decrease with the order of auction sale. Our empirical study investigates the presence for the price-decline effect using the data for Korean antique art hosted by the Seoul Auction in September, 2015. We apply the Hedonic price model to the data and examine the relation between the sale order and auction price. Our empirical evidences show that the well-known price decline effect is not present for the case of Korean antique auction in 2015. We confirm our results by estimating the ordered probit model. From the view of the price-decline effect, our results suggest that the Korean antique auction data exhibits different characteristics from most of the foreign art auction data.

• Korean Journal of Organic Agriculture
• /
• v.30 no.2
• /
• pp.191-206
• /
• 2022

Rice has prevailed as a staple food in South Korea. Rice consumption has sharply shrunk nowadays. In the wake of COVID-19 Shock and the "untact" era, the instant rice market has significantly grown, and there is a possibility of solving the shrinking consumption of domestic rice. This study contributes to the development of rice consumption promotion strategies by examining the factors of purchasing instant rice based on the Hedonic Price Methodology. In particular, given the increase in online market, this study compares attribute values of product characteristics between online and offline markets. The empirical results show that calorie, brand, organic and functional products have positive effects on instant rice prices. The rate of carbohydrate, the PB and bundle attributes have negative effects on instant rice prices. The results also show that the magnitude of brand, bundle and PB attribute values are bigger in offline market while that of the number of multigrain attribute value is relatively bigger in online market. The organic attribute value is important regardless of marketing channels.

• Korea Real Estate Review
• /
• v.28 no.1
• /
• pp.79-90
• /
• 2018

The purpose of this study was to estimate the pricing factors of residential lands in new cities by estimating the pricing model of residential lands. For this purpose, hedonic equations for each quantile of the conditional distribution of land prices were estimated using quantile regression methods and the sale price date of Jangyu New Town in Gimhae. In this study, a quantile regression method that models the relation between a set of explanatory variables and each quantile of land price was adopted. As a result, the differences in the effects of the characteristics by price quantile were confirmed. The number of years that elapsed after the completion of land construction is the quadratic effect in the model because its impact may give rise to a non-linear price pattern. Age appears to decrease the price until certain years after the construction, and increases the price afterward. In the estimation of the quantile regression, land age appears to have a statistically significant impact on land price at the traditional level, and the turning point appears to be shorter for the low quantiles than for the higher quantiles. The positive effects of the use of land for commercial and residential purposes were found to be the biggest. Land demand is preferred if there are more than two roads on the ground. In this case, the amount of sunshine will improve. It appears that the shape of a square wave is preferred to a free-looking land. This is because the square land is favorable for development. The variables of the land used for commercial and residential purposes have a greater impact on low-priced residential lands. This is because such lands tend to be mostly used for rental housing and have different characteristics from residential houses. Residential land prices have different characteristics depending on the price level, and it is necessary to consider this in the evaluation of the collateral value and the drafting of real estate policy.

• The Journal of the Korea Contents Association
• /
• v.16 no.11
• /
• pp.188-198
• /
• 2016

In order to supply the residential land for the promotion of public welfare, it must take a land of city suburb. That land have the difference in thinking is large for the determination of land prices to a variety of development pressure and land use regulations. In the process of executing a public project, the difference of these ideas has become a cause of conflict. Therefore, through objective study for the determination of land prices, to reduce the difference of ideas is going to be a clue of conflict resolution. This study selected the case area that is typical public district of many conflict, and then fix a compensation unit price like fair price as dependent variable. The selected variables through previous studies and expert consultation was an independent variable. To analyze the impact factors of land prices in the hedonic price model. The results were analyzed by distinguishing the group on the basis of the zoning and using, whether or not the site of the building in part that there is influence variable, the aspects of accessibility and regulation in part degree of influence variable came out different results for each group. It is analyzed that it reasonable results. Add selected site assimilation of the building that have not been presented in previous studies as a variable and which was applied at a rate to a variable of road have improved in more expliction of the influence of variables.

• Journal of the Korean Society for Railway
• /
• v.7 no.2
• /
• pp.155-162
• /
• 2004

In order to account for a price variation of apartment that places near a newly constructed subway station, a spatial hedonic model was developed to examine spacial characteristics that affect a purchasing price of an apartment using a White Estimator. In particular, the paper aims to examine various effects of subway 7 construction on an apartment price in Seoul Metropolitan Area. As explanatory variables, an apartment size, distance to a closest subway station, distance to the Central Business District (CBD) of Seoul, the number of years after building, and a lagged variable of the apartment purchasing price were used. The lagged variable plays a role of representing a spatial weighted average of previous prices of other apartments that locate within 3 km from the apartment. For a precise study, an entire sample was divided into two sets, southern area and southwestern area of Seoul, and two different spatial hedonic models were estimated. Not only before and after analysis, but also with and without analysis were conducted to compare with different effects of the spatial characteristics of two areas. The results show that before the construction of the subway 7, the prices of the apartments in the southern area were more sensitive to the apartment size, the distance to a closest subway station, the distance to the CBD, and the prices of the other apartments locating within 3km rather than those in the southwestern area. After the construction, on contrast, it is found that the apartment purchasing prices in the southwestern area are more sensitive than those in the southern area due to people's expectation regarding a new development around the subway station. In addition, the prices of the apartments locating closely with a transfer station are more likely to go up by increase in the apartment size, the distance to the station, and the prices of the other apartments within 3 km. Compared with the negative effects of the distance to the station on the prices in the other models, the positive effect of the distance to the transfer station might be caused by the characteristics of commercial area in which people are not likely to live.