• Journal of Cadastre & Land InformatiX
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• v.47 no.1
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• pp.143-160
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• 2017

Since officially assessed land price system was introduced, it has functioned as the criterion for establishing and implementing real estate policies. However, there is a controversial issue about the adequacy of the officially assessed land price system. The problem is that it is difficult to establish a statistical model due to too many land characteristics. Also, local economy, macroeconomic environments and development plans are not reflected in the land price evaluation model. Considering longitudinal and cross-sectional variables, a two-way error component panel model was used in this study. This analysis model includes variables reflecting land characteristics, macroeconomic volatility, and development project. The Paju LCD Industrial Complex was selected as a analysis area and an empirical analysis was performed. According to the analysis, the number of significant land characteristic variables were 14(31%) under 5% significance level. Macroeconomic volatility has had an influence on the land price and year variable reflecting development project has consistently been significant since the industrial complex was designated. Therefore, this study suggests that the land price evaluation model should be improved by simplifying land characteristic variables and including macroeconomic and regional economic variables.

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

• International Journal of Highway Engineering
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• v.16 no.1
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• pp.75-89
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• 2014

PURPOSES : This study evaluates the economic value of national highway construction projects using Real Option Pricing Models. METHODS : We identified the option premium for uncertainties associated with flexibilities according to the future's change in national highway construction projects. In order to evaluate value of future's underlying asset, we calculated the volatility of the unit price per year for benefit estimation such as VOTS, VOCS, VICS, VOPCS and VONCS that the "Transportation Facility Investment Evaluation Guidelines" presented. RESULTS : We evaluated the option premium of underlying asset through a case study of the actual national highway construction projects using ROPM. And in order to predict the changes in the option value of the future's underlying asset, we evaluated the changes of option premium for future's uncertainties by the defer of the start of construction work, the contract of project scale, and the abandon of project during pre-land compensation stages that were occurred frequently in the highway construction projects. Finally we analyzed the sensitivity of the underlying asset using volatility, risk free rate and expiration date of option. CONCLUSIONS : We concluded that a highway construction project has economic value even though static NPV had a negative(-) value because of the sum of the existing static NPV and the option premium for the future's uncertainties associated with flexibilities.

• Korean Journal of Construction Engineering and Management
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• v.18 no.6
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• pp.89-97
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• 2017

The number of Aged Apartment units is expected to increase as time went on. Living standards are getting better and they want a new apartment space as the economy progresses. Therefore, it is necessary to prepare for the increasing remodeling market through the feasibility evaluation method that can be applied to the remodeling project of the apartment house. The purpose of this study is to analyze the social pricing factors affecting the Officially assessed individual House Price for the analysis model of commercial house remodeling. The collected samples were analyzed using multiple regression analysis of 350 prices included in 127 lots. Middle school level, high school level, total number of households, and floor area ratio were extracted. As a result of comparing the Officially assessed individual House Price by applying to the remodeling case, the difference between the existing Officially assessed individual House Price and the improvement Officially assessed individual House Price is different. The accessibility with the subway station is included in the land price, and there is no change in the number of stories and directions because it is customized remodeling. There was a difference in the disclosure price depending on the type of factor extraction by the evaluator in a batch application of the disclosure price factors. The research can be used as a model for future remodeling business feasibility analysis.

• Journal of Korean Society for Geospatial Information Science
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• v.21 no.4
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• pp.83-93
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• 2013

Land Suitability Assessment can help to evaluate whether to preserve or to develop through analysis of various land characteristics. So, the evaluation index and method are very important for making the best result. The principle objective of this dissertation is to identify effective method that can make up for the distortion of land suitability value in the forest bordering the management area. The objective area of this study is comparative flat Jeungpyeong-gun. The procedures of the study are as follows. First, implement land suitability assessment as the normal index on Guideline. Second, verify land suitability grade about the forest bordering the management area. The third, redo land suitability assessment as two alternative index on $^*$Guideline. The fourth, identify effective method between normal index and alternative index. The results of this tests show that the development suitability value is higher than preservation suitability value in the forest bordering the management area near existing development area. For that reason, this study needed to use substitution index in order to make up for the weakness. The level of land price and distance from road were main considerations. Finally, the derivative model is as follows. The derivative model confirmed the best assessment method in the forest bordering the management area near existing development area.

• Journal of the Korean Society of Environmental Restoration Technology
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• v.17 no.4
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• pp.29-41
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• 2014

The Korean government has purchased land properties alongside any significant water bodies before setting up the buffers to secure water qualities. Since the annual budgets are limited, however, there has always been the issue of which land parcels ought to be given the priority. Therefore, this study aims to develop efficient mechanism for land acquisition priorities in stream corridors that would ultimately be vegetated for riparian buffer zones. The criteria of land acquisition priority were driven through literary review along with experts' advice. The relative weights of their value and priorities for each criterion were computed using the Analytical Hierarchy Process(AHP) method. Major findings of the study are as follows: 1. The decision-making structural model for land acquisition priority focuses mainly on the reduction of non-point source pollutants(NSPs). This fact is highly associated with natural and physical conditions and land use types of surrounding areas. The criteria were classified into two categories-NSPs runoff areas and potential NSPs runoff areas. 2. Land acquisition priority weights derived for NSPs runoff areas and potential NSPs runoff areas were 0.862 and 0.138, respectively. This implicates that much higher priority should be given to the land parcels with NSPs runoff areas. 3. Weights and priorities of sub-criteria suggested from this study include: proximity to the streams(0.460), land cover(0.189), soil permeability(0.117), topographical slope(0.096), proximity to the roads(0.058), land-use types(0.036), visibility to the streams(0.032), and the land price(0.012). This order of importance suggests, as one can expect, that it is better to purchase land parcels that are adjacent to the streams. 4. A standard scoring system including the criteria and weights for land acquisition priority was developed which would likely to allow expedited decision making and easy quantification for priority evaluation due to the utilization of measurable spatial data. Further studies focusing on both point and non-point pollutants and GIS-based spatial analysis and mapping of land acquisition priority are needed.

• Land and Housing Review
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• v.5 no.4
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• pp.247-257
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• 2014

This study proposes a new housing need and demand assessment model centering on small-scale housing development projects and happy house development projects that reflected the recent changes in rental and small sized apartment centered public housing policies and development paradigms. The housing need and demand assessment model of public housing development projects consists of quantitative evaluation factors such as potential need indicator and demand pressure indicator and qualitative evaluation factors such as local condition indicator. The potential need indicators of small sized housing development projects are calculated by subtracting the stock of already-supplied constructed rental and purchased rental housings from the potential quantity of need drawn from the small regions such as -eup, -myeon, and -dong. In the potential need indicators of happy house development projects, the potential need is calculated from those who are expected to receive a happy house in the unit of -si, -gun, and -gu. In small-sized housing development projects, demand pressure indictors are the number and the proportion of those who opened a subscription deposit, the number of those who received basic livelihood security and the number of those who were patriots and veterans. The demand pressure indicators of the happy house development projects are stock ratio of small-sized houses, rate of rise in housing rent price, level of housing rent price, and rate of monthly rent house.

• Korean Chemical Engineering Research
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• v.53 no.2
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• pp.156-163
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• 2015

This paper presents a new framework for design and economic evaluation of wind energy-based electricity supply system. We propose a network optimization (mixed-integer linear programming) model to design the underlying energy supply system. In this model we include practical constraints such as land limitations of onshore wind farms and different costs of offshore wind farms to minimize the total annual cost. Based upon the model, we also analyze the sensitivity of the total annual cost on the change of key parameters such as available land for offshore wind farms, required area of a wind turbine and the unit price of wind turbines. We illustrate the applicability of the suggested model by applying to the problem of design of a wind turbines-based electricity supply problem in Jeju. As a result of this study, we identified the major cost-drivers and the regional cost distribution of the proposed system. We also comparatively analyzed the economic performance of on/off shore wind farms in wind energy-based electricity supply system of Jeju.

• Journal of Environmental Impact Assessment
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• v.23 no.5
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• pp.323-336
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• 2014

Using hedonic price method, this paper analyzes the impact of restriction for water quality protection on property value with the officially announced price of reference land in the city of Namyangju in 2012 to evaluate Water Use Fee, based on beneficiary pays principle, levied on the downstream area of the Han River in Korea. The results from the regression analyses of the models used show that the double-log model is the preferred model in the case of Namyangju. Using the double-log model, the total compensation for the city of Namyangju is estimated to be 8.6 trillion won with 95% confidence interval between 4.4 trillion and 12.4 trillion won. Under the perpetuity compensation scheme at the discount rate of 10%, the estimated annual compensation is 0.9 trillion won with 95% confidence interval between 0.4 trillion and 1.2 trillion won. This is more than Water Use Fee collected in 2012 for the Han River, which is approximately 0.5 trillion won. Considering the size of the restricted area of the Paldang area, which is more than 18 times of that of Namyangju, the rate of Water Use Fee, which is based on beneficiary pays principle and imposed on the residents of the downstream area, needs to be increased to sufficiently compensate the economic loss caused to the upstream areas of the Han River in Korea.

• Journal of Korean Society of Rural Planning
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• v.28 no.4
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• pp.93-104
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• 2022

Agriculture is one of the most vulnerable sector to droughts, and drought damage on the agriculture sector could have effects on other sector. Droughts have different characteristics compared to other extreme events, which means more sophisticated methods considering the characteristics of droughts are required when measuring their damage. The purpose of this study is to analyze the damage of droughts based on limited computational general equilibrium model. To be specific, we constructed a CGE model focusing on the agriculture sector in Korea. Also, to limit changes in land use and labor, we limited them, and assume droughts only have effects on productivity of value-added. Lastly, we simulate drought effects on rice production in Korea based on several climate scenarios and GCM to identify the economic effects of droughts. The results show that 1) the cumulated damage of droughts during 2021~2040 is higher than other periods (2040~2061, 2081~2100), 2) the correlation between the damage of droughts and SSP scenarios is insignificant. This result implies the necessity of the effective drought risk management to prevent future droughts effects, irrespective of mitigation policies. 3) Due to increases in rice price, GDP of rice sector is increased. However, GDP of the other sector and consumer welfare are decreased. This result show that indirect effects of droughts would be more important when measuring drought effects on agriculture sector.