• Environmental and Resource Economics Review
• /
• v.17 no.1
• /
• pp.147-164
• /
• 2008

When measuring the value of environmental attributes of housing, the conventional Hedonic Pricing Method assumes market equilibrium. Thus each attribute is believed to be implicitly valued based on the market price. The revealed preference is the basic logic in this approach. However, if the participants in the housing market are not perfectly informed or feel vagueness regarding the attributes of the housing, the conventional Hedonic Pricing Approach could not provide relevant value of the attribute in question. A Fuzzy Regression Method is suggested to handle with the lack of information or preference uncertainty problem m the Hedonic Pricing Approach. In this paper, our main concern IS given to the fuzziness effect on the airport noise in the metropolitan areas of South Korea.

• Environmental and Resource Economics Review
• /
• v.28 no.1
• /
• pp.61-93
• /
• 2019

This study is to apply Hedonic Price Method in analyzing residents' preferences for three types of urban green space (UGS, rivers, urban parks, and forests) near the apartment complexes in Seoul. Based on hedonic price function estimation results, residents in Seoul preferred for the urban amenity that was provided by the view and accessibility (in terms of both within 10 minutes and distance) of rivers and urban parks near the apartment complexes, but not forests. The annual benefits calculated using the shadow prices are about 550~600 thousand won for the urban park views and about 800 thousand won for the accessibility, which is 2-3 times higher than river views and accessibility. On the other hand, forest views and accessibility did not have significant effects on apartment prices, except the view of Bukhan mountain for the residents of Gangbuk area. Based on the empirical results, Seoul residents' preferences for urban parks would have important implications for the urban park sunset program that will be initiated from July 2020.

• The Journal of The Korea Institute of Intelligent Transport Systems
• /
• v.22 no.1
• /
• pp.39-51
• /
• 2023

This study uses the hedonic price approach to estimate the economic value of a parking lot in an apartment building. In this study, a logarithmic function was applied to estimate the price elasticity of parking spaces. Variables were composed of an independent variable (apartment house characteristics) and a dummy variable (external characteristics). Detailed variables include exclusive area, number of floors, waterproofing, number of bathrooms, and number of parking spaces per household. Based on the results of the analysis for the entire year, the increase in the number of parking spaces affects a price increase of approximately 25.97 million won to 59.68 million won, which can be interpreted as the economic value of the parking space. However, since Hanam City was specified in this study, there is a limit to generalizing the current results and using them for project evaluation.