• Journal of the Korean Geographical Society
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• v.39 no.6 s.105
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• pp.907-921
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• 2004

Lots of characteristics such as dwelling, neighborhood, and accessibility characteristics affect to the housevalue. Many researches have been done to identify values of each characteristic using hedonic technique. However, there is a limit to identify interaction of each characteristic and variation of each characteristic among the accessibility context. This paper has implemented the Expansion Method research paradigm to model the housevalue determination process in the city of Seoul. The findings of this paper have revealed the presence of contextual variations in the housevalue determination process. The initial model for housevalue reveals that as $F_1$ increases (i.e., larger the number of rooms/bathrooms, larger parking space) and/or $F_2$ increases (i.e., higher owner occupied housing units, higher apartment housing units) and/or $F_3$ increases, (i.e., higher the ratio of higher than college graduated households, 8 school zone, older housing units) the estimated housevalue increases. However, the above relationships drift across their respective contexts. The houses which have negative $F_1$ value, the housevalue does not fluctuate according to the distance to the city center or subcenters. However, the houses which have positive $F_1$ value, the closer to the subcenters or shorter to the river, the higher the estimated housevalues. On the other hand, in areas far from the subcenters, the estimated housevalues does not fluctuate much according to the corresponding $F_2$ level. In areas close to the subcenters, the estimated housevalues vary tremendously according to the $F_2$ value. In the residual analysis, it is revealed that large apartment which are located in Kangnam, IchongDong, MokDong are underestimated. This paper has contributed to our understanding of the housevalue determination process by providing an alternative conceptualization to the traditional approach.

• Journal of the Korean Geographical Society
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• v.48 no.2
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• pp.272-287
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• 2013

This paper describes the importance of selecting explanatory variables(e.g. land price determinants) in hedonic pricing models employed in predicting real estate price, and explores dynamics of the land price determinants over time. The City of Junju was chosen as the study area, and repeated measured price data of standard lots over 17 years were analyzed. We applied a three-level modeling approach to this data in consideration of its nested data structure and longitudinal characteristics. Main land price determinants we focused on are primarily based on items included in the standard comparison table of land price, which is an official hedonic pricing model used by Government to estimate land price for tax levy. Our result shows that the land price fluctuation over 17 years was not uniform over the whole study area with each neighborhood revealing different price trend, and as such warrants longitudinal model components. In addition, some of determinants previously recognized as important were proved insignificant. It was also found that significant determinants at a particular time point lost its power gradually over time and vice versa. It is expected that more accurate prediction of price would be possible when taken account for this dynamics of price determinants over time in applying hedonic pricing model method.

• Journal of the Korea Institute of Building Construction
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• v.10 no.1
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• pp.121-126
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• 2010

When constructing housing, various factors affect the housing purchase price. These factors are considered in the whole process of construction, and the feasibility of a project is then studied based on these factors. Recently, Highest-end Housing in Gangnam has a large market ofpotential and fixed clients in the Korean construction business. However, there has been a lack of research related to the Highest-end Housing market thus far. Therefore, this paper focuseson the factors affecting the Highest-end Housing price, and the level of the effect. Ultimately, the results of this research could be used as basic information for enhancing the competitiveness between the construction companies that build villa apartments,and support the business model.

• Journal of the Korea Institute of Building Construction
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• v.6 no.3 s.21
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• pp.67-73
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• 2006

This study aims to evaluate the feasibility of remodeling business by predicting the future price of apartment house after remodeling using Hedonic Price Model. The data concerning such 9 independent variables as location, unit size, unit plan, landscape, parking, the number of elapsed years after completion, number of units, mechanical performance, interior from 25 regions in Seoul metropolitan city were collected and evaluated by established evaluation criteria. The coefficients affecting the price of apartment unit were made by Ivay of linear multi-regression and put into Hedonic Price Model. The feasibility evaluation model for apartment was made and verified by data of remodelled apartment. The predicted results using suggested evaluation model coincide with actual apartment market situations.

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

• The Journal of Society for e-Business Studies
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• v.12 no.4
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• pp.85-98
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• 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 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 the Korean Association of Geographic Information Studies
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• v.12 no.3
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• pp.101-115
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• 2009

The prompt recovery of housing market in Korea became the national task, for which tools that can analyze the influence that changing situation of housing market and new policy may have on the housing market needs to be developed. Thus, this research intends to develop Multi-Agent Housing Market Model and simulation system in Jinju City as a study area. Analyzing the local housing market of Jinju City, then multi-agent model of housing market that consolidates 3 sub-models, house choice model, hedonic model of house price and location choice model is developed. Moreover in order to develop simulation system the model is programmed in the virtual space of which the size is $150{\times}100$ cell including physical shape of city such as road, urban facilities, land use, etc. With the system, simulations are performed to confirm the impact of urban development on the pattern of residential location. As a result, it is found that the residential location can not be easily induced when only road, commercial and convenient facilities are supplied. However, it is also found that since supplying green results in very many residences, arrangement of infrastructure and environmental factor should be considered at the same time for urban development. As conclusion, it is confirmed that the model and simulation system developed in this research smoothly works to be utilized for the analysis of diverse policy experiment and housing market.