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2008, Vol.57, No.

  • 1.

    A Study on the Developing a New “Output Requirements Model” in Interindustry Analysis: Based on the Circulation System of Production between Final Demand, Total Output, and Final Output

    Ho Un Gim | 2008, 57() | pp.3~18 | number of Cited : 32
    Abstract PDF
    The authors proposed the complemented general relation between two different input requirements matrices [ ] and [ ] for final demand and output respectively and showed the decomposition of factors in the Leontief inverse [ ] which is also termed as the output requirements matrix for final demand(Gim and Kim, 1998, 2005). Moreover we introduced the general relation between the inverse matrix and the output requirements matrix for output [ ]. In this paper we first develop a new circulation system of production between final demand f, total output x, and final output o. Second, we derive an alternative output requirements model based on the output requirements matrix of output for final demand [ ][ ]. Third, we show the general interdependence among the variables f, x, and o and compare the characteristics of the models, such as input-output(IO) model, output-output(OO) model, and final demand-final output(FF) model. For the usefulness and validity of the final demand-final output model called a new output requirements model, an empirical analysis is performed on the requirements matrix [ ][ ], which has the meaning of multi-sector multiplier, in the 2003 Input-Output Tables of Korea to interpret the real meaning of newly defined multipliers and linkage coefficients. We hope that the newly developed FF model should be revised by the author through the following researches in the near future.
  • 2.

    A Study on Partnerships for Urban Regeneration in Sheffield, UK

    CHun, Hyeonsook | 김근태 | 2008, 57() | pp.19~48 | number of Cited : 24
    Abstract PDF
    Recent Researches on urban regeneration are focused on the development of governance system that enables people to get involved in urban planning process. This study includes theoretical approaches on governance system for urban regeneration and a case study of Sheffield, UK that have developed its own system since 1980s. The characteristics of governance system for urban regeneration in Sheffield are as follows: First, Its integrated approaches-economic, cultural, and industrial transformation as well as physical development - are used for urban regeneration. Second, local government will play a major role in managing urban regeneration projects by strengthening their authority against central government. Lastly, through partnerships between public and private sectors, they develop their intersectoral governance system that can share information with each other and take actions for urban regeneration. This research supported by a grant(07 Urban Renaissance B02) from High-Tech Urban Development Program funded by the Ministry of Land, Transport and Maritime Affairs.
  • 3.

    The Effect of the Peripheral Land Use Characteristics on a Determination of Housing Price: Focus on Multi-Family Housing in Ilsan New Town

    임종현 | 유진호 | 이주형 | 2008, 57() | pp.49~63 | number of Cited : 4
    Abstract PDF
    This study analyzes what factors affect housing price by period and type according to land use characteristics. First of all, it has been proved through Chow-test that there is a difference in housing price structure between year 2003 and 2007. Next, it has been analyzed what factors had influenced on this difference through regression analysis. As a result, center of neighborhood in 2003 and center of city in 2007 are shown to be a determinant factor. Overall study results show not only physical characteristics variables but also land use characteristics variables , of which importance is getting greater, have a great impact on housing price. Generally, considering a great impact of physical characteristics variables of housing, the relation between land use variable and housing price has a potential value. In conclusion, not only individual characteristics of housing itself but also land use characteristics variables have an impact on price determination.
  • 4.

    The Risk and Uncertainty in Real Estate Appraisals Process

    Lim, Jae Man | 2008, 57() | pp.65~77 | number of Cited : 6
    Abstract PDF
    This paper addresses the risk and uncertainty of real estate appraisal, applies Monte Carlo simulation technique with discounted cash flow method to the value of real estate in order to explain the risk and uncertainty of real estate appraisal. The initial value of simulation are extracted from the office market data of Seoul, Korea. It assumes that the rent follows the geometric Brownian process, and base interest rate follows AR(1) process. The risk premium is estimated by real estate risk scoring method, which expresses the risk of real estate investment with risk score. This paper presents the results of simulation with variation in the components of income estimation(simulation #1), or risk factors of discounted rate estimation(simulation #2), and together(simulation #3). The range of present value of simulation #1 is largest, simulation #3 is next, simulation #2 is most narrow. I conclude that risk scoring method is reliable tool to enhance the performances of simulation, and that with simulation technique, the risk and uncertainty of real estate appraisal could be identified, understood, applied to various purposes by various users of the appraisal reports.
  • 5.

    An Empirical Analysis of Housing Price Pattern and Causes in the Korean Metropolitan Cities

    Han, Dong-Geun | 2008, 57() | pp.79~97 | number of Cited : 21
    Abstract PDF
    This article explores the pattern of house price movements in Korean metropolitan cities during the period of mid 1980s to 2000s. The pattern is characterized by big discrepancy in increasing rates of house prices across big cities in 1980s, falling house prices at similar rates in 1990s, and heterogeneous changing rates of house prices with some cities experiencing soaring price while other cities experiencing falling price in 2000s. Regression analysis using panel data shows that real GRDP has the strongest impact on house price in respective cities, along with real GDP and real interest rates. Net inflow of population is estimated to have a positive impact whereas dishonored bill ratio has a negative impact. The result also indicates that region specific factors outweigh nation-wide macro factors in determining the regional house prices, and that trend becomes even stronger over time. This offers an explanation on the pattern of house price movements in metropolitan cities. Moreover, our study suggests that we need to introduce a region-specific housing policy.
  • 6.

    A Study on the Characteristic Analysis and Improvement of the Housing Act: Focus on the Promotive Elements and Problems

    김현아 | Suh, Jeong-Yeal | 2008, 57() | pp.99~115 | number of Cited : 2
    Abstract PDF
    The purpose of this study is first, to identify the elements of the existing Housing Act which give it characteristics of a special law, and second, to ascertain its problems and corresponding solutions. The current housing market is undergoing significant changes. As a result, there is a growing need for an improvement of the existing Housing Act, which revolves around the 1) "Mass Supply-oriented Policy" and 2) “Excessive Intervention”. This study will offer an analysis focusing on problems arising out of “promotion laws” existing in the Housing Act, especially the legal fiction of the First-class District Unit Plan (the act on the planning and use of national territory). The problems and resolutions that result from the analysis are as follows: First, in order to avoid inclusion in the First-class District Unit Plan most housing developers carry out the development of their housing development projects under the Housing Act. Therefore, an improvement in the development approval system is needed. Second, with the rise in the number of commercial buildings that do not fall under the Housing Act, there has also been an increase in the number of residential complexes to which the Housing Act also does not apply. Thus, with the current Housing Act, there is a need for a supplementary plan to systematically manage small-scale residential development projects. Third, with the gradual easing of the housing shortage of the past, the Housing Act must now undergo a legislative shift from being supply-centered to demand-centered. Thus, supplementary measures are required to improve the Housing Act, and the authority to manage housing policies must shift from the central government to the regional government.
  • 7.

    A Study on Analysis of Mode Choice Characteristics and Travel Pattern in Urban-Rural Integrated City

    Yun, Dae-Sic | Junghoon Hwang | 문창근 | 2008, 57() | pp.117~131 | number of Cited : 7
    Abstract PDF
    This paper analyzes the characteristics and factors affecting mode choice in a small scale urban-rural integrated city (Moon-Kyung city). The paper analyzes the differences in travel patterns between urban and rural areas in the urban-rural integrated city. The results of this study are summarized as follows. First, it is found that auto dependence in the rural area is as high as that in the metropolitan area. However, auto dependence in rural-rural and urban-rural trips is higher than that in inter-urban trips. Secondly, it is found that sex, auto ownership, land use of trip destination are important factors affecting mode choice in the city. Finally, results of analysis about the number of stops and tours between urban and rural areas show that urban areas have relatively regular travel patterns, and rural areas have relatively many multi-destination trips.
  • 8.

    Analysis on the Effect of the Two-Stage Rule for Judgment on Extremely Low Bidding Price in Lowest Bidding System

    백성준 | 2008, 57() | pp.133~148 | number of Cited : 3
    Abstract PDF
    This study analyzed the lowest bidding data of construction project bid in 2007 to investigate the effect of two stage rule for judgment on extremely low price bidding which has been introduced since May, 2006. Not only bidding rate, but also the order of bidder is considered in this analysis. On the surface the bidding rate of architectural engineering sector is lower and that of civil engineering sector higher by simple before/after analysis, but this study insists on both sector being better off. This study shows the effect of architectural sector is bigger than that of civil sector in terms of the bidding rate increase between the lowest bidding rate and the success bidder's bidding rate. Nevertheless the bidding rate of architectural is lower, because of the different competition environments and the lack of consideration on the different proportion of input between architectural and civil engineering project. In Conclusion the improvement of the current rule that adopt the criterion based on direct construction cost is suggested.