Valuing localized externalities

Article Abstract:

The hedonic property value methodology is shown to be a good measure of the effects of highway noise as a localized externality. Measuring localized externality damages by employing the hedonic techniques involves two stages: estimating the hedonic price schedule and deriving benefit measures. There are several good reasons for using hedonic methods in studying highway noise. Highway noise is considered an aesthetic effect, so it cannot be measured with dose-response techniques. With hedonic techniques, regression specification is easier because there is no significant variation of neighborhood and governmental characteristics within the sample. Damages to residents are clearly shown by highway noise hedonic studies, mainly because externality is experienced only at the home.

Measurement, Externalities (Economics), Traffic noise, Hedonic damages

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An analysis of inefficiency due to inadequate mortgage financing: the case of Seoul, Korea

Article Abstract:

Inefficiency resulting from inadequate mortgage financing in Seoul, Korea, was investigated. The data were collected from 1,514 Seoul housing surveys conducted in 1982. A two-sector capital allocation model demonstrated that urban housing received an insufficient amount of capital in 1982. The inefficiency was the result of inadequate housing finance. Improved mortgage financing would have resulted in increased efficiency.

Analysis, Housing, Efficient market theory, Seoul, South Korea

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