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Myung-Jin Jun

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Myung-Jin Jun

This chapter applied Rosen’s two-stage hedonic price estimation to derive a demand function for proximity to the bus rapid transit (BRT) system in Seoul, South Korea. Welfare changes from improved BRT accessibility were estimated for illustrative purposes. The major findings of this study can be summarized as follows. First, estimation of spatial hedonic price models presents a statistically significant price premium for BRT proximity, with average marginal implicit prices of $4550–$8208 for a decrease in the distance to a BRT stop. Second, estimation of the inverse demand function shows a downward sloping demand curve for accessibility of the BRT system, implying that people prefer living closer to the BRT system, but that they have a diminishing marginal willingness to pay for this increased proximity. Lastly, residents living in the southern part of the Seoul metropolitan area (cluster 3), including several new-town residents, are likely to receive more benefits from improved BRT accessibility than those living in other areas.

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Chang-Hee Christine Bae, Myung-Jin Jun and Harry W. Richardson