Developing Bus Rapid Transit
Show Less

Developing Bus Rapid Transit

The Value of BRT in Urban Spaces

Edited by Fiona Ferbrache

Bus Rapid Transit (BRT) is a popular mode of sustainable public urban transit given dedicated focus in this timely collection. The effects of BRT are examined in-depth through a range of case studies from cities across six continents, including analysis of BRT planning, implementation, operation, performance and impacts. The contributions from academics and non-academic experts on BRT are framed more broadly within the concept of value and how urban transport investment has and can be valued by and for society.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 12: Welfare effects of proximity to the bus rapid transit system in Seoul, South Korea

Myung-Jin Jun

Abstract

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.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.