재건축외부효과의 경제적 의미에 관한 연구

A Study on the Economic Implications of Externalities of Reconstruction Projects

  A Reconstruction scheme is a large scale residential renewal program, which is organized and undertaken by the private sector. In the process of profit maximization of the owners of old houses, A medium density residential area is replaced by high density residential area. The neighbourhood residential markets can therefore experience externalities from the projects, resulting in changes of utility of the residents in the markets. The aim of the study is to demonstrate, statistically, the creation of externalities in the reconstruction of old housing estate. T -tests were used to determine the statistical significance of the externalities and intervention analysis estimated whether they are positive or negative externalities. The major finding of the study is that reconstruction projects emit externalities into the neighbourhood residential markets, and that the net externalities are, on the whole, positive.