建築時期와 土地利用의 效率性

Building Height Regulation and Construction Timing: A Partial Evidence on Efficient Land Speculation Hypothesis

This paper presents a partial evidence on efficient land speculation hypothesis. If the reason for the land owners to idle their lands is to wait until condition matures for erecting taller buildings, then the building height regulation would shorten the period of holding idle land, since the benefits from waiting vanish. Using ordinary dynamic land use model it is shown that the harsher the building height regulation, the earlier the time of construction. This hypothesis is statistically tested using the data obtained from Seoul, Korea Tobit analysis with the width of the front road as a level of building height regulation empirically verifies that the posted hypothesis is right.