Urban Regulations and the Price of Land and Housing in Korea

South Korea is a remarkable macroeconomic success story, but it has performed relatively poorly in one respect: the provision of high quality housing at reasonable prices. This paper analyzes the Korean housing market and the market for related inputs, with special emphasis on the regulatory environment.     

The economics of urban yard space: An “implicit-market” model for housing attributes

A theoretical housing model is developed embodying the approach of the recent hedonic price literature. Instead of focusing on a scalar “housing service” consumption measure, the model portrays housing as a commodity with two attributes: floor space and yard space. Developers react to a consumer bid-rent function, which relates dwelling rent to floor space, yard space, and location, in choosing the profit-maximizing characteristics of their housing complexes. The spatial behavior of the developer's choice variables is investigated (an interesting question is whether yards are larger farther from the urban center), and a comparative static analysis of the housing market equilibrium is presented.     

Critical factors in technological innovation and their policy implications

This paper explores the critical factors which affect the innovation proccess. Some ways in which some of these factors can be influenced by appropriate policy measures are discussed. In particular, the role of the federal government in promoting innovation is discussed.The role of the government in stimulating and nurturing the innovation process is a controversial one. Proponents of the free enterprise system, many of whom are spokespersons for various industries, have persistently pointed out the deleterious effects of regulation and control on the innovation process. By contrast, advocates of an activist government role are often able to cite the protection of the common welfare as a primary need for government intervention. In truth, the “government” is a patchwork of many governments, operating through many agencies and affecting firms and individuals at several levels and leverage points. The same regulation that has deleterious effects on Industry A may be a stimulus for innovation in Industry B. Even in Industry A, the regulation may act as a force in directing efforts toward certain types of R&D programs that would not otherwise be undertaken.In this paper we examine the specific instances where innovation projects, both product or process types, were affected by government regulation. We also briefly review the critical factors which affect the innovation process and how various governments in industrialized countries have taken actions to influence these factors. Finally, we examine some general guidelines for policymaking purposes.     

Seasonal Effects of Hydropeaking on Growth,Energetics and Movement of Juvenile Atlantic Salmon (Salmo Salar)

The performance and movements of juvenile Atlantic salmon Salmo salar exposed to variable water discharge (simulating hydropeaking) but with a stable water‐covered area were studied in six experimental stream channels, both during the winter and summer. Thirty fish were stocked into each channel, and the growth, body fat and movements of the fish were followed for about 2.5 months in each season. During the winter, no effect of hydropeaking was documented on performance or movement. In the summer, fish experiencing hydropeaking had lower body mass, lower body fat, and higher movement rates than the control fish. In general, effect sizes were small, and the rapid and frequent changes in water discharge and water level in the present study had small effects on the performance of juvenile Atlantic salmon. The cumulative long‐term effect at the population level is unknown, but a reduced growth rate of 10% and a reduction in body fat of 16% in the hydropeaking experiments in the summer might to some extent translate into increased smolt age and lower overwintering survival. Copyright © 2014 John Wiley & Sons, Ltd.