건축시기와 토지이용의 효율성 : 미개발토지 보유의 의미에 대한 실증분석 A Partial Evidence on Efficient Land Speculation Hypothesis = Building Height Regulation and Construction Timing

다국어 초록 (Multilingual Abstract)

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.