Abstract:This study aims to measure welfare loss due to the high pollution levels of PM10 and NO2 in the Seoul metropolitan area (SMA), Korea, which do not comply with the international standards, using spatial hedonic price models with apartment sales and air pollution data in 2010. The major findings were as follow: First, spatial hedonic model estimation reveals statistically significant negative signs for air pollution index for all submarkets, empirically presenting a trade-off between air pollution level and hous… Show more
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