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Explaining Variation in Quality of Life through Amenities: Evidence from Korean Cities

Date: Wednesday, Oct 4, 2023, 16:30 ~ 17:45
Speaker: Heepyhung Cho (Korea University)
Location: 우석경제관(223동) 504호
* 주관: 서울대학교 경제학부, 경제연구소 한국경제혁신센터, SSK, BK21

* 본 세미나는 BK21+(2023-1학기) 세미나 참석으로 인정됩니다.

세미나 참석인정을 원하는 학생은 세미나 종료 후 참석자 명단을 작성해주시기 바랍니다.

Abstract: I estimate quality of life (QOL) across Korean cities and explain the cross-sectional and time-level variations in QOL through amenities. Using administrative housing transaction data, a city's revealed preference QOL is estimated from its cost of living relative to its wage level. Seoul (the biggest city in Korea) had a significantly high QOL in 2019, and its QOL continuously increased from 2015 to 2019. Based on a hedonic framework, households are willing to pay more for denser, more educated, and warmer cities. Decomposing QOL using amenities chosen by LASSO, I find that a large portion of the cross-sectional variation in QOL across cities comes from artificial amenities. I also show that most time-level variations in QOL can be explained by amenity-related factors, especially by increases in the value of amenities.
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