An intertemporal efficiency test of a greenbelt: Assessing the economic impacts of Seoul's greenbelt

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15 Citations (Scopus)

Abstract

Greenbelts have been a widely used planning tool for preserving open space and containing the physical expansion of built-up areas. Although both the economic costs and the benefits of greenbelts have been studied, there have been no attempts to integrate the two. In this paper, I attempt to illuminate the argument by measuring the aggregate net metropolitan economic gain or loss (in both household utility and land value) of a marginal release of greenbelt land for development in Seoul, a city that has strong open-space protections and severe urbanization pressures. I present the calculation for four points in time to discover how the net benefit changes over the long run. The trend shows that Seoul's greenbelt achieved economic efficiency as the city grew, but lost economic efficiency once the congestion effect kicked in. I conclude that a fixed boundary for a greenbelt cannot be a net benefit forever, and thus the original greenbelt designation should be reexamined periodically.

Original languageEnglish
Pages (from-to)41-52
Number of pages12
JournalJournal of Planning Education and Research
Volume19
Issue number1
DOIs
StatePublished - 1999 Jan 1

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greenbelt
economic efficiency
economic impact
utility value
land value
efficiency
economics
urbanization
open space
planning
trend
costs
congestion
test
cost
time

Cite this

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abstract = "Greenbelts have been a widely used planning tool for preserving open space and containing the physical expansion of built-up areas. Although both the economic costs and the benefits of greenbelts have been studied, there have been no attempts to integrate the two. In this paper, I attempt to illuminate the argument by measuring the aggregate net metropolitan economic gain or loss (in both household utility and land value) of a marginal release of greenbelt land for development in Seoul, a city that has strong open-space protections and severe urbanization pressures. I present the calculation for four points in time to discover how the net benefit changes over the long run. The trend shows that Seoul's greenbelt achieved economic efficiency as the city grew, but lost economic efficiency once the congestion effect kicked in. I conclude that a fixed boundary for a greenbelt cannot be a net benefit forever, and thus the original greenbelt designation should be reexamined periodically.",
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