Dynamics of the Greenbelt Amenity Effect on the Land Market—The Case of Seoul's Greenbelt
研究了首尔绿带在快速城市扩张中（1970-1989年）对土地价值的动态影响，发现其便利性价值虽高但边际价值自1980年起下降，最终作为政策工具的效率降低。
Seoul's greenbelt has been maintained for twenty years with little change, although Seoul has grown rapidly. Therefore, Seoul's greenbelt is interesting to examine for the dynamic impacts of a greenbelt regulation in a growing city. These impacts are examined in this article which also exploits a unique time series of Seoul property values (1970–1989). The results show that the amenity value of Seoul's greenbelt is quite high. However, the marginal value of greenbelt accessibility has been decreasing since 1980, in notable contrast to earlier years. A simple welfare analysis demonstrates that as the city grows, the greenbelt eventually loses its efficiency as a policy tool, even though earlier it may have achieved economic efficiency.