Publications
Publications
Administrative district reforms, Land Transaction Permission System, and land market dynamics: Evidence from South Korea (With Hoyong Jung), Real Estate Economics (2026) Link
The Impact of the Comprehensive Real Estate Holding Tax on Asset Equity and the Rental Housing Market (With NamJoo Hong), Journal of Housing Economics (2026) Link
Is the Out-of-Town Buyer effect overemphasized? Evidence from news sentiment as an information proxy (With Sangwon Seo), Journal of Real Estate Finance and Economics (2026) Link
Property rights and shadow economies: A global perspective (With Hoyong Jung), Economics Bulletin (2025) Link
Working Papers
Do working hour reductions spur firm-level digital transformation? Evidence from South Korea (With Hoyong Jung), R&R at Economics of Innovation and New Technology
Tenant Protection, Housing-Cost Risk, and Income Reporting: Evidence from South Korea's 2020 Lease Reform (With Hoyong Jung), R&R at Journal of Housing and the Built Environment
When Kinks Move: Heterogeneous Adjustment across Tax Preparation Types (With Hoyong Jung)
Housing Cost Risk and Precautionary Savings : Evidence from Tenant Protection (With Sangwon Seo)
From Sales to Gifts : Capital Gains Taxation and Housing Reallocation (With Hyunjin Lee)
Housing Access and Fertility: Evidence from Priority Rules in Korea’s Housing Lottery (With Jinhak Lee)
When Valuations Create Value: Collateral Valuation, Credit, and Asset Prices (With Dohun Kim)
Taxing Housing, Shifting Investment: From Residential to Commercial Real Estate (With Namjoo Hong)
Do People Value Regulated Property Management? Evidence from a Condominium Management in Korea (With Taehoon Koo)
Where Does Regulated Housing Demand Go? Substitution Across Locations and Property Types in Korea (With Soo-in Choi)
Markets Know Before Selection: Housing Price Responses to Redevelopment Prospects in Korea (With Ganghyun Park)
From Expectations to Realization: The Timing of Urban Development Capitalization across Property Markets (With Chungang Kim)
Human Capital Accumulation and Choice of Marriage : Role of Effort Choice in Marriage Premium Link to Draft Link to Slides
Abstract : This paper investigates how choice of attitude toward working and learning is related to the emergence of male's marriage premium. A Ben-Porath type human capital model incorporating marriage choice and effort specialization decision is considered as a benchmark model. In the model, an agent accumulates human capital and generates income by allocating the time endowment between working and learning, and decides whether to marry or not in each period. The distinguishing feature of the model is that one could choose either to concentrate on working or learning by choosing the effort level in each sector. Estimated based on Simulated Method of Moments, the model replicates the wage profiles and the proportion of married individuals in NLSY79. A counterfactual exercise on the timing of marriage reveals that the wage profiles of individuals show discrete jump at the period of marriage. The size of marriage premium is larger when the marriage happens early in the life cycle, and if the individuals possess average ability to learn. Conversely, a negligible size of marriage premium is observed if marriage happens late, especially for the individuals with high ability. In the long run, the anticipation of marriage increases the peak of the wage profile, especially when marriage is postponed.
Implications of Lump Sum Deposit Rental Agreements on Savings, Housing Demand, and Welfare Link to Draft
Abstract : This paper estimates a life-cycle model of housing contract choices to analyze the role of the Jeonse contract in the Korean housing market. Jeonse is a unique lump-sum deposit rental contract that requires a large deposit upfront instead of recurring monthly payments, with the full deposit returned at the end of the contract. The benchmark model which includes three housing contract options—ownership, Jeonse, and rent—is compared to a counterfactual scenario in which the Jeonse option is excluded from the market. Assuming constant housing market prices regardless of demand, the counterfactual market exhibits a notable decline in ownership rates across the life cycle, with a 12-percentage-point drop at the peak of the ownership profiles. The core findings remain qualitatively consistent even when an additional housing option, premium rent, is introduced, which is equivalent in cost and quality to Jeonse units. This suggests that the proportion of housing demand attributed to the Jeonse contract stems not from model-specific utility specifications but rather from the intrinsic nature of the Jeonse agreement in encouraging tenants to accumulate more savings. The welfare analysis indicates that households with lower incomes demonstrate a limited preference for Jeonse contracts, which provides insight into why lump-sum deposit contracts are absent in housing markets outside of Korea.
Work in Progress
Human Capital Accumulation, Labor Supply, and Life Expectancy