A simple intertemporal expected-utility model for the household is developed to explore the determinants of split and family migration. Split migration occurs when the household head moves from a rural to an urban area first, and the rest of the family remains behind to join him later. Family...

Chonsei is a unique Korean lease contract in which the tenant pays an up-front deposit, typically about 40 to 80% of the value of the property, with no requirement for periodic rent payments. At the contract maturation, the landlord then returns the nominal value of the deposit. Since there is...

An overlapping generational model of educational investment in a dual labor markets is presented in which education serves both as a screening device and as investment in human capital. Labor market dualism arises not only via the conventional technology (productivity) differential between a...

Private tutoring in South Korea is quite pervasive. In 2006, the household sector spent 2.57% of the nation's GDP on private tutoring for primary and secondary school students. Government spending on those students was about 3.5% of GDP, which is about the average level among OECD countries....

The conventional model of the housing market does not take into account the search process for a suitable housing unit. Based on a dynamic search theory, this paper develops and estimates a truncated regression model of the rental housing market with stochastic and unobserved truncation points....