Revamping feasibility study framework for sustainable regional development - should we invest more in transport for lagging regions?

This research addresses the issue of the relationship between transport investment and sustainable development. More specifically, it supports the idea that a sizable transport investment for a region lagging economically is more cost-effective than that for a more developed area. Methodologically, a set of multivariable regression models is used based on econometrics principles. All three components (transport accessibility, industry, and the interactions of the two) comprising economic growth are preferable to lagging regions by raising house prices or income levels. This research answers positively the title above by comparing the opportunity costs for developed regions like Seoul with firm theories. We compare ten-minute walking accessibility, fifteen-minute accessibility, and thirty-minute accessibility by public transportation. All accessibilities are preferable to the non-Seoul areas, and more sizable accessibility intensifies the trend. The results obtained in this research can be used for sustainable economic development as a justification to evolve the incumbent feasibility study of transport facilities in Korea and can shed light on the future direction of funding transport investments in achieving more balanced and sustainable developments between lagging and developed regions.