The great public construction project has promoted private industrial activities persistently to bring out great fervor in real estate investments since 2007 when Taiwan High Speed Rail was managed regularly in 2007.  Housing is a indispensible good as well as heterogeneious good which includes implicit attributes can be capitalized into real estate’s price.  The results demonstrate: first, the event of HsinChu station management has found to positively influence on real estate price within its area whose marginal price is 299 thousand new Taiwan dollars under significance level; second, under significance level, relative attributes such as house age, distance from HsinChu Station, and distance from HsinChu County sport park are negatively correlated; relative attributes such as house weight, floor area, and the shortest distance from local petrol station are positively correlated with housing price.

Adelman, I., and Griliches, Z., 1961, “On the Index of Quality Change”, Journal of the American Statistical Association, 56, 535-548.

Andersson, D. E., Shyr, O. F., and Fu, J., 2010, “Does High-Speed Rail Accessibility Influence Residential Property Prices? Hedonic Estimates from Southern Taiwan”, Journal of Transport Geography, 18(1), 166-174.

Box, G. E. P., and Cox, D. R., 1964, “An Analysis of Transformations”, Journal of the Royal Statistical Society, Series B(Methodological), 26(2), 211-252.

Chang, C. E., 1995, A Study of the Housing Price Index in Taiwan, Commissioned research report of the Council for Economic Planning and Development, Executive Yuan, unpublished.

Court, A. T., 1939, “Hedonic Price Indexes with Automotive Examples”, in The Dynamics of Automobile Demand, New York: Routledge,148-174.

Goodman, Allen C., 1978, “Hedonic Prices, Price Indices and Housing Markets”, Journal of Urban Economics, 5(Oct.), 471-484.

Lancaster, K. J., 1966, “A New Approach to Consumer Theory”, The Journal of Political Economy, 74(2), 132-157.

Li, Y. T., 2005, An Assessment of the Effects of Transit-Oriented Development Strategies on Housing Price in Taipei MRT Station Areas, Master thesis, Institute of Urban Planning, National Cheng Kung University.

Nakamura, H, and Ueda, T., 1989, “The Impacts of the Shinkansen on Regional Development”, in The Fifth World Conference on Transport Research, Yokohama, 1989, III, Western Periodicals, Ventura, California.

Tse, Raymond, Y. C., 2000, “Estimating Neighborhood Effects in House Prices: towards a New Hedonic Model Approach”, Urban Studies, 39(7), 1165-1180.

Tseng, C. W., 2006, The Comparisons of Different Transportation Infrastructures Impacts on Property Price:Empirical Studies of Metro Nangang Line and Civic Boulevard in Taipei City, Master thesis, Graduate Institute of Urban Planning, National Taipei University.

Vickerman, R., 1997, “High-speed Rail in Europe: Experience and Issues for Future Development”, The Annals of Regional Science, 31(1)： 21-38.

Wang, Y. I., 2006, The Analysis of Influence Factors in the Land Use Changes along Metro line—An Empirical Study of the Metro Blue Line, Master thesis, Institute of Traffic and Transportation, National Chiao Tung University.

Yang, T. H., 1995, The Research of Housing Price Index, Master thesis, Department of Land Economics, National Chengchi University.

In the evaluation of institutional efficiencies, one of the focuses of the literature has always been on comparing transaction costs. However, the transaction cost approach has not been easy to implement. By using examples based on a comparison of the efficiencies of two land use conversion systems, this paper argues that transaction costs should take market participants into consideration both “collectively” and “individually”. From the perspective of all individuals together, the transaction cost approach must first be based on the Marshall Efficiency criterion, so that we can judge institutional efficiency by calculating the change in the overall surplus. From the perspective of each individual, we cannot ignore the premise of catallactics, by which exchanges are processes based on voluntary agreement among persons. If we do, we might draw a wrong conclusion because of a logical error. In addition, in considering that individuals are subjects of economic behavior and that transaction costs are subjective and in turn difficult to measure, efficiency should not be compared simply by measuring the transaction fees involved in an institution. In other words, even though the idea of a transaction cost approach seems to be clear and promising, it is not operational in judging the efficiency of an institution.

Buchanan, J. M., 1969, Cost and Choice: An Inquiry in Economics Theory, Chicago: University of Chicago Press.

Buchanan, J. M., 1986, Liberty, Market and State, New York: New York University Press.

Chang, C., 1991, Modern Property Rights Economics, Shanghai: Joint Publishing.

Chang, C.H., Hsu, C. T., Liu, Y. C., and Wu, T. M., 1998, Economics, Taipei: Hanlu Publishing Co. Ltd..

Chen, C. J., 2009, “A Discussion of the Effectiveness of Real Estate Information Systems from the Perspective of Transaction Costs: A Case Study of Public Sector Information Systems”, Land Issues Research Quarterly, 8 (4): 84-90.

Chen, C. Y., 2010, “The Changing Conception of Public Goods and Urban Governance--From Neo-classical to New Institutional Economics”, Journal of Geographical Science, 58: 65-88.

Chen, K. M., and Li, H. H., 1995, The Firm, the Market, and the Law, Yuan-Liou Publishing Co. Ltd., Taipei. Original work: Coase, R. H., 1988, The Firm, the Market, and the Law, Illinois: The University of Chicago Press.

China Times Publishing Company, Taipei, 1994, Institutions, Institutional Change, and Economic Performance, China Times Publishing Company, Taipei. Original work: North, D. C., 1990, Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Press.

Coase, R. H., 1960, “The problem of social cost,” Journal of Law and Economics, 3: 1-44.

Colwell, P. F., 1997, “Tender mercies: efficient and equitable land use change,” Real Estate Economics, 25(4): 525-537.

Crone, T. M., 1983, “Elements of an economic justification for municipal zoning,” Journal of Urban Economics, 14: 168-83

Dahlman, C. J., 1979, “The problem of externality,” The Journal of Law and Economics, 22: 141-162.

De Pinto, A. and Nelson, G. C., 2009, “Land Use Change with Explicit Data: A Dynamic Approach,” Environmental and Resource Economics, 43(2): 209-229.

Edited by Urban and Housing Development Department, Council for Economic Planning and Development, Executive Yuan, 2003, Operating Manuals for Land Use Conversion, Taipei: Council for Economic Planning and Development, Executive Yuan.

Fama, E. F., 1970,“Efficient Capital Markets: A Review of Theory and Empirical Work”, Journal of Finance, 25:383-417.

Friedman, D. D., 2000, Law’s Order: An Economic Account. New Jersey: Princeton University Press.

Furubton, E.G. and Richter, R., 1997, Institutions and Economic Theory: The Contribution of the New Institutional Economics, Ann Arbor, Michigan: The University of Michigan Press.

Ghoshal, S. and Moran, P., 1996, “Bad for practice: a critique of transaction cost theory,” Academy of Management Review, 21(1): 13-47.

Hastings, E.M. and Adams, D., 2005, “Facilitating Urban Renewal: Changing Institutional Arrangements and Land Assembly in Hong Kong,” Property Management, 23(2): 110-121.

Henger, R. and Bizer, K., 2010, “Tradable Planning Permits for Land-Use Control in Germany,” Land Use Policy, 27(3):843-852.

Hsia, T. P., 1991, Human Action, Taipei: Yuan-Liou Publishing Co. Ltd. Original work: Mises, L. E., 1949, Human Action: A Treatise on Economics, New Haven: Yale University Press.

Hsia, T. P., 1991, The Ultimate Foundation of Economic Science, Taipei: Yuan-Liou Publishing Co. Ltd. Original work: Mises, L. E., 1962, The Ultimate Foundation of Economic Science: An Essay on Method, Princeton, New Jersey: Van Nostrand.

Hsia, T. P., 1993, Individualism and Economic Order, Taipei: Yuan-Liou Publishing Co. Ltd.. Original work: Hayek, FA, 1989, Individualism and Economic Order, Chicago: The University of Chicago Press.

Hsieh, T. L., Huang, Y. H., Chen, Y. P., and Cheng, L. P., 1995, The Fatal Conceit, Taipei: Yuan-Liou Publishing Co. Ltd. Original work: Hayek, F.A., 1992, The Fatal Conceit, Chicago: University of Chicago Press.

Hsiung, P. Y., 2003, Xiong Ping-yuan: Walking Through the Law, Taipei: China Times Publishing Company.

Hsu, C. H., Chang, L., and Lin, W. C., 2001, Economics,Taipei: Wun Ching Publishign Group. Original work: Parkin, M., 2000, Economics, 5th ed, US: Pearson Education, Inc.

Hsu, P. H., 2006, “Transaction Costs, Power Imbalance and Political Process-An Analysis of Environmental Dispute of Industrial Park in Taiwan”, Journal of Building and Planning, 13: 17-32.

Hu, H. F. and Chang, T. C., 2008, “The Efficiency of Land Use Conversion,” in the Lauren C. H. and Susan M. O. (eds), Local sustainable Urban Development in a Globalized World, England: Ashgate Publishing Limited, 77-92.

Hu, H. F., 2003, “Government's Land Use Conversion Policy: A Property Right Perspective”, The Chinese Public Administration Review, 13 (1): 57-96.

Huang, C. F., 1998, Lives of the Laureates: Thirteen Nobel Economists, Taipei: Commonwealth Publishing Co. Original work: Breit, W. and Spencer, R. W., 1990, Lives of the Laureates: Thirteen Nobel Economists, Commonwealth Publishing visionary, Massachusetts: MIT Press.

Huang, K. H., 1994, Electoral Districts by Age: a Subjective Analysis of Transaction Costs, Master Thesis, Institute of Economics, National Tsing Hua University.

Huang, Y. K., 2000, “Anti-subjective Theory is Irrational: A Discussion of Steven N. S. Cheung’s Masterpiece”, Hong Kong:Hong Kong Economic Journal Monthly, 281: 35-37.

Keogh, G. and D’Arcy, E., 1999, “Property market efficiency: an institutional economics perspective,” Urban Studies, 36( 13): 2401-2414.

Lai, T. Y., 1997, A Study of the Feedback Methods for Land Use Conversion, Taipei: National Joint Association of Construction Investment Association and Trade Association of Taiwan, R.O.C..

Lin, H. P., and Chen, C. W., 1999, “The Analysis and Estimation of Transaction Costs-The Experience from a Simulation of Negotiation”, Journal of Housing Studies, 8: 21-46.

Liu, J. H., 1995, Structure and Change in Economic History, China Times Publishing Company, Taipei: Original work: North, D. C., 1981,Structure and Change in Economic History, New York: W.W. Norton & Company.

Liu, M. T., 1991, The Policy-Making Process, Taipei: Laureate Publishing Co. Original work: Lindblom, C.E., The Policy-Making Process, 1968, Egnlewood Cliffs, New Jersey, 1968.

Mankiw, N. G., 2001, Essentials of Economics. 2nd Editon, Orlando, FL: Harcourt College Publishers.

Martinez, R. J. and Dacin, M. T., 1999, “Efficiency motives and normative forces: combining transaction cost and institutional logic,” Journal of Management, 25(1): 75-96.

Pien, T. M., 1996, “Management of the Use of Municipal Land, Land Policy, edited by Lee Hong-Yi”, Taipei: China Land Institute, 155-179.

Pindyck, R. S. and Rubinfeld, D. L., 1989, Microeconomics, New York: Macmillan Publishing Company.

Stavins, R. N., 1995, “Transaction costs and tradable permits,” Journal of Environmental Economics and Management, 29: 133-148.

Tirole, J., 1988, The Theory of Industrial Organization, Massachusetts: MIT Press.

Tseng, C. M., 2008, “The Impact of Spatial Externalities, Transaction Costs, and Land Readjustment on Residential Land Prices - Evidence from Tainan City”, Journal of Housing Studies, 17 (1): 23-50.

Wallis, J. J. and North, D. G., 1986, “Measuring the transaction sector in the American ecomomy, 1870-1970,” in Engerman, S.L. and Gallman, R.E. (eds), Long –Term Factors in American Economic Growth, Chicago: University of Chicago Press, 95-161.

Wang, Y. W., and Hsiao, H. H., 2004, “The Compensating Institution of Public Facilities for Nimby Syndrome : The Case Studies of Nuclear and Thermal Power Plants in Taiwan”, City and Planning, 31 (1): 65-90.

Wu, T. C., 2003, “A Study on the Impact of Land Use Development Control on the Decision-making of Land Development”, Journal of Planning, 30: 1-14.

Yang, H. K., 2001, Economics Essays of Xiaokai Yang, Taipei: Hanlu Publishing Co. Ltd.

Yang, S. L., 1996, A Study of the Benefit Feedback Mechanisms for Land Use Conversion, Council for Economic Planning and Development, Taipei: Executive Yuan.

According to the Green Building Labeling System in Taiwan, energy saving is the most important factor among the four aspects of evaluations including ecology, energy saving, healthy and waste reduction.  This indicates the importance of indoor environment.  Taiwan is located at subtropical climate.  There are approximately 4 months of a year when the outdoor temperature is lower than the indoor temperature.  This advantage can be used to adapt the thermal comfort indoors and improve the indoor quality.  For the building without air conditioning, natural ventilation is very good strategy.  If natural ventilation strategy can be properly designed, it can not only decrease the dependence of air conditioning but also reduce the energy use.  In order to correctly design naturally ventilated building, design tool is needed for instance wind tunnel, math model, computational fluid dynamics (CFD)…etc.  Compared to others, CFD is the tool commonly used in many fields.  The reason why CFD is popular is the rapid development of computer engineering.  The use of CFD technology can predict the air flow pattern, temperature stratification…etc.  Thus, due to the CFD calculation, the opening size and location can be determined for increasing the comfort condition of a building.  Data obtained from the CFD can be referred at the design stage.  The investigation mainly aims to analyse the indoor physical environment by means of CFD in order to determine the passive design strategy.  General findings of the study show that high wind speed can provide better air change rate whatever the indoor flux and air opening conditions.  The high air change rate can efficiently reduce the indoor temperature and improve the indoor environment.  Under the same wind speed, the air change rate is depended on the heat flux of a room which depicts that buoyancy ventilation can be a useful strategy.

Chen, Y. C., 2008, Wind Tunnel Experiments of Wind-driven Ventilation, Master thesis, Department of Civil Engineering, National Central University.

Chien, Y. H., 1995, A Study on Indoor Air Quality in a Single Room of Dwelling Using Computational Fluid Dynamics for Cross-Ventilation, Master thesis, Department of Architecture, National Cheng Kong University.

Chien, Y. J., and Hsueh, N. H., 2004, Architectural Environmental Engineering (2nd Edition), Taipei: Liuho Publishing.

Chiu, C. H., 2004, A study on the influence of ventilation with different crown shapes of vertical ventilation duct in a dwelling unit, Master thesis, Department of Architecture, National Cheng Kong University.

Chu, C. J., 2006, Introduction to Wind Engineering, Taipei: Scientific and Technical Publishing Co., Ltd.

Lin, H. T., 2006, Green Architecture, Taipei: Chan’s Arch-publishing Co. Ltd..

Liu, P. C., 2007, Evaluation of Buoyancy-Driven Ventilation in Atrium Buildings Using Computational Fluid Dynamics and Reduced-scale Air Model, Master thesis, Tainan: Department of Architecture, National Cheng Kong University.

Mistriotis, A., G. P. A. Bot, P. Picuno, and G. Scarascia. 1997. Analysis of the efficiency of greenhouse ventilation using computational fluid dynamics. Agric. Forest. Meteorol. 85: 217-228.

Wang, F. C., 2007,Computational Fluid Dynamics Analysis - CFD Principles and Applications of CFD software, Beijing: Tsinghua University Press.

Wu, C. C., 1994, Architectural Physics - A Graphical Introduction, Taipei: Architectural Intelligence Magazine.

Yang, L. T., 2005, A study on the influence of Box-Windows on Natural Ventilation--CFD Simulation of the Elementary school classroom building, Master thesis, Taipei: Department of Architecture, National Taiwan University of Science and Technology.

It seems that pedestrian excursion behavior is not well recognized in downtown business districts. “Distance and allocation between attractors” and “effects of major axis, secondary axis, and building passage”, which related to the problems of relationship between facilities allocation and pedestrian excursion are extraordinarily unclear. This study adopted follow-up-pedestrian survey to collect data, Commeraial Zone of Kaohsiung City as a research field, and the pedestrian trip collected from 594 group samples, total 1330 pedestrians, were used to decide “basic scale unit”. Furthermore, excursion areas are modeled and classified to display pedestrians’ excursion situation and structure of street space, and construction strategy at empirical area could be provided. This study found that the major component to form a excursion unit is the existence of a core area. Consequently, constructions to core areas are more important than that to street networks, which include major axis, secondary axis and building passage. This study also found that major axis with high pedestrian rate can not certainly form a excursion unit without secondary axis.

Bafna, S., 2003, “Space syntax: A brief introduction to its logic and analytical techniques”, Environment and Behavior, 35: 17-29.

Bennet, P. D., 1995, Dictionary of Marketing Terms, Second Edition, Sewnd Edition Chicage, IL: American Marketing Association.

Chao, Y. L., Lou, Y. C., Huang, H. Y., Liao, W. C., and Chou, T. H., 1999, Analysis of Trade Types and Selection of Trading Location, Taipei County: Books used at National Open University.

Chen, C. M., 1977, Research on redeveiopment question for the declining trade area in downtown --The case study of Tainan Chung-Cheng Image -trade area, Master thesis, Department of Architecture, National Cheng Kong University.

Chou, T. H., and Tu, F. Y., 1997, Retail Management, Taipei: Hwa Tai Publishing Co.

Fox, E. J., Montgomery, A. L. and. Lodish, L. M., 2004, “Consumer Shopping and Spending across Retail Formats”, The Journal of Business, 77:25-60.

Fruin, J., 1971, Pedestrian planning and design, New York: Metropolitan Association of Urban Designers and Environmental Planners, Inc.

Haklay, M., O’Sullivan, D., Thurstain-Goodwin, M. and Schelhorn, T., 2001, “So go downtown: simulating pedestrian movement in town centers”, Environment and Planning B, 28(3): 343-359.

Helbing, D., Molnar, P., Farkas, IJ, and Bolay, K., 2001, “Self-organizing pedestrian movement”, Environment and Planning B, 28: 361-383.

Hess, P. M., Moudon, A. V., Snyder, M. C. and Stanilov, K., 1999, “Site design and pedestrian travel”, Transportation Research Record 1674: 9-19.

Hillier, B. and Hanson, J., 1984, The social logic of space, UK: Cambridge University press.

Huang, K. C., and Yeh, K. Y., 2008, “Investigation of route selection patterns of pedestrians in Yichung business district”, City and Planning, 35 (1) :79-98.

Huff, D. L., 1964, “Defining and Estimating a Trading Areas”, Journal of Marketing, 28(3): 34-38.

Lin, C. C., and Tsai, Y. C., 2006, “Location-Allocation Models for Community and Neighborhood Commercial Centers with Considerations of Purpose and Pass-by Shopping Trips”, City and Planning, 33 (3) :205-229.

Lin, M. F., 2005, Research on the Tourists’ Satisfaction and Environmental Image of the Image Business District of Hsin Chu City, Master thesis, Department of Construction Management, Chung Hua University.

Okabe, A. and Kitamura, M., 1996, “A computational method for market area analysis on a network”, Geographic Analysis, 28: 330-349.

Penn, A. and Turner, A. ,2002,“Pedestrian and Evacuation Dynamics”, in M. Schreckenberg and S. Sharma (Eds.),Space syntax based agent simulation, Berlin, Germany: Springer-Verlag,99-114.

Pushkarev, B. and Zupan, J., 1975, Urban space for pedestrians: a report of the regional plan association, Cambridge: MIT Press.

Robertson, K. A., 2001, “Parking and pedestrians: balancing two key elements in downtown development”, Transportation Quarterly, 55(2): 29-42.

Sandahl, J. and Percivall, M., 1972, “A pedestrian traffic model for town centers”, Traffic Quarterly, 26(3): 359-372.

Voith, R., 1998, “The downtown parking syndrome: does curing the illness kill patient”, Business Review, 3-14.