지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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There is a belief that out-of-state buyers pay more for real estate than in-state buyers in Jeju Island. We investigate whether the belief is true in condominium market, in which information on transaction prices is diffused more quickly compared with other types of houses. And we explore whether the premium is driven by anchoring-induced bias or by search cost if out-of-state buyers pay more. For the study's purpose, we adopt a SPAR model and a repeat sale price model as alternative models instead of a conventional hedonic price model. The data of transaction prices from July 2006 to March 2013 is used to estimate our models. The analysis results reveal that the rate of premium paid by out-of-state buyers is about 4.2% for condominium. And we find that out-of-state buyers from non-high-priced regions as well as out-of-state buyers from high-priced regions pay more for condominium than in-state buyers, and that out-of-state buyers from high-priced regions pay much more than out-of-state buyers from non-high-priced regions. From the results we conclude that the premium paid by out-of-state buyers in Jeju Island is driven by anchoring effect(anchoring-induced bias) as well as by search cost.
목차
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참고문헌 (15)
참고문헌 신청
Bailey, M. J. / 1963 / A Regression Method for Real Estate Price Index Construction / American Statistical Association Journal 58 : 933 ~ 942
Bourassa S. C. / 2006 / A simple Alternative House Price Index Method / Journal of Housing Economics 15 : 80 ~ 97
Cauretie, T. M. / 2007 / The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties / Journal of Real Estate Finance and Ec
Haan, Jan de / 2009 / The Measurement of House Prices : A Review of the Sale Price Appraisal Ratio Method / Journal of Economic and Social Measurement 34 : 51 ~ 86
Kahneman, D. / 1979 / Prospect Theory: An Analysis of Decision under Risk / Econometrica 47 (2) : 263 ~ 292
Bourassa S. C. / 2006 / A simple Alternative House Price Index Method / Journal of Housing Economics 15 : 80 ~ 97
Cauretie, T. M. / 2007 / The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties / Journal of Real Estate Finance and Ec
Haan, Jan de / 2009 / The Measurement of House Prices : A Review of the Sale Price Appraisal Ratio Method / Journal of Economic and Social Measurement 34 : 51 ~ 86
Kahneman, D. / 1979 / Prospect Theory: An Analysis of Decision under Risk / Econometrica 47 (2) : 263 ~ 292
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