There are some distinct features in the housing unit such as heterogeneity, locational adherance and indivisibility, unlike other goods, which are main bottlenecks in analyzing housing market according to neo-classical market anlysis.
Hedonic price theory and/or household production theory offer good theoretical backgrounds to solve these problems. More recently S. Rosen (1974) developed a theoretical model for the structural analysis of hedonic prices. His model recognizes that the market prices of complex goods such as housing are jointly determined by consumer evaluations of each of the individual services provided and by the producer's offering price for each services.
In this dissertation, a hedonic price model following Rosen are empirically tested with three steps.
First, from the components of the housing units the four factors (quality, interior size, locational characteristics and exterior size) are identified from factor analysis technique.
Second, to calculate the quality of each factor, factor score were used and from the regression result of total housing price on quadratic formed housing factors, factor prices were calculated by performing partial derivative dP/$dZ_i$ for each factors at each geographical area.
Finally, to identify demand and supply function shifters, income, number of household, development status, population density of the area, locational characteristics, housing supply ratio and housing type were used and the six equations system of QUALITY, INSIZE, and EXSIZE which are constituting the housing unit were estimated using three stage least squares method. Consequently, generally accepted results are obtained.
As data, Survey on Housing Market and Its Demand collected by KRIHS in August, 1982 and Census of Population and Housing by EPB in 1981 were used.
住宅은 다른 商品과는 다른 獨特한 性質로 異質性, 立志的 固着性, 不可分性이 있다. 이러한 特性은 實證的인 問題에 있어 新古典派의 微視經濟理論 適用에 큰 障碍要素가 되고 있다.
이와 關聯하여 最近에 開發된 享有價格理論(hedonic price theory)은 妥當性있는 理論的 根據를 提示하게 되는데, 特히 Rosen은 이를 利用하여 市場均衡을 考慮한 聯立方程式 體系를 考案하였다.
이 論文에서 Rosen의 理論을 適用하여 韓國 都市住宅市場의 享有價格模型을 다음의 3段階에 依해 推定하였다.
分析의 첫 段階로 住宅을 이루고 있는 物理的·立地的 構成要素로부터 要素分析(factor analysis) 에 依해 代表的인 要素로서 住宅의 質, 內部面積, 位置, 外部面積等 4個의 要素를 抽出하였다.
다음 段階로 變數値를 求하기 爲하여 要素値(factor score)에 依하여 各 要素의 量을 決定하고, 全體 住宅價格을 二次式(Quadratic form)으로 나타낸 要素들에 對하여 回歸分析한 式(各 都市에 對해)으로 부터 偏微分値를 取하여 各 要素의 價格(享有價格)으로 推定하였다.
마지막 段階로 各 要素의 需要·供給 函數를 識別(identify)하기 爲하여 需要·供給 函數의 移動變數(shifter)로서 所得·家口의 크기·住宅의 位置·地域의 人口密度·開發狀態·住宅報給率·住宅類型 等을 使用하여, 住宅을 構成하고 있는 質·內部面積·外部面積들의 需要供給函數 6個의 式을 聯立方程式 體系에 의해 三段階 最小 自乘法(3-stage least square method)를 使用하여 推定하였다. 推定結果 一般的으로 妥當性 있는 需要·供給函數를 導出할 수 있었다.
이 論文에는 國土開發硏究院이 1982年 8月에 實施한 設問紙 調査 「住宅市場 및 需要調査」와 經濟企劃院의 1980年 「人口 및 住宅統計」 等이 資料로서 使用되었다.
