BL94030

BL94008
BL94031

97

12

BL94030
BL94008
BL94031

98

PI

P II

P III

P IV

P1

1-1

P1

1-2

P3

1-3

P4

P6

2-1

P6

2-2

P 10

2-3

P 12

2-4

P 14

P 23

3-1

P 23

3-2

P 24

3-3

P 27

P 30

4-1

P 30

4-2

P 32

4-3

P 40

P 44

5-1

P 44

5-2

P 45

P 46

P5

Durbin-Watson

P 42

P 43

P 12

P 18

P 24

P 26

P 30

P 31

ANOVA

P 32

P 32

ANOVA

P 34

P 34

ANOVA

P 36

P 36

ANOVA

P 38

P 38

P 40

P 41

II

98 1 7

III

8
89 ~97

(2006)

Adjusted R2F P

IV


911 2003

(Fannie Mae)
(Freddie Mac)
MBS

1-1

(costco)
15

(Hedonic Price Model)

Lancaster(1966) Rosen(1974)
(different functional forms)
(demographic variables selection)
(sample selection bias)
Hsiao(1986)

()()
()
(1993)

(Accessibility)

SPSS

1-2

1.

(1)

(2)
(3)

(4)
2.

8
3.
89 ~97

4.

5,955

1-3

1.
2.

3.()
4.

(1)
(2)
(3) (Reciprocal Model)(Semilogarithmic Model)
(Inverse semilogarithmic Model)(Logarithmic or
double logarithmic Model)
(4) VIF Tolerance Condition Index
(5) Durbin-Watson Test


2-1

1.

(1)

(2)

(3)

(4)

(5)

(6)

(7)

2.

(1)

(2)
A.

B.

C.

(3)
(4)

(5)

(6)

3.

(1)

(2)

(3)
A.

B.

(4)
A.

B.
(5)
A.

B.

(6)

(7)

(8)
(9)

(10)
(11)
(12)

(13)

(14)

(15)

(16)

2-2

1.
2.

3.

(hedonic price)

(implicit price)(hedonic price model)

(differentiated goods)

(2002)

Waugh(1929) Court(1939)

1965 Becker (characteristics)

(household production)
(heterogeneity commodity)
(2004)
Lancaster(1966)(hedonic price
model)(bundle)

10


Lancaster

Lancaster

Rosen(1974) Lancaster(1966)
Alonso (hedonic price theory)
(
Lancaster1966)

(bid function)
(offer function)
ColwellMunneke(1997)

Vanderford et al. (2005)

(1993)(2005)
(2007)

(2007)

7
t F
SPSS

11

2-3
Ridker and Henning(1976)
(multi-faced commodity)

1.

2.
(1993)
(1993)(1992)(1994)
3.

(1986)(1989)(1992)
(1992)(1992)(1996)

(1997)Dale-Johnson and Phillips (1984)Singell and

Lillydshl(1990)Quang, Wilbur and James(1994)
(2000)(2000)

(1997)

(1986)(1992)(1992)

(1992)(1992)(1996)

(1986)(1989)(1994)

(1992)(1994)(1997)Singell and
Lillydshl(1990)Quang, Wilbur and James(1994)
(1989)(1988)(1999)
(1986)(1988)(1989)

(1996)(1996)Sirmans
MacphersonZietz(2005)

(1994)(1996)
(1995)

12

(hedonic price
model)

1.
(Outlier)

2.(Heterogeneity)

3.

Nelson and Rabianski(1988)

Bourassa et al.(2003)

(Accessibility)

13

2-4

1.
2.
3.

1.
(1994) 1970 7
1990
7

(2003) (DUM1, DUM2,

DUM3)(Z) Bai and Perron(1998)

(error correction model, ECM )

Wang(2000) M1b

(1996)

CPI

14

(1999)

1.2.
(d)(P)
3.

(2000) 83

15 ()

(1)(2)(3)

(1) (2) (3) (4)

CGCM
(1) (2)
(3)
R 2 0.42Adjusted R 2 0.34 R 2
0.88Adjusted R 2 0.84
t

(2002)(hedonic price method)

(constant quality)

Hsiao(1986)

6082Fixed Effect Model

23

(2005)

15

13.13%

(2005)

(2006)

9
(1) 6.76%
10.72% 3.7%
(2)

()()(
)

(2007)

(2005)

15

30
16

(2007)

(2007)

MAPE hit rate

17

1.

(1)

( (2)

( I
1993)

(3)

2.

1970 M1b

- 7
1990

( 7

1994)

1996)

()

18

 ( 1)

1. 1.

2.

2.

(d)

(P)

1999)

3.

3.

4.

- (1) (OLS)
(2)(3)

2000)

23

2002)

19

 ( 2)

2005)

---

2005)

1. 2.

3.

4.

( (

5.

6.

2006)

7.

8.

9.

20

 ( 3)

2007)

MAPE hit rate

2007)

21

2.
Becher(1965)Lancaster(1966)(characteristics)
(household production function)
(heterogeneity commodity)

Lancaster(1966)(hedonic price model)

(bundle)

Lancaster

Lancaster

Rosen(1974) Lancaster(1966)
Alonso (hedonic price theory)

( Lancaster1966)

(bid function)
(offer function)
Freeman(1993)
(multi-collinearity)

Cheshire P. and S.Sheppard(1995) BOX-COX

pattern

Chaoloyd and holliday(1998)

Griffithy log-lin
2
R

22


3-1

89 ~97 6,358
() 6,040
(
) 5,987

5,955

1.

2.

3.
89 97

23

3-2

v
v
v
v

v
v

(2002)

(1993)
(1996)
(1999)
(2000)
(2005)
(2005)

v
v
v
v

v
v

v
v

v
v
v

v
v
v
v
v
v

(2006)
(2007)
(2007)

v
v

v
v

v
3

v
v

v
v

v
v

v
v
v
3

1.(Price)()

24

2.(RDWidth)

(1992)(1995)
(1994)

3.(Const)

Const=1()Const=0
4.(LMeasure)
(1992)(2000)(2000) Sirmans et al.(2005)

5.(BMeasure)

6.(Age)

7.(Type)

Ford(1994)
Haurin(1988)

25

8.(Location)
Colwell Munneke(1997)

1
0

()
(m)

RDWidth

Const

--

1 0

LMeasure

( m )

BMeasure

()

Age

97

Type

--

1 0

Location

1 0

( m )
2

; ; --

26

3-3

(2005)
Rosen(1974)

(hedonic price theory)

(housing prices)
n

y i X i i
i 1

1.(Reciprocal Model)
(1989)
(1996)(2005)

Price 1 RDWidth 2 Const 3 LMeasure 4 BMeasure

5 Age 6Type 7 Location i

Price()
RDWidth( m )
Const()
2
LMeasure( m )
2

BMeasure( m )
Age()
Type()
Location()

27

2.(Semilogarithmic Model)
(2002)(2004)(2004)
(2006)

Price 1 ln RDWidth 2 ln Const 3 ln LMeasure 4 ln BMeasure

5 ln Age 6 ln Type 7 ln Location i

Price()
lnRDWidth( m )
lnConst()
2
lnLMeasure( m )
2

lnBMeasure( m )
lnAge()
lnType()
lnLocation()

28

3.(Inverse semilogarithmic Model)

(1993)(1993)
(1996)(2005)(2007)

ln Price 1 RDWidth 2 Const 3 LMeasure 4 BMeasure

5 Age 6Type 7 Location i

lnPrice()
RDWidth( m )
Const()
2
LMeasure( m )
2

BMeasure( m )
Age()
Type()
Location()

i
4.(Logarithmic or double logarithmic Model)
Case (1991)
(2002)(2006)

ln Price 1 ln RDWidth 2 ln Const 3 ln LMeasure 4 ln BMeasure

5 ln Age 6 ln Type 7 ln Location i

lnPrice()
lnRDWidth( m )
lnConst()
2
lnLMeasure( m )
2

lnBMeasure( m )
lnAge()
lnType()
lnLocation()

i
29


4-1
1.

Price()

5955

60.000

53500.000

821.128

929.924

RDWidth(m)
LMeasure(m2)
BMeasure(m2)
Age()

5955

6.000

90.000

16.150

8.226

5955

6.070

3113.280

97.944

79.537

5955

8.890

3152.090

205.447

129.871

5955

1.000

62.000

19.505

12.161

(1=() 0)

(1= 0)

(1= 0)

0()

1()

1329

4626

5556

399

3294

2661

30

2.

Pearson Correlation
Price
()
Price

Const #

LMeasure

BMeasure

Age

Type #

Location #

1.000

()
Const #

0.269

1.000

LMeasure

0.600

-0.089

1.000

BMeasure

0.775

0.433

0.411

1.000

-0.350

-0.417

-0.020

-0.412

1.000

-0.278

0.136

-0.704

-0.168

-0.027

1.000

Location #

-0.119

-0.073

-0.186

-0.101

0.240

0.168

1.000

RDWidth

0.091

0.041

-0.038

0.048

-0.021

0.072

-0.075

Age
Type

RDWidth

1.000

Sig. (1-tailed)
Const

0.000

LMeasure

0.000

0.000

BMeasure

0.000

0.000

0.000

Age

0.000

0.000

0.063

0.000

0.000

0.000

0.000

0.000

0.019

0.000

0.000

0.000

0.000

0.000

0.000

0.000

0.001

0.002

0.000

0.055

0.000

Type

Location

RDWidth

0.000

ConstLMeasureBMeasureAge LocationRDWidth
10%(P=0.000)

31

4-2
4-2-1 (Reciprocal Model)
1.F

H0 1 2 ... k 0
H1 0
ANOVA
ANOVA

SS

MS

7
5947
5954

1.431E+09
3.717E+09
5.149E+09

204492354.481
625076.107

R2

0.278

Adjusted R

F
327.148

0.000

0.277

F 1% F7,5947 2.639 ANOVA

F 327.148F7,5947 2.639 F 327 .148 F7,5947 2.639 ( H 0 )

( i ) 0
2.

RDWidth
Const #

t
23.367
5.918 ***
-10.186

P-

44.948

0.520

0.603

1.258

4.703

0.000

29.302

-0.348

0.728

LMeasure

2.504 ***

0.157

15.954

0.000

BMeasure

2.623 ***

0.101

26.086

0.000

-3.575 ***

1.043

-3.427

0.001

-30.842

43.859

-0.703

0.482

-4.869

22.306

-0.218

0.827

Age
Type #
Location #

****** 1%5%10%

# Const()10Type
10Location
10
Price()

32

 1% Const Type
Location

(1)RDWidth(P=0.000) 5.918
RDWidth Price 5.92 RDWidth
Price
(2)LMeasure(P=0.000) 2.504
LMeasure (0.3025 )Price 2.50
LMeasure Price
(3)BMeasure(P=0.000) 2.623
BMeasure (0.3025 )Price 2.62
BMeasure Price
(4)Age(P=0.000)-3.575Age
Price 3.57 Age Price
Location (P=0.827)
-4.869(1986)(1988)
(1996)(1996)SirmansMacpherson Zietz(2005)
Price Location
()
P

33

4-2-2 (Semilogarithmic Model)

1.F

H0 1 2 ... k 0
H1 0
ANOVA

ANOVA

R2
Adjusted R2

MS

7 1.188E+09

169752019.232

254.895

0.000

5947 3.961E+09
5954 5.149E+09

665967.708

SS

0.231
0.230

F 1% F7,5947 2.639 ANOVA

F 254.895F7,5947 2.639 F 254.895 F7,5947 2.639( H 0 )

( i ) 0

2.
ln

-4741.273

lnRDWidth

122.814

lnConst #

-39.883

lnLMeasure
lnBMeasure
lnAge
lnType #
lnLocation #

***

P-

162.679

-29.145

0.000

23.625

5.199

0.000

30.796

-1.295

0.195

566.942

***

29.268

19.371

0.000

536.668

***

27.948

19.203

0.000

-33.345

**

13.470

-2.476

0.013

764.977

***

60.897

12.562

0.000

22.535

0.728

0.466

16.415

****** 1%5%10%

# lnConst()10lnType
10lnLocation
10
Price ()

34

 1% lnConstlnAge
lnLocation

(1)lnRDWidth(P=0.000) 122.814
lnRDWidth Price 122.81
lnRDWidth Price
(2)lnLMeasure(P=0.000) 566.942
lnLMeasure Price 566.94 lnLMeasure
Price
(3)lnBMeasure(P=0.000) 536.668
lnBMeasure Price 536.67 lnBMeasure
Price
(4)lnType(P=0.000) 764.977lnType Price

35

4-2-3 (Inverse semilogarithmic Model)

1.F

H0 1 2 ... k 0
H1 0
ANOVA
ANOVA

R
Adjusted R2

SS

MS

7
5947

1014.210
779.379

144.887
0.131

1105.552

0.000

5954

1793.589

0.566
0.565

F 1% F7,5947 2.639 ANOVA

F 1105.552 F7,5947 2.639 F 1105.552 F7,5947 2.639

( H 0 )( i ) 0

2.
ln

t
P-

RDWidth
Const #
LMeasure
BMeasure
Age
Type #
Location #

6.060

0.021

294.466

0.000

0.004

***

0.001

7.092

0.000

0.076

***

0.013

5.671

0.000

0.001

***

0.000

15.571

0.000

0.002

***

0.000

46.027

0.000

-0.009

***

0.000

-18.260

0.000

-0.498

***

0.020

-24.815

0.000

0.031

***

0.010

2.991

0.003

****** 1%5%10%

# Const()10
Type10Location
10
ln Price()

36

 1% 7

(1)RDWidth(P=0.000) 0.004
RDWidth lnPrice 0.004 RDWidth
lnPrice
(2)Const(P=0.000) 0.076Const lnPrice

(3)LMeasure(P=0.000) 0.001
LMeasure lnPrice 0.001 LMeasure
lnPrice
(4)BMeasure(P=0.000) 0.002
BMeasure lnPrice 0.002 BMeasure
lnPrice
(5)Age(P=0.000)-0.009Age
lnPrice 0.009 Age lnPrice

(6)Type(P=0.000)-0.498Type lnPrice

(7)Location(P=0.003) 0.031Location
lnPrice

37

4-2-4 (Logarithmic or double logarithmic Model)

1.F

H0 1 2 ... k 0
H1 0
ANOVA
SS

MS

1290.621

184.374

2180.009

0.000

5947
5954

502.968
1793.589

0.085

R2
Adjusted R2

0.720
0.719

ANOVA

F 1% F7,5947 2.639 ANOVA

F 2180.009 F7,5947 2.639 F 2180.009 F7,5947 2.639

( H 0 )( i ) 0

2.
ln

t
P-

1.411

0.058

24.344

0.000

lnRDWidth

0.089 ***

0.008

10.571

0.000

lnConst #

0.007

0.011

0.597

0.551

lnLMeasure

0.446 ***

0.010

42.749

0.000

lnBMeasure

0.588 ***

0.010

59.069

0.000

-0.067 ***

0.005

-13.974

0.000

lnType #

0.293 ***

0.022

13.515

0.000

lnLocation #

0.040 ***

0.008

4.924

0.000

lnAge

****** 1%5%10%

# lnConst()10
lnType10lnLocation
10
lnPrice()

38

 1% lnConst

(1)lnRDWidth(P=0.000) 0.089
lnRDWidth lnPrice 0.09
lnRDWidth lnPrice
(2)lnLMeasure(P=0.000) 0.446
lnLMeasure lnPrice 0.45 lnLMeasure
lnPrice
(3)lnBMeasure(P=0.000) 0.588
lnBMeasure lnPrice 0.59 lnBMeasure
lnPrice
(4)lnAge(P=0.000)-0.067lnAge
lnPrice 0.07 lnAge lnPrice

(5)lnType(P=0.000) 0.293lnType lnPrice

(6)lnLocation(P=0.000) 0.040lnLocation
lnPrice

39

4-3

Adjusted R2

0.277

0.230

0.565

0.719

327.148

254.905

1105.552

2180.009

0.000

0.000

0.000

0.000

(1993)(2005)
(2007)

5%

1%

20

1.
2. Adjusted R2
3.

(Adjusted R2 =0.719)(Adjusted R2 =0.565)

20
40

 SPSS 11.5

Collinearity Statistics

Condition Index
Durbin-Watson
Tolerance
VIF
(Constant)

1.000

lnRDWidth

44.929

0.983

1.018

lnConst #

2.553

0.680

1.470

lnLMeasure

3.497

0.384

2.602

lnBMeasure

5.293

0.537

1.864

lnAge

10.064

0.709

1.410

lnType #

16.800

0.482

2.073

2.553

0.891

1.122

lnLocation #

1.827

# lnConst()10lnType
10lnLocation1
0
lnPrice()

1.
(1)

(Tolerance)
(variance inflation factor, VIF) VIF

VIF

1
1 R2

1- R 2

VIF 10 VIF 10

10
Tolerance
Xj TOLj =1
TOLj=0
VIF Tolerance< 0.1 VIF
> 10

41

(2)

Durbin-Watson(DW)
t n

(u u
t

t 1

)2

t 2

t n 2

t 2

where,U i Yi Y , i = 1,2,3,,n

Yi = i
^

Y = E ( Yi )

H0 H 0

H 0

H0

dL

dU

4-dU

4-dL

4d

H0,H*0
2 Durbin-Watson

DW 2
DW 0
DW 4

DW 1.827 2
42

(3)
(condition index, CI)i
CI CI30
RDWidth(44.929)CI30
Damodar N. Gujarati(Basic Econometrics 3E)CI
CI

2.
3 45

Normal P-P Plot of Regression Standardized Residual

3
()

43

5-1

(2006)
SPSS
Adjusted R2 0.719 20

Adjusted
R2
F 1%
0 P 1%(P=0.000)
VIF
10Tolerance 1 Durbin-Watson 1.827
2 45

20

1.
2.(Asset Management Corporation , AMC)

3.

44

5-2
(2002)
(vary parameters)

(panel data) (panel data

regressions)

45

1.
2.
3.
4.
5.
6.
7.
8.
9.

1994

1994 2
pp.49-65
1988

2006
9 1 pp.63-87
2004

2002 3 2
pp.91-109
2006

2006
80
2008 17

10. 1995(VAR)
71 pp.143-160
11. 1996
4 pp.1-30
12. 1992 43 1
pp.347-371
13.
1

1993
pp.21-45

14. 1996
pp.203-219
15. 2007
16 2 pp.3-5
16. 20022002

17. 1996

18. 1999

8 pp.47-67
19. 2000-

46

20. 1995 22 pp.1-26

21. 1993 1 pp.75-97
22. 1993
71 pp.143-160
23. 1992
24. 1989
25. 2007 16 2
pp.67-84
26. 2005

27. 1994-
7 2 pp.27-46
28. 2005

29. 1992

30. 2008 7 1
pp.106-113
31. 1989
32. 2005 8
2 pp.73-106
33. 2000
34.
35.
36.
37.

pp.261-280
2007
1994

1992

1986

38. 1994

39.
2002
40. 1986
41. 1997

42. 2004-

43. 2000

44. 2002 GIS

47


1.
2.
3.
4.
5.
6.
7.

Becker. Gary S. 1965 "A Theory of Allocation of Time", Economic Journal 75,
P.493-517
Bourassa, S. C., M. Hoesli, and V. S. Peng 2003 "Do housing submarket really matter?",
Journal of Housing Economics, Vol.12, P.12-28
Case, B., Pollakowski, H.O. and Watcher, S.M. 1991 "On choosing among housing
price index methodologies", AREUEA Journal, Vol19, No.3.
Cheshire, P .and S. Sheppard 1995 "On the Price of Land and the Value of Amenities",
Economical, Vol.62, P.247-267
Colwell Peter F. and Munneke Henry J. 1997 "The Structure of Urban Land Price",
Journal of Urban Economics, Vol.41, P.321-336
Ford, D. A. Fundamentals of Real Estate Investment for Decision Makers, West
publishing company, St. Paul, 1994
Freeman III, A. M. The Measurement of Environmental and Resource Values., Resources
for the Future, Washington D. C. 1993

8.
9.

Gujarati, Damodar N. Basic Econometrics, 3E., McGraw-Hill, American, 2003, P362

Haurin, D. 1988 "The Duration of Marketing Time of Residential Housing," AREUEA
Journal, Vol.16(4), P.396-410
10. Hsiao, C. The Analysis of Panel Data, Cambridge University Press, 1986
11. Lancaster, K.J. 1966 "A New Approach to Consumer Theory", Journal of Political
Economy, Vol.74, P.132-157
12. Nelson, T. R., and J. Rabianski 1988 "Consumer Preference in Housing Market
Analysis: An Application Multidimensional Scaling Techniques," AREUEA Journal,
Vol.16(2), P.138-159
13. Quang, W. and James 1994 "An Empirical Examination of Externaties of Neighorhood
Churches on Houring Values", Journal of Real Estate and Econamics, Vol.9, pp.127-1236
14. Ridker, Ronald G. and John A. Henning 1976 "The Determinants of Residential
Property Values with Special Reference to Air Pollution", Review of Economics and
15.
16.
17.
18.

Statistics Vol.49, P.246-57

Rosen, S. 1974 "Hedonic Prices and Implicit Markets: Product Differentiation in pure
Competition", Journal of Political Economy, Vol.82, P.35-55
Singell, Larry D. and Jane H. Lillydahl 1990 "An Empirical Examination of the Effect
of Impact Fees on the Housing Market.", Land Economics, Vol.66, pp.82-92
Sirmans, G. S., Macpherson, D. A. and Zietz, E. N. 2005 "The composition of hedonic
pricing models," Journal of Real Estate literature, Vol. 13(1), P.3-43
Vanderford, S. E., Y. Mimura & A. L. Sweancy 2005 "A Hedonic Price Comparison of
Manufacture and Site-built Homes in the Non-MSA USA", the Journal of Real Estate
Research. Vol.27(1), P.83-104

48

1.

Adjusted R2

0.565

0.719

1105.552

2180.009

0.000

0.000

Adjusted R2 0.565 Adjusted R2 0.719

20
1.
2. Adjusted R2
3.

2.

98 1 7