Abstract
This study demonstrates that the important part of exploring the proper functional form of the hedonic price model would include investigating a dissimilar and unique hedonic price structure when the hedonic price model is applied to different housing markets. Based on the adjustment to the usual technique necessitated by the regional and cultural setting of Seoul, the criteria for significance of implicit price, root-mean-square-percentage-error, and the loglikelihood ratio test are applied to the choice of a useful functional form. We conclude that investigating the structure of a local housing market and choosing proper variables reflecting regional and cultural characteristics, both key parts of such a study, require significant adjustment to the reality of Seoul.
| Original language | English |
|---|---|
| Pages (from-to) | 989-998 |
| Number of pages | 10 |
| Journal | Urban Studies |
| Volume | 34 |
| Issue number | 7 |
| Publication status | Published - 1997 Jun 1 |
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ASJC Scopus subject areas
- Environmental Science (miscellaneous)
- Urban Studies
Cite this
The choice of functional form and variables in the hedonic price model in Seoul. / Huh, Serim; Kwak, Seung-Jun.
In: Urban Studies, Vol. 34, No. 7, 01.06.1997, p. 989-998.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - The choice of functional form and variables in the hedonic price model in Seoul
AU - Huh, Serim
AU - Kwak, Seung-Jun
PY - 1997/6/1
Y1 - 1997/6/1
N2 - This study demonstrates that the important part of exploring the proper functional form of the hedonic price model would include investigating a dissimilar and unique hedonic price structure when the hedonic price model is applied to different housing markets. Based on the adjustment to the usual technique necessitated by the regional and cultural setting of Seoul, the criteria for significance of implicit price, root-mean-square-percentage-error, and the loglikelihood ratio test are applied to the choice of a useful functional form. We conclude that investigating the structure of a local housing market and choosing proper variables reflecting regional and cultural characteristics, both key parts of such a study, require significant adjustment to the reality of Seoul.
AB - This study demonstrates that the important part of exploring the proper functional form of the hedonic price model would include investigating a dissimilar and unique hedonic price structure when the hedonic price model is applied to different housing markets. Based on the adjustment to the usual technique necessitated by the regional and cultural setting of Seoul, the criteria for significance of implicit price, root-mean-square-percentage-error, and the loglikelihood ratio test are applied to the choice of a useful functional form. We conclude that investigating the structure of a local housing market and choosing proper variables reflecting regional and cultural characteristics, both key parts of such a study, require significant adjustment to the reality of Seoul.
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UR - http://www.scopus.com/inward/citedby.url?scp=0000450023&partnerID=8YFLogxK
M3 - Article
VL - 34
SP - 989
EP - 998
JO - Urban Studies
JF - Urban Studies
SN - 0042-0980
IS - 7
ER -