This Article Full Text (PDF) References Alert me when this article is cited Alert me if a correction is posted Services Email this article to a friend Similar articles in this journal Alert me to new issues of the journal Add to Saved Citations Download to citation manager Add to My Marked Citations Citing Articles Citing Articles via HighWire Citing Articles via Google Scholar Google Scholar Articles by Huh, S. Articles by Kwak, S.-J. Search for Related Content Social Bookmarking                   What's this?

The Choice of Functional Form and Variables in the Hedonic Price Model in Seoul

Vanderbilt Institute of Public Policy Studies, Vanderbilt University, Nashville, TN 37240, USA

Seung-Jun Kwak

Department of Economics, Korea University, Sungbuk-Ku, Anam-Dong 1, Seoul 136-701, Korea

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 log-likelihood 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.

CiteULike    Connotea    Del.icio.us    Digg    Reddit    Technorati    What's this?

This article has been cited by other articles:

				I. J. Kim, G. Y. Kim, and J. Yoon Estimation of the Tenants' Benefits Residing in Public Rental Housing with Unit Size Constraint in Korea Urban Stud, July 1, 2004; 41(8): 1521 - 1536. [Abstract] [PDF]

				S. S. Han and A. Basuki The Spatial Pattern of Land Values in Jakarta Urban Stud, September 1, 2001; 38(10): 1841 - 1857. [Abstract] [PDF]

				X. Gao and Y. Asami The External Effects of Local Attributes on Living Environment in Detached Residential Blocks in Tokyo Urban Stud, March 1, 2001; 38(3): 487 - 505. [Abstract] [PDF]