Housing characteristics and hedonic price : Analysis based on hedonic price model

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1 ( ) Journal of Zhejiang University( Engineering Science) Vol. 38 No. 10 Oct. 2004, (, ) :, (HPM),,. Lancaster Rosen. 278, 15,. SPSS10. 0, 6, 9.,,. : ; ; : F290 ; TU976 : A : X(2004) Housing characteristics and hedonic price : Analysis based on hedonic price model WEN Hai2zhen, J IA Sheng2hua ( Center for Real Estate Studying, Zhejiang University, Hangzhou , China) Abstract : Because of the heterogeneity of housing product, hedonic price model is widely applied to study urban housing market. Based on theoretical analysis, an empirical study was made for housing market of Hangzhou City with hedonic price model. The hedonic price theory mainly included two parts : Lancasterπs partiality theory and Rosenπs characteristic market equilibrium analysis. By collecting 278 housing data in the Xihu Section of Hangzhou City, a housing hedonic price model was set up with 15 factors as housing characteristics. The modelπs coefficients were estimated after multinomi2 al2regression analysis by using SPSS10. 0 software. Thus 6 implicit prices of the main housing characteristics were ob2 tained and 9 housing characteristics were classified into three grades according to their importance. Statistical test and analysis of model results show the model is valid and reasonable, and can been used to explain the local housing price. Key words : housing ;housing characteristic ;hedonic price model,,., (hedonic price model,hpm). Lancaster Rosen,,,., [1,2 ]. [3 6 ]. : ( ) : www. journals. zju. edu. cn/ eng : (N04GL06). : (1975 ),,,,. E2mail : net

2 10, : 1339, [7 ].,., [8 11 ] [12 ], [13 ].,. 2002,, :,.,, [1 ].,,, :, ( ). 1, Z i ( ),., ( ). 1,, Z i ( ),, [2 ] M, n ( ), Y ( 1)., P( Z) = P( Z 1, Z 2,, Z n ), i P i. = 9P/ 9Z i, U = U ( Z, Y)., ( Z, M ) : U = U ( Z, M - ). 9 / 9Z i, Z i, Y, 9 / 9Z i = u i / u Y, : u i = 9U/ 9Z i, u Y = 9U/ 9Y.,, : max U ( Z, Y) M P( Z) + Y., u i / u Y = P i, : P i = 9P/ 9Z i., 9 / 9Z i = u i / u Y, 9 / 9Z i = P i.,, 2.,., ( ),, 2. 1 Fig. 1 Hedonic price curve and implicit price curve 2 Fig. 2 Market equilibrium analysis of characteristic

3 1340 ( ) 38,, 2,.,,, ,.,,,. 278, 239, , : [3 14 ]., ;,,, ; (CBD),., 15, 1. 1 Tab. 1 Housing characteristics and their measures X 1 ( ) + X 2 ( ) + X 3 (m 2 ) + X 4 (,2002 1) - X 5 : 1, 0 + X 6 5 : (1 ) (2 ) (3 ) (4 ) (5 ) + X 7 : ( 1, 9 ) X 8 ( ) X 9 : 1, 0 + X 10 : 1, 0 X 11 : m 1, 0 + X 12 : m 1, 0 + X 13 : m 1, 0 + X 14 : 1, 0 + X 15 ( ) + P,, : ;,, ln P. : P = 0 + i Z i + ; i = 1 15; : ln P = 0 + i Z i + ; i = 1 15.

4 10, : 1341 : i ( i = 0 15),. SPSS10. 0, (OLS),.,, Stepwise ( 5 %), 2 3, : 1 P = X X X X X 15, (1) P = X X X X X 6. (2) 2 ln P = X X X X X X X X , F , P( ln P). 2, T 0. 05,.,. R 2, % % %, (3). R 2 1 = < R 2 2 = < R 2 3 = , 2. 2 Tab. 2 Coefficient analysis of multinomial2regress B Beta T Sig R = (1) R 2 = R 2 = R = R 2 = (2) R 2 = E E E R = (3) E R 2 = E R 2 = E E E

5 1342 ( ) 38 3 Tab. 3 Variance analysis of multinomial2regress (1) (2) (3) E 02 - F Sig ,. (1), 1m 2, , /, , , (1) (2), 6 : = / m 2, = / a, = /, = /, = / ( ), = / ,., ( ) ;,, = / m 2, = /, = /,.,, ( ) 20 90,, / m , 9,. : ; ;.. 4 : (1) ; (2) ; (3),.,,, CBD,,,,. ( References) : [1 ] LANCASTER K J. A new approach to consumer theory [J ]. Journal of Political Economy, 1966, 74 (1) : [ 2 ] ROSEN S. Hedonic prices and implicit markets : Product differ2 entiation in pure competition [J ]. Journal of Political Econo2 my, 1976, 82 (1) : [ 3 ] GILLARD Q. The effect of environment amenities on house val2 ues: The example of a view lot [J ]. Professional Geogra2 pher, 1981, 33 : [4 ] LI M M, BROWN H J. Micro2neighborhood externalities and hedonic housing prices [J ]. Land Economics, 1980, 56 (2) : [5 ] SIRPAL R. Empirical modeling of the relative impacts of vari2 ous sizes of shopping centres on the value of surrounding resi2 dential properties [ J ]. Journal of Real Estate Research, 1994, 9 (4) : [ 6 ] WALDEN M L. Magnet schools and the differential impactof quality on residential property values [J ]. Journal of Real Es2 tate Research, 1990, 5 : [ 7 ] FREEMAN A M. Hedonic prices, property values and measur2 ing environmental benefits : A survey of the issues ( 1349 )

6 10, : ( References) : (1),,,. (2) h 0 = m, m 3 / s., h 0,,.,,. (40 cm/ s),,. (3),,,,. (4),,. : ;,. [1 ],,. [ A ]. [ C]. :, 1983 : ZHANG Zhi2zhong, HUANG Yun2ju, XU Zhi2gang. Discussion on some characters of the flocculation of the fine sediments in Changjiang River estuary[a]. Paper Collection of the Second International Symposium on River Sediments[ C]. Beijing : Hydraulic and Electrical Press, 1983 : [2 ],. [J ]., 1983,5 : ZHANG Zhi2zhong,XU Zhi2gang. Suspended sediments and its transportation in Changjiang River estury[j ]. Marine Science, 1983,5 : [3 ],. [J ]., 1986,2 : SHEN Chen2lie, RUAN Wen2jie. Some test and research of the characters of deposit of the river bed material in Changjiang River Estuary[J ]. Sediments Research, 1986, 2 : [4 ]. [J ]. :,1988, 15 (2) : WANG Ling. Design on the combined circular water channel and Its characters[j ]. Journal of Hangzhou University : Natural Science Edition, 1988, 15(2) : [5 ]. [J ]. :, 1995, 22 (3) : ZHAO Long2bao. Settling speed of fine sediments in moving salty water [J ]. Journal of Hangzhou University : Natural Science Edition, 1995, 22 (3) : ( 1342 ) [J ]. Scandinavian Journal of Economics, 1979, 81 : [8 ] CHAU K W, MA V S M, HO D C W. The pricing of lucki2 ness in the apartment market [J ]. Journal of Real Estate Literature, 2001, 9 (1) : [9 ] CHAU K W, NG F F, HUNG E C T. Developerπs good will as significant influence on apartment unit prices [J ]. Appraisal Journal, 2001, 69 : [10 ] MOK H M K. A hedonic approach to pricing of residential properties in Hong Kong [J ]. Hong Kong Journal of Busi2 ness Management, 1995, 8 : [11 ] TSE R Y C, LOVE P E D. Measuring residential property val2 ues in Hong Kong [J ]. Property Management, 2000, 18 (5) : [12 ] HSUEH L M. The relationship between housing price, tenure choice and saving behavior in Taiwan [J ]. International Real Estate Review, 2000, 3 (1) : [13 ] EDMONDS R. A theoretical basis for hedonic regression : A research primer [J ]. AREUEA Journal, 1984, 12 (1) : [14 ],,. [J ]. :, 2003,37 (4) : ,460. RUAN Lian2fa, ZHU Hai, HE Ruen2fen. Neural networks based landprice evaluation method for urban/ rural composition area [J ]. Journal of Zhejiang University : Engineering Sci2 ence, 2003, 37(4) : , 460.

An Empirical Study Investigating the Effects of Attributes on the Condominiums Price in Xi an by Structural Equation Modeling

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