38 10 2004 10 ( ) Journal of Zhejiang University( Engineering Science) Vol. 38 No. 10 Oct. 2004, (, 310027) :, (HPM),,. Lancaster Rosen. 278, 15,. SPSS10. 0, 6, 9.,,. : ; ; : F290 ; TU976 : A : 1008 973X(2004) 10 1338 05 Housing characteristics and hedonic price : Analysis based on hedonic price model WEN Hai2zhen, J IA Sheng2hua ( Center for Real Estate Studying, Zhejiang University, Hangzhou 310027, 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 ]. : 2003 09 23. ( ) : www. journals. zju. edu. cn/ eng : (N04GL06). : (1975 ),,,,. E2mail : wenhaizhen @263. net
10, : 1339, [7 ].,., [8 11 ] [12 ], [13 ].,. 2002,,. 1 1. 1 :,.,, [1 ].,,,. 1. 2 :, ( ). 1, Z i ( ),., ( ). 1,, Z i ( ),,. 1. 3 [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
1340 ( ) 38,, 2,.,,,. 2 2. 1,.,,,. 278, 239, 2002 10 1 12 31. 2. 2, : [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 : 1 000 m 1, 0 + X 12 : 1 000 m 1, 0 + X 13 : 1 000 m 1, 0 + X 14 : 1, 0 + X 15 ( ) + P,,. + 2. 3 : ;,, ln P. : P = 0 + i Z i + ; i = 1 15; : ln P = 0 + i Z i + ; i = 1 15.
10, : 1341 : i ( i = 0 15),. SPSS10. 0, (OLS),.,,. 3 3. 1 Stepwise ( 5 %), 2 3, : 1 P = - 8. 794 + 0. 567 X 3 + 1. 036 X 7-0. 608 X 4 + 7. 427 X 9 + 1. 150 X 15, (1) P = - 10. 892 + 0. 568 X 3-0. 612 X 4 + 8. 727 X 9 + 1. 286 X 15 + 2. 787 X 6. (2) 2 ln P = 2. 578 + 0. 010 33 X 3-0. 013 46 X 4 + 0. 048 23 X 6 + 0. 015 31 X 8 + 0. 016 36 X 15 + 0. 057 98 X 14 + 0. 078 83 X 9 + 0. 074 53 X 5. 3. 2 3. 2. 1 3, F 0. 001, P( ln P). 2, T 0. 05,.,. R 2, 75. 0 % 78. 4 % 89. 0 %, (3). R 2 1 = 0. 776 < R 2 2 = 0. 779 < R 2 3 = 0. 887, 2. 2 Tab. 2 Coefficient analysis of multinomial2regress B Beta T Sig. - 8. 794-2. 154 0. 032 0. 567 0. 753 19. 698 0. 000 1. 036 0. 114 3. 296 0. 001 R = 0. 883 (1) - 0. 608-0. 129-3. 380 0. 001 R 2 = 0. 780 7. 427 0. 090 2. 750 0. 006 R 2 = 0. 776 1. 150 0. 081 2. 440 0. 015-10. 892-2. 669 0. 008 0. 568 0. 755 19. 956 0. 000 R = 0. 885-0. 612-0. 130-3. 454 0. 001 R 2 = 0. 784 (2) 8. 727 0. 105 3. 316 0. 001 R 2 = 0. 779 1. 286 0. 090 2. 846 0. 005 2. 787 0. 124 3. 874 0. 000 2. 578 38. 021 0. 000 1. 033E 2 0. 782 28. 431 0. 000-1. 346E 2-0. 163-5. 727 0. 000 4. 823E 2 0. 122 5. 319 0. 000 R = 0. 944 (3) 1. 531E 2 0. 107 4. 475 0. 000 R 2 = 0. 890 1. 636E 2 0. 065 2. 858 0. 005 R 2 = 0. 887 5. 798E 2 0. 060 2. 624 0. 009 7. 883E 2 0. 054 2. 361 0. 019 7. 453E 2 0. 047 2. 013 0. 045
1342 ( ) 38 3 Tab. 3 Variance analysis of multinomial2regress (1) (2) (3) 140 440. 877 39 535. 048 179 975. 925 141 099. 268 38 876. 657 179 975. 925 49. 346 6. 070 55. 416 5 234 239 5 234 239 8 231 239 28 088. 175 168. 953-28 219. 854 166. 140-6. 168 2. 628E 02 - F 166. 248 - - 169. 856 - - 234. 738 - - Sig. 0. 000 - - 0. 000 - - 0. 000 - - 3. 2. 2 1,. (1), 1m 2, 0. 567, 1. 036 /, 1 0. 608, 7. 427, 1 1 1. 150. (1) (2), 6 : = 0. 567 5 / m 2, = - 0. 610 / a, = 1. 036 /, = 8. 077 /, = 1. 218 / ( ), = 2. 787 /. 3. 2. 3,., ( ) ;,, = 0. 567 5 / m 2, = 8. 077 /, = 2. 787 /,.,, ( ) 20 90,, 2002 5 500 6 000 / m 2. 3. 2. 4, 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) :132 157. [ 2 ] ROSEN S. Hedonic prices and implicit markets : Product differ2 entiation in pure competition [J ]. Journal of Political Econo2 my, 1976, 82 (1) : 35 55. [ 3 ] GILLARD Q. The effect of environment amenities on house val2 ues: The example of a view lot [J ]. Professional Geogra2 pher, 1981, 33 : 216 220. [4 ] LI M M, BROWN H J. Micro2neighborhood externalities and hedonic housing prices [J ]. Land Economics, 1980, 56 (2) : 125 141. [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) : 487 505. [ 6 ] WALDEN M L. Magnet schools and the differential impactof quality on residential property values [J ]. Journal of Real Es2 tate Research, 1990, 5 : 221 230. [ 7 ] FREEMAN A M. Hedonic prices, property values and measur2 ing environmental benefits : A survey of the issues ( 1349 )
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