• Journal of the Korean Regional Science Association
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• v.15 no.3
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• pp.33-51
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• 1999

After the 1997 currency crisis, the real estate prices had been rapidly dropped and the deregulation in the Korean real estate merket has been performed. It is analyzed whether these transactions caused a structural change in real estate market, or not. The Pettitt test shows there exists a turing point in real estate prices in 1998. It is found that the degrees of co-movement between the change in real estate prices and real GDP growth rate are increased. Consequently, the factor, represented as real GDP growth rate, determining the market fundamental of real estate prices will effect on the behavioral pattern and the real estate prices in the long run. While the factors determining the portfolio selection behaviors, such as interest rate and stock prices, will cause short-term variations.

• The Journal of Economics, Marketing and Management
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• v.12 no.2
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• pp.1-10
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• 2024

Purpose: This study conducted an empirical study to estimate the loss aversion rate of individual investors in the Seoul condominium market. Research design, data and methodology: A survey was conducted with Seoul residents ranging from 30's to 60's with various backgrounds. Descriptive statistical analysis and a paired sample t-test were conducted using SPSS 27.0 statistical package. Results: The results of the t-test showed that Seoul residents are indeed more sensitive to loss than gains, as pointed out in various researches related to behavioral economics. Also, the loss aversion rate associated with KRW 50 million risk was found to be 2.14. Finally, the same question was asked with KRW 100 million risk, doubled associated risk of previous question, using the same scenario, and it's been verified that the loss aversion rate increases as the associated risk or stake increases. The loss aversion rate with double risk is 2.26 which is about 5% higher than the one with KRW 50 million risk. Conclusions: This study can help many groups of people in society who need to establish rewards and punishment policies within any organization. In particular, incorporating human cognitive biases, such as loss aversion can help the South Korean government shape more effective reward and punishment policies when building rewards and punishments using taxes.

• Journal of the Korea Society of Computer and Information
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• v.27 no.9
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• pp.243-251
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• 2022

In this paper, we propose a phenomenon that analyze the impact of market sentiment on China's real estate market through the perspective of behavioral economics. Previously, real estate market analyzation basically focus on some fundamental principles which include market price, monetary policies and income, etc. However, little research has explored market sentiment and its influence. By using principal components analysis (PCA), this study first creates buyer's sentiment and seller's sentiment to measure the heat of China's real estate market. Different from using traditional estimation method, the vector autoregressive model (VAR) is used to analyze how both sentiments affect real estate return. The overall results show that from unit root test and impulse response analyzation, the impact of seller's sentiment is positive to real estate market while buyer's sentiment is negative. At the same time, the higher seller's sentiment will have different influence on the housing market compared with the higher buyer's sentiment.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.2
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• pp.657-665
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• 2016

This study analysed how real estate investor's preference influences the investment satisfaction and re-investment intention. For the study, the investment preference was analysed using the PLS Structural Equation Model. The profitability and safety among the investment behavioral factors influenced the investment satisfaction the most. The facility characteristics among the investment behavioral factors influenced the investment satisfaction slightly. Finally, the investment satisfaction among the investment preferences influenced the re-investment intention mainly.

• The Journal of the Korea Contents Association
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• v.16 no.3
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• pp.553-562
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• 2016

Then, it investigated the investment preference through the previous studies to analyze the influence factor of investment satisfaction and demonstrated the effects through the PLS (Partial Least Squares) regression. In addition, it separated the target type to institutional investors and retail investors and carried out the survey for comparing the investment preference of investor type. The result of analysis found out that institutional investors emphasis on investment preference such as the Inflation hedge, Early payback, Financial stability, Leverage risk and etc. Then, general investors emphasis on investment preference such as the Rental income, Facilities and Equipment, Business area and population, Ease of use, Leverage risk, Early payback and etc. In addition, common investment preferences are the Leverage risk, Early payback and Facility accessibility.

• Korea Real Estate Review
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• v.28 no.1
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• pp.91-104
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• 2018

In this study, the occurrence and degree of herding behavior as a market participant behavior in a housing market were analyzed. For the analysis method, the actual sales price was applied in the CSAD (Cross-sectional Absolute Deviation) model, which has been used the most of late for herding behavior analysis. For the analysis contents, these were subdivided into region, elapsed year, size, and market condition to analyze the regionality and the internal and external factors. For the study results, first, there was no herding behavior in the entire region of Seoul. By region, herding behavior occurred in the downtown, southeast, and northwest regions, which coincided with the results of the precedent study (Ngene et al., 2017). Second, in the market analysis by elapsed year, herding behavior was captured in dilapidated dwellings. By size, herding behavior was observed in small-scale ($60m^2$ or less) apartments and in $85m^2$ or higher and less than $102m^2$ national housing units. Third, during the time of the global financial crisis, herding behavior was not observed in all the regions, whereas when the market situations were in a boom cycle, it was observed in the northwest region. These results suggest that there is a difference from the stock market, where in a period of recession, herding behavior occurs intensively with the expanding fear of incurring losses. This study is significant in that it analyzed the market participant behaviors in the behavioral economic aspects to better understand the abnormal phenomenon in a housing market, and in that it additionally provides a psychological factor - market participant behavior - in market analysis.

• Advances in Computational Design
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• v.7 no.4
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• pp.345-369
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• 2022

Infectious disease emergency hospitals are usually temporarily built during the pneumonia epidemic with higher requirements regarding diagnosis and treatment efficiency, hygiene and safety, and infection control.This study aims to identify how the Building Information Modeling (BIM) + Industrialized Building System (IBS) approach could rapidly deliver an infectious disease hospital and develop site epidemic spreading algorithms. Coronavirus-19 pneumonia construction site spreading algorithm model mind map and block diagram of the construction site epidemic spreading algorithm model were developed. BIM+IBS approach could maximize the repetition of reinforced components and reduce the number of particular components. Huoshenshan Hospital adopted IBS and BIM in the construction, which reduced the workload of on-site operations and avoided later rectification. BIM+IBS integrated information on building materials, building planning, building participants, and construction machinery, and realized construction visualization control and parametric design. The delivery of Huoshenshan Hospital was during the most critical period of the Coronavirus-19 pneumonia epidemic. The development of a construction site epidemic spreading algorithm provided theoretical and numerical support for prevention. The agent-based analysis on hospital evacuation observed "arched" congestion formed at the evacuation exit, indicating behavioral blindness caused by fear in emergencies.

• Journal of Distribution Science
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• v.22 no.3
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• pp.83-92
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• 2024

Purpose: With the rapid information distribution of sport-related SNS, sport industry has utilized SNS as technical solution to distribute sport and health-related information. The current study examined the effect of SNS information use for running-specific content on running engagement and psychological well-being. Research design, data and methodology: Data were collected via online survey of participants in marathon events of United States. Descriptive statistics and Chi-square test were conducted to compare demographics and psycho-behavioral outcomes among SNS information users and non-users for running-specific contents. Multivariate hierarchical regression was next employed to examine research hypotheses. Results: A mass-participant running event was used to test seven hypotheses related to the potential role of SNS for running content in promoting running engagement and life satisfaction. In general, findings revealed that use of SNS for running content along with frequency of use can perhaps facilitate running intensity and influence participation in running-related outdoor activities. Furthermore, while overall life satisfaction did not appear to be influenced by use of SNS for running content, there was a demonstrated influence on the individual satisfaction domains. Conclusions: The findings of current study suggest that sport SNS is information distribution media enhancing users' engagement and their six life satisfaction domains. Further implications were discussed.

• KDI Journal of Economic Policy
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• v.33 no.1
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• pp.93-124
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• 2011

In this paper, we claim the asymmetric response of asset returns on the past asset returns' signs may be explained from the market behavioral portfolio choice of investors. For this, we admit the anchor and adjustment mechanism of investors which partly explains the momentum in the asset prices. We also claim the prospect theory based on the risk aversions may simultaneously work with the anchor and adjustment effect, whenever the lagged asset return was positive and investors accrued the gain. To identify these effects empirically in a threshold autoregressive model, we suppose the risk aversions inducing the volatility effect is related with the past volatility of asset returns. In application of suggested method to Korean stock and real estate markets, we found these effect exist as expected.