• Title/Summary/Keyword: hedonic price model

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Assessment of Noise Externalities by Using Hedonic Price Model (헤도닉모델을 이용한 소음 외부효과의 평가)

  • Kwon, Suk-jae;Grigalunas, Thomas A.;Lee, Moon-Suk;Kang, Gil-Mo
    • Journal of the Korean Society of Marine Environment & Safety
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    • v.14 no.4
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    • pp.275-287
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    • 2008
  • Noise externalities are a ubiquitous problem in modern societies. Research to estimate damages and potential efficient solutions therefore is important for addressing such problems. The results of a hedonic property model show that noise has a statistically significant and quantitatively important negative effect on property values. The key results for the best model show that damages (in year 2000 dollars) are - $5000 ${\ast}$ (ln dB), where dB is noise measured in decibels, allowing for the influence of other factors. Because ln(dB) is a strictly concave funaion, the "noise damage function"exhibits diminishing marginal effects with noise.

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A Study of the Continuous Use Intention of Social Commerce (소셜 커머스 지속 사용의도에 관한 연구)

  • Hong, Tae-Ho;Pei, Lian-Ying;Choi, Soo-Hyung;Park, Ji-Young
    • The Journal of Information Systems
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    • v.21 no.2
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    • pp.135-160
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    • 2012
  • In this paper, we identified the factors influencing on the continuous use intention of social commerce and analyzed the proposed model empirically using structural equation model, which was developed by considering hedonic and utilitarian shopping value, trust, satisfaction, familiarity, social influence, and perceived price. We collected data for this study by surveying the consumers who had an experience of purchasing through social commerce. An analysis of 212 respondents indicated that utilitarian and hedonic shopping value influenced on satisfaction as both of shopping value are significant statistically. Social commerce gives more attraction their consumers by reducing the price to half, whereas they are expected to present playfulness of shopping. Familiarity, social influence, and perceived price are influential factors in a purchase of social commerce sites. We discuss the implications of our findings for both theory and practice.

An Empirical Study on the Estimation of Housing Sales Price using Spatiotemporal Autoregressive Model (시공간자기회귀(STAR)모형을 이용한 부동산 가격 추정에 관한 연구)

  • Chun, Hae Jung;Park, Heon Soo
    • Korea Real Estate Review
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    • v.24 no.1
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    • pp.7-14
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    • 2014
  • This study, as the temporal and spatial data for the real price apartment in Seoul from January 2006 to June 2013, empirically compared and analyzed the estimation result of apartment price using OLS by hedonic price model for the problem of space-time correlation, temporal autoregressive model (TAR) considering temporal effect, spatial autoregressive model (SAR) spatial effect and spatiotemporal autoregressive model (STAR) spatiotemporal effect. As a result, the adjusted R-square of STAR model was increased by 10% compared that of OLS model while the root mean squares error (RMSE) was decreased by 18%. Considering temporal and spatial effect, it is observed that the estimation of apartment price is more correct than the existing model. As the result of analyzing STAR model, the apartment price is affected as follows; area for apartment(-), years of apartment(-), dummy of low-rise(-), individual heating (-), city gas(-), dummy of reconstruction(+), stairs(+), size of complex(+). The results of other analysis method were the same. When estimating the price of real estate using STAR model, the government officials can improve policy efficiency and make reasonable investment based on the objective information by grasping trend of real estate market accurately.

A Study on the Effect of Individual Characteristics on Acceptance Intention of Wearable Healthcare Devices: Focusing on the UTAUT2 and Innovativeness

  • Jin, Seok
    • Journal of the Korea Society of Computer and Information
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    • v.25 no.3
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    • pp.129-143
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    • 2020
  • The purpose of this study is to explain users' wearable healthcare device adoption using performance expectancy, effort expectancy, facilitating condition, hedonic motivation and price value of UTAUT2, and to identify the causal relationship between intention to use wearable healthcare device and innovativeness. The research model proposed in this study is based on UTAUT2(Extended Unified Theory of Acceptance and Use of Technology). In specific, performance expectancy, effort expectancy, facilitating condition, hedonic motivation and price value of UTAUT2 and innovativeness are adopted in our research model. To validate the research model, we carry out the analysis of the survey data using Smart PLS 3.0 to test the hypotheses. According to the empirical analysis results, this study confirms that Innovativeness have significant effects on the performance expectancy, effort expectancy, Facilitating condition, Hedonic motivation, and price Value of wearable healthcare devices. It also finds that the performance expectancy, effort expectancy, Facilitating condition, hedonic motivation, and price value affects the intention to use wearable healthcare devices.

Analysis of Farmland Price Determinants in Parcel-level Using Real Transaction Price of Farmland (농지실거래가격을 활용한 필지 단위 농지가격 결정요인 분석)

  • Jeon, Mugyeong;Yi, Hyangmi;Kim, Yunsik;Kim, Taeyoung
    • Journal of Korean Society of Rural Planning
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    • v.28 no.2
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    • pp.41-50
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    • 2022
  • The primary purpose of this study is to identify various factors that affect farmland prices according to changes in the actual transaction price of farmland over the past decade, and to use this to derive policy implications for price stabilization. To this end, the farmland price model are constructed at the parcel level in the case area (Namwon-si, Jinju-si). The analysis method is based on the Hedonic price function, and the OLS and the quantile regression are used for the parcel level model. As a result of estimating the parcel level farmland price model in the case area, the larger the parcel area, the lower the farmland price, and the higher the farmland price outside the agricultural promotion area. It was found that there was a price difference according to the type of special purpose areas, and the location characteristics showed some differences across the cities. The farmland price models presented in this study are suitable for identifying the factors affecting farmland prices, and are expected to be highly utilized in that it is possible to construct flexible variables suitable for regional characteristics.

Determinant Factors for the Apartment Unit Prices of Large Scale Apartment Complexes over 1,000 Households in Seoul Metropolitan Area (서울시 1,000세대 이상 대규모 아파트단지의 아파트가격 결정요인에 관한 연구)

  • Kim, Kwang-Young;Ahn, Jeong-Keun
    • Journal of the Korean housing association
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    • v.21 no.6
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    • pp.81-90
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    • 2010
  • The existing most studies on the apartment sales prices have been limited to relatively small size apartment complexes and have not categorized the apartment complexes based on the number of households. Some of them uses the apartment-related indices such as regional value estimates, sales unit price, and view right values. In the case of Seoul Metropolitan Area, the size of apartment complex has been growing to the level of large complex over more than 1,000 households through new town development, redevelopment and reconstruction. People prefers to choose a large scale complex instead of small complex based on their perception that a large scale apartment complex provides more conveniences in living. The result of this analysis revealed that the variables chosen as important determinants of the hedonic price model for large scale apartment complexes were square meters of apartment unit, rent/price ratio, number of bays, distance to the nearest subway station, and heating system method. This means that the sales price of apartment unit will be higher as the square meters of apartment unit increase, as the rent/price ratio decreases, as the distance to the nearest subway station increases, and as the number of bays increase.

A Study on the Contribution of GIS-Created Neighborhood Quality Variables in Estimating Hedonic Price Models (헤도닉 모델 추정시 GIS 공간분석기능에 의해 생성된 근린변수의 기여도에 대한 연구 - 토지이용도를 이용한 근린변수의 타당성을 중심으로 -)

  • Sohn, Chul
    • Spatial Information Research
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    • v.10 no.2
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    • pp.215-232
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    • 2002
  • Variables representing neighborhood quality should be included in hedonic price models to control lfor the influences of negative or positive externalities from the quality of neighborhood on urban housing prices. This study proposes a GIS-based method to effectively measure the neighborhood quality variable when data on the neighborhood quality are aggregated by census sub area. This study also tests the superiority of the proposed neighborhood quality variable created by intensive use of GIS operations to a neighborhood variable not based on GIS operations in explaining the housing price variations by using Seoul's apartment sales data. The results from this study show that the neighborhood quality variable based on GIS-based operations shows better performance in explaining the urban housing price variations in Seoul's housing market. The implication from the results is that the potentials of GIS-based spatial operations in creating neighborhood quality variables should be well acknowledged by the researchers in the area of urban housing market study and GIS-based spatial operations should be more actively applied to generate better neighborhood quality variables for hedonic price models.

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Effect of Open Floor Plan Design Property on Apartment Price (단위세대의 개방형 평면구성이 아파트가격에 미치는 영향)

  • Bae, Sang Young;Lee, Sang Youb
    • Korea Real Estate Review
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    • v.27 no.1
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    • pp.17-32
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    • 2017
  • The openness of residential space directly affecting lighting, view, and ventilation leads to the variation of open floor plan type in apartment construction project. This study intends to substantiate the effect to the apartment price by design property of open floor plan based on actual design information of apartment and price. The open floor plan type and associated design property, and actual transaction price of apartment have been considered as variables for analysis by the hedonic price function model and artificial neural networks model. Research findings indicate that the openness affects the price of apartment positively and the three sides open plan is the most preferred with the highest price. This study aims to provide the implication to the developer in planning and design stage of apartment and the purchaser seeking the suitable price by floor plan design.

A Study on the Valuation of Call Quality in Korean Mobile Communication Industry

  • Kim, Mincheol;Lee, Hyungseok
    • The Journal of Korean Institute of Communications and Information Sciences
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    • v.26 no.7A
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    • pp.1275-1283
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    • 2001
  • The purpose of this paper is to test whether prices of mobile communication service reflect their varying degrees of call quality, controlling for other service attributes. As, in fact, service is intangible goods difficult to measure its value, this paper makes use of econometric model, hedonic price analysis. Hedonic price analysis, has ever been applied in public or environmental economics, is employed and produces estimates of the prices (or the contributions toward the total price) for each characteristic. This paper applied hedonic technique to the value measurement of a service property for the use of Korean mobile communication. This paper uses actual transaction prices of mobile communication service to determine whether or not the market functions in pricing call quality of mobile communication service. Finally, this show that the willingness to pay of consumer increases as call quality increases and so market makes prices on call qualities. Thus, major concern in this paper is about value measurement o service quality, and also suggest of the possibility to determine call quality value (or price) of mobile communication service.

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A Study on the Attribute Value of Instant Rice Using Hedonic Price Model (헤도닉 가격 모형을 이용한 즉석밥 속성가치에 대한 연구)

  • Kwon, Soon-Sung;Jeon, Hye-Bin;Kim, Jeong-Hwan;Lee, Ji-Yong
    • Korean Journal of Organic Agriculture
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    • v.30 no.2
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    • pp.191-206
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    • 2022
  • Rice has prevailed as a staple food in South Korea. Rice consumption has sharply shrunk nowadays. In the wake of COVID-19 Shock and the "untact" era, the instant rice market has significantly grown, and there is a possibility of solving the shrinking consumption of domestic rice. This study contributes to the development of rice consumption promotion strategies by examining the factors of purchasing instant rice based on the Hedonic Price Methodology. In particular, given the increase in online market, this study compares attribute values of product characteristics between online and offline markets. The empirical results show that calorie, brand, organic and functional products have positive effects on instant rice prices. The rate of carbohydrate, the PB and bundle attributes have negative effects on instant rice prices. The results also show that the magnitude of brand, bundle and PB attribute values are bigger in offline market while that of the number of multigrain attribute value is relatively bigger in online market. The organic attribute value is important regardless of marketing channels.