• Title/Summary/Keyword: hedonic price model

Search Result 118, Processing Time 0.029 seconds

The Impacts of Heavy Industrial Pollution Sources on The Real Estate Price Evidence from Maanshan City, China (중공업 오염원이 부동산 가격에 대한 미치는 영향 중국 마안산시 중심으로)

  • Wang, Rundong;Zhang, Zhixin;Huang, Shuai
    • The Journal of the Korea Contents Association
    • /
    • v.20 no.6
    • /
    • pp.717-729
    • /
    • 2020
  • As the environmental pollution problem in modern society is rapidly changing with industrialization, the environmental pollution problem has a direct or indirect effect on various fields. In particular, heavy industry pollutants can be a significant variable in site selection and realestate value. Therefore, this study is based on transaction data of 13apartment complexes in Maanshan City, a representative steel city in China, and uses the Hedonic Price Model to study the effect on real estate prices, mainly on heavy industry pollution during environmental pollution. The conclusion shows that the farther away from the source of pollution, the higher values are.

Analysis of the Implication of Accessibility to Community Facilities for Land Price in Rural Areas using a Hedonic Land Price Model (헤도닉모형을 이용한 농촌지역 생활편익시설의 접근성이 지가에 미치는 영향 분석)

  • Kim, Solhee;Kim, Taegon;Suh, Kyo
    • Journal of Korean Society of Rural Planning
    • /
    • v.22 no.1
    • /
    • pp.93-100
    • /
    • 2016
  • Land price can be affected by convenience or psychological repulsion like PIMFY (Please In My Front Yard) or NIMBY (Not In My Back Yard) for various facilities. Services related to public establishment, welfare, medical attention, and amenities in rural areas are comparatively poorer than those in urban areas. The purpose of this study is to estimate the implications of the accessibility to community facilities in rural areas for land prices using a hedonic price model. The accessibility to facilities is estimated by real road distances and the land prices are applied for four types of land usages: field, rice paddy, building lots, and village halls. Community facilities are classified from public and community services view: education, safety, culture, transport, environment, health care, and finance. The results show that the accessibility to health care and transport can positively affect land prices and the accessibility to environment (waste facilities and junkyard) and unpleasant services (funeral hall and charnel house) can negatively affect land prices. Especially, the accessibility to hospital is the most positive influential factor for all types of land usages.

A Multi-level Longitudinal Analysis of the Land Price Determinants (지가형성요인의 다수준 종단 분석)

  • Lee, Chang Ro;Park, Key Ho
    • Journal of the Korean Geographical Society
    • /
    • v.48 no.2
    • /
    • pp.272-287
    • /
    • 2013
  • This paper describes the importance of selecting explanatory variables(e.g. land price determinants) in hedonic pricing models employed in predicting real estate price, and explores dynamics of the land price determinants over time. The City of Junju was chosen as the study area, and repeated measured price data of standard lots over 17 years were analyzed. We applied a three-level modeling approach to this data in consideration of its nested data structure and longitudinal characteristics. Main land price determinants we focused on are primarily based on items included in the standard comparison table of land price, which is an official hedonic pricing model used by Government to estimate land price for tax levy. Our result shows that the land price fluctuation over 17 years was not uniform over the whole study area with each neighborhood revealing different price trend, and as such warrants longitudinal model components. In addition, some of determinants previously recognized as important were proved insignificant. It was also found that significant determinants at a particular time point lost its power gradually over time and vice versa. It is expected that more accurate prediction of price would be possible when taken account for this dynamics of price determinants over time in applying hedonic pricing model method.

  • PDF

A Study on the Selection of Pricing Factors for Used Bulk Carriers (중고 벌크선의 가격결정요인 선정에 관한 연구)

  • Yang, Yun-Ok
    • Journal of Navigation and Port Research
    • /
    • v.41 no.4
    • /
    • pp.181-188
    • /
    • 2017
  • In the existing ship sales market, prices determined based on the prices of similar ship types that recently traded. ince the 2008 financial crisis, ship prices have fluctuated, and ship price criteria have become ever more necessary to the imminent value of the ship. Therefore, this research used the hedonic price model to estimate imminent values of ships. In this study, the influence on ship prices was analyzed by the value of each characteristic and an estimated functional formula was. Out of the four models suggested by the hedonic price model, an optimal model was selected with variance inflation factors and a stepwise selection. For this, the influence of determinants of ship prices was analyzed based on actually traded ships and characteristic data. The selected model s the Log-Line model; as a result of regression analysis, eight variables, including DWT, Age, Market Value, Short-Term Charter, Long-Term Charter, Enbloc, Special Survey Due and Builder were to affect the ship price model. This model is expected to be useful for objective and balanced ship price evaluation.

A Study on the Value of Environmental-friendly's Certification for the Rice (쌀의 친환경인증 가치에 대한 연구)

  • Kim, Ji-Hoon;Yang, Sung-Bum
    • Korean Journal of Organic Agriculture
    • /
    • v.25 no.1
    • /
    • pp.23-35
    • /
    • 2017
  • The objective of this study is to analyze a price of environment-friendly and conventional rice with POS data. And we estimate the value of environment-friendly's certification with hedonic price model. In case of price level, organic and pesticide-free rice is higher than conventional rice, 22.5% and 10.6%, respectively. In contrast, price variation of conventional rice is higher environment-friendly rice. The value of organic and pesticide are 839.5 Won and 313.7 Won, respectively. As time goes by, the certification's value goes down in environment-friendly rice. In particular, price level and certification's value of pesticide-free rice is similar with conventional rice. The results of this study show that price of the environment-friendly rice is not higher than expected. Therefore it is necessary to establish a new marketing and promotion strategies for environment-friendly rice.

A Study on Value on Apple's Main Production Areas Using Hedonic Price Model and Conjoint Analysis (헤도닉 가격모형과 컨조인트 분석을 이용한 사과 주산지의 가치에 대한 연구)

  • Lee, Yu-Jin;Yang, Sung-Bum
    • Korean Journal of Organic Agriculture
    • /
    • v.29 no.4
    • /
    • pp.523-538
    • /
    • 2021
  • The purpose of this paper is to analyze the difference of the value in main production areas affected through the hedonic price model and the conjoint analysis. In addition, the partial value of each attribute level, and the consumers' willingness to pay(WTP) for change in each attribute level are analyzed. For this, we compared the value of apple determined in Garak market with the value that consumers' WTP. The result showed that there is a gap between the market value and the consumers' preferences on apple. It means that it is necessary for the local branding to be more developed to receive higher sales. Furthermore, understanding the consumers' preferences on the apple attributes can enhance the consumer utility and the competitivity. As a result, this study provides an apple marketing direction for main production areas that has been changing due to climate change.

Do Perceived Choice Attributes in Traditional Market Influence Perceived Value, Satisfaction, and Loyalty? (전통시장의 지각된 선택속성 지각이 지각된 가치, 만족, 그리고 충성도에 미치는 영향 )

  • Yong Jae RIM;Yong Ki LEE;Jae Youl KIM
    • The Korean Journal of Franchise Management
    • /
    • v.14 no.4
    • /
    • pp.17-33
    • /
    • 2023
  • Purpose: This study divides choice attributes that can help strengthen the competitiveness of traditional markets into product, price, personnel, and physical evidence. This study also examines which choice attributes affect customer value perception, satisfaction, and loyalty. Research design, data, and methodology: The data were collected from 542 traditional customers aged 20 or older who frequently visit traditional markets across the country and analyzed using the Smart PLS 4.0 program. The survey was conducted with the help of an online survey company for a total of 14 days from April 7, 2023 to April 20, 2023. Result: First, product, price, and employee quality have a positive impact on utilitarian and hedonic value, but physical evidence does not. Second, product, price, and employee quality have a positive impact on hedonic and hedonic value. Second, utilitarian value has a positive impact on satisfaction and revisit intention. Third, hedonic value has a positive impact on satisfaction, but does not on revisit intention. Lastly, satisfaction has a positive impact on revisit intention. Conclusions: Based on the S-O-R model and the theory of consumption value, this study proposed and examined an integrated framework in which satisfaction leads to revisit intention through selection attributes acting on perceived value.

Impact Analysis of an Eco-Park on the Adjacent Apartment Unit Price by Using the Hedonic Model - With a Focus on the Cheongju Wonheung-ee Park and Adjacent Apartments - (헤도닉 모델에 의한 생태공원의 인접 아파트 가격 영향 분석 - 청주 원흥이공원과 인접 아파트를 대상으로 -)

  • Ko, Hye-Jin;Yun, Ki-Bum;Shim, Young-Ju;Hwang, Hee-Yun
    • Journal of the Korean housing association
    • /
    • v.22 no.5
    • /
    • pp.47-57
    • /
    • 2011
  • The purpose of this research is to demonstrate the necessity of conserving and maintaining eco-parks by estimating their economic value. Wonheung-ee Park in Sannam 3 District of Cheongju City was chosen as the subject and a quantitative estimation was conducted. The quantitative analysis utilized the hedonic price model that estimates the value of non-market goods. The summarized results of this study are follows. The subject park influenced the prices of its neighboring apartments. The most important factor was the distance between the park and the subject apartment. When the distance was longer than 400m, the impact was greatest. The quantitative assessment also showed that apartment prices and the distance between an apartment and the park had a negative relationship. When the distance increased by 1%, apartment prices decreased by 0.430%. This means that within a certain distance, the closer an apartment is to the park, the higher is the price. Demonstrating the economic value of eco-parks, this study also supports the importance of preserving eco-areas. It generally shows that when we develop a city, we should refrain destroying the ecosystem.

Analysis of Determinant Factors of Land Price in Rural Area Using a Hedonic Land Price Model and Spatial Econometric Models (헤도닉분석기법과 공간계량경제모형을 이용한 농촌지역 지가의 영향인자 분석)

  • Suh, Kyo
    • Journal of Korean Society of Rural Planning
    • /
    • v.11 no.3 s.28
    • /
    • pp.11-17
    • /
    • 2005
  • Land prices reflect not only the uses of land, but the potential uses as well(Plantinga, 2002) so land values can be applied to very effective indices for deciding regional status and growing potential. The purpose of this study is to deduce determinant factors of regional land prices. Principal determinants of regional land prices are analyzed with a hedonic technique and spatial econometric models based on 2001 statistic data of Korea except large cities. The results provide the followings. 1. The spatial effect of rural regions are very little with adjacent regions. 2. The common index of land price is population density and other determinant factors are different depending on land uses.

A Study on Wearable Healthcare Device Adoption : An Integrated Approach of UTAUT2 and MIR (웨어러블 헬스케어 기기의 수용에 관한 연구: 확장된 통합기술수용모형과 혁신저항모형의 통합적 접근)

  • Jin, Seok;Ahn, Hyunchul
    • The Journal of Information Systems
    • /
    • v.28 no.3
    • /
    • pp.159-202
    • /
    • 2019
  • Purpose The purpose of this study is to explain users' wearable healthcare device adoption using performance expectancy, effort expectancy, the hedonic motivation and price value of UTAUT2, and to identify the causal relationship between intention to use wearable healthcare device and innovation resistance formed by perceived risks. Design/methodology/approach The research model proposed in this study is based on UTAUT2(Extended Unified Theory of Acceptance and Use of Technology) and MIR(Model of Innovation Resistance). In specific, performance expectancy, effort expectancy, hedonic motivation and price value of UTAUT2 and innovation resistance formed by perceived risks of MIR 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. Findings According to the empirical analysis results, this study confirms that the performance expectancy, effort expectancy, hedonic motivation, and price value have significant effects on the intention to use wearable healthcare devices. It also finds that perceived risk affects innovation resistance and in turn, innovation resistance affects the intention to use wearable healthcare devices.