The choice of functional form and variables in the hedonic price model in Seoul

Serim Huh, Seung Jun Kwak

    Research output: Contribution to journalArticlepeer-review

    63 Citations (Scopus)

    Abstract

    This study demonstrates that the important part of exploring the proper functional form of the hedonic price model would include investigating a dissimilar and unique hedonic price structure when the hedonic price model is applied to different housing markets. Based on the adjustment to the usual technique necessitated by the regional and cultural setting of Seoul, the criteria for significance of implicit price, root-mean-square-percentage-error, and the loglikelihood ratio test are applied to the choice of a useful functional form. We conclude that investigating the structure of a local housing market and choosing proper variables reflecting regional and cultural characteristics, both key parts of such a study, require significant adjustment to the reality of Seoul.

    Original languageEnglish
    Pages (from-to)989-998
    Number of pages10
    JournalUrban Studies
    Volume34
    Issue number7
    DOIs
    Publication statusPublished - 1997 Jun

    ASJC Scopus subject areas

    • Environmental Science (miscellaneous)
    • Urban Studies

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