Earticle

본 연구는 복합상업시설이 인근 아파트 가격에 미치는 영향을 헤도닉 가격모형으로 실증분석하였다. 연구의 공간적 범위는 수도권 2기 신도시 중 판교에 위치한 H 백화점의 도보 생활권역으로 하였고, 시간적 범위는 2020년, 1년간으로 하였다. 종속변수는 아파트 실거래 가격이며, 독립변수는 주거 특성과 단지 특성 및 지역 특성으로 하였다. 분석 결과, 전용면적과 거래 층, 고속도로 진입로와의 거리는 아파트의 가격에 정(+)의 영향을 미치며, 경과년도는 부(-) 의 영향을 미쳤다. 그러나, 대단지 여부는 아파트 가격에 거의 영향을 미치지 않았고, 복합상업시설에서의 거리는 아파 트 가격과 부(-)의 관계로 나타나 복합상업시설에서 멀어질수록 아파트 가격이 감소함을 보였는데, 그 영향력이 지하철 역과의 거리가 아파트 가격에 미치는 영향력에 비하여 훨씬 크게 나타났다. 이는 아파트 가격 영향요인과 그 영향력의 크기가 신도시 지역과 기존의 대도시 지역에서 서로 다르게 나타난다는 점을 확인해준다.

This study empirically analyzed the effect of complex commercial facilities on the price of nearby apartments in a Hedonic price model. The spatial range of this study was the walking area of H Department Store located in Pangyo among the second new towns suburb of Seoul, and the time range was 2020. The dependent variable was the real transaction price of the apartment, and independent variable were the characteristics of the housing, the characteristics of the complex, and the characteristics of the region. As a result of the analysis, the area of exclusive use space, the transaction floor, and the highway accessibility had a positive effect on the price of the apartment, and the elapsed year had a negative effect on the price of the apartment. However, the size of the apartment had little effect on apartment prices, and the distance from the complex commercial facilities was shown to be related to apartment prices, indicating that apartment prices declined as it moved away from the complex commercial facilities. Therefore, this is much more influential than the influence of distance from subway stations on apartment price. This confirms that the effect factors of apartment prices and the size of their influence appear differently in the new town area and the existing metropolitan area.

본 연구는 서울 뉴타운개발이 주변 아파트 가격에 미치는 영향을 분석하였다. 본 연구는 뉴타운개발의 형태를 주거중심형과 주거·상업·업무 기능이 복합된 도심형의 두 가지로 구분한 후 뉴타운개발의 형태에 따라서 뉴타운개발이 인근지역의 아파트 가격에 미치는 영향을 분석하였다. 공간헤도닉모형을 이용한 분석결과에 의하면 아파트 가격에 공간자기상관이 존재하기 때문에 서울 주택시장의 아파트가격 분석을 위해서는 공간헤도닉모형이 적합함을 알 수 있었다. 뉴타운개발 형태별 분석은 도심형 인근지역의 아파트 가격이 주거중심형 인근지역의 아파트가격보다 더 크게 상승하는 결과를 보여주었다. 마지막으로, 뉴타운개발이 인근지역 아파트 가격에 미치는 영향은 뉴타운개발 발표 직후부터 발생하기 시작했음을 알 수 있다.

The purpose of this study was to evaluate how employees perceived human resource management practices which are associated with quality enhancement business strategy and organisational effectiveness regarding the concept of procedure justice in the Korean hotel companies by types of ownership. Also this study used a structural equation modelling approach to understand the employees' feeling about their organisation between international chain hotels and Korean owned hotels. The results of this study proved that the factor of 'training and development', 'service quality', 'consultation' had a positive influence on procedure justice in international chain hotels otherwise 'training and development', 'recruitment', 'consultation' had a positive influence on procedure justice in Korean owned hotels. Also 'procedure justice' significantly influenced 'job satisfaction' and 'turnover intentions' in both hotels. This study found that deluxe hotels adopt a quality enhancement business strategy which is tailored HRM practices such as hiring excellent employees, providing good services, offering training opportunities more to meet various customers' needs. Moreover the results of this study will help managers to provide a better understanding of the concept of business strategy which enacts in hotel companies and management can apply those HRM practices into their similar service organisations.

According to the price-decline effect, the art auction prices are known to decrease with the order of auction sale. Our empirical study investigates the presence for the price-decline effect using the data for Korean antique art hosted by the Seoul Auction in September, 2015. We apply the Hedonic price model to the data and examine the relation between the sale order and auction price. Our empirical evidences show that the well-known price decline effect is not present for the case of Korean antique auction in 2015. We confirm our results by estimating the ordered probit model. From the view of the price-decline effect, our results suggest that the Korean antique auction data exhibits different characteristics from most of the foreign art auction data.

This study is to valuate urban parks using hedonic pricing method. The study was conducted on Daegu metropolitan city. Among types of residential buildings in Daegu, apartments were established as a population, and an empirical analysis was conducted to randomly selected 300 apartments. To calculate the amount of WTP(willingness to pay) for the parks, the marginal implicit price of the parks was calculated through partial differential in the hedonic price function. This marginal implicit price means WTP in case a park environment varies to another level and its figure was 0.04105P where P is price of apartment per 'pyeong'. According to the analysis, people were found intended to pay about more than 4.1% of the apartment price additionally when the park environment become bettered 1 unit additionally.핵심용어(Key words):여가공간(leisure place), 공원녹지(park), 헤도닉가격모형(hedonic price model)

The purpose of this study is to test whether charter prices of tankers reflect their varying degrees of characteristics including double hull. This purpose is carried out using the hedonic price model. In this paper, we estimated 74 functional forms of hedonic price model using the quadratic Box-Cox transformation function and selected one based on the three criteria: expected signs, the statistical significance of estimated coefficients, and goodness of fit in terms of root-mean-square-percentage-error (RMS%E). In this study we found that the charter price of a double hulled tanker is higher than that of a single hulled tanker. However, contrary to our expectations, the charter price margin between them is not so wide, and DWT or AGE

동일 주택 시장 내 유사한 주택들의 거래 가격은 주택 구매자와 판매자에게 있어 가장 접근이 용이하고 용인되기 적합한 참고 가격 중 하나이다. 따라서 시공간적으로 근접한 주택 거래 가격들 간에는 상관관계가 존재할 것이다. 본 연구는 이러한 주택거래가격들 간의 시공간 의존성을 고려한 헤도닉 가격 모델 (Hedonic price model)을 통하여 주택 가격을 추정하고자 한다. 서울 주택 시장 내의 46,000개의 아파트 매매 및 전세 실거래가 데이터를 기반으로 한 본 논문의 실증 분석은 매매가와 전세가에서 모두 유의한 수준의 거래 가격 간 시공간 상호 의존성이 존재함을 나타낸다. 이러한 효과를 고려한 시공간 헤도닉 모델 (Spatio-temporal hedonic price model)은 일반적 헤도닉 모델과 비교하여 향상된 모델 설명력을 제공한다. 본 연구는 또한 시간적 인과관계를 고려하지 않은 주택 거래 가격 간 공간 의존성 측정의 위험성을 지적한다.

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Recently, unlike other air pollutants, the level of fine particle matter (PM2.5) levels have been increased radically. However, there has been few studies to estimate the value of PM2.5. Therefore, this study estimated the value of PM2.5 reduction by using Hedonic model and limited the regional scope to Gyunggido and Incheon. Futhermore, this study employed least median of squares which is robust to outlier. According to estimation results, the educational condition, access to convenience facilities, environmental condition and air quality influence the housing price. Furthermore, the increase of PM2.5 emission per 1 ton makes the housing price decreased by 2,040 won per 1㎡. This elasticity can be interpreted as the implicit price of PM2.5 per 1 ton. This study is expected to provide insight for both research and policy-making.

The purpose of this study is to suggest valuable directions and to produce basic data for their policy decisions by restaurant managers for 'Globalization of Korean Food' by comparing Korean restaurants with foreign restaurants. This study was based on the "Hedonic Price Model" with data from 'ZAGAT New York City 2011'. We used diners' survey data on food, decoration, and service from 621 different types of restaurants including American, Southeast Asian, Australian, Philippine, Korean, Japanese, Chinese, Malaysian, Noodle, Seafood, Vietnamese and Thai food. Results of regression analysis revealed that the factors affecting price decision are the food, the decoration/atmosphere, and the service. In other words, customers are happy to pay when they are satisfied with the food, the decoration/atmosphere, and the service. In order to have competitiveness in USA for Koran restaurants, it is important to concentrate on these factors and with highest priority on "food".

The purpose of this study is to classify hotel attributes by using hotel industry operation data and OTA data of hotel industry and to analyze effect of hotel attributes on hotel room price by applying hedonic price model. To do this, we analyzed 120 luxury hotels registered in Korea Hotel Association from August to September, 2017. Operational data of hotel industry was collected from Korea Hotel Association and data of hotel service attributes and consumer reviews were collected from OTA homepage. First, average rate per guest, accessibility rating score, hotel class, average guest per room, swimming pool, and experience rating score of hotel had a significant effect on ADR. Second, average rate per guest, number of reviews, hotel class, accessibility rating score, average guest per room, swimming pool, experience rating score of hotel, global hotel chain, and number of room had a significant effect on RevPAR. Third, by region, F&B department revenue per occupied, swimming pool, and global hotel chain had a significant impact on the hotel performance indicators in metropolis' hotels. On the other hand experience rating score of hotel, number of reviews, hotel class, average guest per room had a significant impact on the hotel performance indicators in small and medium cities' hotels.

It is in the present situation that there are many studies that estimate and presume apartment price by using various characteristics of housing. The objective of this study is to analyze characteristics and variables of hedonic price model in literature. Whereas past studies have focused theoretical relationships between selling price and characteristics, practitioners such as real estate brokers, developers, and appraisers have concerns on empirical evidence to effects of housing characteristics. In general, the results of hedonic price model is specific to analysis of cross-sectional data such as specific region and specific period, this study will focus the universality in the results of hedonic price model. The result of this study will help practitioners for appraising.

금융위원회는 부동산 투기현상 억제 및 가계부채를 관리하고자 부동산 관련 규제를 발표하였다. 오피스텔에 대한 금융당국의 최근 규제는 오피스텔 수요에 영향을 줄 것으로 보인다. 오피스텔의 특성과 무관하게 최근 부동산 규제는 오피스텔에 대한 수요를 감소시키며, 어떠한 요인보다 오피스텔의 가격에 큰 영향을 끼치게 되었다. 그러나 부동산 가격은 공개적으로 수집된 데이터이외 부동산시장 4분면 모형에 영향을 미치는 다양한 요소들 및 눈에 보이지지 않으며, 정량화하기 어려운 정성적 데이터 그리고 심리적인 요인들까지 복합적으로 융화되어 결정되므로 종합적인 관점에서의 분석이 반드시 필요하다. 따라서 정성적 분석방법을 통헌 비정량적 요소들이 오피스텔 가격에 주는 영향을 분석하고, 동시에 지금까지 선행연구에서 주로 분석되었던 정량적 분석방법인 헤도닉 모형을 병행하였다. AHP-Fuzzy 분석에서 중요하다고 판단되는 요인들은 정량화될 수 없기 때문에 기존의 선행연구에서는 다뤄지지 않았다. 이러한 관점으로 일반 투자자들은 정량화된 데이터만으로는 오피스텔 가격결정요인을 분석하기 어려웠다. 하지만 본 연구에서는 정량적 분석방법이외 정성적 분석방법을 병행분석하여 오피스텔 가격결정요인을 비교·분석하고자 하였다. 부동산 전문가의 관점에서 중요하게 도출된 우선순위 가격결정요인을 바탕으로 오피스텔의 구입 및 투자 합리적인 의사결정을 할 수 있도록 방향성을 제시했다는 점은 본 연구에서 얻어진 시사점이라고 할 수 있다. 본 연구에서 도출된 또 다른 시사점은 오피스텔에 대한 금융당국의 최근 규제가 오피스텔 가격결정에 미치는 영향이다. 오피스텔의 특성과 무관한 최근 금융당국의 부동산 규제는 오피스텔에 대한 수요를 감소시키며, 어떠한 요인보다 오피스텔의 가격에 큰 영향을 끼치게 되었다. 이러한 관점에서 기존선행연구에서 다루지 않았던 비정량적인 요소들을 주목할 필요가 있을 것이다.

While apartment transaction volume is declining due to apartment-related financial regulations (LTV 40% of mortgage loans in regulated areas), heavy acquisition tax, and high retention tax rates, the demand for officetel, which is a relatively less intensively regulated profit-type real estate, is increasing. have. Demand for officetel is generated by a specific demand group, and people are interested in officetel among profit-type real estate due to various advantages. In this study, among the factors that determine the price of officetel including real estate regulation, it is necessary to identify the price determining factors by classifying them into individual factors, regional factors, and general factors that indicate the product characteristics of officetels. is not an easy aspect. This study overcomes the above limitations by setting detailed objectives. In that officetel provides stable investment as a form of profitable real estate, we intend to analyze and verify the factors that affect the price of officetel. AHP analysis and Fuzzy-AHP analysis were adopted as qualitative analysis methods. We collected and reviewed various materials such as officetel related prior research, research reports, academic journals, and real estate-related books, and brainstormed with real estate experts who have worked in the real estate industry to derive pricing factors to be applied to the AHP questionnaire. The analysis was conducted by adopting the hedonic price model as a quantitative analysis method.

A real estate price index tracks the price of a standard unit of housing over time. The index typically is constructed from observations on the sale price and characteristics of a sample of house sales. This paper constructs the transaction-based price indices from January 2006 to September 2009 by using hedonic price model. Due to the requirement of the stability of the index, the paper recommends the time varying parameter model specification in hedonic price approach. By using 255,792 transaction data in Seoul, the appraisal-based KB index have appraisal smoothing problems in which they have low volatility and time-lag but the transaction-based price index do not show those problems.

최근 유통산업 성장세에 따라 물류부동산의 공급 및 투자가 활발한 실정이나, 정작 민간 거래정보 폐쇄성 으로 그 특성을 파악하기는 어려웠다. 본 연구의 목적은 산업용 부동산의 대표적 투자자산 유형으로서 물류부 동산의 실거래가에 영향을 미치는 결정요인을 실증 규명하는 것이다. 분석대상은 2006년부터 2018년까지 약 13년간 실제 거래완료가 이루어진 경기도와 인천시의 물류센터 매매사례 총 146건이다. 방법론으로 이들 개 별적 특성요인들과 실거래가의 관계를 검증하고자 헤도닉가격모형(HPM)을 사용하였고, 투입변수를 달리해 3 가지 모형(Ⅰ: 운송거리, Ⅱ: 교통비, Ⅲ: 최종모형)으로 나누어 추정하였다. 본 연구의 주된 분석결과를 간단히 요약ㆍ정리하면 다음과 같다. 첫째, 물류부동산은 운송비용 절감이 가능한 고속도로나 주요 국도변을 따라 이 천, 안성, 평택 등에 공간적으로 불특정하게 집중 분포하는 경향을 보였다. 둘째, 물류부동산의 입지, 건물, 토지, 시간을 포함한 개별적 특성요인들이 실거래가와 밀접한 관련성을 지녔다. 실례로 실거래가는 통계적 유 의수준 하에서 연면적, 대지면적 대비 연면적 비율, 상업지역, 주도로차선이 정(+)의 영향을, 반면 상온 보관 방식, 철골구조, 강남구청까지 물류비용이 부(-)의 영향을 미치는 것으로 나타났다. 이러한 사실은 상기 요인 들이 물류부동산의 실거래활동에서 매매 혹은 투자결정 인자로 중요하게 고려될 수 있다는 점을 시사한다. 따 라서 본 연구결과는 물류부동산의 기초연구가 미천한 상황에서 대표 투자자산으로서 가능성을 확인한 점과 더불어 참여 이해관계자들이 거래시장 환경을 이해하며 수익률과 연동된 실거래가 변동을 예측하는데 유용한 기초자료로서 의의를 갖는다.

As the fastest growing distribution industry , both investment and supply of logistics has been brisk recently. Although it was difficult to grasp the sale characteristics due to asymmetry of transaction information in private. The primary purpose of this paper is to identify determinants affecting sales price of the logistics as industrial property. The sample data is used to in the case of 146 logistics for closing the actual transaction within Gyeonggi-do and In-cheon, during 13 years from 2006 to 2018. To empirically testify, Hedonic price model(HPM) is applied to analyze the relationship between logistics characteristics and sales price. It can be divided into three separate models, expressed by distance(1) , distribution costs(2), variables mixture revision(3). The main results of research are briefly summarized as follows; First, both density and number of logistics are spatially concentrated along the highway or route such as Icheon, Anseong , Pyeongtaek. Second, sales price of logistics is highly related with location(traffic condition), building(physical properties), land use, timing effect. For example, gross floor area, zoning(commercial area), gross floor area to site area ratio, width of front road, method of storage(ordinary temperature), building structure(steel-frame), distribution costs from Gangnam are verified as statistically significant factors associated with sales price. This findings imply that difference of sale price is as the result for a combination of several factors and it would be critical indicator for market participant among investor, landlord , tenant to make a strategic buying decision-making on financial perspective. Conclusionally, it proves that logistics have a distinct possibility of as investment asset, and which provides useful information about predicting an estimation of sales price in domestic logistic market.

The purpose of this study is to test whether prices of personal computers reflect their varying degrees of non-marketable characteristics including after-sales service. This purpose is carried out using the hedonic price model. In this paper, we estimated 74 functional forms of hedonic price model using the quadratic Box-Cox transformation function and selected one based on the three criteria: expected signs, the statistical significance of estimated coefficients, and goodness of fit in terms of root-mean-square-percentage-error. In this study, we found hat as the after-sales service level increases the price of the personal computer increases. This result is consistent with the hypothesis that the less after-sales service offered with a personal computer, the less consumers are willing to pay for the personal computer, when all else remain constant. This finding shows that since the market works indirectly to influence pricing, the need to rely on consumer protection legislation to guarantee after-sales service is lessened. This study also found that after-sales service supported by each personal computer producer is not a free service, thus produces have a profit incentive for providing after-sales service.

According to the price-decline effect, the art auction prices are known to decrease with the order of auction sale. Our empirical study investigates the presence for the price-decline effect using the data for Korean antique art hosted by the Seoul Auction in September, 2015. We apply the Hedonic price model to the data and examine the relation between the sale order and auction price. Our empirical evidences show that the well-known price decline effect is not present for the case of Korean antique auction in 2015. We confirm our results by estimating the ordered probit model. From the view of the price-decline effect, our results suggest that the Korean antique auction data exhibits different characteristics from most of the foreign art auction data.

본 연구에서는 서울시 아파트를 대상으로 SUR(seemingly unrelated regression) 모형을 이용하여 아파트 거래가격 결정요인에 대한 사례분석을 시행하였다. 즉, 서울시 아파트 단지의 연도별 단위당 중위거래가격이 단지 특성(가로변조건, 교통조건, 편의시설, 교육조건, 환경조건, 대중교통, 건물상태, 강남3구여부)과 어떠한 연관성을 갖는지를 분석하였다. 분석방법으로는 2013~2015 각 연도별 아파트 거래가격에 대한 헤도닉 모형(hedonic price model)을 구축함에 있어서 거래가격의 연도별 상관성을 고려하기 위하여 SUR 모형을 적용하였다. 분석 결과로는, 가로변조건과 교통조건, 환경조건, 대중교통조건, 건물상태 및 강남3구여부 등이 거래가격에 양(+)의 영향을 미치는 것으로 나타났으며(유의수준 0.05), 이 가운데 가로변조건과 강남3구여부는 연도가 지남에 따라 영향력이 증가하고 있으며, 반대로 건물상태는 매매가격에 대한 영향력이 감소하는 것으로 나타났다. 교통, 환경, 대중교통의 경우 연도에 상관없이 일정한 영향력을 주고 있는 것으로 나타났다. 한편, 교육조건은 강남3구여부 변수와의 교호작용이 유의하게 나타나면서, 강남3구에서는 교육조건이 우수한 경우에 그렇지 않은 경우보다 아파트 거래가격이 증가하고, 이외 지역에서는 교육조건이 아파트 거래가격에 미치는 영향이 미미한 것으로 나타났다.

In this study, we conducted a case study for evaluating the apartment transaction price determinants using SUR (seemingly unrelated regression) model for the apartments in Seoul. In other words, we analysed the association between the median transaction price per unit of the apartment complex with the qualitative characteristics of the apartment - roadside condition, traffic condition, convenience facility, education condition, environment condition, public transportation condition and building status condition. We applied the SUR model to construct a hedonic price model for the transaction prices occurred in 2013~2015 in order to take consideration of latent correlations among prices in each year. Analysis results tell us that the roadside conditions and traffic conditions, environmental conditions, public transportation conditions and the building conditions were found to affect positively to the transaction value under the significance level of 0.05. Furthermore, education condition in Gangnam-3gu has more positive effect on transaction prices than the other regions under the significance level of 0.1.

This study analyzes the factors that affect the prices of package tour products through the hedonic price model. Offered by travel agencies, package tours are attractive tourism products for consumers as they include flights, hotels, meals, and local tours. Through package tours, consumers are able to acquire a desired level of integrated services at a reasonable price instead of having to purchase each travel component separately. This study collected and analyzed data on 273 package tour products to Da Nang, Vietnam, which were sold during the second week of March 2023. According to analysis, airline ticket class, hotel category, no-shopping no-tip products, and additional benefits, had significant positive effects on the prices of package tour products. The package tour products with stays at luxury hotels offered business-class flights, and had the largest impact on the dependent variables. On the other hand, while there exists a preconceived notion that products sold through TV home-shopping are cheaper than those sold through other channels, the result of this study is not statistically significant. Through the systematic analysis of various factors affecting the pricing of package tour products, the findings of this study provide guidelines for travel agencies for determining product prices. They also offer consumers a theoretical basis for understanding the pricing structure of various tour products and making informed decisions, based on their budget and preferred quality of flights and hotels.

소음의 외부효과는 현대사회에서 흔히 발견되는 문제라고 할 수 있다. 소음은 재산적 피해와 같은 외부효과를 발생시키며, 따라서 소음으로 인한 재산피해를 평가하고 효과적 해결책을 찾아내는 연구는 매우 중요하다고 할 수 있다. 분석결과는 통계적 유의성이 있으며, 소음이 재산적 가치에 부정적 효과가 있음을 보여 주고 있다. 모형의 주요 결과로는 소음 단위(데시빌)당 피해액이 추정(5,000 달러${\ast}$로그(dB))되었고, 추정된 소음피해함수(잠재가격함수)는 소음의 한계효과가 감소함을 나타내고 있다.

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.