Hedonic Price Model

아파트의 분양가격 산정방법 중에 계량적 접근법은


주택(아파트)의 가격은 주택이 가지는 단순한 물리적 특성 뿐 아니라, 환경적 특성들의 복합적 작용에 의해 결정된다는 가정 하에 아파트의 내재가치를 산정해 보고, 그에 근거한 잠재적 분양가를 결정하는 방식이다.

계량적 접근법 중에서도 특성감안 가격모형(Hedonic Price Model)은 주택이라는 재화가 가지는 속성을 잘 반영하는 방법으로 분양가격의 산정은 물론 가격결정에 영향을 미치는 요소 파악 등 다양하게 사용될 수 있는 유용한 통계적 기법이라고 할 수 있다. 물리적 특성(평수, 향, 층, 방 수 등), 아파트가 속한 단지(용적율, 주차시설, 녹지 상태 등) 및 지역 특성(교육시설, 문화시설, 통학 편리성, 도심까지의 거리, 대기오염도 등) 등 다양한 특성을 지니는 복합재화인 아파트의 가치는 이러한 특성들 가치의 합이며, 궁극적으로 개별 소비자들이 주관적인 판단에 기초하여 개별 특성에 대하여 소비자들이 지불하고 있는 가치의 합이라고 볼 수 있다. 그러나, 아파트의 개별 가치는 시장에서 관찰되어질 수 없으므로 이 개별 가치를 파악하기 위하여, 아파트들의 특성변수와 아파트의 분양가격과의 관계를 다중회귀식의 형태로 표시하는 것이 특성감안 가격모형인 셈이다.

 

hedonic pricing model:

A statistical model used to identify factors or influences on the price of good based on the notion that price is based on both intrinsic characteristic and external factors. The hedonic pricing model is most commonly used in the housing market in which the price of housing is based on the physical characteristics of the house (size, appearance, features) and the surrounding neighborhood (accessibility to schools and shopping, quality of other houses, availability of public services). Estimating hedonic prices makes it possible to identify the extent to which specific factors affect the price.

 

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Overview

The hedonic pricing method is used to estimate economic values for ecosystem or environmental services that directly affect market prices.  It is most commonly applied to variations in housing prices that reflect the value of local environmental attributes.

It can be used to estimate economic benefits or costs associated with:

• environmental quality, including air pollution, water pollution, or noise
• environmental amenities, such as aesthetic views or proximity to recreational sites

The basic premise of the hedonic pricing method is that the price of a marketed good is related to its characteristics, or the services it provides.  For example, the price of a car reflects the characteristics of that car—transportation, comfort, style, luxury, fuel economy, etc.  Therefore, we can value the individual characteristics of a car or other good by looking at how the price people are willing to pay for it changes when the characteristics change.  The hedonic pricing method is most often used to value environmental amenities that affect the price of residential properties.

This section continues with an example application of the hedonic pricing method, followed by a more complete technical description of the method and its advantages and limitations.
 

Hypothetical Situation:
Agency staff want to measure the benefits of an open space preservation program in a region where open land is rapidly being developed.

Why Use the Hedonic Pricing Method?
The hedonic pricing method was selected in this case because:

1.  Housing prices in the area appear to be related to proximity to open space.
2.  Data on real estate transactions and open space parcels are readily available, thus making this the least expensive and least complicated approach.

Alternative Approaches:
If the open space of concern is used mainly for recreation, the travel cost method might be used.  Alternatively, survey-based methods, like contingent valuation or contingent choice, might be used.  However, these methods would generally be more difficult and expensive to apply.

Application of the Hedonic Pricing Method:

Step 1:
The first step is to collect data on residential property sales in the region for a specific time period (usually one year).  The required data include:

• selling prices and locations of residential properties
• property characteristics that affect selling prices, such as lot size, number and size of rooms, and number of bathrooms
• neighborhood characteristics that affect selling prices, such as property taxes, crime rates, and quality of schools
• accessibility characteristics that affect prices, such as distances to work and shopping centers, and availability of public transportation
• environmental characteristics that affect prices

In this case, the environmental characteristic of concern is the proximity to open space.  The researcher might collect data on the amount and type of open space within a given radius of each property, and might also note whether a property is directly adjacent to open space.  Often, this type of data may be obtained from computer-based GIS  (geographical information systems) maps.  Data on housing prices and characteristics are available from municipal offices, multiple listing services, and other sources.

Step 2:
Once the data are collected and compiled, the next step is to statistically estimate a function that relates property values to the property characteristics, including the distance to open space.  The resulting function measures the portion of the property price that is attributable to each characteristic.  Thus, the researcher can estimate the value of preserving open space by looking at how the value of the average home changes when the amount of open space nearby changes.

How Do We Use the Results?
The results can be used to evaluate agency investments in open space preservation.  For example, specific parcels may be under consideration for protection.  The hedonic value function can be used to determine the benefits of preserving each parcel, which can then be compared to the cost.

 

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