Publications-Theses

題名 購屋者房價預期分析
作者 陳佳甫
貢獻者 張金鶚
陳佳甫
關鍵詞 房價預期
預期異質性
多項羅吉特模型
日期 2008
上傳時間 9-Dec-2010 16:46:54 (UTC+8)
摘要 價格預期是影響市場價格波動的重要因素,但過去房價預期的研究多半以客觀的市場與環境因素取代購屋者實際的預期,缺乏購屋個體實際的預期研究。股價與物價預期相關研究已從個體預期的角度發現價格預期具有高度的異質性,隱含多元豐富的資訊。故本研究希望釐清個體購屋者預期,是否因身分屬性、搜尋行為、動機與認知產生不同的預期?房價預期的差異與股價預期、民生消費品價格預期有何不同與類似之處?在不同的景氣狀況之下預期之異質性是否因此而改變?
由於購屋者預期為類別變數,本研究使用多項羅吉特模型。實證結果顯示,購屋者身分、行為、動機與認知使房價預期產生差異,其中女性購屋者看漲機率較男性高與消費市場預期差異結果相同,加上住宅投資消費目的皆較投資者多,推測購屋者對住宅商品之看法仍偏向消費市場。此外,從在不同景氣階段,房價預期之異質性會因此改變,主因是住宅投資與消費價比例發生變化。當市場投資比例增加時,購屋者房價預期差異較大,反之預期差異較小。
參考文獻 王濟川、郭志剛,2004,『Logistic 迴歸模型-方法與應用』二版,台北:五南。
周美伶,2006,「購屋搜尋行為之探討—搜尋期間與管道、個人認知與預期、租買經驗之分析」,政大地政系博士論文:台北。
吳森田,1994,「所得、貨幣與房價-近二十年台北地區的觀察」,『住宅學報』,2,49-65。
花敬群、張金鶚,1999,「成屋市場與預售屋市場之價量關係:住宅存量—流量模型的檢討與修正」,『國家科學委員會研究彙刊:人文及社會科學』,9(3),494-504。
邱于修,2008,「投資型購屋者機率模型之建立」,政大地政系碩士論文:台北。
張春興,2003,『心理學原理』。臺北:東華。
彭建文、張金鶚,2000,「預期景氣與宣告效果對房地產景氣之影響」,『管理學報』,17(2),343-368。
廖仲仁、張金鶚,2004,「搜尋成本與定錨效果對於購屋者價格貼水之影響」,『住宅學報』,13(2),47-62。
郭敏華、郭迺鋒、邱耀初、范秉航,2005,「性別與台灣股票市場投資人行為之研究」,『財務金融學刊』,l(13),1-28.
郭敏華,2008,『行為財務學:當財務遇上心理學』。台北:智勝。
陳明吉、蔡怡純 ,2007,「房價蛛網與投資人行為」,『經濟論文』,35(3),315-344。
Allison, W., 1999, Logistic Regression Using the SAS System: Theory and Application [M]. Cary NC:SAS Institute Inc.
Barber, Brad and Terrance Odean, 2001, “Boys Will Be Boys: Gender, Overconfidence and Common. Stock Investment”, Quarterly Journal of Economics, 116: 261-292.
Case, K.E. and Shiller, R.J. , 1989, “The Behavior of Home Buyers in Boom and Post-boom Markets” New England Economic Review, Nov/Dec: 29-46.
Clayton, J, 1996, “Rational Expectation, Market Fundamentals and Housing Price Volatility” Real Estate Economics, 24(4) :441.
Clayton, J, 1997, “Are Housing Price cycle driven by irrational expectations?” Journal of Real Estate and Economic, 14(3) :341.
DiPasquale, D and Wheaton, W.C., 1996, Urban Economic and Real Estate Markets, New Jersey: Englewood Cliffs
Dusansky, R. and Cagatay, K. 2007, “The capital gains effect in the demand of housing”, Journal of Urban Economics, 61: 287–298
Estelami, H., Lehmann, D.R. and Holden, A.C., 2001, “Macro-economic determinants of consumer price knowledge: a meta-analysis of four decades of research”, International Journal of Research in Marketing, 18:341-55.
Gatzlaff, D.H. and Tirtiroglu, D, 1995, “Real estate efficiency: issues and evidence”, Journal of Real Estate Literature, 3:157-189.
Greene, W. H. , 2002, LIMDEP Version 8.0 Econometric Modeling Guide, Vol.2. , New York: Econometric Software Inc
Harris, J.R., 1989, ”The Effect of Real Rates of Interest on Housing Prices.” The Journal of Real Estate Finance and Economics, 2(1):47-60.
Hui, E. and Lui, T, 2002, “Rational expectation and market fundamentals-Evidence from Hong Kong’s boom and bust cycle” Journal of Property Investment and Fiance,20 (1):9-22.
Jonung, L., 1981, “Perceived and expected rates of inflation in Sweden” The American Economic Review, 71:961968.
Kim, C.H. and Kim, K H. 1999, “Expectation and Housing Price Dynamics Following Deregulation in Korea”, International Real Estate Review, 2 )1 ):126-142.
Lee, N. J., 2003, “Expected Return of Housing and Mortgage Termination”, International Real Estate Review, 6(1): 75-101.
Ling, C.D., 1994, "The Price of Owner-Occupied Housing Services: 1973-1989," Real Estate Research Issues, ed.by J. DeLisle and J. Sa-Aadu, Kluwer Academic Publishers.
Long, J. Scott著 鄭旭智等譯 , 2002, 『類別與受限應變項的迴歸統計模式』,台北:弘智。
Malpezzi, S and Susan W. 2005, “The Role of Speculation in Real Estate. Cycles”, Journal of Real Estate Literature, 13(2): 143
McCallum, B.T., 1989, Monetary Economics: Theory and Policy, United States of America, Prentice Hall.
Minford, p. and Peel D., 2002, Advanced Macroeconomics, Cheltenham, Edward Elgar.
Muth, J., 1961, “Rational Expectations and the Theory of Price Movements” Econometrica , 29: 315-316.
Ranyard, R. F. Del Missier, N. Bonini, D. Duxbury and B. Summers, 2008, “Perceptions and Expectations of Price Changes and Inflation: A Review and Conceptual Framework”, Journal of Economic Psychology, 29: 378–400.
Rouwendal, J and Longhi, S., 2008, Volume, Volatility, Price, and Profit When All Traders Are Above Average Market: Space-time Patterns in the Netherlands, 1999-2000 , Housing Studies, 23(2):291-317.
Souleles, Nicholas S, 2004. “Expectations, Heterogeneous Forecast Errors, and Consumption: Micro Evidence from the Michigan Consumer Sentiment Surveys”, Journal of Money, Credit and Banking. 36(1): 39-72.
Wong, J. and Hui, C.M., 2006, “Research notes – power of expectations”, Property Management, 24(5): 496-506.
描述 碩士
國立政治大學
地政研究所
96257014
97
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0096257014
資料類型 thesis
dc.contributor.advisor 張金鶚zh_TW
dc.contributor.author (Authors) 陳佳甫zh_TW
dc.creator (作者) 陳佳甫zh_TW
dc.date (日期) 2008en_US
dc.date.accessioned 9-Dec-2010 16:46:54 (UTC+8)-
dc.date.available 9-Dec-2010 16:46:54 (UTC+8)-
dc.date.issued (上傳時間) 9-Dec-2010 16:46:54 (UTC+8)-
dc.identifier (Other Identifiers) G0096257014en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/50039-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 地政研究所zh_TW
dc.description (描述) 96257014zh_TW
dc.description (描述) 97zh_TW
dc.description.abstract (摘要) 價格預期是影響市場價格波動的重要因素,但過去房價預期的研究多半以客觀的市場與環境因素取代購屋者實際的預期,缺乏購屋個體實際的預期研究。股價與物價預期相關研究已從個體預期的角度發現價格預期具有高度的異質性,隱含多元豐富的資訊。故本研究希望釐清個體購屋者預期,是否因身分屬性、搜尋行為、動機與認知產生不同的預期?房價預期的差異與股價預期、民生消費品價格預期有何不同與類似之處?在不同的景氣狀況之下預期之異質性是否因此而改變?
由於購屋者預期為類別變數,本研究使用多項羅吉特模型。實證結果顯示,購屋者身分、行為、動機與認知使房價預期產生差異,其中女性購屋者看漲機率較男性高與消費市場預期差異結果相同,加上住宅投資消費目的皆較投資者多,推測購屋者對住宅商品之看法仍偏向消費市場。此外,從在不同景氣階段,房價預期之異質性會因此改變,主因是住宅投資與消費價比例發生變化。當市場投資比例增加時,購屋者房價預期差異較大,反之預期差異較小。
zh_TW
dc.description.tableofcontents 第一章 緒論 1
第一節 研究動機與問題 1
第二節 研究資料與方法 4
第三節 研究架構與流程 6
第二章 相關理論與文獻回顧 7
第一節 預期假說 7
第二節 房價預期異質性 10
第三節 投資與消費市場之預期異質性 12
第三章 研究設計 15
第一節 房價預期設定 15
第二節 模型與變數設定 17
第三節 資料說明 23
第四章 實證分析 26
第一節 未分景氣階段之房價預期差異 26
第二節 不同景氣階段預期差異 31
第三節 小結 37
第五章 結論與建議 38
第一節 結論 38
第二節 建議 40
參考文獻 41
附錄一 獨立於無關替選方案檢定 i
附錄二 模型差異檢定 ii
附錄三 住宅需求動向調查 (以2008Q3為例) iii
zh_TW
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dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0096257014en_US
dc.subject (關鍵詞) 房價預期zh_TW
dc.subject (關鍵詞) 預期異質性zh_TW
dc.subject (關鍵詞) 多項羅吉特模型zh_TW
dc.title (題名) 購屋者房價預期分析zh_TW
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 王濟川、郭志剛,2004,『Logistic 迴歸模型-方法與應用』二版,台北:五南。zh_TW
dc.relation.reference (參考文獻) 周美伶,2006,「購屋搜尋行為之探討—搜尋期間與管道、個人認知與預期、租買經驗之分析」,政大地政系博士論文:台北。zh_TW
dc.relation.reference (參考文獻) 吳森田,1994,「所得、貨幣與房價-近二十年台北地區的觀察」,『住宅學報』,2,49-65。zh_TW
dc.relation.reference (參考文獻) 花敬群、張金鶚,1999,「成屋市場與預售屋市場之價量關係:住宅存量—流量模型的檢討與修正」,『國家科學委員會研究彙刊:人文及社會科學』,9(3),494-504。zh_TW
dc.relation.reference (參考文獻) 邱于修,2008,「投資型購屋者機率模型之建立」,政大地政系碩士論文:台北。zh_TW
dc.relation.reference (參考文獻) 張春興,2003,『心理學原理』。臺北:東華。zh_TW
dc.relation.reference (參考文獻) 彭建文、張金鶚,2000,「預期景氣與宣告效果對房地產景氣之影響」,『管理學報』,17(2),343-368。zh_TW
dc.relation.reference (參考文獻) 廖仲仁、張金鶚,2004,「搜尋成本與定錨效果對於購屋者價格貼水之影響」,『住宅學報』,13(2),47-62。zh_TW
dc.relation.reference (參考文獻) 郭敏華、郭迺鋒、邱耀初、范秉航,2005,「性別與台灣股票市場投資人行為之研究」,『財務金融學刊』,l(13),1-28.zh_TW
dc.relation.reference (參考文獻) 郭敏華,2008,『行為財務學:當財務遇上心理學』。台北:智勝。zh_TW
dc.relation.reference (參考文獻) 陳明吉、蔡怡純 ,2007,「房價蛛網與投資人行為」,『經濟論文』,35(3),315-344。zh_TW
dc.relation.reference (參考文獻) Allison, W., 1999, Logistic Regression Using the SAS System: Theory and Application [M]. Cary NC:SAS Institute Inc.zh_TW
dc.relation.reference (參考文獻) Barber, Brad and Terrance Odean, 2001, “Boys Will Be Boys: Gender, Overconfidence and Common. Stock Investment”, Quarterly Journal of Economics, 116: 261-292.zh_TW
dc.relation.reference (參考文獻) Case, K.E. and Shiller, R.J. , 1989, “The Behavior of Home Buyers in Boom and Post-boom Markets” New England Economic Review, Nov/Dec: 29-46.zh_TW
dc.relation.reference (參考文獻) Clayton, J, 1996, “Rational Expectation, Market Fundamentals and Housing Price Volatility” Real Estate Economics, 24(4) :441.zh_TW
dc.relation.reference (參考文獻) Clayton, J, 1997, “Are Housing Price cycle driven by irrational expectations?” Journal of Real Estate and Economic, 14(3) :341.zh_TW
dc.relation.reference (參考文獻) DiPasquale, D and Wheaton, W.C., 1996, Urban Economic and Real Estate Markets, New Jersey: Englewood Cliffszh_TW
dc.relation.reference (參考文獻) Dusansky, R. and Cagatay, K. 2007, “The capital gains effect in the demand of housing”, Journal of Urban Economics, 61: 287–298zh_TW
dc.relation.reference (參考文獻) Estelami, H., Lehmann, D.R. and Holden, A.C., 2001, “Macro-economic determinants of consumer price knowledge: a meta-analysis of four decades of research”, International Journal of Research in Marketing, 18:341-55.zh_TW
dc.relation.reference (參考文獻) Gatzlaff, D.H. and Tirtiroglu, D, 1995, “Real estate efficiency: issues and evidence”, Journal of Real Estate Literature, 3:157-189.zh_TW
dc.relation.reference (參考文獻) Greene, W. H. , 2002, LIMDEP Version 8.0 Econometric Modeling Guide, Vol.2. , New York: Econometric Software Inczh_TW
dc.relation.reference (參考文獻) Harris, J.R., 1989, ”The Effect of Real Rates of Interest on Housing Prices.” The Journal of Real Estate Finance and Economics, 2(1):47-60.zh_TW
dc.relation.reference (參考文獻) Hui, E. and Lui, T, 2002, “Rational expectation and market fundamentals-Evidence from Hong Kong’s boom and bust cycle” Journal of Property Investment and Fiance,20 (1):9-22.zh_TW
dc.relation.reference (參考文獻) Jonung, L., 1981, “Perceived and expected rates of inflation in Sweden” The American Economic Review, 71:961968.zh_TW
dc.relation.reference (參考文獻) Kim, C.H. and Kim, K H. 1999, “Expectation and Housing Price Dynamics Following Deregulation in Korea”, International Real Estate Review, 2 )1 ):126-142.zh_TW
dc.relation.reference (參考文獻) Lee, N. J., 2003, “Expected Return of Housing and Mortgage Termination”, International Real Estate Review, 6(1): 75-101.zh_TW
dc.relation.reference (參考文獻) Ling, C.D., 1994, "The Price of Owner-Occupied Housing Services: 1973-1989," Real Estate Research Issues, ed.by J. DeLisle and J. Sa-Aadu, Kluwer Academic Publishers.zh_TW
dc.relation.reference (參考文獻) Long, J. Scott著 鄭旭智等譯 , 2002, 『類別與受限應變項的迴歸統計模式』,台北:弘智。zh_TW
dc.relation.reference (參考文獻) Malpezzi, S and Susan W. 2005, “The Role of Speculation in Real Estate. Cycles”, Journal of Real Estate Literature, 13(2): 143zh_TW
dc.relation.reference (參考文獻) McCallum, B.T., 1989, Monetary Economics: Theory and Policy, United States of America, Prentice Hall.zh_TW
dc.relation.reference (參考文獻) Minford, p. and Peel D., 2002, Advanced Macroeconomics, Cheltenham, Edward Elgar.zh_TW
dc.relation.reference (參考文獻) Muth, J., 1961, “Rational Expectations and the Theory of Price Movements” Econometrica , 29: 315-316.zh_TW
dc.relation.reference (參考文獻) Ranyard, R. F. Del Missier, N. Bonini, D. Duxbury and B. Summers, 2008, “Perceptions and Expectations of Price Changes and Inflation: A Review and Conceptual Framework”, Journal of Economic Psychology, 29: 378–400.zh_TW
dc.relation.reference (參考文獻) Rouwendal, J and Longhi, S., 2008, Volume, Volatility, Price, and Profit When All Traders Are Above Average Market: Space-time Patterns in the Netherlands, 1999-2000 , Housing Studies, 23(2):291-317.zh_TW
dc.relation.reference (參考文獻) Souleles, Nicholas S, 2004. “Expectations, Heterogeneous Forecast Errors, and Consumption: Micro Evidence from the Michigan Consumer Sentiment Surveys”, Journal of Money, Credit and Banking. 36(1): 39-72.zh_TW
dc.relation.reference (參考文獻) Wong, J. and Hui, C.M., 2006, “Research notes – power of expectations”, Property Management, 24(5): 496-506.zh_TW