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부동산 경매에 있어서 최저매각가격의 기준점 효과 분석

An Analysis on the Reference Effects of Reserve Prices in Real Estate Auctions

유정석|노한장
한국부동산분석학회 (Korea Real Estate Analysts Association(Kreaa))|2011.12|부동산학연구 (Journal of the Korea Real Estate Analysts Association)|제17권 제4호|pp. 109-131

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참고문헌

키워드

행동경제학Behavioral Economics부동산 경매최저매각가격기준점 효과Real Estate AuctionsReserve PricesReference Effects
주제분류경제학

초록

In the field of real estate auctions, it is anything but a strange happening that the winners who made an overbidding are likely to suffer from the extreme losses. This situation is what is called winner's curse in terms of economics. On the other hand, the owners sometimes get losses against their will on account of the low sold prices which below the real value of the articles. These phenomena are not easy to accept from the viewpoint of rational human beings. Winner's curse is stemmed from the incomplete information of real estate auction system. This study was carried out for the purpose of analysing the effects of reserve prices on the sold prices so-called reference effects in real estate auctions. In order to accomplish this goal, we analyze whether reserve prices have effects on the sold price rates, and whether the difference of reserve price levels makes some meaningful gaps or not. The results of panel data analysis show that reserve prices influence plus (+) effects on the sold price rates in Seoul City as a whole as well as in the five main zones of life. ANOVA test revealed that the difference of starting point made some meaningful gaps in the degree of sold price rates.

Abstract

In the field of real estate auctions, it is anything but a strange happening that the winners who made an overbidding are likely to suffer from the extreme losses. This situation is what is called winner's curse in terms of economics. On the other hand, the owners sometimes get losses against their will on account of the low sold prices which below the real value of the articles. These phenomena are not easy to accept from the viewpoint of rational human beings. Winner's curse is stemmed from the incomplete information of real estate auction system. This study was carried out for the purpose of analysing the effects of reserve prices on the sold prices so-called reference effects in real estate auctions. In order to accomplish this goal, we analyze whether reserve prices have effects on the sold price rates, and whether the difference of reserve price levels makes some meaningful gaps or not. The results of panel data analysis show that reserve prices influence plus (+) effects on the sold price rates in Seoul City as a whole as well as in the five main zones of life. ANOVA test revealed that the difference of starting point made some meaningful gaps in the degree of sold price rates.

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