교육성취의 아파트가격에 대한 영향: 서울시 사례분석

Abstract

There are a number of empirical studies on the influence of educational factors on housing prices. However, previous studies have overlooked the possibility that there exists a large lag in the effect of education on housing prices due to shortterm inefficiencies in the real estate market. Results show that educational achievement from one or two years ago has the largest and most meaningful effect on present apartment prices. If the interval between the date of apartment price observation and the date when educational achievement is actually reflected in housing prices is insufficient, there is a risk of underestimating the effect of educational factors on apartment prices. In the case of estimating the housing price function through the ‘hedonic price model', all factors and circumstance significant to the individual characteristics of each house must be controlled in order to estimate the effect of explanatory variables without any bias. However, it is practically impossible to include all significant factors in the regression analysis. To mitigate this problem, only houses located near the border of two different school districts were considered in this study, just like the research method of Black(1999). Adjacent houses share not only similar individual characteristics but also similar circumstances. Therefore any possibility of distorted estimates of educational factors' influence on housing prices can be minimized since such distortions usually occur when explanatory variables are omitted from the regression formula.