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주택 소비와 습관형성: 주관적 만족도 및 주택 소비 자료의 분석

Housing consumption and habit formation:An analysis of subjective well-being and housing consumption data

홍기석
한국응용경제학회|2017.03|응용경제 (Korea Review of Applied Economics)|제19권 제1호|pp. 45-87

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참고문헌

키워드

subjective well-being한국노동패널주관적 만족도습관형성Habit formation주택 소비예상오류projection biashousing consumptionKorea Labor and Income Panel Study (KLIPS)
주제분류경제학

초록

본 연구는 비내구재 소비 대신 주택 소비를 대상으로 하여 습관형성(habit formation)의 실증적 증거를 살펴본다. 특히 한국노동패널의 주관적 만족도 자료를 이용하여 주택 소비가 개인의 만족도에 미치는 영향을 추정하고, 습관형성과 예상오류(projection bias)의 가능성을 고려한 이론적 모형에 근거하여 주택 소비와 비내구재 소비 간의 관계도 추정한다. 본 연구의 주요 분석결과는 다음과 같다. 첫째, 주택 소비의 경우 헤도닉적응(hedonic adaptation) 혹은 습관형성의 경향이 유의하게 관찰된다. 반면 비내구재 소비의 경우에는 유사한 결과가 관찰되지 않는다. 둘째, 소비자들이 습관형성의 정도를 과소평가할 경우에 존재할 것으로 예상되는 주택 소비와 비내구재 소비 간의 관계도 실제 자료에서 관찰된다. 셋째, 본 연구의 결과는 주택 소비에 관한 다른 가설 특히 조정비용 모형으로는 잘 설명되지 않는다.

Abstract

This paper reexamines empirical evidence on habit formation focusing on housing consumption. In particular, we use a household database to estimate the effect of housing consumption on subjective well-being and the relationship between housing and nondurables consumption implied by the theory. Main results are as follows. First, we find significant evidence of hedonic adaptation or habit formation for housing consumption, but not for nondurables consumption. Second, we find a relationship between housing and nondurables consumption that is consistent with a model of projection bias. Third, our results are not easily explained by alternative hypotheses including the non-convex adjustment cost model.

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