처분효과가 주택가격 및 거래량에 미치는 효과 - 경제실험에 의한 시장 참여자의 거래행동 분석 -

• 영문명: The Effects of Disposition Effect on the Price and Volume of Housing - An Analysis on the Behaviors of Market-Participants by Economic Experiments -
• 발행기관: 한국주거환경학회
• 저자명: 김진환(Kim, Jin Hwan) 정준호(Jeong, Jun Ho)
• 간행물 정보: 『주거환경(한국주거환경학회논문집)』住居環境 제16권 제4호 (통권 제42호), 105~122쪽, 전체 18쪽
• 주제분류: 사회과학 > 지역개발
• 파일형태: PDF
• 발행일자: 2018.12.30

영문 초록

This study attempts to understand disposition effects and loss aversion propensities in the real estate market, that is whether the latter could be pointed out as the main cause of the former and whether the former as the major one of the harmonization of price and volume by analyzing the behaviors of certified real estate agents based upon the methodology of experimental economics. The following results are found. First, the loss aversion propensity is confirmed in the behaviors of selection. Second, the disposition effect is also confirmed. According to the formula of Odean (1998), the value of disposition effect is 1.49, which is consistent with an average value of 1.5 reported by Odean (1998) and Weber & Camerer (1995) for the stock market. This means that the likelihood of selling of winners is about 50% higher than that of losers. Third, the above results do not reinforce the reasoning of thinking loss aversion propensity as the main cause of disposition effect. Finally, they also do not confirm that the disposition effect could be considered as the major cause of the harmonization of price and volume of housing. So, this work suggests that the disposition effect could result from the expectation of increasing prices rather than loss aversion propensity. By implication, the former is a cause that may affect the negative (-) relationship between price and volume rather than a main cause of harmonization of price and volume of housing.

목차

Ⅰ. 서 론

Ⅱ. 이론적 배경 및 선행연구

Ⅲ. 연구 설계 및 자료 수집

Ⅵ. 자료의 분석 및 해석

Ⅴ. 결론 및 논의

키워드

가격과 거래량 공인중개사 손실회피 실험경제학 처분효과 price and volume of housing real estate agents loss aversion experimental economics disposition effects