|
Housing is a multi-dimensional commodity composed with many attribution. Unforturnally, these attributions can not be pricing in the real housing market. Rosen (1974) proposed implicit markets to approach the marginal price of housing attribute. In this study, we apply the Rosen''s approach to Kaohsung metropolitan area (Taiwan, R.O.C.) , to explore the empirical evidences.
The Empirical results suggest that different housing structure type, such as single unit housing and multiple unit housing, has different decision factors in Kaohsung. However, we concluded that the housing floor space area, the distance to CBD and the category of land use are three common factors in housing pricing regardless the housing structure type. We also found that the neighborhood and location attribution are more concerned to the household who lives in single unit housing, and building attributions are more concerned by household who occupies the multiple unit housing. This result is somehow different from Taipei area where is well known as a highly urbanization with high residence density of multiple unit housing. In the aspects of attributions demand function, the results show the demanad in different resident attributes are empirically influenced on each other, therefore a useing of simultaneous equations should be a correct approach. We also found that the demand of residence quality will increase when income increases or the education level of the head of household are higher. Increasing of family size will increase the demand residence space. In the aspect of multiple unit housing, when household income increases,the inhabitant''s demand in residence quality and space will increase, and also prefer to stay in areas far away from CBD.
|