Characteristics Of The Urban Residential Prices: Theoretical Analysis And Empirical Research

With the forming of the urban housing market in China, the housing price question becomes one of the focuses that the academia and operation circle of real estate pay close attention to. Because the housing product is a kind of heterogeneity goods, and has obvious differences between the housing characteristics, which compose using value of the products, foreign scholars often structure models to study from the aspect of the hedonic price. But domestic scholars mainly carry on qualitative study from the supply-demand relationship, the composition of the housing price, housing policy etc. There is few experiential research of housing price that take urban area as research object. Since the sixties of the 20th century, the hedonic price theory and model has been widely adopted to study the real estates market abroad, and foreign scholars have carried out a large amount of experiential research. Up to now, because the setting-up of the hedonic price model needs to collect a large amount of data and carry on the extensive investigation, nobody process experiential research to study the quantitative relation between the housing characteristic and housing price at home through investigating buyer's partiality in location condition, building structure, neighborhood environment etc. How to apply the hedonic price theory to analyze the housing price of our country, Structure the housing hedonic price model and study the urban housing market, that is exactly the problem that this dissertation attempts to solved.In chapter two the thesis has systematically summarized the research dynamics of the hedonic price theory and model. Mass first used the concept of "hedonic" in 1922, and received the scholar's approval gradually. Lancaster got going from the aspect of consumer selection in 1966, Rosen analyzed the characteristic market equilibrium from both sides of the demand and the supply in 1976, and they established the theoretical foundation of the hedonic price model. Taking the time and research content as the analyzing dimensionality, the author finds that the development of the hedonic price model can be divided into four stages: sprout period, silence period, perfecting period and widely using period. At the same time, literatures indicate the hedonic price theory mainly includes two content, namely Lancaster's partiality theory and Rosen 's characteristic market equilibrium analysis. Lancaster theory indicates that the heterogeneity of housing makes housing characteristics become the main factors of influencing housing utility, and housing is sold as the assembling ofinherent characteristic on the housing marketing. Each housing characteristic has corresponding one implicit market, and these implicit markets constitute the whole housing market. In the real market, the transaction price is the sum of its' implicit price, it will be different because of the difference of the internal characteristic and the quantity. Under the condition of market perfect competition, and taking maximizing consumer's utility and producer's profit as the goal, Rosen analyzed theoretically long-time and short-time equilibriums of the heterogeneous product market, that established the foundation for the design of hedonic price modeling. On the basis, we have discussed the question of settling and estimation of the hedonic price model from the econometrics angle, and reviews numerous experiential research and application of hedonic price model from five aspects: establishing price index, improving traditional urban economy models, inferring implicit hedonic price and the market demand of characteristics, evaluating the values of real estate or non-market goods, and appraising public policy. The literature study, not only proves the feasibility of the hedonic price model in housing market analysis from the theory, but also offers the method and valuable modeling experience from experiential research.In chapter three the thesis structures the theoretic model of the housing hedonic price. The reviews of how to selecting characteris...