Application Reasearch Of Merchandise Housing Hedonic Price Model And Index

For long time, the questions of housing price were always one of the academic focuses. The research of the housing price problem, can provide decision and theory gist directly for government to make development programming, manage housing trade market, research whether the city development level and the building prices is reasonable. Currently, a lot of domestic scholars research the housing price and characteristics with hedonic price model, but all of them put emphasis on the applicability of the model. This paper introduced the theory of hedonic price model first, and established hedonic price model based on the data information of the housing market of Xi'an City, discussed the difference of the different function forms. Then, built up hedonic price indexes, and analysed the influence of different function forms to hedonic price index.The research of hedonic price model in this paper is mainly constituted by the following parts: First, put forward the applied meaning, the research method and technical route of the hedonic price model. In chapter two the paper summarized the theory applied in hedonic price model. In chapter three the paper introduced the main characteristic of the merchandise housing, function forms and the method estimation of hedonic price. In chapter four the paper built up the housing hedonic price model of Xi'an City, calculated the models in four functiones with SPSS software, and then educed the regression coefficients and the marginal price of the independent variables. In chapter five the paper analysized the application of Box-Cox transformation, Principal Component Analysis and Neural Networks in hedonic price model, compared the different results. In chapter six the paper built up the hedonic price index based on hedonic price model, analysed the difference with different method. At last is the conclusions and perspective.This part summarizes the research results and shortcomings of this paper and makes a forecast to the research direction.The major innovations of the research following several aspects:(1) Take the hedonic price theory and the model as the basic research housing price main characteristic to construct the Xi'an housing hedonic price model, provide certain reference value to the government policy making, the developer investment decision-making, the consumer chooses the housing and so on.(2) Box-Cox transformation is first applied to choose the function forms in hedonic model , extend the domestic research on hedonic price model in the field of choosing function forms.(3) The demonstration prove that it should pay attention to independent variables when making Box-Cox transformation, not dependent variables.(4) The principal component analysis applied in hedonic pice model can improve the relativity and the sig of variables.(5) Neural Networks applied in hedonic price model has certain stability and precisions in predicting ability.(6) Build up hedonic price index based on hedonic price model, comparing the difference of the calculated results in different function forms, providing a reference for the implementation of hedonic price index.