The Research Of Housing Characteristic Price In Guangzhou Based On Hedonic Model

Hedonic pricing model(HPM) is the most effective approach to estimate housing price.Numerous studies have utilized this technique to examine the relationship between attribute preference and the price of properties in western countries since Rosen's(1974) seminal work on hedonic prices,HPM has been applied for a long time to construct price indexes for housing in USA.However,to date,little empirical work has been conducted in China.With the formatin of the urban housing market in China,the questions of housing price become one of the academic focuses.Domestic scholars mainly launched the qualitative study from the supply-demand relationship,the composition of the housing price,housing policy etc.Since 2002 there is a few domestic scholar begun to research the urban housing price used hedonic pricing model,obtained the quantitative relation between the housing characteristic and housing price.This paper mainly utilizes HPM to analysis the housing hedonic price and price elasticity in Guangzhou market.Establishing the HPM of Guangzhou housing market and then analyzing the influence factors of the urban housing price are the purposes of the thesis.Based on the literature study,a brief summay is given about hedonic price theory and development of the model.Then,the main factors which influence the housing price are pointed out.The following part measures the housing characteristics variables,and constructs the hedonic price model.Finally,based on the survey data of the housing communiy in Guangzhou ciy and the trade data on the Internet,with the selected econometric medol,an empirical research is given.