베이지안 추정법을 이용한 주택선택의 다항프로빗 모형 분석

Park, Sang Soo and Lee, Chung-Ki (2011): 베이지안 추정법을 이용한 주택선택의 다항프로빗 모형 분석. Published in: 재정정책논집 , Vol. 18, No. 4 (December 2011): pp. 33-62.

Abstract

We employ a multinomial probit model to understand the housing choice of Koreans, more specifically to understand the decision factors that affect Koreans’ housing decisions. The data used are from surveys conducted in July, 2006, and we use the Gibbs sampling technique in analyzing them. Apparently the housing decision is based on three dimensions–types of housing, size of places, and home ownership. A household may make its decision by simultaneously considering these three dimensions given its income and decision factors. Therefore, it would be ideal to categorize the alternatives based on these three dimensions. Due to the limited data, we treated the home ownership decision as if it were given outside the model or, in other words, as if a household made the decision before taking the type and size into account. From the results, we can see the followings: Firstly, the estimate of the coefficient of the alternative specific variables is negative and significant in all equations. Secondly, a household which decides to purchase housing is more likely to buy AS rather than HS. This is understandable considering Koreans’ inclination toward apartments.

• Item Type: MPRA Paper
• English Title: Analysis of housing choice using multinomial probit model – Bayesian estimation
• Language: Korean
• Keywords: Bayesian estimation; Gibbs sampling; housing choice; multinomial probit model
• Subjects: D - Microeconomics > D1 - Household Behavior and Family Economics > D12 - Consumer Economics: Empirical Analysis; C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C25 - Discrete Regression and Qualitative Choice Models ; Discrete Regressors ; Proportions ; Probabilities

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