베이지안 추정법을 이용한 주택선택의 다항프로빗 모형 분석

Analysis of housing choice using multinomial probit model – Bayesian estimation

Sang Soo Park and Chung-Ki Lee

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Bayesian estimation; Gibbs sampling; housing choice; multinomial probit model (search for similar items in EconPapers)
JEL-codes: C25 D12 (search for similar items in EconPapers)
Date: 2011-12
New Economics Papers: this item is included in nep-dcm and nep-ure
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Published in 재정정책논집 4.18(2011): pp. 33-62

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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:37150

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