주택경매시장에서 낙찰소요시간의 결정 = The Determination of Auction Search Duration Time in the Korean House Auction Market

다국어 초록 (Multilingual Abstract)

Applying the job search model to the auction market, this study explores a determination model of auction search (duration) time. We find in the auction search duration model the theoretically relationship between the auction duration time, auction price, and the hedonic characteristics of house. Using data from auctions in different district courts of Kangnam, Songpa, and Nowon in Seoul during January 2006-December 2015, we test the auction search duration model in the Korean auction market. The evidence strongly supports the hypothesis about the significant relationship between auction search (duration) time, auction price, and the houses’ hedonic characteristics. The auction price has a significantly positive impact on the auction duration time, while the positive hedonic characteristics of houses significantly reduce the auction search duration time. From these results, we can draw the important policy implication for the development and efficiency of the Korean housing market in perspective of transaction costs of time.