서울시 주택시장에서 작동되는 가격기대심리에 관한 실증연구 = Relationship Between the Present Price and Expectations on Future Capital Gains in the Housing Market

다국어 초록 (Multilingual Abstract)

Many people believe that the rising housing price in Seoul is caused by speculative demand looking for capital gains. In this belief the government has tried to control the speculative demand to stabilize the housing market. But the demand for capital gains is inevitable in the market. If the government wants to control speculative demand, it should be based on the logic that the speculative demand is formed irrationally. On the assumption that speculative demand is caused by expectations on future price, this paper tests the two expectation hypotheses : rational expectation and adaptive expectation. The results show that condominium price trends in Seoul is affected by adaptive expectation rather than rational expectation.

참고문헌 (Reference)

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