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A Model of Rental Housing Choices in the Korean Market

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  • Seon-Jae Kim

    (Department of International Resources Development, Paichai University, Taejon, Korea 302-735)

Abstract

The main purpose of this study is to propose and estimate a model of Korean rental housing choice using hierarchical logit analysis. The study focuses on the examination of how households choose their dwelling units in a complex rental housing market. The decision is viewed as a partial sequence process, beginning with the choice of rental housing tenure and finishing with a decision on the type of occupation. To examine an additional step in the urban spatial structure, hedonic price technique is incorporated into a hierarchical logit model. In addition, the separate effects of permanent and transitory components of measured income are examined through the instrumental variables method based on human capital theory. It is shown that the proposed model provides a potentially more useful method than another model, the multinomial logit, in analysing the Korean rental housing market.

Suggested Citation

  • Seon-Jae Kim, 1992. "A Model of Rental Housing Choices in the Korean Market," Urban Studies, Urban Studies Journal Limited, vol. 29(8), pages 1247-1263, December.
    • Handle: RePEc:sae:urbstu:v:29:y:1992:i:8:p:1247-1263
    DOI: 10.1080/00420989220081251
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    References listed on IDEAS

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    2. Follain, James Jr. & Lim, Gill-Chin & Renaud, Bertrand, 1982. "Housing crowding in developing countries and willingness to pay for additional space : The case of Korea," Journal of Development Economics, Elsevier, vol. 11(2), pages 249-272, October.
    3. Goodman, Allen C. & Kawai, Masahiro, 1984. "Estimation and policy implications of rental housing demand," Journal of Urban Economics, Elsevier, vol. 16(1), pages 76-90, July.
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    5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    6. Eriksson, Erik Anders, 1986. "Generalized extreme value discrete choice demand models : Existence and uniqueness of market equilibria," Regional Science and Urban Economics, Elsevier, vol. 16(4), pages 547-572, November.
    7. Goodman, Allen C. & Kawai, Masahiro, 1982. "Permanent income, hedonic prices, and demand for housing: New evidence," Journal of Urban Economics, Elsevier, vol. 12(2), pages 214-237, September.
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