아파트시장의 네트워크 효과

초록

This paper tries to explain the rapid increase of the apartment price using a theoretical model based on network effect. The specific data that this paper employs are the differences between the ratios of lease price on a deposit basis and apartment price at Gangnam and Gangbuk areas in Seoul. The following two suggested this work. First, the difference of the ratios had stayed around 0 for 8 years since 1990, but had increased for 4 years and 6 months since April, 1999. This phenomenon may come from the network effect, in which the effect is ignorable before a certain critical point but it bursts out after the point. Second, the price of apartment increased when its supply went up because of the rebuilding old apartments in Gangnam area. This phenomenon also may come from the network effect under which the price tends to increase as the quantity increases. This network effect is argued to be attributed to the concentration of power elites and high-educated group at Gangnam area.

키워드