한국 고미술품 가격 데이터를 이용한 헤도닉 모형 분석Application of Hedonic Price Model to Korean Antique Art Data
- Authors
- 양문실; 이유우; 송정석
- Issue Date
- 2016
- Publisher
- 한국데이타베이스학회
- Keywords
- Korean Antique Art Auction Data; Price-Decline Effect; Hedonic Price Model; Ordered Probit Model
- Citation
- Journal of Information Technology Applications & Management, v.23, no.4, pp 41 - 53
- Pages
- 13
- Journal Title
- Journal of Information Technology Applications & Management
- Volume
- 23
- Number
- 4
- Start Page
- 41
- End Page
- 53
- URI
- https://scholarworks.bwise.kr/cau/handle/2019.sw.cau/7546
- DOI
- 10.21219/jitam.2016.23.4.041
- ISSN
- 1598-6284
- Abstract
- According to the price-decline effect, the art auction prices are known to decrease with the order of auction sale. Our empirical study investigates the presence for the price-decline effect using the data for Korean antique art hosted by the Seoul Auction in September, 2015. We apply the Hedonic price model to the data and examine the relation between the sale order and auction price. Our empirical evidences show that the well-known price decline effect is not present for the case of Korean antique auction in 2015. We confirm our results by estimating the ordered probit model. From the view of the price-decline effect, our results suggest that the Korean antique auction data exhibits different characteristics from most of the foreign art auction data.
According to the price-decline effect, the art auction prices are known to decrease with the order of auction sale. Our empirical study investigates the presence for the price-decline effect using the data for Korean antique art hosted by the Seoul Auction in September, 2015. We apply the Hedonic price model to the data and examine the relation between the sale order and auction price. Our empirical evidences show that the well-known price decline effect is not present for the case of Korean antique auction in 2015. We confirm our results by estimating the ordered probit model. From the view of the price-decline effect, our results suggest that the Korean antique auction data exhibits different characteristics from most of the foreign art auction data.
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