The Hedonic Model Analysis of Chongqing Housing Prices

摘要

Due to the heterogeneity of real estate, the hedonic price model (HPM) has been widely used in analysis of urban housing market. On the basis of theoretical analysis, the present paper tries to construct the HPM for the empirical study on the residential property market of Chongqing. The theoretical basis of the model is composed of the Lancaster Preference Theory and the Rosen products hedonic of market supply and demand equilibrium model. Through the collection of residential transactions of Chongqing and selection of the locations, structures, environmental factors, etc. as the residential features, the paper constructs the residential hedonic price model. After using some software for multiple regressions on the model, the authors have achieved six implicit prices of the main residential features, and then they classify the residential features closely related to the residential prices into three categories. The statistical testing and the analysis of the model results show that the model is effective and reasonable;accordingly it can be used to explain and analyze the housing prices in Chongqing.