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An Estimation of the Impact of Feng-Shui on Housing Prices in Taiwan¡GA Quantile Regression Application

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Author Info

  • Chu-Chia Lin

    ()
    (Professor, Department of Economics, National Chengchi University, Taipei, Taiwan)

  • Chien-Liang Chen

    (Professor, Department of Economics, National Chi-Nan University, Nan-Tou County, Taiwan)

  • Ya-Chien Twu

    (M.A., Department of Economics, National Chengchi University, Taipei, Taiwan)

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    Abstract

    Feng-shui is an old and traditional body of knowledge in Chinese society. Feng-shui has a significant influence on many aspects in daily life for most Chinese, including choosing locations for dwelling units, offices, burial sites, and so on. However, there have been few studies on the impact of feng-shui on housing prices. By applying a housing hedonic equation and a data set of 77,624 observations in Taiwan, we have attempted to estimate the impact of feng-shui on housing prices. We find that all six types of bad feng-shui have a significantly negative impact on housing prices. Moreover, by applying a quantile regression, we find that most of the bad feng-shui has a stronger negative impact on expensive dwelling units. Our findings confirm that people who buy expensive housing units care about feng-shui more than those who buy less expensive housing units.

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    Bibliographic Info

    Article provided by Asian Real Estate Society in its journal International Real Estate Review.

    Volume (Year): 15 (2012)
    Issue (Month): 3 ()
    Pages: 325-346

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    Handle: RePEc:ire:issued:v:15:n:03:2012:p:325-346

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    Postal: Asia Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Postal: Asian Real Estate Society, 51 Monroe Street, Plaza E-6, Rockville, MD 20850, USA
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    Related research

    Keywords: Feng-shui; Hedonic Equation; Quantile Regression;

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    References

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    1. Koenker, Roger & Bassett, Gilbert, Jr, 1982. "Robust Tests for Heteroscedasticity Based on Regression Quantiles," Econometrica, Econometric Society, vol. 50(1), pages 43-61, January.
    2. 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..
    3. Goodman, Allen C., 1978. "Hedonic prices, price indices and housing markets," Journal of Urban Economics, Elsevier, vol. 5(4), pages 471-484, October.
    4. 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.
    5. Steven C. Bourassa & Vincent S. Peng, 1999. "Hedonic Prices and House Numbers: The Influence of Feng Shui," International Real Estate Review, Asian Real Estate Society, vol. 2(1), pages 79-93.
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