英文摘要 |
Court auction real estate in the domestic residential housing market has high rate of return, due to the fact that the auction price is always much lower than the market price. However, what is the price difference between the search and auction markets? What are the factors that affect the final bid price of court auction residences? This study will use the comparison between semi-parametric and parametric modelling to find out the relationship between the attributes of court auction residences in the Taipei Metropolitan Area from 2001 to 2003. In addition, this study also adopts the GIS system to find out which spatial factors affect the level of the final bid price on court auction residences. The empirical results show that the parametric approach might bring bigger price gap between the search market and the auction market, but that the use of semi-parametric modelling for measurement and prediction might narrow the gap. Similar results are obtained by adding spatial factors, in which case both semi-parametric and parametric modelling might reduce the gap. Overall, the semi-parametric modelling with or without spatial factors is better than parametric modelling. |