[영문] 서울 주택가격 추이를 가격탄력성에 적용하여 분석, 주택은 생필품인가, 정상재, 사치품인가(Elasticity for Housing and Necessity, Normal, or Luxury Goods for Housing)

소개글

Seoul - THE BIGGEST TOPIC of conversation in Seoul now is not North Korea’s nuclear program—it is soaring house prices. The price of an apartment, the kind of home where most South Koreans live, is up 53% nationwide since the beginning of 2003, during which time average household income has only risen about 10%.
In the capital, Seoul, and its suburbs, prices are up 20% just this year. Suburbs of Seoul, an 89-square-meter apartment with two bedrooms costs about US$237,000. That is pricey when typical annual salaries are about $30,000. But in Apgujeong, the hottest area in town, with a riverside location and trendy boutiques and restaurants, a place the same size sets back buyers US$1.2 million.
People have thought that housing prices are no longer reasonable. Those who do not have own housing cannot afford to buy new flat through saving their salaries. We will go through what factors make housing price flying high associated with economic theories.

목차

Introduction
Downward sloping demand for Housing
Shifts of demand over time
Elasticity
Effects of income elasticity for housing
Determinants affecting elasticity for Housing
Upward Sloping demand
Marginal utility
Housing as a Normal good
Necessity and luxury good for Housing
Housing Research in Seoul
Reference

본문내용

Introduction
Seoul - THE BIGGEST TOPIC of conversation in Seoul now is not North Korea’s nuclear program—it is soaring house prices. The price of an apartment, the kind of home where most South Koreans live, is up 53% nationwide since the beginning of 2003, during which time average household income has only risen about 10%.
In the capital, Seoul, and its suburbs, prices are up 20% just this year. Suburbs of Seoul, an 89-square-meter apartment with two bedrooms costs about US$237,000. That is pricey when typical annual salaries are about $30,000. But in Apgujeong, the hottest area in town, with a riverside location and trendy boutiques and restaurants, a place the same size sets back buyers US$1.2 million.
People have thought that housing prices are no longer reasonable. Those who do not have own housing cannot afford to buy new flat through saving their salaries. We will go through what factors make housing price flying high associated with economic theories.
(Chosun Ilbo, 2007)

참고 자료

Reference

Text books

Andrew Golland, Ron Blake, 2004, Housing development, Routledge.

Hosts, John Palmer, Ellen Roseman, 1993, Household Behavior, Princeton
Han. Jin Seo, 2006, Report for consumer, Korea Institute of Public Financial. (Annual Report)
Kim Han Soo,2006, Demand for Housing, Cho Sun Ilbo (Magazine), 352th edition.

Internet sources

http://www.apec.umn.edu/faculty/thurley/APEC3001/Summer%202005/Notes/Individual_and_Market_Demand.pdf (Accessed on Jul 20)
http://www.bized.co.uk/virtual (Accessed on Aug 5)
http://rodrik.typepad.com/dani_rodriks_weblog/2007/07/yes-demand-curv.html (Accessed on Aug 8)
http://wikipedia.org (accessed on Jul 20, 25, and Aug 3)
http://instruct1.cit.cornell.edu/courses/econ101-dl/lecture-elasticity.html. (accessed on Aug 10)