{"id":510,"date":"2020-04-27T22:24:47","date_gmt":"2020-04-27T14:24:47","guid":{"rendered":"http:\/\/localhost:8888\/?p=510"},"modified":"2025-12-28T05:41:47","modified_gmt":"2025-12-27T21:41:47","slug":"do-reserve-prices-yield-reference-price-effects-in-korean-court-auctions-of-residential-real-estate","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2020\/04\/27\/do-reserve-prices-yield-reference-price-effects-in-korean-court-auctions-of-residential-real-estate\/","title":{"rendered":"Do Reserve Prices Yield Reference Price Effects in Korean Court Auctions of Residential Real Estate?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"510\" class=\"elementor elementor-510\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-76462365 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"76462365\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-593365f0\" data-id=\"593365f0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6e12c74f elementor-widget elementor-widget-text-editor\" data-id=\"6e12c74f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Do Reserve Prices Yield Reference Price Effects in Korean Court Auctions of Residential Real Estate?<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">Han-Jang No, Dai-Won Kim, Jung-Suk Yu<\/p><p class=\"title_text_large\">75 \/ 104<\/p><p class=\"title_text\">20<\/p><p class=\"title_text\">1<\/p><p class=\"title_text\">2017<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p><!-- Abstract Content --><br \/>This study examines whether the reserve prices in court auctions of residential real estate in Seoul, Korea result in reference price effects by influencing the amount of the successful bid. We also explore whether the sensitivity of these reference price effects differ with housing size and assess whether the expected rate of the selling price can be predicted based on the different reserve price levels.<\/p><p>The panel data estimates presented herein show that reserve prices positively influence the final property transfer prices; in other words, the reserve prices yield strong reference price effects. The results of the ordinary least square regressions show that the sensitivity of the reference price effects differs with housing size, albeit in an inconsistent manner. Finally, the response surface methodology analysis indicates that different reserve prices lead to different reference price effects with locality across the Seoul metropolitan area. The study thus provides courts and bidders with the means to predict the potential rate of the selling price, which will be useful for decision making in auctions.<\/p><p><!-- PDF DownloadLink --><\/p><p>\u00a0<\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2020\/10\/v20n1-do-reserve-prices-yield-reference-prices-effects-in-korean-court-auctions-of-residential-real-estate.pdf\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100236<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Keywords<\/p><p><!-- Keywords --><\/p><p class=\"keywords\">Reference Price Effect, Reserve Price, Auctions of Residential Real Estate, Panel Regression, Response Surface Methodology<\/p><p><a class=\"backpage\">Back to Previous Page<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div>\n<p class=\"title_label_large\">Author<\/p>\n<p class=\"title_label_large\">Start Page \/ End Page<\/p>\n<p class=\"title_label\">Volume<\/p>\n<p class=\"title_label\">Issue Number<\/p>\n<p class=\"title_label\">Year<\/p>\n<p class=\"title_label_large\">Publication<\/p>\n<\/div>\n<div>\n<!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p>\n<p class=\"title_text_large\">Han-Jang No, Dai-Won Kim, Jung-Suk Yu<\/p>\n<p class=\"title_text_large\"> 75 \/ 104<\/p>\n<p class=\"title_text\">20<\/p>\n<p class=\"title_text\">1<\/p>\n<p class=\"title_text\">2017<\/p>\n<p class=\"title_text_large\">International Real Estate Review<\/p>\n<\/div>\n<p class=\"abstract_label mt16\">Keywords<\/p>\n<p class=\"keywords\">Han-Jang No, Dai-Won Kim, Jung-Suk Yu<\/p>\n<p class=\"downloadLine\"><a href=\"https:\/\/www.um.edu.mo\/fba\/irer\/papers\/past\/vol20n1_pdf\/04.pdf\">Download Entire Article.<img src=\"https:\/\/i.ibb.co\/m8rCXNQ\/download-pdf-large.png\" alt=\"download-pdf-large\" border=\"0\"> <\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[51,50],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/510"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=510"}],"version-history":[{"count":3,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/510\/revisions"}],"predecessor-version":[{"id":5028,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/510\/revisions\/5028"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}