Ownership Housing Demand in Shanghai: A Study with Stated Preference Panel Data

摘要: In this study, we applied a discrete choice modeling approach to analyze rank-ordered stated preference panel data of housing choices. Our aim was to better understand how housing choices are affected by household characteristics, such as income, and by housing alternative attributes, such as size, location and price. Survey respondents were asked to reveal their preferences toward hypothetical alternative housing choices. Different model specifications were estimated and compared. The preferred model was then employed to conduct selected policy simulation experiments and assess willingness-to-pay measures for alternative housing subsets.Housing represents a major consumption and investment good, and considerable research has been devoted to analyzing housing issues. Among the various academic frameworks, the discrete choice theory has been extensively employed in analyzing housing-related choices. The idea of applying a discrete choice approach to housing demand can be traced back to the pioneering work of McFadden (1978). Early empirical studies were those of Pollakowski (1982), who analyzed the choice of residential locations, and Boehm