基于累积前景理论的货币和住房效用函数估计

IF 0.6 Q4 BUSINESS, FINANCE
Justyna Brzezicka, M. Tomal
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引用次数: 0

摘要

摘要本文讨论了货币的效用问题和价值相当于该金额的住房的效用问题。文献中提供了许多关于货币效用函数形状的报告,但对住房效用函数的研究却少得多。本研究的目的是根据Tversky和Kahneman(1992)提出的累积前景理论(CPT)来估计货币和住房的效用函数。估计参数α(α)、β(β)和λ(λ),以比较货币和住房的效用价值。该研究最重要的结论如下:住房和货币的参数α和β均大于0,小于1。函数v(x)在增益域是凹的,在损失域是凸的,这与CPT一致。表示损失厌恶的lambda参数的差异并不显著,效用函数对货币的价值略高于对住房的价值。这项研究是为了估计住房的CPT参数,据作者所知,迄今为止尚未对其进行调查。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Estimation of the Utility Function of Money and Housing Based on the Cumulative Prospect Theory
Abstract This article addresses the issue of the utility of money and the utility of housing with a value equivalent to that amount of money. The literature provides many reports on the shape of the utility function for money, but much less research has been devoted to the utility function for housing. The aim of this study was to estimate the utility function of money and housing according to the cumulative prospect theory (CPT) developed by Tversky and Kahneman (1992). Parameters alpha (α), beta (β), and lambda (λ) were estimated to compare the utility value of money and housing. The most important conclusions of the study are as follows: parameters alpha and beta were greater than 0 and less than 1 for both housing and money. Function v(x) was concave in the gain domain and convex in the loss domain, which is consistent with the CPT. The differences in the lambda parameter denoting loss aversion were not significant, and the value of the utility function was somewhat higher for money than for housing. This study was undertaken to estimate the CPT parameters for housing, which, according to the authors’ best knowledge, has not been investigated to date.
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来源期刊
Real Estate Management and Valuation
Real Estate Management and Valuation Economics, Econometrics and Finance-Finance
CiteScore
1.50
自引率
25.00%
发文量
24
审稿时长
23 weeks
期刊介绍: Real Estate Management and Valuation (REMV) is a journal that publishes new theoretical and practical insights that improve our understanding in the field of real estate valuation, analysis and property management. The aim of the Polish Real Estate Scientific Society (Towarzystwo Naukowe Nieruchomości) is developing and disseminating knowledge about land management and the methods, techniques and principles of real estate valuation and the popularization of scientific achievements in this field, as well as their practical applications in the activities of economic entities.
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