臺灣法拍屋之拍定價格與面積關係之探究An Investigation of the Relationship between the Final Bid Price and Floor Area of Foreclosed Properties in Taiwan
In property auction markets, the price per ping (the unit of area in Taiwan) is a significant factor for bidders. This research paper discusses the relationship between the price per ping and the total floor area of the property using quantile regression. The empirical results show that for the property auction market in Taipei, a negative correlation existed between the floor area and the price per ping when the average price per ping was relatively low. However, when the average price per ping was higher, the opposite occurred, so that the larger the floor area, the higher the price per ping. On the other hand, for the property auction market in Taichung and Kaohsiung, the results conformed to the law of diminishing marginal utility. After inspection of the sample characteristics, the research results show that as the price per ping reached a certain level, a positive correlation was displayed between the floor area and the price per ping. A likely reason for this outcome was that bidders expected to resell the foreclosed properties in the near future. Bidders decided the bidding price from the perspective of the fixed asset providers. The bidders employed quantity premium pricing in the hope of maximizing profits. The results of this research are a useful source of reference to auction bidders when deciding the bid price.
Key words: foreclosed houses, quantity premium, quantile regression