結婚決策對首次購屋決策影響之內生性分析 —台灣地區男性受訪者之實證現象探討The Endogenous Effect of Marital Decision on First-time House Buying -An Empirical Study on Taiwan Male Households
The decision regarding first-time house buying is one of the most important investment and also consumption decisions for most households in Taiwan. Not only is this decision-making process affected by the individual’s socio-economic factors and housing market conditions, but it is also very much associated with life-course events, such as marital decisions. While previous studies show that the marital decision has a significant affect on the housing decision, they only assume it to be an exogenous factor in their empirical studies, with the result that the estimated results might be biased. In this study, we consider this effect to be endogenous and construct the so-called “bivariate mixed proportional hazard” (BMPH) model to examine the endogeneity of the marital decision on the first-time house buying. The empirical data was retrieved from the Panel Study of Family Dynamics (PSFD) in Taiwan. Our empirical results show that the coefficient of the correlation between unobserved factors in the BMPH model is both significant and positive. It provides empirical evidence in support of our hypothesis that the marital decision for male households might have an endogenous effect on the housing decision. If we were to treat the marital decision as an exogenous factor, the estimated results would be biased.
Key words: house buying, marital decision, Panel Study of Family Dynamics (PSFD) data,
bivariate mixed proportional hazard (BMPH) model, endogeneity