景氣期間購屋市場機制選擇及拍賣市場折價效果之再檢視A Review of the Choice of Market Mechanism and Price Discount Effect of Real Estate Auctions During a Boom Market

拍賣市場逐漸成為購屋者的重要次級市場之一，因此拍賣市場的績效就顯得愈來愈重要。除了物件品質差異外，本研究亦考慮了購屋者的財務能力與投資經驗等對於市場機制自我選擇偏誤的影響，重新檢視拍賣市場的績效。本研究以進入景氣階段的2004年台北市資料實證結果顯示，在未考慮自我選擇偏誤下，拍賣市場機制的估計係數為27%，且達1%統計顯著水準。但是，在控制買方與物件的自我選擇偏誤後，拍賣市場與搜尋市場間並無顯著的價格差異存在，因而本研究對於過去國內相關文獻認為拍賣市場一定比搜尋市場折價較多的說法，在房地產景氣期間是否成立，提出了相當的質疑。
關鍵詞：拍賣市場、市場機制選擇、自我選擇偏誤

This paper discusses the decision-making behavior regarding the choice of housing market mechanism. Since the real estate auction market has been one of the main market mechanisms used in home purchases, the performance of real estate auctions is a very important issue. This paper reviews the price premium or discount of real estate auctions by correcting for the selfselectivity bias in view of the homebuyer’s ability to finance the purchase and his investment experience. The empirical results for Taipei city in 2004 during a boom market shows that the price discount rate in the auction market was about 27% without taking into consideration the self-selection bias. However, the availability of an auction as an alternative has resulted in the high search costs faced by buyers attending auctions. In addition, after accounting for the endogenous nature of this choice and controlling for property and buyer characteristics, the prices of properties sold at auctions are not lower than those of comparable properties sold in a search market. Therefore, it is questionable to state that the performance of real estate auctions during a boom market is always inferior to that of negotiated sales in Taiwan.
Key words: auction, choice of market mechanism, self-selection bias