부동산의 투자와 투기에 관한 이론적 고찰

A Theoretical Study of the Investment and Speculation in Real Estate

1. CONTENTS (1) RESEARCH OBJECTIVES It is difficult to distinguish investment from speculation in the real estate market, and some insist that it be useless to do. But the purpose of this study is to try to make new distinction between investment and speculation in real estate by means of adopting expectation hypothesis theories in economics to the concept of investment and speculation. (2) RESEARCH METHOD This study adopted the existing theoretical literature review and we added our thoughts to it. (3) RESEARCH FINDINGS In the results of this survey, the difference between investment and speculation has relation with the difference of shapes of demand curve of them, and this has relation with the difference of the way how people expect the real estate price which will be realized in the future. 2. RESULTS This results of this research suggests that it be important to distinguish investment from speculation in real estate because investment has relation with the normal demand curve and the Rational Expectation and speculation does with the abnormal demand curve and the Rational Expectation. 3. KEY WORLD investment, speculation, expectation theory, Rational Expectation, Adapted Expectation, abnormal demand curve