실험경제학 방법에 의한 부동산 시장 참여자의 합리성 분석

An Analysis of Rationality of Real Estate Market Participants by Experimental Economic Methods -Analysis of Sunk Cost Effect and Exogeneity of Preference of Real Estate Agents-

The human rationality and exogeneity(consistency) of preference is the basic premise of mainstream economics. Behavioral economics is a major discipline that criticizes the basic premise of mainstream economics. One of the representative concepts at the opposite end of mainstream economics and behavioral economics is sunk cost. The purpose of this study is to analyze the sunk cost effect and exogeneity(consistency) of preference of certified real estate agents who are representative participants of real estate market. As a result of analyzing the responses of 1,013 certified real estate agents by experimental economics method, it is found that certified real estate agents are slightly lower than social studies teachers and college students and elementary school students, but 44.9% are affected by sunk cost. In addition, when unreasonable alternatives were added, this figure rose to 84.8%, revealing that the preference system changed significantly. The results of this study suggest that an alternative approach other than mainstream economics is needed to develop a proper understanding and analysis of the real estate market and to develop effective policies.