@article{ART001884598},
author={Yoo, Daejong and Lee, Sang Kyeong},
title={Estimation of Long-Term Golf Membership Price Indices},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2014},
volume={24},
number={2},
pages={113-123}
TY - JOUR
AU - Yoo, Daejong
AU - Lee, Sang Kyeong
TI - Estimation of Long-Term Golf Membership Price Indices
JO - Korea Real Estate Review
PY - 2014
VL - 24
IS - 2
PB - korea real estate research institute
SP - 113
EP - 123
SN - 2092-5395
AB - Golf membership price indices have been serviced by small private exchanges in Korea but they have problems for showing price changes in long-term periods. To overcome these problems, we establish database from standard market prices of the National Tax Service and local governments and estimate golf membership price indices from 1983 to 2013 by applying two repeat sale models. One is the Baily index which uses a normal repeat sales model and the other is a membership-weighted index which uses a modified model that is weighted by the number of members of a golf club. We find the membership-weighted index is more precise than the Baily index by using standard errors and the signal-to-noise ratio (S/N). However, the difference of two indices is relatively small and thus the Baily index which is simpler than the membership-weighted index has a merit in business. We find business cycle and three peaks in golf membership market by analyzing price indices; the first peak was in the next year of the 1988 Seoul Olympic Games, the second was just before the foreign exchange crisis of 1997 and the last peak was just before the global financial crisis of 2008. Golf membership price index had a tendency to follow the Korea composite stock price index (KOSPI) before the crisis of 2008. However, it does not follow the KOPSPI after the crisis. The KOSPI recovered fully, while it does not recover and shows downward trend.
KW - golf membership;standard market price;repeat sales model;golf membership price index
DO -
UR -
ER -
Yoo, Daejong and Lee, Sang Kyeong. (2014). Estimation of Long-Term Golf Membership Price Indices. Korea Real Estate Review, 24(2), 113-123.
Yoo, Daejong and Lee, Sang Kyeong. 2014, "Estimation of Long-Term Golf Membership Price Indices", Korea Real Estate Review, vol.24, no.2 pp.113-123.
Yoo, Daejong, Lee, Sang Kyeong "Estimation of Long-Term Golf Membership Price Indices" Korea Real Estate Review 24.2 pp.113-123 (2014) : 113.
Yoo, Daejong, Lee, Sang Kyeong. Estimation of Long-Term Golf Membership Price Indices. 2014; 24(2), 113-123.
Yoo, Daejong and Lee, Sang Kyeong. "Estimation of Long-Term Golf Membership Price Indices" Korea Real Estate Review 24, no.2 (2014) : 113-123.
Yoo, Daejong; Lee, Sang Kyeong. Estimation of Long-Term Golf Membership Price Indices. Korea Real Estate Review, 24(2), 113-123.
Yoo, Daejong; Lee, Sang Kyeong. Estimation of Long-Term Golf Membership Price Indices. Korea Real Estate Review. 2014; 24(2) 113-123.
Yoo, Daejong, Lee, Sang Kyeong. Estimation of Long-Term Golf Membership Price Indices. 2014; 24(2), 113-123.
Yoo, Daejong and Lee, Sang Kyeong. "Estimation of Long-Term Golf Membership Price Indices" Korea Real Estate Review 24, no.2 (2014) : 113-123.
