Is airbnb still for sharing economy or speculation? evidence from dynamic impacts on house prices = 에어비엔비는 공유경제인가, 투기를 위한 것인가? 주택가격에 대한 동적 영향을 중심으로

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Peer-to-Peer rental platform known as "the sharing economy" that allocates the extra resources of individuals to those who need them is hot thing in academia and industry. Airbnb, which is represented by the sharing economy in accommodation market, has been criticized that it is disrupting the housing market by raising prices. The fact that anyone with durable goods can do their own business can cause overheat the market of durable goods. Cities around the world recognized the issue and have begun to introduce regulations on short-term rental to prevent the overheated housing market from Airbnb. This research quantifies the impacts of Airbnb’s entry on house prices and identifies the effect of short-term rental policies to regulate Airbnb. Using panel data sets of Airbnb listings and house price index in a given zipcode in U.S. by month, we find that the entry of Airbnb leads to increase in house prices. To identify the underlying mechanisms, we decompose into the types of Airbnb listing and the scale of housing unit. The results indicate Airbnb enhances the incentive to invest in residential properties with small scale (one or two bedrooms bouses) thereby increasing the house prices. Finally, using the policies against short-term rental in major 10 cities, we estimate short-term rental polices attenuate the effect of Airbnb on house prices.
Advisors
Lee, Chul Horesearcher이철호researcher
Description
한국과학기술원 :기술경영학부,
Publisher
한국과학기술원
Issue Date
2020
Identifier
325007
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영학부, 2020.2,[iii, 29 p. :]

Keywords

P2P platform▼asharing economy▼aAirbnb▼ahousing market▼ashort-term rental policy; P2P 플랫폼▼a공유경제▼a에어비엔비▼a주택시장▼a단기임대 규제

URI
http://hdl.handle.net/10203/283991
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=910783&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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