Investment Psychology and Behavior Analysis in The Korean Reconstruction Market
In this study, RGIRP and RLIRP models were used to test the disposal effect in the reconstruction market. In addition, a comparative analysis of disposal effects was conducted by comparing direct impacts and indirect impacts between apartments within 500 meters and apartments within 500m~1km in the reconstruction zone. As a result, it was analyzed that there is a disposal effect within the 500m direct impact area of the reconstruction work site centered on Seoul area, but the disposal effect is not existed within 500m~1km of the indirect impact area. Also, it is analyzed that there is no disposal effect for apartments with large assets by asset size, and disposal effects for apartments with small assets are partially observed. This study analyzed that the behavior of investors according to the reconstruction market would be different, and it seems that the policy authorities will need to implement the reconstruction policy considering the investment sentiment.
Keywords - disposal effect, reconstruction market, behavior of investors