Table 5 Regression results for Busan, Daegu, Daejeon, and Gwangju.
From: Asymmetric impacts of artificial intelligence on housing price valuation across education levels
Busan | ||||||
|---|---|---|---|---|---|---|
Obs. = 53,458 | (i) | (ii) | (iii) | |||
| Â | OLS | SLR | OLS | SLR | OLS | SLR |
Housing characteristics | ||||||
 Area | \({0.012}^{\ddagger }\) | \({0.011}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.011}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.011}^{\ddagger }\) |
 Floor | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) |
 Households | \(7.7\times {10}^{-5\ddagger }\) | \(7.1\times {10}^{-5\ddagger }\) | \(8.1\times {10}^{-5\ddagger }\) | \(7.4\times {10}^{-5\ddagger }\) | \(7.6\times {10}^{-5\ddagger }\) | \(7.0\times {10}^{-5\ddagger }\) |
 Parking space | \({0.159}^{\ddagger }\) | \({0.134}^{\ddagger }\) | \({0.166}^{\ddagger }\) | \({0.139}^{\ddagger }\) | \({0.160}^{\ddagger }\) | \({0.134}^{\ddagger }\) |
 Heating | \({0.155}^{\ddagger }\) | \({0.092}^{\ddagger }\) | \({0.154}^{\ddagger }\) | \({0.089}^{\ddagger }\) | \({0.141}^{\ddagger }\) | \({0.081}^{\ddagger }\) |
 Age | \({0.012}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.012}^{\ddagger }\) |
Local amenities | ||||||
 Prox. green | \(-{0.008}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) | \(-{0.008}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) | \(-{0.008}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) |
 Prox. water | \(-{0.014}^{\ddagger }\) | \(-{0.012}^{\ddagger }\) | \(-{0.018}^{\ddagger }\) | \(-{0.015}^{\ddagger }\) | \(-{0.018}^{\ddagger }\) | \(-{0.014}^{\ddagger }\) |
 Prox. subway | \(-{0.075}^{\ddagger }\) | \(-{0.055}^{\ddagger }\) | \(-{0.080}^{\ddagger }\) | \(-{0.057}^{\ddagger }\) | \(-{0.076}^{\ddagger }\) | \(-{0.054}^{\ddagger }\) |
 Bus stops | \(-3.3\times {10}^{-4\dagger }\) | \(2.7\times {10}^{-4\dagger }\) | \(-{0.001}^{\ddagger }\) | \(-4.6\times {10}^{-5}\) | \({0.001}^{\ddagger }\) | \({0.001}^{\ddagger }\) |
 Top school | \({0.006}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.006}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \(-\) | \(-\) |
Local demographics | ||||||
 Sex ratio | \(-{0.007}^{\ddagger }\) | \(-{0.004}^{\ddagger }\) | \(-{0.011}^{\ddagger }\) | \(-{0.007}^{\ddagger }\) | \(-{0.008}^{\ddagger }\) | \(-{0.004}^{\ddagger }\) |
 Pop. density | \(2.4\times {10}^{-6\ddagger }\) | \(1.7\times {10}^{-6\ddagger }\) | \(1.9\times {10}^{-6\ddagger }\) | \(1.3\times {10}^{-6\ddagger }\) | \(2.9\times {10}^{-6\ddagger }\) | \(2.0\times {10}^{-6\ddagger }\) |
 Univ. grad. | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \(-\) | \(-\) | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) |
Seasonality control | ||||||
 Spring | \({0.018}^{\ddagger }\) | \({0.017}^{\ddagger }\) | \({0.020}^{\ddagger }\) | \({0.018}^{\ddagger }\) | \({0.017}^{\ddagger }\) | \({0.016}^{\ddagger }\) |
 Fall | \({0.074}^{\ddagger }\) | \({0.064}^{\ddagger }\) | \({0.078}^{\ddagger }\) | \({0.066}^{\ddagger }\) | \({0.075}^{\ddagger }\) | \({0.064}^{\ddagger }\) |
 Winter | \({0.048}^{\ddagger }\) | \({0.044}^{\ddagger }\) | \({0.050}^{\ddagger }\) | \({0.045}^{\ddagger }\) | \({0.047}^{\ddagger }\) | \({0.044}^{\ddagger }\) |
 Constant | \(-{14.150}^{\ddagger }\) | \(-{17.267}^{\ddagger }\) | \(-{12.870}^{\ddagger }\) | \(-{16.403}^{\ddagger }\) | \(-{14.204}^{\ddagger }\) | \(-{17.437}^{\ddagger }\) |
 VIF range | \(1.060-1.828\) | \(1.060-1.826\) | \(1.048-1.828\) | |||
 \(F\)-statistics | \({{7250}}^{\ddagger }\) | \({{7200}}^{\ddagger }\) | \({{7510}}^{\ddagger }\) | \({{7450}}^{\ddagger }\) | \({{7600}}^{\ddagger }\) | \({{7540}}^{\ddagger }\) |
 RMSE | \(0.313\) | \(0.291\) | \(0.316\) | \(0.293\) | \(0.315\) | \(0.292\) |
 Adjusted R2 | \(0.698\) | \(0.696\) | \(0.692\) | \(0.690\) | \(0.695\) | \(0.693\) |
Daegu | ||||||
|---|---|---|---|---|---|---|
Obs. = 56,606 | (i) | (ii) | (iii) | |||
| Â | OLS | SLR | OLS | SLR | OLS | SLR |
Housing characteristics | ||||||
 Area | \({0.011}^{\ddagger }\) | \({0.011}^{\ddagger }\) | \({0.011}^{\ddagger }\) | \({0.011}^{\ddagger }\) | \({0.011}^{\ddagger }\) | \({0.011}^{\ddagger }\) |
 Floor | \({0.004}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.004}^{\ddagger }\) |
 Households | \(-3.8\times {10}^{-7}\) | \(4.6\times {10}^{-6\dagger }\) | \(1.0\times {10}^{-5\ddagger }\) | \(1.3\times {10}^{-5\ddagger }\) | \(-5.7\times {10}^{-6\dagger }\) | \(1.8\times {10}^{-6}\) |
 Parking space | \({0.068}^{\ddagger }\) | \({0.050}^{\ddagger }\) | \({0.087}^{\ddagger }\) | \({0.060}^{\ddagger }\) | \({0.074}^{\ddagger }\) | \({0.051}^{\ddagger }\) |
 Heating | \(-{0.016}^{\ddagger }\) | \(-{0.008}^{\ddagger }\) | \(0.004\) | \({0.008}^{\ddagger }\) | \(-{0.041}^{\ddagger }\) | \(-{0.023}^{\ddagger }\) |
 Age | \({0.022}^{\ddagger }\) | \({0.020}^{\ddagger }\) | \({0.020}^{\ddagger }\) | \({0.018}^{\ddagger }\) | \({0.023}^{\ddagger }\) | \({0.020}^{\ddagger }\) |
Local amenities | ||||||
 Prox. green | \(-{0.012}^{\ddagger }\) | \(-{0.011}^{\ddagger }\) | \(-{0.021}^{\ddagger }\) | \(-{0.017}^{\ddagger }\) | \(0.001\) | \(-{0.002}^{* }\) |
 Prox. water | \({0.019}^{\ddagger }\) | \({0.009}^{\ddagger }\) | \({0.013}^{\ddagger }\) | \({0.003}^{\ddagger }\) | \({0.030}^{\ddagger }\) | \({0.015}^{\ddagger }\) |
 Prox. subway | \(-{0.043}^{\ddagger }\) | \(-{0.036}^{\ddagger }\) | \(-{0.069}^{\ddagger }\) | \(-{0.053}^{\ddagger }\) | \(-{0.054}^{\ddagger }\) | \(-{0.043}^{\ddagger }\) |
 Bus stops | \(-{0.001}^{\ddagger }\) | \(-7.2\times {10}^{-5}\) | \(-{0.001}^{\ddagger }\) | \(5.8\times {10}^{-4\ddagger }\) | \({0.001}^{\ddagger }\) | \({0.002}^{\ddagger }\) |
 Top school | \({0.009}^{\ddagger }\) | \({0.006}^{\ddagger }\) | \({0.011}^{\ddagger }\) | \({0.008}^{\ddagger }\) | \(-\) | \(-\) |
Local demographics | ||||||
 Sex ratio | \(-{0.003}^{\ddagger }\) | \(-{0.004}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) |
 Pop. density | \(1.1\times {10}^{-6\ddagger }\) | \(1.2\times {10}^{-6\ddagger }\) | \(2.2\times {10}^{-6\ddagger }\) | \(1.9\times {10}^{-6\ddagger }\) | \(3.4\times {10}^{-6\ddagger }\) | \(2.8\times {10}^{-6\ddagger }\) |
 Univ. grad. | \({0.012}^{\ddagger }\) | \({0.009}^{\ddagger }\) | \(-\) | \(-\) | \({0.015}^{\ddagger }\) | \({0.011}^{\ddagger }\) |
Seasonality control | ||||||
 Spring | \(-{0.021}^{\ddagger }\) | \(-{0.014}^{\ddagger }\) | \(-{0.016}^{\ddagger }\) | \(-{0.009}^{\ddagger }\) | \(-{0.022}^{\ddagger }\) | \(-{0.014}^{\ddagger }\) |
 Fall | \({0.026}^{\ddagger }\) | \({0.030}^{\ddagger }\) | \({0.036}^{\ddagger }\) | \({0.038}^{\ddagger }\) | \({0.025}^{\ddagger }\) | \({0.030}^{\ddagger }\) |
 Winter | \(-0.002\) | \(0.004\) | \({0.007}^{\dagger }\) | \({0.010}^{\ddagger }\) | \(-0.003\) | \(0.004\) |
 Constant | \(-{35.737}^{\ddagger }\) | \(-{33.511}^{\ddagger }\) | \(-{30.252}^{\ddagger }\) | \(-{29.349}^{\ddagger }\) | \(-{36.038}^{\ddagger }\) | \(-{33.381}^{\ddagger }\) |
 VIF range | \(1.150-1.689\) | \(1.144-1.546\) | \(1.128-1.578\) | |||
 \(F\)-statistics | \({\mathrm{12,000}}^{\ddagger }\) | \({\mathrm{11,300}}^{\ddagger }\) | \({\mathrm{11,200}}^{\ddagger }\) | \({\mathrm{10,800}}^{\ddagger }\) | \({\mathrm{11,400}}^{\ddagger }\) | \({\mathrm{10,900}}^{\ddagger }\) |
 RMSE | \(0.249\) | \(0.234\) | \(0.262\) | \(0.241\) | \(0.260\) | \(0.240\) |
 Adjusted R2 | \(0.783\) | \(0.772\) | \(0.760\) | \(0.753\) | \(0.763\) | \(0.756\) |
Daejeon | ||||||
|---|---|---|---|---|---|---|
Obs. = 24,350 | (i) | (ii) | (iii) | |||
| Â | OLS | SLR | OLS | SLR | OLS | SLR |
Housing characteristics | ||||||
 Area | \({0.013}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.013}^{\ddagger }\) | \({0.012}^{\ddagger }\) | \({0.013}^{\ddagger }\) | \({0.012}^{\ddagger }\) |
 Floor | \({0.003}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.003}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \({0.002}^{\ddagger }\) | \({0.003}^{\ddagger }\) |
 Households | \(1.1\times {10}^{-4\ddagger }\) | \(1.5\times {10}^{-4\ddagger }\) | \(1.2\times {10}^{-4\ddagger }\) | \(1.5\times {10}^{-4\ddagger }\) | \(1.1\times {10}^{-4\ddagger }\) | \(1.4\times {10}^{-4\ddagger }\) |
 Parking space | \({0.149}^{\ddagger }\) | \({0.142}^{\ddagger }\) | \({0.152}^{\ddagger }\) | \({0.143}^{\ddagger }\) | \({0.131}^{\ddagger }\) | \({0.127}^{\ddagger }\) |
 Heating | \({0.184}^{\ddagger }\) | \({0.103}^{\ddagger }\) | \({0.189}^{\ddagger }\) | \({0.102}^{\ddagger }\) | \({0.199}^{\ddagger }\) | \({0.110}^{\ddagger }\) |
 Age | \({0.019}^{\ddagger }\) | \({0.018}^{\ddagger }\) | \({0.019}^{\ddagger }\) | \({0.018}^{\ddagger }\) | \({0.017}^{\ddagger }\) | \({0.016}^{\ddagger }\) |
Local amenities | ||||||
 Prox. green | \({0.023}^{\ddagger }\) | \({0.021}^{\ddagger }\) | \({0.020}^{\ddagger }\) | \({0.019}^{\ddagger }\) | \({0.043}^{\ddagger }\) | \({0.036}^{\ddagger }\) |
 Prox. water | \(-{0.012}^{\ddagger }\) | \({0.014}^{\ddagger }\) | \(-{0.012}^{\ddagger }\) | \({0.015}^{\ddagger }\) | \(-{0.012}^{\ddagger }\) | \({0.016}^{\ddagger }\) |
 Prox. subway | \(-{0.045}^{\ddagger }\) | \(-{0.050}^{\ddagger }\) | \(-{0.049}^{\ddagger }\) | \(-{0.052}^{\ddagger }\) | \(-{0.067}^{\ddagger }\) | \(-{0.068}^{\ddagger }\) |
 Bus stops | \(-{0.003}^{\ddagger }\) | \({0.003}^{\ddagger }\) | \(-{0.004}^{\ddagger }\) | \(2.7\times {10}^{-3\ddagger }\) | \(8.3\times {10}^{-7}\) | \({0.005}^{\ddagger }\) |
 Top school | \({0.012}^{\ddagger }\) | \({0.010}^{\ddagger }\) | \({0.014}^{\ddagger }\) | \({0.010}^{\ddagger }\) | \(-\) | \(-\) |
Local demographics | ||||||
 Sex ratio | \(-{0.013}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) | \(-{0.013}^{\ddagger }\) | \(-{0.005}^{\ddagger }\) | \(-{0.010}^{\ddagger }\) | \(-{0.003}^{\ddagger }\) |
 Pop. density | \(-7.6\times {10}^{-6\ddagger }\) | \(-3.7\times {10}^{-6\ddagger }\) | \(-8.1\times {10}^{-6\ddagger }\) | \(-3.7\times {10}^{-6\ddagger }\) | \(-2.3\times {10}^{-6\ddagger }\) | \(8.4\times {10}^{-7\ddagger }\) |
 Univ. grad. | \({0.003}^{\ddagger }\) | \({0.001}^{\ddagger }\) | \(-\) | \(-\) | \({0.007}^{\ddagger }\) | \({0.004}^{\ddagger }\) |
Seasonality control | ||||||
 Spring | \(-{0.054}^{\ddagger }\) | \(-{0.044}^{\ddagger }\) | \(-{0.055}^{\ddagger }\) | \(-{0.044}^{\ddagger }\) | \(-{0.053}^{\ddagger }\) | \(-{0.042}^{\ddagger }\) |
 Fall | \({0.051}^{\ddagger }\) | \({0.049}^{\ddagger }\) | \({0.051}^{\ddagger }\) | \({0.049}^{\ddagger }\) | \({0.052}^{\ddagger }\) | \({0.050}^{\ddagger }\) |
 Winter | \(0.002\) | \(0.004\) | \(0.003\) | \(0.004\) | \(0.001\) | \(0.003\) |
 Constant | \(-{28.916}^{\ddagger }\) | \(-{30.045}^{\ddagger }\) | \(-{28.845}^{\ddagger }\) | \(-{30.054}^{\ddagger }\) | \(-{23.638}^{\ddagger }\) | \(-{25.848}^{\ddagger }\) |
 VIF range | \(1.119-2.519\) | \(1.101-2.024\) | \(1.083-1.654\) | |||
 \(F\)-statistics | \({{4160}}^{\ddagger }\) | \({{3940}}^{\ddagger }\) | \({{4400}}^{\ddagger }\) | \({{4150}}^{\ddagger }\) | \({{4040}}^{\ddagger }\) | \({{3820}}^{\ddagger }\) |
 RMSE | \(0.281\) | \(0.252\) | \(0.281\) | \(0.252\) | \(0.290\) | \(0.259\) |
 Adjusted R2 | \(0.744\) | \(0.733\) | \(0.743\) | \(0.732\) | \(0.726\) | \(0.715\) |
Gwangju | ||||||
|---|---|---|---|---|---|---|
Obs. = 44,305 | (i) | (ii) | (iii) | |||
| Â | OLS | SLR | OLS | SLR | OLS | SLR |
Housing characteristics | ||||||
 Area | \({0.013}^{\ddagger }\) | \({0.013}^{\ddagger }\) | \({0.013}^{\ddagger }\) | \({0.013}^{\ddagger }\) | \({0.013}^{\ddagger }\) | \({0.013}^{\ddagger }\) |
 Floor | \({0.002}^{\ddagger }\) | \({0.002}^{\ddagger }\) | \({0.002}^{\ddagger }\) | \({0.002}^{\ddagger }\) | \({0.002}^{\ddagger }\) | \({0.002}^{\ddagger }\) |
 Households | \(1.4\times {10}^{-4\ddagger }\) | \(1.4\times {10}^{-4\ddagger }\) | \(1.3\times {10}^{-4\ddagger }\) | \(1.3\times {10}^{-4\ddagger }\) | \(1.5\times {10}^{-4\ddagger }\) | \(1.5\times {10}^{-4\ddagger }\) |
 Parking space | \({0.252}^{\ddagger }\) | \({0.250}^{\ddagger }\) | \({0.265}^{\ddagger }\) | \({0.262}^{\ddagger }\) | \({0.251}^{\ddagger }\) | \({0.250}^{\ddagger }\) |
 Heating | \({0.128}^{\ddagger }\) | \({0.118}^{\ddagger }\) | \({0.121}^{\ddagger }\) | \({0.112}^{\ddagger }\) | \({0.125}^{\ddagger }\) | \({0.116}^{\ddagger }\) |
 Age | \({0.022}^{\ddagger }\) | \({0.022}^{\ddagger }\) | \({0.022}^{\ddagger }\) | \({0.021}^{\ddagger }\) | \({0.022}^{\ddagger }\) | \({0.022}^{\ddagger }\) |
Local amenities | ||||||
 Prox. green | \(-{0.018}^{\ddagger }\) | \(-{0.013}^{\ddagger }\) | \(-{0.016}^{\ddagger }\) | \(-{0.012}^{\ddagger }\) | \(-{0.017}^{\ddagger }\) | \(-{0.013}^{\ddagger }\) |
 Prox. water | \(-{0.033}^{\ddagger }\) | \(-{0.033}^{\ddagger }\) | \(-{0.032}^{\ddagger }\) | \(-{0.032}^{\ddagger }\) | \(-{0.032}^{\ddagger }\) | \(-{0.032}^{\ddagger }\) |
 Prox. subway | \(-{0.027}^{\ddagger }\) | \(-{0.029}^{\ddagger }\) | \(-{0.024}^{\ddagger }\) | \(-{0.027}^{\ddagger }\) | \(-{0.027}^{\ddagger }\) | \(-{0.029}^{\ddagger }\) |
 Bus stops | \({0.002}^{\ddagger }\) | \({0.002}^{\ddagger }\) | \({0.002}^{\ddagger }\) | \(2.2\times {10}^{-3\ddagger }\) | \(2.2\times {10}^{-3\ddagger }\) | \({0.002}^{\ddagger }\) |
 Top school | \({0.001}^{\ddagger }\) | \({0.001}^{\ddagger }\) | \({0.001}^{\ddagger }\) | \({0.001}^{\ddagger }\) | \(-\) | \(-\) |
Local demographics | ||||||
 Sex ratio | \(-{0.007}^{\ddagger }\) | \(-{0.007}^{\ddagger }\) | \(-{0.010}^{\ddagger }\) | \(-{0.010}^{\ddagger }\) | \(-{0.007}^{\ddagger }\) | \(-{0.008}^{\ddagger }\) |
 Pop. density | \(3.2\times {10}^{-6\ddagger }\) | \(2.8\times {10}^{-6\ddagger }\) | \(3.0\times {10}^{-6\ddagger }\) | \(2.6\times {10}^{-6\ddagger }\) | \(3.3\times {10}^{-6\ddagger }\) | \(2.9\times {10}^{-6\ddagger }\) |
 Univ. grad. | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) | \(-\) | \(-\) | \({0.005}^{\ddagger }\) | \({0.004}^{\ddagger }\) |
Seasonality control | ||||||
 Spring | \(-{0.015}^{\ddagger }\) | \(-{0.015}^{\ddagger }\) | \(-{0.015}^{\ddagger }\) | \(-{0.015}^{\ddagger }\) | \(-{0.015}^{\ddagger }\) | \(-{0.015}^{\ddagger }\) |
 Fall | \({0.026}^{\ddagger }\) | \({0.026}^{\ddagger }\) | \({0.026}^{\ddagger }\) | \({0.026}^{\ddagger }\) | \({0.026}^{\ddagger }\) | \({0.026}^{\ddagger }\) |
 Winter | \(-0.004\) | \(-0.005\) | \(-0.004\) | \(-0.004\) | \(-0.004\) | \(-0.004\) |
 Constant | \(-{33.945}^{\ddagger }\) | \(-{34.093}^{\ddagger }\) | \(-{33.208}^{\ddagger }\) | \(-{33.454}^{\ddagger }\) | \(-{33.928}^{\ddagger }\) | \(-{34.076}^{\ddagger }\) |
 VIF range | \(1.051-2.047\) | \(1.037-2.024\) | \(1.085-2.047\) | |||
 \(F\)-statistics | \({{9860}}^{\ddagger }\) | \({{9810}}^{\ddagger }\) | \({\mathrm{10,300}}^{\ddagger }\) | \({\mathrm{10,300}}^{\ddagger }\) | \({\mathrm{10,400}}^{\ddagger }\) | \({\mathrm{10,400}}^{\ddagger }\) |
 RMSE | \(0.245\) | \(0.244\) | \(0.247\) | \(0.245\) | \(0.245\) | \(0.244\) |
 Adjusted R2 | \(0.791\) | \(0.790\) | \(0.788\) | \(0.788\) | \(0.790\) | \(0.790\) |
