부동산 수익에 대한 인식과 실제간 간극: 행동경제학적 해석

According to Jung(1991), Koreans tend to perceive real estate as a high-return and low-risk asset. This perception has not been changed. However, in a market economy, there is no such high-return low-risk asset due to arbitrage. The purpose of this study is trying to explain this Korean real estate fever from the behavioral economics perspective. Specifically, we compare the return and risk of real estate and stock. We begin with theoretical frame to understand the discrepancy between perception and reality. Next, we investigate the actual return and risk. Then, we re-calculate the actual return and risk using the behavioral economics theory. In addition, we surveyed citizens to comprehend their perception. Finally, we compared this three indicators-actual return and risk,re-calculated numbers, and survey result. As a result, we found that the average monthly gain of stock (1.8%) is actually higher than that of apartment (0.98%). If we re-calculate this number with the value function of the behavioral economics, real estate (1.2%) is higher than stock (-2.34%). Our survey confirms this discrepancy. From the behavioral economics perspective, the discrepancy can occur because loss has 2.25 times more impact on people's perception than gain does.