Research Article
Housing Risk and Its Influence on House Price: An Expected Utility Approach
Table 3
Nonstationary heterogeneous panel model, decomposed UCC, 2002–2018.
| | Coefficient | Equation (23), DFE | Equation (24), MG | Equation (25), PMG |
| | β (or E[βi]) | 0.715 (4.6) | 0.913 (4.5) | 1.032 (5.1) | | η (or E[ηi]) | −0.374 (10.1) | −0.722 (9.8) | −0.513 (9.1) | | a1 (or E[ai1]) | 0.807 (22.3) | 1.006 (5.0) | 0.835 (48.7) | | a2 (or E[ai2]) | −3.714 (2.9) | 6.716 (0.5) | −4.656 (5.2) | | a3 (or E[ai3]) | 0.166 (1.6) | 0.374 (1.9) | 0.088 (1.5) | | a4 (or E[ai4]) | −1.595 (1.5) | −7.236 (0.5) | −1.027 (1.6) | | Constant | −0.053 (0.6) | −0.426 (2.7) | −0.215 (4.8) |
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∣t∣ given in parentheses; , , and are significant at 10%, 5%, and 1% levels. |
