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Hedonic Prices and House Numbers: The Influence of Feng Shui Author: Steven C. Bourassa and Vincent S. Peng Start Page:
79 Abstract: In
contemporary practice, feng shui
incorporates a wide range of concepts considered to affect a person’s
luck. These include
traditional ideas about site selection and building design, as well as
newer beliefs about the “luckiness” of certain numbers.
Focusing on an area with a relatively high percentage of Chinese
households in Auckland, New Zealand, this paper uses hedonic price
analysis to investigate whether house values are affected by lucky and
unlucky numbers. Sales
transactions for 1989 to 1996 are used in this analysis.
The results demonstrate that lucky house numbers are capitalized
into house values.
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