경험 기반 학습에 따른 자가소유 결정의 코호트 이질성 분석

초록

This article investigates cohort heterogeneity in experience-based learning (EBL) effects on homeownership in South Korea using KLIPS data (1998–2023) and HAPC models. Findings reveal divergent response patterns across market signals. Jeonse price experience acts as a universal catalyst for homeownership across all generations, reaffirming its unique role in the Korean housing market. In contrast, inflation experience significantly influences only older cohorts sensitive to currency devaluation. For housing price experience, middle cohorts show stagnant responses due to structural wealth constraints, while the youngest cohort exhibits the strongest response through a crisis-triggered early market entry pattern, reflecting compressed experience formation during their impressionable years amid rapid price escalation.These variations are structurally conditioned by the asset-to-income ratio. We confirm a negative moderating effect where a lower ratio amplifies sensitivity, proving that limited responses in certain cohorts stem from structural wealth bottlenecks rather than a lack of experience.

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