Table 5 Results of Occam’s Window for Seoul

C value	Model name	Variable used	Probability
10	400	FOLP (Seoul), CPI, MI, MR, CD rate	0.056491
	432	FOLP (Seoul), MR, GDP (nominal), CD rate	0.053872
	438	FOLP (Seoul), MR, GDP (nominal), GDP (real)	0.026132
	42a	FOLP (Seoul), MR, GDP (real), CD rate	0.024684
	4a2	FOLP (Seoul), CPI, MR, CD rate	0.015931
20, 30	400	FOLP (Seoul), CPI, MI, MR, CD rate	0.056491
	432	FOLP (Seoul), MR, GDP (nominal), CD rate	0.053872
	438	FOLP (Seoul), MR, GDP (nominal), GDP (real)	0.026132
	42a	FOLP (Seoul), MR, GDP (real), CD rate	0.024684
	4a2	FOLP (Seoul), CPI, MR, CD rate	0.015931
	4a0	FOLP (Seoul), CPI, MR	0.005472
	426	FOLP (Seoul), MR, IOAIP, CD rate	0.003849

Note: FOLP (fluctuation of land price); CPI (consumer price index); MI (market interest); MR (mortgage rate); IOAIP (index of all industry production)