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原文摘要

Directed housing-submarket networks combine common market movement with heterogeneous bilateral relations, and different node-level measures need not yield distinct empirical rankings. We construct a positive pairwise net-connectedness network from the generalized forecast error variance decomposition (GFEVD) of a vector autoregression (VAR) and use it to compare complementary node positions. Net directional connectedness (NET), PageRank, and Viral Centrality summarize net directional balance, recursively weighted incoming position, and normalized multistep reach. When bilateral net differences are nonzero, the network is a weighted tournament. A least-squares edge-flow decomposition separates the pairwise-net matrix into a NET-equivalent gradient component and a NET-orthogonal residual, while a monotone-allocation condition establishes exact PageRank-indegree correspondence in a transitive tournament. In Seoul's 25-district network, the gradient component accounts for 70.9% of the squared Frobenius norm, leaving 29.1% in the residual component. PageRank is strongly aligned with indegree (Spearman $ρ=0.987$), and Viral Centrality with outdegree ($ρ=0.935$); the PageRank alignment exceeds the range of independently weighted simulations with comparable tournament consistency and edge-weight variation. Three common-component treatments reduce total connectedness from 81.98% to 50.60-52.00%, a 36.6-38.3% reduction relative to the raw system, and reverse 97-98 of 300 pairwise net directions. Thus, both the magnitude and the apparent direction of connectedness depend materially on the treatment of citywide common movement. Songpa's positive NET position remains prominent across common-component treatments and dynamic specifications and ranks first in both chronological subsamples.