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Studies on Real Estate Price Incorporating Uncertainty and Spatial Economies

Research Project

Project/Area Number 16330041
Research Category

Grant-in-Aid for Scientific Research (B)

Allocation TypeSingle-year Grants
Section一般
Research Field Applied economics
Research InstitutionOKYAMA UNIVERSITY

Principal Investigator

NAKAMURA Ryohei  OKYAMA UNIVERSITY, Graduate School of Humanities and Social Sciences, Professor, 大学院社会文化科学研究科, 教授 (20172463)

Co-Investigator(Kenkyū-buntansha) HIDANO Noboru  Tokyo Institute of Technology, Graduate School of Science and Technology, Professor, 大学院総合理工学研究科, 教授 (90111658)
YAMAMURA Yosiro  Meiji University, Graduate School of Global Business, Associate Professor, 大学院グローバルビジネス研究科, 助教授 (60284353)
TAKATSUKA Hajime  Kagawa University, Graduate School of Management, Associate Professor, 大学院地域マネジメント研究科, 助教授 (50304572)
Project Period (FY) 2004 – 2006
Project Status Completed (Fiscal Year 2006)
Budget Amount *help
¥12,800,000 (Direct Cost: ¥12,800,000)
Fiscal Year 2006: ¥3,600,000 (Direct Cost: ¥3,600,000)
Fiscal Year 2005: ¥3,700,000 (Direct Cost: ¥3,700,000)
Fiscal Year 2004: ¥5,500,000 (Direct Cost: ¥5,500,000)
KeywordsPrice Expectation / Office Rent / Hedonic Approach / Accessibility / Capitalization / Transaction price / Urban density / Human Attractiveness / 因果関係 / 経済地理モデル / ヘドニックモデル / 集積の経済 / 新経済地理 / 生産関数 / 価格形成 / ヘドニック推定 / バブル / 不動産価格 / 経済地理 / 地域特化
Research Abstract

Nakamura has empirically verified pricing mechanism during pre-bubble, mid-bubble, and post-bubble period using real estate market data. Also, he conducted the office rent analysis at the central district in Osaka using time series and cross sectional data. Office rent is still experiencing a downward trend almost fifteen years after the bubble burst. This paper constructs office price index using individual office data from 1985 to 2004, and implements Granger test by autoregressive model in order to make clear causality.
The purpose of the project by Hidano is threefold : 1) to show the upper ranges of overestimation ratios of hedonic measures in cross sectional capitalization hypothesis, 2) to develop a method to identify the minimum generalized cost route in very complicated railway system in Tokyo and 3) to test the efficiency hypothesis of housing market in Tokyo. We found reasonable results of these three questions.
Yamamura investigated the differences between the appraisal price of land and the land price estimated by actual transaction. A hedonic approach is employed for estimating actual price at the appraisal land. It is shown that there exist sparse differences among those prices.
The aim of Takatsuka (2006) is to verify the policy importance of activation of urban cores in terms of urban economics. Specifically, using a model of economy with service quality (Kobayashi et al., 1990) and UEA (Urban Employment Area) based data, we have test the relationship between urban densities and activity of twelve service industries. The results are as follows: We can see significantly positive relationship only for technical services (including teaching services), restaurants and bars. We guess the reason is that these industries are knowledge-intensive and have various externality effects, including firm-to-firm externalities and consumer-to-firm externalities. To activate urban cores and urban economy, we have to consider these characteristics of service industries.

Report

(4 results)
  • 2006 Annual Research Report   Final Research Report Summary
  • 2005 Annual Research Report
  • 2004 Annual Research Report
  • Research Products

    (20 results)

All 2007 2006 2005 2004

All Journal Article (19 results) Book (1 results)

  • [Journal Article] 住宅市場における効率性市場仮説成立に関する研究2007

    • Author(s)
      鈴木辰之輔, 肥田野登
    • Journal Title

      Discussion Paper, Tokyo Institute of Technology 2007-03

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Annual Research Report 2006 Final Research Report Summary
  • [Journal Article] A Study on Efficient Market Hypothesis in Housing Market2007

    • Author(s)
      Shin-nosuke Suzuki, Noboru Hidano
    • Journal Title

      Discussion Paper, Tokyo Institute of Technology 7-03

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 新規オフィス賃料インデックスの時系列決定要因分析2006

    • Author(s)
      竹下俊彦, 中村良平
    • Journal Title

      日本不動産学会誌 20・3

      Pages: 131-141

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Annual Research Report 2006 Final Research Report Summary
  • [Journal Article] 鑑定価格と取引価格の格差について2006

    • Author(s)
      山村 能郎
    • Journal Title

      日本不動産学会誌 19・4

      Pages: 24-31

    • NAID

      130001764706

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 都市密度とサービス業の活性度2006

    • Author(s)
      高塚 創
    • Journal Title

      都市計画論文集 41-3

      Pages: 277-282

    • NAID

      10018315045

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Annual Research Report 2006 Final Research Report Summary
  • [Journal Article] The Time Series Analysis of Determining Factors in New Office Rent Index2006

    • Author(s)
      Toshihiko Takeshita, Ryohei Nakamura
    • Journal Title

      Japanese Journal of Real Estate Sciences Vol.20, No.3

      Pages: 131-141

    • NAID

      130001764587

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] The Difference between the Appraisal Price and the Asset Price in Land2006

    • Author(s)
      Yoshiro Yamamura
    • Journal Title

      Japanese Journal of Real Estate Sciences Vol.19, No.4

      Pages: 24-31

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Urban Density and Activity of Service Industries2006

    • Author(s)
      Hajime Takatsuka
    • Journal Title

      Journal of the City Planning Institute of Japan No.41-3

      Pages: 277-282

    • NAID

      10018315045

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 資産運用物件の価格変化における期待形成の分析2005

    • Author(s)
      中村良平, 竹下俊彦
    • Journal Title

      日本不動産学会誌 18・4

      Pages: 71-81

    • NAID

      130001764794

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Estimating the Benefits of the Non-marginal Provision of Environmental Goods by Hedonic Measures2005

    • Author(s)
      Noboru Hidano
    • Journal Title

      Discussion Paper, Department of Social Engineering, Tokyo Institute of Technology 5-3

      Pages: 1-41

    • Description
      「研究成果報告書概要(和文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] The Analysis of Price Expectation in Real Estate Market2005

    • Author(s)
      Ryohei Nakamura, Toshihiko Takeshita
    • Journal Title

      Japanese Journal of Real Estate Sciences Vol.18, No.4

      Pages: 71-81

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] Estimating the benefit of the Non-marginal Provision of Environmental Goods by Hedonic Measures2005

    • Author(s)
      Noboru Hidano
    • Journal Title

      [Discussion Paper, Tokyo Institute of Technology 5-3

      Pages: 1-41

    • Description
      「研究成果報告書概要(欧文)」より
    • Related Report
      2006 Final Research Report Summary
  • [Journal Article] 新規オフィス賃料インデックスの時系列決定要因分析2005

    • Author(s)
      中村良平, 竹下俊彦
    • Journal Title

      日本不動産学会秋期全国大会梗概集 21

      Pages: 29-32

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Agglomeration Economies and Linkage Externalities2005

    • Author(s)
      Ryohei Nakamura
    • Journal Title

      Congress CD-ROM, 45^<th> Congress of European Regional Science Association

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Estimating the Benefits of the Non-marginal Provision of Environmental Goods by Hedonic Measures2005

    • Author(s)
      Noboru Hidano
    • Journal Title

      Discussion paper, Department of Social Engineering, Tokyo Institute of Technology 5-3

      Pages: 1-41

    • Related Report
      2005 Annual Research Report
  • [Journal Article] Regional Specialization via Differences in Transport Costs2005

    • Author(s)
      Trakatsuka, H., D.-Z.Zeng
    • Journal Title

      Congress CD-ROM, Refereed Session, 45^<th> Congress of the European Regional Science Association

    • Related Report
      2005 Annual Research Report
  • [Journal Article] 資産運用物件の価格変化における期待形成の分析2005

    • Author(s)
      中村良平, 竹下俊彦
    • Journal Title

      日本不動産学会誌 18・4(印刷中)

    • NAID

      130001764794

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Regional Specialization via Differences in Transport Costs : An Economic Geography Approach2004

    • Author(s)
      Takatsuka, H., D.-Z.Zeng
    • Journal Title

      Congress CD-ROM, Refereed Session, 44^<th> Congress of the European Regional Science Association

    • Related Report
      2004 Annual Research Report
  • [Journal Article] Existence Conditions of the Optimal Stopping Time : The Cases of Geometric Brownian Motion and Arithmetic Brownian Motion2004

    • Author(s)
      Takatsuka, H.
    • Journal Title

      Journal of the Operations Research Society of Japan 47(3)

      Pages: 145-162

    • NAID

      110001183594

    • Related Report
      2004 Annual Research Report
  • [Book] Property Markets and Land Policies in Northeast Asia2004

    • Author(s)
      N.Aveline, L.Li ed.(N.Hidano, Y.Yamamura)
    • Total Pages
      308
    • Publisher
      The Maison Franco-Japonaise and the University of Hong Kong
    • Related Report
      2004 Annual Research Report

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Published: 2004-04-01   Modified: 2016-04-21  

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