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Studies on measuring methods of the real estate price index in Japanese used house markets

Research Project

Project/Area Number 16K03596
Research Category

Grant-in-Aid for Scientific Research (C)

Allocation TypeMulti-year Fund
Section一般
Research Field Economic statistics
Research InstitutionUniversity of Toyama

Principal Investigator

Karato Koji  富山大学, 経済学部, 教授 (00345555)

Project Period (FY) 2016-04-01 – 2019-03-31
Project Status Completed (Fiscal Year 2018)
Budget Amount *help
¥2,860,000 (Direct Cost: ¥2,200,000、Indirect Cost: ¥660,000)
Fiscal Year 2018: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000)
Keywordsヘドニック価格 / 一般化加法モデル / 住宅資本の陳腐化 / 住宅価格指数 / 世代効果 / 中古住宅 / 建築年次 / 転居 / ヘドニック法 / 価格指数
Outline of Final Research Achievements

In this research, I provide the measuring methods of the real estate price index in Japanese used house markets when the researchers face to the data problems that could not observe all housing qualities at the time of the original manufacture. It was shown that hedonic price models containing age effects, time effects and cohort effects make highly confidential evidence. Especially, it might be comprehended that age depreciation rates and price index have an upward bias omitted by cohort effects. The differences of housing qualities at the built time encompass not only the age depreciation but also obsolescence. The depreciation and obsolescence would be not always the same.

Academic Significance and Societal Importance of the Research Achievements

本研究の学術的な意義は,データの問題として片付けられてしまう恐れのある,修繕やメンテナンスなどの情報不足に対して本手法が威力を発揮する所にある。世代効果を明示的に取り込むことで,従来であれば無視されるか,考慮したとしてもほとんど分析自体が不可能であった問題を解決することができる。整備された資産価格情報は投資市場やマクロ経済運営を助ける重要な要素でもある。しかしながら,公的な関与のある不動産価格情報は鑑定評価手法により行う地価公示のみであり,住宅市場に代表される「建物」部分を含む資産市場の動向を見誤る原因の一つとなっている。本研究の成果は実務上も意義のあるものと考えられる。

Report

(4 results)
  • 2018 Annual Research Report   Final Research Report ( PDF )
  • 2017 Research-status Report
  • 2016 Research-status Report
  • Research Products

    (8 results)

All 2018 2017 Other

All Journal Article (4 results) (of which Int'l Joint Research: 1 results,  Peer Reviewed: 3 results,  Open Access: 4 results) Book (2 results) Remarks (2 results)

  • [Journal Article] Role of Secondhand Condominiums in Creating a Walkable City: Case Study in the Tokyo Metropolitan Area in the 2000s2018

    • Author(s)
      Satoh Hideto、Shimizu Chihiro、Karato Koji
    • Journal Title

      Japanese Journal of Human Geography

      Volume: 70 Issue: 4 Pages: 477-497

    • DOI

      10.4200/jjhg.70.04_477

    • NAID

      130007541378

    • ISSN
      0018-7216, 1883-4086
    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] 移動世帯の特徴と移動先での社会環境の変化2018

    • Author(s)
      唐渡広志,山鹿久木
    • Journal Title

      住宅土地経済

      Volume: 110 Pages: 10-21

    • NAID

      40021691125

    • Related Report
      2018 Annual Research Report
    • Peer Reviewed / Open Access
  • [Journal Article] Separating the Age Effect from a Repeat Sales Index: Land and Structure Decomposition2017

    • Author(s)
      Wong Siu Kei、Chau K. W.、Karato K.、Shimizu C.
    • Journal Title

      The Journal of Real Estate Finance and Economics

      Volume: 1 Issue: 3 Pages: 1-16

    • DOI

      10.1007/s11146-017-9631-2

    • Related Report
      2017 Research-status Report
    • Peer Reviewed / Open Access / Int'l Joint Research
  • [Journal Article] Decomposition Analysis of the Household Migration2017

    • Author(s)
      Karato Koji and Yamaga Hisaki
    • Journal Title

      University of Toyama Working Paper

      Volume: NO.307 Pages: 1-10

    • Related Report
      2016 Research-status Report
    • Open Access
  • [Book] 不動産政策研究 各論Ⅱ 不動産経済分析2018

    • Author(s)
      不動産政策研究会、清水 千弘、小林 正典
    • Total Pages
      296
    • Publisher
      東洋経済新報社
    • ISBN
      4492961437
    • Related Report
      2018 Annual Research Report
  • [Book] 都市の老い2018

    • Author(s)
      齊藤 誠
    • Total Pages
      336
    • Publisher
      勁草書房
    • ISBN
      4326504420
    • Related Report
      2018 Annual Research Report 2017 Research-status Report
  • [Remarks]

    • URL

      http://www3.u-toyama.ac.jp/kkarato/research.htm

    • Related Report
      2018 Annual Research Report
  • [Remarks] http://www3.u-toyama.ac.jp/kkarato/research.htm

    • Related Report
      2016 Research-status Report

URL: 

Published: 2016-04-21   Modified: 2020-03-30  

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