2006 Fiscal Year Final Research Report Summary
Studies on Real Estate Price Incorporating Uncertainty and Spatial Economies
| Project/Area Number |
16330041
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| Research Category |
Grant-in-Aid for Scientific Research (B)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Applied economics
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| Research Institution | OKYAMA UNIVERSITY |
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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)
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| 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)
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| Project Period (FY) |
2004 – 2006
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| Keywords | Price Expectation / Office Rent / Hedonic Approach / Accessibility / Capitalization / Transaction price / Urban density / Human Attractiveness |
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| 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.
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