2007 Fiscal Year Final Research Report Summary
Study of Evaluation of Residential Environment and Optimization of Incentive-Compatible Policies for Residential Environment Improvement
| Project/Area Number |
16330046
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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 |
Economic policy
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| Research Institution | The University of Tokyo |
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Principal Investigator |
ASAMI Yasushi The University of Tokyo, Center for Spatial Information Science, Professor (10192949)
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| Project Period (FY) |
2004 – 2007
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| Keywords | residential environment / housing market / real estate / hedonic approach / greener / site / detached houses / market segmentation |
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| Research Abstract |
Economic values of factors of residential environments are analyzed in a quantitative manner, which are applied to check the validity of housing policies in terms of incentive compatibility.
The analyses show the following results concerning the economic evaluation of residential environments:
1. An analysis of residential zones in the west part of Tokyo show that factors such as existence of obnoxious facilities, building use mixture, variation in building height in the neighborhood, setting hedge, population density in the block, and ratio of vacant land have significant external effects;
2. Market segmentation associated with real estate characteristics improves the accuracy of price estimation;
3. Results of housing market segmentation analyses show that walking time to the nearest station, existence of parking lot and necessity of setback have strong influence in similarity of housing lots in Tokyo, whereas building age, access to the CBD, designated floor area ratio, land use in the
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neighborhood have strong influence in similarity of housing lots in suburbs;
4. Conformity of the buildings and greenery environment in the neighborhood have significant positive hedonic price regarding townscape;
5. Residents' sense of values intervene the history of residence and future choice of houses.
The analyses show the following results concerning incentive compatible housing policies:
1. Analyses of hierarchical structure in preference for housing choice show that size of dwelling unit is an element with high priority for households more than two persons, that housing cost tends to be made concessions to other factors in housing choice even though many households are conscious to it and that households can be grouped into two groups, i.e., those concerned with convenience for commuting and those concerned with dwelling unit size;
2. Analyses of data in Tokyo Metropolitan area show that asset value becomes relatively lower for some specific floor area ratio, and that floor area ratio regulation has significant influence to asset value in zones with low floor area ratio, while configuration regulation has significant influence in zones with high floor area ratio;
3. In densely inhabited areas, the benefit of widening adjacent road is materialized only if lot size is above a certain value and lot shape conforms to a certain configuration condition. Otherwise, there will be no economic incentive to cooperate widening the adjacent road by setting back even if regulation of floor area ratio is relaxed. Less
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