2010 Fiscal Year Final Research Report
The study of dynamic change of city structure based on diversity of the enterprise and of households
| Project/Area Number |
20530210
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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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 | Reitaku University |
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Principal Investigator |
SHIMIZU Chihiro Reitaku University, 経済学部, 准教授 (50406667)
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| Co-Investigator(Kenkyū-buntansha) |
KARATO Koji 富山大学, 経済学部, 准教授 (00345555)
SATO Hideto 帝京大学, 経済学部, 専任講師 (00396798)
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| Research Collaborator |
YOSHIDA Jiro ペンシルヴァニア州立大学, Assisutant professor
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| Project Period (FY) |
2008 – 2010
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| Keywords | 価格指数 / 都市経済 / 都市解析 / 空間計量 / ノンパラ |
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| Research Abstract |
Do indexes of house prices behave differently depending on the estimation method? To address these questions, we use a unique dataset that we compiled from individual listings. The dataset contains more than 470,000 listings of housing prices between 1986 and 2008, including the period of the housing bubble and its burst. We find that there exists a substantial discrepancy in terms of turning points between hedonic and repeat sales indexes, even though the hedonic index is adjusted for structural changes and the repeat sales index is adjusted in the way Case and Shiller suggested. Specifically, the repeat sales measure signals turning points later than the hedonic measure : for example, the hedonic measure of condominium prices bottomed out at the beginning of 2002, while the corresponding repeat sales measure exhibits a reversal only in the spring of 2004. This discrepancy cannot be fully removed even if we adjust the repeat sales index for depreciation.
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