Dynamic Economic Analysis of Japanese Real Estate Markets considering Regional Differences in the phase of recovering periods

• Project/Area Number: 19530157
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Economic theory
• Research Institution: Keio University
• Principal Investigator: SEKO Miki Keio University, 経済学部, 教授 (60120490)
• Co-Investigator(Kenkyū-buntansha): KURODA Tatsuaki 名古屋大学, 環境学研究科, 教授 (00183319) ; SUMITA Kazuto 金沢星稜大学, 経済学部, 准教授 (10350745)
• Project Period (FY): 2007 – 2009
• Project Status: Completed (Fiscal Year 2009)
• Budget Amount: ¥4,420,000 (Direct Cost: ¥3,400,000、Indirect Cost: ¥1,020,000); Fiscal Year 2009: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2008: ¥1,430,000 (Direct Cost: ¥1,100,000、Indirect Cost: ¥330,000); Fiscal Year 2007: ¥1,950,000 (Direct Cost: ¥1,500,000、Indirect Cost: ¥450,000)
• Keywords: パネルデータ / 居住形態の選択 / 転居 / 譲渡損失繰越制度 / 借地借家法 / 定期借家 / 地震保険 / 地震リスクの評価 / 住宅市場 / 計量経済分析 / 住替え / 不動産競売 / 住宅ローン対住宅価格比率 / ハザード・モデル / 条件付ジットモデル / 条件付ロジトモデル / 補償変分

Research Abstract

Younger and/or lower income households derived the greatest benefit from the introduction of the rental housing with fixed rental terms. The implementation of the income tax deduction system linked to capital losses increases owners' mobility. The Rental Act depresses renters' mobility. Earthquake risk has a significant impact on the overall quality of life in Japanese prefectures. The uniform community rating in earthquake insurance policy in Japan may unintentionally cross-subsidize inhabitants in high risk areas at the expense of inhabitants in low risk areas. Homeowners and/or renters alter their subjective assessments of earthquake risks after massive earthquakes.

Research Products

• [Journal Article] Estimating Consumer's Valuation of Earthquake Risk: Evidence from Japanese Housing Markets (2010)
  • Author(s): M. Naoi, M. Seko, K. Sumita
  • Journal Title: International Real Estate Review 13 Pages: 117-133
  • Peer Reviewed
• [Journal Article] Community Rating, Cross Subsidies and Underinsurance:Why So Many Households in Japan Do Not Purchase Earthquake Insurance (2010)
  • Author(s): M. Naoi, M. Seko, K. Sumita
  • Journal Title: Journal of Real Estate Finance and Economics 40 Pages: 544-561
  • Peer Reviewed
• [Journal Article] 不動産競売市場における売却価格決定に関する計量経済分析(全国版) (2010)
  • Author(s): 隅田和人・瀬古美喜・黒田達朗・黒田達哉
  • Journal Title: 名古屋大学大学院環境学研究科DEE Discussion Paper No.09-03 Pages: 1-38
• [Journal Article] Estimating Consumer's Valuation of Earthquake Risk : Evidence from Japanese Housing Markets (2010)
  • Author(s): 直井道生・瀬古美喜・隅田和人
  • Journal Title: International Real Estate Review 13 Pages: 117-133
  • Peer Reviewed
• [Journal Article] Community Rating, Cross Subsidies and Underinsurance : Why So Many Households in Japan Do Not Purchase Earthquake Insurance (2010)
  • Author(s): 直井道生・瀬古美喜・隅田和人
  • Journal Title: Journal of Real Estate Finance and Economics 40 Pages: 544-561
  • Peer Reviewed
• [Journal Article] Accelerating Japan's Economic Growth: Resolving Japan's Growth Controversy by F. Gerald Adams, Lawrence R. Klein, Yuzo Kumasaka and Akihiko Shinozaki (2009)
  • Author(s): M. Seko, Book Review
  • Journal Title: Journal of Economic Literature 47 Pages: 847-848
• [Journal Article] Earthquake risk and housing prices in Japan: Evidence before and after massive earthquakes (2009)
  • Author(s): Michio Naoi, Miki Seko, Kazuto Sumita
  • Journal Title: Regional Science and Urban Economics 39 Pages: 658-669
  • Peer Reviewed
• [Journal Article] Book Review : "Accelerating Japan's Economic Growth : Resolving Japan's Growth Controversy by F.Gerald Adams, Lawrence R.Klein, Yuzo Kumasaka and Akihiko Shinozaki" (2009)
  • Author(s): 瀬古美喜
  • Journal Title: Journal of Economic Literature 47 Pages: 847-848
• [Journal Article] Residential Mobility Decision in Japan : Identifying the Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System (2009)
  • Author(s): 瀬古美喜・隅田和人・直井道生
  • Journal Title: Keio Economic Society Discussion Paper Series(received Best Paper Award for the Maury Seldin Advanced Studies Institute, the 2009 AsRES-AREUEA Joint International Conference) 9 Pages: 1-24
  • Peer Reviewed
• [Journal Article] 地震発生リスクと生活の質 (2009)
  • Author(s): 直井道生・瀬古美喜・隅田和人
  • Journal Title: 住宅土地経済 74 Pages: 27-34
  • NAID: 40016840180
• [Journal Article] Earthquake risk and housing prices in Japan : Evidence before and after massive earthquakes (2009)
  • Author(s): 直井道生・瀬古美喜・隅田和人
  • Journal Title: Regional Science and Urban Economics 39 Pages: 658-669
  • Peer Reviewed
• [Journal Article] わが国の住替えに関する制度・政策の影響(共著者 : 隅田和人) (2008)
  • Author(s): 瀬古美喜
  • Journal Title: 住宅土地経済 69 Pages: 12-22
• [Journal Article] Muth meets Tiebout under Agglomeration Economy : when“compactcity" emerges? (2008)
  • Author(s): Ishizuka, H., T. Kuroda
  • Journal Title: DEE Discussion Paper, Nagoya University #08-1 Pages: 1-23
• [Journal Article] estoration after the Sumatra Earthquake Tsunami in Banda Aceh: Based on the Results of Interdisciplinary Researches by Nagoya University (2007)
  • Author(s): Kuroda, T., et. al.
  • Journal Title: Science 29 Pages: 56-61
• [Journal Article] Earthquakes and the Quality of Life in Japan (2007)
  • Author(s): Michio Naoi, Kazuto Sumita, Miki Seko
  • Journal Title: ournal of Property Research 24(4) Pages: 313-334
  • Peer Reviewed
• [Journal Article] Japanese Housing Tenure Choice and Welfare Implications After the Revision of the Tenant Protection Law (2007)
  • Author(s): Miki Seko, Kazuto Sumita
  • Journal Title: Journal of Real Estate Finance and Economics 35 Pages: 357-383
  • Peer Reviewed
• [Journal Article] Earthquakes and the Quality of Life in Japan(with Kazuto Sumita&Miki Seko) (2007)
  • Author(s): Michio Naoi
  • Journal Title: Journal of Property Research 24(4) Pages: 313-334
  • Peer Reviewed
• [Journal Article] Japanese Housing Tenure Choice and Welfare Implications After the Revision of the Tenant Protection Law (with Kazuto Sumita) (2007)
  • Author(s): Miki Seko
  • Journal Title: Journal of Real Estate Finance and Economics 35 Pages: 357-383
  • Peer Reviewed
• [Journal Article] Effects of Government Policies on Residential Mobility in Japan:Income Tax Deduction System and the Rental Act(with Kazuto Sumita) (2007)
  • Author(s): Miki Seko
  • Journal Title: Journal of Housins Economics 16(2) Pages: 167-188
  • Peer Reviewed
• [Journal Article] Effects of Earthquake Occurrence Probability on Housing Prices in Japan:Estimation of the Earthquake Risk Premium (with Michio Naoi&Kazuto Sumita) (2007)
  • Author(s): Miki Seko
  • Journal Title: KUMQRP Discussion Paper Series, Keio University Market Quality Research Project DP2007-004 Pages: 1-16
• [Journal Article] Role of Government Public Housing Loans in House-Price dynamics in Japanese Prefectures(with Kensuke Konno) (2007)
  • Author(s): Miki Seko
  • Journal Title: KUMQRP Discussion Paper Series, Keio University Market Quality Research Project DP2007-011 Pages: 1-25
• [Presentation] Fixed Term Contracts versus Open-ended Contracts in the Japanese Rental Housing Market (2010)
  • Author(s): Miki Seko, Kazuto Sumita
  • Organizer: AREUEA Annual Meeting
  • Place of Presentation: Hilton Atlanta, Atlanta, USA
  • Year and Date: 2010-01-04
• [Presentation] Residential Mobility Decision in Japan : Identifying the Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System (2009)
  • Author(s): Miki Seko, Kazuto Sumita, Michio Naoi
  • Organizer: 日本経済学会
  • Place of Presentation: 専修大学 生田キャンパス
  • Year and Date: 2009-10-10
• [Presentation] Residential Mobility Decision in Japan : Identifying the Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System (2009)
  • Author(s): Miki Seko, Kazuto Sumita, Michio Naoi
  • Organizer: 2009 AsRES-AREUEA International Conference
  • Place of Presentation: University of California, Los Angeles, USA
  • Year and Date: 2009-07-12
• [Presentation] Residential Mobility Decision in Japan : Identifying the Effects of Housing Equity Constraints and Income Shocks under the Recourse Loan System (2009)
  • Author(s): Miki Seko, Michio Naoi
  • Organizer: Asia-Pacific Real Estate Research Symposium
  • Place of Presentation: University of Southern California, USA
  • Year and Date: 2009-07-10
• [Presentation] Earthquake Risk and Housing Prices in Japan : Evidence before and after Massive Earthquakes (withMiki Seko and Kazuto Sumita) (2009)
  • Author(s): Michio Naoi
  • Organizer: Western Economic AssociationInternational (WEAI) Pacific RimConference
  • Place of Presentation: Ryukoku UniversityKyoto, Japan
  • Year and Date: 2009-03-26
• [Presentation] Residential Mobility and Housing Equity in Japan(with Kazuto Sumita) (2009)
  • Author(s): Miki Seko
  • Organizer: Allied Social Science Associations(ASSA)Meetings
  • Place of Presentation: San Francisco Marriot San Francisco, USA
  • Year and Date: 2009-01-03
• [Presentation] Heterogeneities, Tax Competition, and Emergence of Core-Periphery (2009)
  • Author(s): Tatsuaki Kuroda
  • Organizer: The 3rd Japan-China Joint Seminar on Applied Regional Science
  • Place of Presentation: Kyoto
• [Presentation] Muth meets Tiebout under Agglomeration Economy : when“compactcity"emerges? (2008)
  • Author(s): Ishizuka, H., T. Kuroda
  • Organizer: 55th Annual North American Meetings of the Regional Science Association International
  • Place of Presentation: New York. USA
  • Year and Date: 2008-11-21
• [Presentation] Fixed Term Contracts versus Open-ended Contracts in Japanese Rental Housing Markets (with Kazuto Sumita) (2008)
  • Author(s): Miki Seko
  • Organizer: The Applied Regional Science Conference
  • Place of Presentation: Kushiro Public University of Economics Kushiro, Japan
  • Year and Date: 2008-11-15
• [Presentation] Fixed Term Contracts versus Open-ended Contracts in Japanese Rental Housing Markets (2008)
  • Author(s): Kazuto Sumita, Miki Seko
  • Organizer: The 13t h Asian Real Estate Society Annual Conference
  • Place of Presentation: Hyatt on the Bund Shanghai, China
  • Year and Date: 2008-07-15
• [Presentation] Fixed Term Contracts versus Open-ended Contracts in Japanese Rental Housing Markets (with Miki Seko) (2008)
  • Author(s): Kazuto Sumita
  • Organizer: The 13^<th>Asian Real Estate Society Annual Conference
  • Place of Presentation: Hyatt on the Bund Shanghai, China
  • Year and Date: 2008-07-15
• [Presentation] Why So Many Households in Japan Do Not Purchase Earthquake Insurance? (2008)
  • Author(s): Miki Seko, Michio Naoi, Kazuto Sumita
  • Organizer: Asia-Pacific Real Estate Research Symposium (APRES)
  • Place of Presentation: Tsinghua university, Beijing, China
  • Year and Date: 2008-07-10
• [Presentation] Why So Many Households in Japan Do Not Purchase Earthquake Insurance? (with Michio Naoi and Kazuto Sumita) (2008)
  • Author(s): Miki Seko
  • Organizer: Asia-Pacific Real Estate Research Symposium (APRES)
  • Place of Presentation: Tsinghua University Beijing, China
  • Year and Date: 2008-07-10
• [Presentation] Earthquakes, Insurance Market and the Quality of Life in Japan (2008)
  • Author(s): Kazuto Sumita, Michio Naoi, Miki Seko
  • Organizer: The American Real Estate and Urban Economics Association (AREUEA)
  • Place of Presentation: Ceylan InterContinental Istanbul, Turkey
  • Year and Date: 2008-07-05
• [Presentation] Earthquakes, Insurance Market and the Quality of Life in Japan (with Michio Naoi and Miki Seko) (2008)
  • Author(s): Kazuto Sumita
  • Organizer: The American Real Estate and Urban Economics Association (AREUEA)
  • Place of Presentation: Ceylan InterContinental Istanbul, Turkey
  • Year and Date: 2008-07-05
• [Presentation] Effects of Earthquake Occurrence Probability on Housing Prices in Japan: Estimation of the Earthquake Risk Premium (2008)
  • Author(s): Miki Seko, Michio Naoi, Kazuto Sumita
  • Organizer: The Macroeconomics, Real Estate, and Public Policy Workshop
  • Place of Presentation: Koc University, Istanbul, Turkey
  • Year and Date: 2008-07-02
• [Presentation] Effects of Earthquake Occurrence Probability on Housing Prices in Japan : Estimation of the Earthquake Risk Premium (with Michio Naoi and Kazuto Sumita) (2008)
  • Author(s): Miki Seko
  • Organizer: The Macroeconomics, Real Estate, and Public Policy Workshop
  • Place of Presentation: Koc University Istanbul, Turkey
  • Year and Date: 2008-07-02
• [Presentation] Earthquakes and the Quality of Life in Japan (2008)
  • Author(s): Miki Seko, Michio Naoi, Kazuto Sumita
  • Organizer: AREUEA 2008 Annual Conference (Allied Social Science Association)
  • Place of Presentation: Sheraton / Napoleon A3 in New Orleans, USA
  • Year and Date: 2008-01-05
• [Presentation] Residential Mobiity and Housing Equity in Japan(with Kazuto Sumita) (2007)
  • Author(s): Miki Seko
  • Organizer: 2007Taipei Conference on Regional and Urban Econom ics
  • Place of Presentation: National TaipeiUniversity,Taiwan
  • Year and Date: 2007-12-04
• [Presentation] 住み替え関連優遇税制 (2007)
  • Author(s): 瀬古 美喜
  • Organizer: Center for International Research on theJapanese Economy(CIRJE)住宅政策研究会第十回住宅研究会
  • Place of Presentation: 東京大学
  • Year and Date: 2007-11-26
• [Presentation] Residential Mobility and Housing Equity in Japan(with Kazuto Sumita) (2007)
  • Author(s): Miki Seko
  • Organizer: 21Century COE International Conference on EconomicAnalysis and Policy Evaluation Using Panel Data
  • Place of Presentation: Keio University
  • Year and Date: 2007-11-25
• [Presentation] Muth meets Tiebout under Agglomeration Economy: when "compact city" emerges? (2007)
  • Author(s): Tatsuaki Kuroda
  • Organizer: Applied Regional Science Conference, Peking Seminar
  • Place of Presentation: University of Peking, China
  • Year and Date: 2007-10-20
• [Presentation] Muth meets Tiebout under Agglomeration Economyl when"compact city"emerges (2007)
  • Author(s): Tatsuaki Kuroda
  • Organizer: Applied Regional Science Conference, Peking Seminar
  • Place of Presentation: University of Peking China
  • Year and Date: 2007-10-20
• [Presentation] Effects of Earthquake Occurrence Probability on Housing Prices in Japan: Estimation of the Earthquake Risk Premium (2007)
  • Author(s): Michio Naoi, Kazuto Sumita
  • Organizer: 12th Asian Real Estate Society annual conference
  • Place of Presentation: Macau Tower, China
  • Year and Date: 2007-07-12
• [Presentation] Effects of Earthquake Occurrence Probabnity on Housing Prices in Japan:Estimation of the Earthquake Risk Premium(with Kazuto Sumita) (2007)
  • Author(s): Michio Naoi
  • Organizer: 12th Asian Real Estate Society annual conference
  • Place of Presentation: Macau Tower,China
  • Year and Date: 2007-07-12
• [Presentation] Earthquakes and the Quality of Life in Japan (2007)
  • Author(s): Michio Naoi, Miki Seko, Kazuto Sumita
  • Organizer: the 14th Annual Conference of European Real Estate Society
  • Place of Presentation: City University, London, England
  • Year and Date: 2007-06-29
• [Presentation] Earthquakes and the Quality of Life in Japan(with Miki Seko&Kazuto Sumita) (2007)
  • Author(s): Michio Naoi
  • Organizer: the 14th Annual Conference of European Real Estate Society
  • Place of Presentation: City University,London,England
  • Year and Date: 2007-06-29
• [Presentation] 生活質指数の地域間格差:地震発生ジスクを考慮した分析(直井 道生・瀬古 美喜との共著) (2007)
  • Author(s): 隅田 和人
  • Organizer: 日本経済学会、2007年度春季大会
  • Place of Presentation: 大阪学院大学
  • Year and Date: 2007-06-02
• [Presentation] Earthquakes and the Quality of Life in Japan(with Michio Naoi&Kazuto Sumita) (2007)
  • Author(s): Miki Seko
  • Organizer: AREUEA 2008 Annual Conference(Allied Social ScienceAssociation)
  • Place of Presentation: Sheraton/Napoleon A3 in New Orleans,USA
  • Year and Date: 2007-01-05
• [Book] Nova Science Publishers, “Does Introducing Income Tax Deduction System Linked to Capital Losses Increase Homeowner's Mobility in Japan?"in Warren, Taxation, Tax Policies and Income Taxes (2010)
  • Author(s): M. Seko, K. Sumita, J. Berube, Camron N
  • Total Pages: 214
• [Book] "Trends and Prospects in Japan's Mortgage Market", in International Encyclopedia of Housing and Home (2010)
  • Author(s): M.Seko, K.Sumita
  • Publisher: Elsevier Limited(印刷中)
• [Book] Nova Science Publishers, “Does Earthquake Risk Influence the Quality of Life in Japan?", Housing: Socioeconomic, Availability, and Development Issues (2009)
  • Author(s): M. Naoi, K. Sumita, M. Seko E. P. Hammond, A. D. Noyes
  • Total Pages: 231
• [Book] ova Science Publishers, “Does Introducing Rental Housing with Fixed Rental Terms Improve Welfare in Japan?", Welfare Economics (2009)
  • Author(s): M. Seko, K. Sumita, E. Weston, Robert N. Townsend
  • Total Pages: 268
• [Book] "Does Introducing Income Tax Deduction System Linked to Capital Losses Increase Homeowner's Mobility in Japan?" in Taxation, Tax Policies and Income Taxes(Warren J.Berube and Camron N.Pinto(eds.)) (2009)
  • Author(s): M.Seko, K.Sumita
  • Total Pages: 214
  • Publisher: Nova Science Publishers
• [Book] Does Earthquake Risk Influence the Quality of Life in Japan? in Housing : Socioeconomic, Availability, and Development Issues(E.P.Hammond and A.D.Noyes(eds.)) (2009)
  • Author(s): M.Naoi, K.Sumita, M.Seko
  • Total Pages: 231
  • Publisher: Nova Science Publishers
• [Book] Does Introducing Rental Housing with Fixed Rental Terms Improve Welfare in Japan? in Welfare Economics(Paul E.Weston and Robert N.Townsend(eds.)) (2009)
  • Author(s): M.Seko, K.Sumita
  • Total Pages: 268
  • Publisher: Nova Science Publishers
• [Book] Blackwell, Transforming Housing Finance in Japan in the 21s t Century", 2 Edited by D. B-Shahar, Mortgage Markets Worldwide (2008)
  • Author(s): Miki Seko, C. K. Y. Leung, S. E. Ong
  • Total Pages: 292
• [Book] 有斐閣, 都市と地域の経済学 (2008)
  • Author(s): 黒田達朗・田渕隆俊・中村良平
  • Total Pages: 338
• [Book] 『日本の家計行動のダイナミズム4 制度政策の変更と就業行動』 (共著者 : 瀬古美喜) (2008)
  • Author(s): 樋口美雄
  • Total Pages: 230
  • Publisher: 慶應義塾大学出版会
• [Book] “Transforming Housing Finance in Japan in the 21^<st>Century", 2 Edited by D. B-Shahar, C. K. Y. Leung and S. E. Ong, Mortgage Markets Worldwide (2008)
  • Author(s): Miki Seko
  • Total Pages: 292
  • Publisher: Blackwell
• [Book] 都市と地域の経済学 (新版) (2008)
  • Author(s): 黒田達朗, 田渕隆俊, 中村良平
  • Total Pages: 338
  • Publisher: 有斐閣
• [Book] 都市・地域の経済学 (共訳者: 黒田 達朗・徳永 澄憲・中村 良平) (2008)
  • Author(s): フィリップ・マッカン
  • Total Pages: 320
  • Publisher: 日本評論社
• [Book] 住宅と土地のデータと分析, 統計・データ科学事典 (2007)
  • Author(s): 瀬古美喜, 杉山高一・藤越康祝・杉浦成昭・国友直人(編)
  • Total Pages: 788
  • Publisher: 朝倉書店
• [Book] Railway Competition in a Park-and-Ride System, Time and Space in Economics (2007)
  • Author(s): Tatsuaki Kuroda, Asada, T., Ishikawa, T.
  • Total Pages: 314
• [Book] 不均一分散, 計量経済学ハンドプック (2007)
  • Author(s): 隅田和人, 蓑谷千凰彦・縄田和満・和合肇(編)
  • Total Pages: 1048
  • Publisher: 朝倉書店
• [Book] 「住宅と土地のデータと分析」杉山 高一・藤越 康祝・杉浦 成昭・国友 直人編『統計・データ科学事典』 (2007)
  • Author(s): 瀬古 美喜
  • Total Pages: 788
  • Publisher: 朝倉書店
• [Book] "Railw ay Competition in a Park-and-Ride System" Asada, T., Ishikawa, T., eds., Time and Space in Economics (2007)
  • Author(s): Tatsuaki Kuroda
  • Total Pages: 314
  • Publisher: Springer
• [Book] 「本書の目的と概要」樋口 美雄・瀬古 美喜・慶應義塾大学経商連携21世紀COE編『日本の家計行動のダイナミズムIII経済格差変動の実態・要因・影響』 (共著者:瀬古 美喜) (2007)
  • Author(s): 樋口 美雄
  • Total Pages: 359
  • Publisher: 慶應義塾大学出版会
• [Book] 「地震発生リスクを反映した生活質指数による地域間格差」樋口 美雄・瀬古 美喜・慶應義塾大学経商連携21世紀COE編 『日本の家計行動のダイナミズムIII経済格差変動の実態・要因・影響』(共著者:瀬古 美喜・隅田 和人・森泉 陽子) (2007)
  • Author(s): 直井 道生
  • Total Pages: 359
  • Publisher: 慶應義塾大学出版会
• [Book] 「不均一分散」蓑谷千凰彦・縄田和満・和合肇編 『計量経済学ハンドブック』 (2007)
  • Author(s): 隅田 和人
  • Total Pages: 1048
  • Publisher: 朝倉書店