2007 Fiscal Year Final Research Report Summary
Analysis of Real Estate Evaluation from the View Point of Intertemporall and Spatial Economics
| Project/Area Number |
17203022
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| Research Category |
Grant-in-Aid for Scientific Research (A)
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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 | National Graduate Institute for Policy Studies (2007)
International Christian University (2005-2006) |
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Principal Investigator |
HATTA Tatsuo National Graduate Institute for Policy Studies, Graduate School of Policy Studies, President (70008647)
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| Co-Investigator(Kenkyū-buntansha) |
KAIZOJI Taisei International Christian University, Liberal Art College, Professor (10265960)
TAKEZAWA Nobuya International Christian University, Liberal Art College, Associate Professor (30257430)
KARATO Koji University of Ibyama, Faculty of Economics, Associate Professor (00345555)
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| Project Period (FY) |
2005 – 2007
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| Keywords | patterns of land usage changing / real estate price-index / repeat sales method / spatial econometrics / collapse of the bubble / FAR / J-REIT Market |
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| Research Abstract |
Hatta: He estimated the increase in the congestion rates of major streets of Tokyo caused by the traffic increase generated by easing FAR Taking advantage of this estimate, he estimated the cost and benefit of easing FAR.
Kaizoji: He studies on a mechanism of bursting land bubble. In summary, (i) Bubble is a phenomenon that investment capital concentrates on limited areas (for example, Marunouchi-area), and the skewness of the distribution of land price enlarges over time, (ii) as the land prices in limited areas soar extremely, most of available capital is invested in trade of the limited areas, and finally it is impossible to trade at the extreme value of the land. As an unavoidable result, bubble bursts, and (iii) burst of bubble is predictable by observing the time changes of the Gini coefficient of land prices.
Takezawa: Between 2005 and 2006, preliminary empirical research on sports facility real estate development and the J-REIT market completed. Published "Operational Attributes
… More
and Fund Performance: Preliminary Evidence from the J-REIT Market" (with N. Takezawa and H. Saji) in the Journal of Social Science (ICU). Presented work on Stadium naming rights at the Sports Management Association of Australia and New Zealand.
Basic Data base for real estate development in sports facilities (stadiums, golf courses) and REITs compiled. Preliminary findings on the Beneficiary Rights in the Japanese REIT Market (with N. Takezawa, K. Takashima) were presented at the 2007 Nippon Finance Association Conference.
Karato: The data of land use variation was developed by GIS polygon for the period from 1991 to 2001. Using this data, we measured cost inefficiency of land use in the central area of Tokyo by means of statistically estimating the office/housing rent function. Patterns of land usage changing was observed, and examining the theorem of land re-development by Wheaton.
Repeat sales data of condominiums price was developed. We estimated the quality adjusted price-index in real estate market. We proposed the econometric method for the bias of the housing age-effect coefficients which was pointed out as econometric problem of typical Case & Shiller type price-index.
He arranged the theory and application in hedonic approach to analyze the micro structure of real estate price. Moreover we proposed the econometrically testing method to investigate spatial interdependence of land price function by spatial econometric analysis. Less
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