2010 Fiscal Year Final Research Report
A Study on the Compensation Method Applying Real Estate Derivatives : For a Loss Risk of Asset Value Caused by Nuisance Facilities Siting
| Project/Area Number |
19510155
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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 |
Social systems engineering/Safety system
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| Research Institution | Reitaku University |
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Principal Investigator |
KAGO Yoshiki Reitaku University, 経済学部, 准教授 (90293084)
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| Project Period (FY) |
2007 – 2010
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| Keywords | 嫌悪施設 / 環境質定量化・予測 / 不動産デリバティブ / 環境政策 / 都市計画 |
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| Research Abstract |
This study proposes the compensation for siting nuisance facilities applying adjustable strike put options. This option provides future rights to residents living near a nuisance facility to sell their property at an appropriate price that corresponds to the property that has no nuisance facility near it. I built a model to evaluate the value of the option and developed a trial to compute the value in the Tokyo metropolitan area. As a result, the value of the option is 5.03% of the initial land price ; almost the same value as the difference of the expected land value in the future between a nuisance siting area and a no nuisance area. The advantage of the compensation with this option is that the residents near the facility can expect the appropriate operation of the facility and the environmental management around the facility after the siting, because the facility manager will be urged to avoid the loss brought by the option exercise.
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