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Number of Access this item:685（2024-04-19 04:40 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/10086/26024

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Item Information

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Title
Residential Property Price Indexes for Tokyo
Creator
Creator Name
Diewert, Erwin Diewert, Erwin
Affiliation
Affiliation Name
University of British Columbia
Creator Name
Shimizu, Chihiro Shimizu, Chihiro
Affiliation
Affiliation Name
Reitaku University
Key Word
House price indexes
land and structure components
time dummy hedonic regressions
spline functions
flexible functional forms
Fisher ideal indexes
JEL
C2
C23
C43
D12
E31
Abstract
The paper uses hedonic regression techniques in order to decompose the price of a house into land and structure components using real estate sales data for Tokyo. In order to get sensible results, a nonlinear regression model using data that covered multiple time periods was used. Collinearity between the amount of land and structure in each residential property leads to inaccurate estimates for the land and structure value of a property. This collinearity problem was solved by using exogenous information on the rate of growth of construction costs in Tokyo in order to get useful constant quality subindexes for the price of land and structures separately.
Description
R21
Publisher
Institute of Economic Research, Hitotsubashi University
Issued Date
2013-12
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
HIT-REFINED Working Paper Series ; No. 3
Relation
Related Identifier
URI
  http://www.ier.hit-u.ac.jp/hit-refined/
Number of Pages
49
Sponsorship
基盤研究(S) = Grants-in-Aid for Scientific Research (S)
Appears in Collections
Working Paper Series / Real Estate Markets, Financial Crisis, and Economic Growth An Integrated Economic Approach
URL
https://hdl.handle.net/10086/26024