A HEDONIC ANALYSIS OF LAND PRICES AND RENTS IN THE BUBBLE: KANAGAWA PREFECTURE IN JAPAN FOR 1986-1988
1994 年 45 巻 1 号 p. 73-94
詳細
1994 年 45 巻 1 号 p. 73-94
This paper presents hedonic analyses of residential land prices and rents in Kanagawa Prefecture, a typical bedtown prefecture of Tokyo, during the bubble period 1986-1988. Land characteristics explain land prices well in the bubble, but their relative imputed prices changed significantly over time. Access to Tokyo City, especially to Shinjuku Station, increased its importance in explaining land prices. Also the imputed prices of other characteristics are studied in detail. Rents are studied hedonically in a similar way. The relative imputed prices of characteristics were stable over time for rent. The estimated correlation coefficient between land price and rent increased over time. Thus it appears that the land price formation approached the rent formation hedonically in the bubble.
