The mechanism of repercussion of land price variation by simultaneous equation model

Abstract

Japan had experienced the sudden rise and fall of land price for last ten years, which had never occured before. The sudden change in land price caused many social and economical problems.
This study aims to explain the mechanism of the repercussion in land price variation between regions. By analysing multi-crosssectional data, we found that there was a phenomenon of spatial repercussion in land price variation. We also analysed the factors of repercussion in land price variation by a model analysis using simultaneous equation model.