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Urban Redevelopment Program and Demand Externality

Author

Listed:
  • Daiji Kawaguchi

    (Faculty of Economics, The University of Tokyo)

  • Keisuke Kawata

    (Institute of Social Sciences, and also Center for Social Research and Data Archives, The University of Tokyo)

  • Chigusa Okamoto

    (Faculty of Economics, Chuo University and Center for Research and Education in Program Evaluation (CREPE), Faculty of Economics, The University of Tokyo)

Abstract

Demand externality generated by the agglomeration of commercial activities is a poten- tial source of city formation. We study the impact of a large-scale urban redevelopment program involving the construction of a shopping complex at the center of Tokyo. The redevelopment program increased the land price and commercial building use in its neighborhood. It also increased the total sales of neighborhood rms but not their pro ts. We argue that the redevelopment program generated substantial demand ex- ternality but the bene t fell on the landlord.

Suggested Citation

  • Daiji Kawaguchi & Keisuke Kawata & Chigusa Okamoto, 2024. "Urban Redevelopment Program and Demand Externality," CIRJE F-Series CIRJE-F-1227, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:2024cf1227
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    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2024/2024cf1227.pdf
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