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Scaling behavior in land markets

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  • Kaizoji, Taisei

Abstract

In this paper, we present an analysis of power law statistics on land markets. There have been no other studies that have analyzed power law statistics on land markets up to now. We analyzed a database of the assessed value of land, which is officially monitored and made available to the public by the Ministry of Land, Infrastructure, and Transport, Government of Japan (the data on the assessed value of land for this paper is available on the Ministry of Land, Infrastructure and Transport Government of Japan's World-Wide Web site). This is the largest database of Japan's land prices, and consists of approximately 30,000 points for each year of a 6-year period (1995–2000). By analyzing the data on the assessed value of land, we were able to determine the power law distributions of the land prices and of the relative prices of the land. The data fit to a very good degree the approximation of power law distributions. We also found that the price fluctuations were amplified with the level of the price. These results hold for the data for each of the six annual intervals. Our empirical findings present the conditions that any empirically accurate theories of land market must satisfy.

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Bibliographic Info

Article provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.

Volume (Year): 326 (2003)
Issue (Month): 1 ()
Pages: 256-264

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Handle: RePEc:eee:phsmap:v:326:y:2003:i:1:p:256-264

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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/

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Keywords: Econophysics; Land markets; Scaling laws;

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  1. Ogawa, K. & Suzuki, K., 1996. "Land Value and Corporate Investment: Evidence from Japanese Panel Data," ISER Discussion Paper 0408, Institute of Social and Economic Research, Osaka University.
  2. repec:fth:osakae:408 is not listed on IDEAS
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Cited by:
  1. Raffaello Morales & T. Di Matteo & Ruggero Gramatica & Tomaso Aste, 2011. "Dynamical Hurst exponent as a tool to monitor unstable periods in financial time series," Papers 1109.0465, arXiv.org.
  2. Claes Andersson & Koen Frenken & Alexander Hellervik, 2005. "A complex network approach to urban growth," Papers in Evolutionary Economic Geography (PEEG) 0505, Utrecht University, Section of Economic Geography, revised Feb 2005.
  3. Andersson, Claes & Hellervik, Alexander & Lindgren, Kristian, 2005. "A spatial network explanation for a hierarchy of urban power laws," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 345(1), pages 227-244.
  4. Morales, Raffaello & Di Matteo, T. & Gramatica, Ruggero & Aste, Tomaso, 2012. "Dynamical generalized Hurst exponent as a tool to monitor unstable periods in financial time series," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 391(11), pages 3180-3189.

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