Scaling behavior in land markets
AbstractIn 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. 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 fits 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 6 annual intervals. Our empirical findings present the conditions that any empirically accurate theories of land market must satisfy.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by arXiv.org in its series Papers with number cond-mat/0302470.
Date of creation: Feb 2003
Date of revision: Mar 2006
Publication status: Published in Physica A326 (2003) 256-264
Contact details of provider:
Web page: http://arxiv.org/
Other versions of this item:
- Kaizoji, Taisei, 2003. "Scaling behavior in land markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 326(1), pages 256-264.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ogawa, Kazuo & Suzuki, Kazuyuki, 1998.
"Land Value and Corporate Investment: Evidence from Japanese Panel Data,"
Journal of the Japanese and International Economies,
Elsevier, vol. 12(3), pages 232-249, September.
- 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.
- Ogawa, K. & Suzuki, K., 1995. "Land Value and Corporate Investment: Evidence from Japanese Panel Data," ISER Discussion Paper 0373, Institute of Social and Economic Research, Osaka University.
- repec:fth:osakae:408 is not listed on IDEAS
- 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.
- 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.
- 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.
- 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.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (arXiv administrators).
If references are entirely missing, you can add them using this form.