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Vintage Depreciation, User Costs, and Total Factor Productivity : Theory and Identification for Real Estate Capital

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  • SHIMIZU, Chihiro

Abstract

We develop a vintage-accounts framework for real estate capital measurement . The Mutual Determination Lemma, formalises the equivalence among vintage prices, user costs, and depreciation rates a constraint routinely violated in applied work. The MaintenanceDepreciation Theorem shows that linearly increasing maintenance costs produce a strictly accelerating depreciation profile, rationalising geometric-type patterns. The Geometric PIM Decomposition Theorem proves that geometrically distributed retirement ages are necessary and sufficient for a geometric population PIM, establishing Diewert (2004) 's δ * =

Suggested Citation

  • SHIMIZU, Chihiro, 2026. "Vintage Depreciation, User Costs, and Total Factor Productivity : Theory and Identification for Real Estate Capital," RCESR Discussion Paper Series DP26-9, Research Center for Economic and Social Risks, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:rcesrs:dp26-9
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    JEL classification:

    • C43 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Index Numbers and Aggregation
    • D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
    • D92 - Microeconomics - - Micro-Based Behavioral Economics - - - Intertemporal Firm Choice, Investment, Capacity, and Financing
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • R33 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Nonagricultural and Nonresidential Real Estate Markets

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