Spatio-temporal dynamics of the Japanese housing market

Housing has always been a large portion of the wealth of an agent in the economy. Despite that, we ?nd from reviewing previous work that the behavior of housing markets are seemingly poorly studied. Current methods such as hedonic models and the Alonso-Muth-Mills model either fail to account for...

Full description

Bibliographic Details
Main Author: Ang, Alfred Teck Shin
Other Authors: Cheong Siew Ann
Format: Final Year Project (FYP)
Language:English
Published: 2019
Subjects:
Online Access:http://hdl.handle.net/10356/77110
_version_ 1826115310333198336
author Ang, Alfred Teck Shin
author2 Cheong Siew Ann
author_facet Cheong Siew Ann
Ang, Alfred Teck Shin
author_sort Ang, Alfred Teck Shin
collection NTU
description Housing has always been a large portion of the wealth of an agent in the economy. Despite that, we ?nd from reviewing previous work that the behavior of housing markets are seemingly poorly studied. Current methods such as hedonic models and the Alonso-Muth-Mills model either fail to account for certain aspects of complex behavior, or have a lack of implementations to empirical data. We thus study the housing market of 23 Special Wards in Tokyo, Japan and ?nd that it's home price distribution exhibits a exponential equilibrium distribution with a power-law tail . We then look at the temporal behavior of the housing price distributions, and ?nd the translation and shifts in the power-law tail of the equilibrium distribution correspond to a "mini-bubble" resulting from the introduction of Quantitative Easing monetary policy in the 2000s. The spatial behavior of housing price distributions is also studied, and we ?nd that in general, power-law exponents of the upper tail increase with distance from the central administrative and business districts. Lastly, we present the spatial-temporal behavior of the housing prices in the form of a heat map, and verify the e?ect of rising prices in the central region on the neighboring municipalities.
first_indexed 2024-10-01T03:53:05Z
format Final Year Project (FYP)
id ntu-10356/77110
institution Nanyang Technological University
language English
last_indexed 2024-10-01T03:53:05Z
publishDate 2019
record_format dspace
spelling ntu-10356/771102023-02-28T23:13:05Z Spatio-temporal dynamics of the Japanese housing market Ang, Alfred Teck Shin Cheong Siew Ann School of Physical and Mathematical Sciences DRNTU::Science::Physics Housing has always been a large portion of the wealth of an agent in the economy. Despite that, we ?nd from reviewing previous work that the behavior of housing markets are seemingly poorly studied. Current methods such as hedonic models and the Alonso-Muth-Mills model either fail to account for certain aspects of complex behavior, or have a lack of implementations to empirical data. We thus study the housing market of 23 Special Wards in Tokyo, Japan and ?nd that it's home price distribution exhibits a exponential equilibrium distribution with a power-law tail . We then look at the temporal behavior of the housing price distributions, and ?nd the translation and shifts in the power-law tail of the equilibrium distribution correspond to a "mini-bubble" resulting from the introduction of Quantitative Easing monetary policy in the 2000s. The spatial behavior of housing price distributions is also studied, and we ?nd that in general, power-law exponents of the upper tail increase with distance from the central administrative and business districts. Lastly, we present the spatial-temporal behavior of the housing prices in the form of a heat map, and verify the e?ect of rising prices in the central region on the neighboring municipalities. Bachelor of Science in Physics 2019-05-08T13:30:13Z 2019-05-08T13:30:13Z 2019 Final Year Project (FYP) http://hdl.handle.net/10356/77110 en 62 p. application/pdf
spellingShingle DRNTU::Science::Physics
Ang, Alfred Teck Shin
Spatio-temporal dynamics of the Japanese housing market
title Spatio-temporal dynamics of the Japanese housing market
title_full Spatio-temporal dynamics of the Japanese housing market
title_fullStr Spatio-temporal dynamics of the Japanese housing market
title_full_unstemmed Spatio-temporal dynamics of the Japanese housing market
title_short Spatio-temporal dynamics of the Japanese housing market
title_sort spatio temporal dynamics of the japanese housing market
topic DRNTU::Science::Physics
url http://hdl.handle.net/10356/77110
work_keys_str_mv AT angalfredteckshin spatiotemporaldynamicsofthejapanesehousingmarket