構造変化のある価格関数を用いた品質調整済住宅価格指数の接続法

概要

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A hedonic price index is generally defined as the ratio of the t th period price to the basis period price, where these prices are estimated under structural changes by using each period's hedonic price model, respectively. This paper, however, demonstratively shows that in the case of the Tokyo metropolitan secondhand housing market the coefficients of each period's hedonic price model are excessively moving up and down over the whole estimation periods for some reason other than structural changes and that, therefore, the model would not be effective any more for the estimation of the hedonic price index. Instead this paper attempts to develop a conjunct hedonic price model to improve the defect of the above hedonic price model. Based on the assumption that the structural change would take place gradually in a certain periods, the new model is estimated by using the observations not only in a current period but in a certain length of latest periods to eliminate the unexpected effects for the reasons other than structural changes. The new price index that is called here a conjunct hedonic price index is calculated from the new model.
麗澤大学の論文