資産運用物件の価格変化における期待形成の分析

概要

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Prices and return rates of real estate have been greatly changed before and after the bubble period. A prolonged downward trend of the real estate prices has relatively raised the rent-price ratio. What expectations have market participants formed since the bubble period through its collapse up to date? Rational expectations and adaptive expectations are analyzed in terms of real estate prices as asset management items. Also, regarding return rates, how does the difference between the return rate of an equilibrium condition derived from present value model and the return rate in the past influence the present return rate?