| Title | "The Real Estate Production Function: Variation by Property Type, Country, and Building Age" |
|---|---|
| Date | 2018年1月29日（月）16:50-18:35 |
| Venue | 東京大学経済学研究科・学術交流棟（小島ホール）１階・第１セミナー室にて開催 [地図] Seminar Room No. 1, Economics Research Annex (Kojima Hall), University of Tokyo [MAP] |
| Speaker | 吉田二郎（Jiro Yoshida, Pennsylvania State University and CREPE) |
| Abstract | This study analyzes the production function for both new and seasoned real estate assets by defining the quantity of an asset as the discounted sum of real service flows. I estimate returns to scale, factor shares, and the elasticity of substitution between land and structure by using data for commercial and residential properties in Japan and the U.S. The result demonstrates wide variation by country, property type, building age, and capital intensity. Returns to scale are approximately constant in Japan for both commercial and residential properties regardless of building age. However, the US housing exhibits decreasing returns particularly between 30 and 50 years of building age. The equilibrium share of land value is almost constant across locations within a city although the capital intensity is greater at central locations. The value share of land is approximately 5% for houses in the US, 30-55% for houses in Japan, and 60-70% for commercial properties in Japan, but it is greater for older properties with large lot sizes. These results imply that the elasticity of substitution between land and structures is greater than or equal to unity. |
| Information | 英語での発表となります（Presentation in English） 主催：ミクロ実証ワークショップ |