An equilibrium-econometric analysis of rental housing markets with indivisibilities

Mamoru Kaneko, Tamon Ito

    Research output: Chapter in Book/Report/Conference proceedingChapter

    Abstract

    We develop a theory of an equilibrium-econometric analysis of rental housing markets with indivisibilities. It provides a bridge between a (competitive) market equilibrium theory and a statistical/econometric analysis. The listing service of apartments provides the information to both economic agents and an econometric analyzer: each economic agent uses a small part of the data from the service for his economic behavior, and the analyzer uses them to estimate the market structure. It is argued that the latter may be done by assuming that the economic agents take the standard price-taking behavior. We apply our theory to the data in the rental housing markets in the Tokyo area, and examine the law of diminishing marginal utility for household. It holds strictly with respect to the consumption, less with commuting time-distance, and much less with the sizes of apartments.

    Original languageEnglish
    Title of host publicationSpringer Optimization and Its Applications
    PublisherSpringer International Publishing
    Pages193-223
    Number of pages31
    Volume118
    DOIs
    Publication statusPublished - 2017

    Publication series

    NameSpringer Optimization and Its Applications
    Volume118
    ISSN (Print)19316828
    ISSN (Electronic)19316836

    Fingerprint

    Econometrics
    Economics
    Market Equilibrium
    Competitive Equilibrium
    Diminishing
    Strictly
    Market
    Estimate

    Keywords

    • Competitive equilibrium
    • Discrepancy measure
    • Indivisibilities
    • Law of diminishing marginal utility
    • Rental housing market

    ASJC Scopus subject areas

    • Control and Optimization

    Cite this

    Kaneko, M., & Ito, T. (2017). An equilibrium-econometric analysis of rental housing markets with indivisibilities. In Springer Optimization and Its Applications (Vol. 118, pp. 193-223). (Springer Optimization and Its Applications; Vol. 118). Springer International Publishing. https://doi.org/10.1007/978-3-319-52654-6_9

    An equilibrium-econometric analysis of rental housing markets with indivisibilities. / Kaneko, Mamoru; Ito, Tamon.

    Springer Optimization and Its Applications. Vol. 118 Springer International Publishing, 2017. p. 193-223 (Springer Optimization and Its Applications; Vol. 118).

    Research output: Chapter in Book/Report/Conference proceedingChapter

    Kaneko, M & Ito, T 2017, An equilibrium-econometric analysis of rental housing markets with indivisibilities. in Springer Optimization and Its Applications. vol. 118, Springer Optimization and Its Applications, vol. 118, Springer International Publishing, pp. 193-223. https://doi.org/10.1007/978-3-319-52654-6_9
    Kaneko M, Ito T. An equilibrium-econometric analysis of rental housing markets with indivisibilities. In Springer Optimization and Its Applications. Vol. 118. Springer International Publishing. 2017. p. 193-223. (Springer Optimization and Its Applications). https://doi.org/10.1007/978-3-319-52654-6_9
    Kaneko, Mamoru ; Ito, Tamon. / An equilibrium-econometric analysis of rental housing markets with indivisibilities. Springer Optimization and Its Applications. Vol. 118 Springer International Publishing, 2017. pp. 193-223 (Springer Optimization and Its Applications).
    @inbook{3a128033a28d46198e59cd757b333af9,
    title = "An equilibrium-econometric analysis of rental housing markets with indivisibilities",
    abstract = "We develop a theory of an equilibrium-econometric analysis of rental housing markets with indivisibilities. It provides a bridge between a (competitive) market equilibrium theory and a statistical/econometric analysis. The listing service of apartments provides the information to both economic agents and an econometric analyzer: each economic agent uses a small part of the data from the service for his economic behavior, and the analyzer uses them to estimate the market structure. It is argued that the latter may be done by assuming that the economic agents take the standard price-taking behavior. We apply our theory to the data in the rental housing markets in the Tokyo area, and examine the law of diminishing marginal utility for household. It holds strictly with respect to the consumption, less with commuting time-distance, and much less with the sizes of apartments.",
    keywords = "Competitive equilibrium, Discrepancy measure, Indivisibilities, Law of diminishing marginal utility, Rental housing market",
    author = "Mamoru Kaneko and Tamon Ito",
    year = "2017",
    doi = "10.1007/978-3-319-52654-6_9",
    language = "English",
    volume = "118",
    series = "Springer Optimization and Its Applications",
    publisher = "Springer International Publishing",
    pages = "193--223",
    booktitle = "Springer Optimization and Its Applications",

    }

    TY - CHAP

    T1 - An equilibrium-econometric analysis of rental housing markets with indivisibilities

    AU - Kaneko, Mamoru

    AU - Ito, Tamon

    PY - 2017

    Y1 - 2017

    N2 - We develop a theory of an equilibrium-econometric analysis of rental housing markets with indivisibilities. It provides a bridge between a (competitive) market equilibrium theory and a statistical/econometric analysis. The listing service of apartments provides the information to both economic agents and an econometric analyzer: each economic agent uses a small part of the data from the service for his economic behavior, and the analyzer uses them to estimate the market structure. It is argued that the latter may be done by assuming that the economic agents take the standard price-taking behavior. We apply our theory to the data in the rental housing markets in the Tokyo area, and examine the law of diminishing marginal utility for household. It holds strictly with respect to the consumption, less with commuting time-distance, and much less with the sizes of apartments.

    AB - We develop a theory of an equilibrium-econometric analysis of rental housing markets with indivisibilities. It provides a bridge between a (competitive) market equilibrium theory and a statistical/econometric analysis. The listing service of apartments provides the information to both economic agents and an econometric analyzer: each economic agent uses a small part of the data from the service for his economic behavior, and the analyzer uses them to estimate the market structure. It is argued that the latter may be done by assuming that the economic agents take the standard price-taking behavior. We apply our theory to the data in the rental housing markets in the Tokyo area, and examine the law of diminishing marginal utility for household. It holds strictly with respect to the consumption, less with commuting time-distance, and much less with the sizes of apartments.

    KW - Competitive equilibrium

    KW - Discrepancy measure

    KW - Indivisibilities

    KW - Law of diminishing marginal utility

    KW - Rental housing market

    UR - http://www.scopus.com/inward/record.url?scp=85017198793&partnerID=8YFLogxK

    UR - http://www.scopus.com/inward/citedby.url?scp=85017198793&partnerID=8YFLogxK

    U2 - 10.1007/978-3-319-52654-6_9

    DO - 10.1007/978-3-319-52654-6_9

    M3 - Chapter

    AN - SCOPUS:85017198793

    VL - 118

    T3 - Springer Optimization and Its Applications

    SP - 193

    EP - 223

    BT - Springer Optimization and Its Applications

    PB - Springer International Publishing

    ER -