都市再生の価値と事業評価事業実施者の評価インデックスの作成

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(2) １０２００６pp.１０２０

(3) １０６. ISSN １８８０４９０X.

(4) . Evaluation of regional policies in town centre areas in Japan. Motohiro ADACHI Abstract This paper examines the value assessment system on town revitalisation policies in rural areas in Japan. The paper is comprised of five sections: firstly, we briefly review previous literatures with a special reference to policy impact. Secondly, this paper looks at the evaluation system of policies, dividing assessed value into three categories, such as value calculated by DCFdiscount cash flow method, value consist of capital gains and qualitative values. Thirdly, we present empirical methodology such as ordered logit techniques and questionnaire data information. Fourthly, we discuss empirical results and develop index. Finally, the summary and conclusions are given. Our results suggest that the policy such as ' sales of special local goods in the rural areahas gained the highest point in our index framework. Policy such as providing infrastructure such as maintenance of commercial building with city produces the lowest mark in our index.. Policy assessments, revitalization of town centre areas, value of urban city, ordered logit model, index,

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(838) １．Adachi, M., ２００２ ' Real Option Model with Property Tax and Implied Volatility in Japan' presented at EURE conference held in Vienna, July ２００２. ６

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(843) １０２００６. ２．Adachi.M, and Patel.K, １９９９, ' Agricultural Land Conversion and Inheritance Tax Effect' Review of Urban and Regional Development Studies,Vol.１１- ２ pp１２７-１４０, ３．Armstrong.H. and J.Taylor,１９８５, Regional Economics and Policy, Philip Allan, Oxford ４．Capozza, D.R., and Li,Y., １９９４ "The intensity and timing of investment: The case of land," American Economic Review,Vol.８４, No.４,pp８８９-９０４. ５．Dixit,A.,and R.S.Pyndic１９９４,' Investment under Uncertainty' Princeton University Press ６．Discussion paper, University of Cambridge, Department of Land Economy ７．Firchaild,F.F. and Associates,１９３５, Forest Taxation in the United States, U.S. Department of Agriculture, Misc.Publication,No.２１８,Washington:U.S Government Printing Office ８．Mayo,S.K.,１９８１，' Theory and Estimation in the Economics of Housing Demand' ,Journal of Urban Economics,１０,pp９５-１１６９．Sing, T.F.,１９９８, ' Real Options in Real Estate: Irreversibility, Volatility and Option Premia in U.K Commercial Property Market' , Ph.D dissertation at Cambridge University １０．Quigg,L.,１９９３,"Empirical Testing of Real Option Pricing Models," The Journal of Finance, Vol.６８,No.２,pp.６２１-６３９１１．Williams,J,１９９１,' Real Estate Development As an Option' ,Journal of Real Estae Finance and Economics,Vol.２０,pp.２１３-２２２. １２． Tiwari２００２

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