著者
大橋 照枝 Terue Ohashi
出版者
麗澤大学経済学会
雑誌
麗澤経済研究 = Reitaku International Journal of Economic Studies (ISSN:09196706)
巻号頁・発行日
vol.17, no.2, pp.19-49, 2009-09-30

Sustainable welfare indicator HSM (Human Satisfaction Measure) including Triple bottom line (Society, Environment and Economy) was proposed by Ohashi in 2000 and developed from Ver. 1, Ver. 2-(1), Ver. 2-(2), Ver. 3-(1), Ver. 3-(2), Ver. 4, Ver. 5 with help of Dr. Hong Nguyen and Professor Nobuyuki Kimata.For the further development of HSM, Ohashi tried to introduce weighting research of 6 categories (Labor, Health, Education, Gender, Environment and Income) using AHP (Analytic Hierarchy Process ) Method, conducted in Japan ( 2007 ), and Sweden ( 2008 ), named "Questionnaire on Ideal Society PartI".In the questionnaire Ohashi included one open-ended question " What is your Ideal Society?".Using the text mining software named True Teller of Nomura Research Institute, analyzing the open-ended answers of both countries to "words mapping", Ohashi found the interesting results. The keywords mutually found in both countries are " environmental consciousness" and "stability of life". The keywords appeared only in Japan is "no social gap" and only in Sweden "democracy", "equality" and "education".Democracy was considered as key factor of social sustainability from 19th century in Sweden.HSM is composed by triple bottom line : Society, environment and economy, as indispensable factor for social sustainability.But democracy is also important as healthy society.So, Ohashi conducted the research named "Questionnaire on Ideal Society Part II" in Sweden and Japan in May 2009.In the research , Ohashi included one open-ended question, "What kinds of aspects of Sweden do you like most?" in Swedish research, and "What kinds of aspects of Japan do you like most" in Japanese questionnaire.Analyzing the answer using True Teller as word mapping, the keywords appeared in both countries are quite different.In Sweden, "Democracy", "Freedom of speech" and "Equality" are the keywords of most favorite aspects of their country. In Japan, "Nature", "Environment", "The national character","Peace", and "Culture" are the aspects Japanese like most about their country.Swedish respondents love the foundation of country people depend upon, but Japanese love the aspect of software of their country and they don't aware the foundation through which they can enjoy peace, culture and so on.In Sweden, Social Democratic Party is established in 1889 as the first political party and it was the main party governing most of the political history and contributed forming the democratic and welfare society of Sweden.Japan, on the other hand, got democracy after the defeat of World War II with the help of GHQ (General Headquarters). Thus, Japanese have almost no history to endeavor to make democracy by their own.So there is some delay in democratic thinking in Japan comparing with Sweden, and it makes unhappy phenomena in Japanese society.Such findings Ohashi got the results of this research.Through the research, Ohashi concludes that in order to increase the HSM value of Japan,the key is to raise the consciousness of democracy in Japan.
著者
清水 千弘 Chihiro Shimizu
出版者
麗澤経済研究
雑誌
麗澤経済研究 = Reitaku International Journal of Economic Studies (ISSN:09196706)
巻号頁・発行日
vol.21, no.1, pp.33-50, 2013-03-10

While fluctuations in commercial property prices have an enormous impact on economic systems, the development of related statistics that can capture these fluctuations is one of the areas that is lagging the furthest behind. The reasons for this are that, in comparison to housing, commercial property has a high level of heterogeneity and there are extremely significant data limitations. Focusing on the Tokyo office market, this study estimated commercial property price indexes using the data available in the property market, and clarified discrepancies in commercial property price indexes based on differences in the method used to create them. Specifically, we estimated a quality-adjusted price index with the hedonic price method using property appraisal prices and transaction prices available for the JREIT market. In addition, we attempted to estimate a price index based on a present value model using revenues arising from property and discount rates. Here, along with the discount rates underlying the determination of property appraisal prices and transaction prices, we obtained discount rates using enterprise values that can be acquired from the J-REIT investment market, and estimated the respective risk premiums. First, the findings showed that, compared to risk premiums formed by the stock market, risk premiums when determining property appraisal prices change only relatively gradually, with the adjustment speed being especially slow while the market is contracting. As a result, these prices decline only slowly. They also showed that until the Lehman Shock, property market risk premiums formed by the stock market were at a lower level than risk premiums set when determining property appraisal prices and transaction prices, but following the Lehman Shock, the respective risk premiums converged toward the same level.