Demand for housing in Tokyo: A discrete choice analysis

Abstract

Housing is a commodity which is a bundle of characteristics specific to a housing market, tenure, income and other household characteristics. Voluminous literature exists on housing demand in which a quantitative measure defined as housing services is used to measure housing demand. Housing or, more precisely, the service stream from a housing unit, is a heterogeneous commodity. Some dimensions, such as age or size of structure, are measured on a continuous scale; others, such as tenure or type of structure, are discrete properties. Measuring the volume of housing services as housing expenditure, as is done in previous research, essentially ignores the heterogeneity, and, for large number of..