( ) 62 1 1 47 2 3 47 2 e-mail:miyazaki@ngu.ac.jp 1 2000 2005 1
4 2 p = p(t, g) (1) r = r(t, g) (2) p r t g p r dp dt = p dg t + p g (3) dt dr dt = r dg t + r g dt 3 p t p g dt p t 3 2 4 r t = 3 4 2 Benefit view dp dt Benefit view dg (4) 2
New view dr dt 3 3.1 Wassmmer (1993) Carroll and Yinger (1994) p it = p(t it, H it, L it, K it, G it, A it ) (5) r it = r(t it, H it, L it, K it, G it, A it ) (6) T it p it G it r it H it L it H it A it H it Wassmmer (1993) L it H it 3
2 A it 5 6 7 8 log p it = a 1 log T it + a 2 log K it + a 3 log H it + a 4 log K it +a 5 log G it + a 6 log A it + α i + λ t + ɛ pit (7) log r it = b 1 log T it + b 2 log K it + b 3 log L it + b 4 log K it +b 5 log G it + b 6 log A it + α i + λ t + ɛ rit (8) α i λ t ɛ pit ɛ rit 7 8 3.2 1983 1988 1993 1998 4 47 With-in (7) 3 2 1999 2001 2002 2003b 3 1996 2003a 4
(7) Baltagi (2001) the error component two-stage least squares EC2SLS Hausman (1978) 1 2 Hausman Hausman p 5% 1% 1 1-0.609 0.577 1 b 1 0.178 0.097 b 1 (= ) (= ) 5
1999 a 1 2 7 3 a 1 dp a 5 dt 3.2 1 2 3.3 7 d log p d log t = a d log G 1 + a 5 d log t (9) 3 dg 3 dt dlngi dlnt GI 6
3.3.1 log GI it = c 1 log T it + c 2 log L it + b 3 log A it +α i + λ t + ɛ GIit (10) 10 Wassmmer 1993 = 3 Hausman d log G 0.179 d log t a 1 1a -0.609 a 5 1a d log p 0.362 9 d log t -0.54 2 Benefit view 3.3.2 dg dt E = t P T B (11) E t PTB 7
de dt = t dp T B + P T B dt t dp T B = P T B + P T B P T B dt t dp T B = c 1 P T B dt de dt = (1 + d 1)P T B (12) 11 d 1 7 4-0.373 d 1 d log GI d log t = dgi t GI dt = dg t de de GI dt E dgi de de 0.885 dt 12 d log GI 9 d log t a 1-0.609 a 5 0.362 12 t GI 98 98 d log p d log t 0.1 Benefit view 8
4 New view Wassmmer (1993) 2003 9
A 3.2 1970 1999 [1] 2002 Discussion Paper USM-01-02 [2] 1999 15 3 pp.19-35 [3] 1996 41 pp. 27-52 10
[4] 1999 1999 5 [5] 2005 76 pp.45-75 [6] 2000 3 pp.70-79 [7] 2003 60 [8] (2003b) 169 pp.88-107 [9] (2003a) 171 pp.30-48 [10] 2001 52 4 pp.3-26 [11] Baltagi, B. H. (2001)Econometric Analysis of Panel Data, 2nd ed., Chichester: John Wiley & Sons. [12] Carroll, R. J. and J. Yinger. (1994) Is the Property Tax is a Benefit Tax? The Case of Rental Housing, National Tax Journal vol 47 (2), pp.295-316. [13] Hausman, J. A. (1978) Specification Tests in Econometrics, Econometrica, 46, pp.1251-1271. [14] Wassmer, R. W. (1993) Property Taxation, Property Base, and Property Value: an Empirical Test of the New View, National Tax Journal vol 46 (2), pp.135-160. 11
1a: ( ) = =188 independent variable Fixed Random log T it 0.609 0.656 (0.046) (0.044) log H it 2.510 1.592 (0.567) (0.293) log L it 0.293 0.202 (0.491) (0.139) log K it -0.0263 0.219 (0.076) (0.058) log G it 0.362 0.474 (0.186) (0.107) log OW N it 0.286 1.925 (0.566) (0.329) log P OP it 0.990 1.405 (1.115) (0.265) log DENSIT Y it 0.398 0.225 (0.824) (0.048) Hausman chi2(8)=59.39 p 0.000 ) 1% 5% 10% 1b: ( ) = =141 independent variable Fixed Random log T it 0.577 0.795 (0.135) (0.078) log H it 3.367 1.184 (1.534) (0.352) log L it -0.657 0.223 (0.940) (0.149) log G it 0.645 0.354 (0.457) (0.144) log OW N it 0.105 2.001 (0.934) (0.376) log P OP it -1.912 0.973 (2.234) (0.337) log DENSIT Y it 0.504 0.222 (1.050) (0.055) Hausman chi2(8)=31.58 p 0.000 ) 1% 5% 10% =log T it log G it log H it =log P T B it 1 log T it 1 log G it 1 log H it 1 log L it log K it log OW N it log P OP it log DENSIT Y it 12
2a: ( ) = =188 independent variable Fixed Random log T it 0.178 0.117 (0.029) (0.034) log H it 2.638 2.332 (0.355) (0.232) log L it 0.141-0.042 (0.308) (0.110) log K it 0.200 0.226 (0.048) (0.045) log G it 0.606 0.715 (0.117) (0.084) log OW N it 0.323 0.622 (0.355) (0.260) log P OP it 1.164 2.117 (0.699) (0.209) log DENSIT Y it 0.079 0.210 (0.517) (0.038) Hausman chi2(8)=34.17 p 0.000 ) 1% 5% 10% 2b: ( ) = =141 independent variable Fixed Random log T it 0.240 0.097 (0.034) (0.036) log H it 3.651 2.317 (0.625) (0.247) log L it -0.189-0.013 (0.491) (0.114) log K it 0.072 0.164 (0.068) (0.053) log G it 0.605 0.663 (0.224) (0.100) log OW N it 0.787 0.776 (0.451) (0.278) log P OP it 1.762 1.999 (1.012) (0.225) log DENSIT Y it -0.552 0.226 (0.565) (0.041) Hausman chi2(8)=8.88 p 0.353 ) 1% 5% 10% =log G it,log H it =log r it 1 log G it 1 log T it log H it 1 log L it log K it log OW N it log P OP it log DENSIT Y it 13
3: = =188 independent variable Fixed Random log T it 0.179 0.064 (0.029) (0.047) log L it 1.790 0.267 (0.247) (0.116) log S it 0.012 0.113 (0.125) (0.070) log P OP it 0.481 0.678 (1.529) (0.130) log DENSIT Y it -0.818-0.057 (1.312) (0.064) Hausman chi2(5)=61.63 p 0.000 ) 1% 5% 10% 4: = =188 independent variable Fixed Random log T it 0.373 0.445 (0.035) (0.039) log H it 2.675 2.009 (0.434) (0.275) log L it 0.090 0.200 (0.376) (0.131) log K it 0.159 0.393 (0.058) (0.528) log G it 0.857 0.781 (0.143) (0.099) log OW N it 1.049 2.030 (0.434) (0.307) log P OP it -0.634 2.274 (0.854) (0.248) log DENSIT Y it -0.528 0.278 (0.632) (0.046) Hausman chi2(8)=55.44 p 0.000 ) 1% 5% 10% 14
5-0.54 0.10 47-0.39 0.12-0.17-0.27-0.29 0.71-0.28-0.12-0.41 0.04-0.28-0.38-0.08-0.24-0.02-0.37 0.33-0.16 0.27-0.28 0.91 0.21 0.31-0.05 0.03 0.06 0.12-0.17-0.20-0.44-0.23-0.26-0.25-0.17 0.09-0.33-0.17-0.36-0.07-0.34-0.10-0.39 0.37-0.39 0.33-0.37 0.10 15