Land prices formation factor analysis in Kagoshima City by Hedonic approach

Because of the deterioration of the financial circumstances on both the nations and the local, in recent years, the public policy such as the social capital investment has been received the severe evaluation. Under this situation, the necessity of the efficient selection and investment of the social capital which is supported by the citizen consensus is demanded more and more; therefore, it become difficult to meet the citizen needs using the only standardized policy from the nations. In recent years, for grasping the citizen's opinion objectively and relating the policy, the means to measure regularly how much profit the public policy productive has been noticed. The one of means is the hedonic approach. In this study, the properties of real property which influences intentionally the price of land in the Kagoshima City is able to be supplemented by the hedonic approach or not. In addition, for recognizing which properties is important factor to conclude the difference of the price of land, I divided the Kagoshima City into all division, the division of residential area, and the division of commercial area and did the demonstration analysis. As far as I know, the studies about the profit measure using the hedonic approach are normally focused on the metropolitan area, and the few studies are focused on the local city. On this point, it will be thought that this study has the value and is able to utilize as the morgues for planning the social capital in the Kagoshima City. It is fortunate to be the reference for realizing the citizen needs which are against the social capital in local cities as the quantity index