Dynamical change of Pareto index in Japanese land prices

Details Dynamical change of Pareto index in Japanese land prices Dynamical change of Pareto index in Japanese land prices

2006-07-14

arxiv.org/abs/physics/0607131v1

Physics

Physics and Society

11 pages, 11 figures, presented in Applications of Physics in Financial Analysis (APFA5), Torino, Italy, June 29 to July 1, 20

Scientific paper

We investigate the dynamical behavior in the large scale region of non-equilibrium systems, by employing data on the assessed value of land in 1983 -- 2006 Japan. In the system we find the detailed quasi-balance, which has the symmetry: x_1 -> a {x_2}^{\theta} (x_1 and x_2 are two successive land prices). By using the detailed quasi-balance and Gibrat's law, we derive Pareto's law with varying Pareto index annually. The parameter \theta corresponds with the ratio of Pareto indices (\mu_1 + 1)/(\mu_2 + 1), and the relation is confirmed in the empirical data nicely.

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