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This study aims to clarify the space-time nature of land price upheaval that Japanese metropolitan areas experienced in the late eighties. Long-term panel data of land prices for two major metropolitan areas were first compiled, based on thePublic Notifications. The parameters of the cross-sectional land price functions calculated in the process suggest that the price formations in Osaka are approximately two to three years behind that in Tokyo. The space-time structure of land price changes within the Tokyo area was studied using one- and two-dimensional diffusion models, where monocentricity of fund supplies to the land market is assumed. It is concluded, regardless of dimensions, that heat conduction provides a good analogy for the space-time behavior of land market: diffusion coefficients suggest that the land price increase has propagated fastest towards north-north-east and south-south-west, and slowest along the orthogonal direction. [ABSTRACT FROM AUTHOR]

This paper intends to evaluate impacts of high-speed rail transit, i.e., Shinkansen network in Japan on spatial dispersion of economic activities and population. For doing so, a simple supply-oriented regional econometric model is constructed, and simulation analyses are carried out for alternative hypothetical scenarios of the Shinkansen network. The results show that denset Shinkansen network will not necessarily contribute to regional dispersion. [ABSTRACT FROM AUTHOR]