東京都区部の教育水準と地価 The effect of test score on residential land price in Tokyo

The inhabitants' concern for high education is rising, and they are likely to live in the school area with high school score. The demand of residential land with high score is rising and causes the rise of land price. It is necessary to inspect whether test scores influence land price of the neighborhood. In this study, I get the data of the test score of preparatory school in Tokyo and analyzed the influence of test score on land price by using panel data analysis and instrument variables. As a result, I conclude that high test score bring about high residential land price. The improvement of test score per standard deviation adds 0.17 % to land price.