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23 Wards agglomeration economies arbitrage arbitrage condition area of Tokyo asset assumed bubbles capital CBD of Tokyo CBD productivity Charles Yuji Horioka Chiyoda Ward commuting cost commuting expenses congestion cost of land discount rate distance efficiency preference employment density equation estimate firms future returns Harold Hotel higher Hotelling Hotelling's proof household implies income distributions increase Industry Specific Interests interest rate Japan Japanese Kaoru Ueda Kazuharu Kiyono Kazuo Inoue land investment function land price changes land price curve land price function land price index Lorenz curve marginal cost pricing Masahiro Kawai Mitaka Nakano nearby station passengers population and employment population density curve Prefecture price equation railroad rate of land Real Business Cycle reimbursement resident risk averse risk premium sample September 1991 Shinjuku social welfare functions Souichi Ohta Special Rapid Train stochastic process suburban Table Tokyo Metropolitan Area Tokyo Station urban wage rate user cost variance Yasushi Ohkusa York