Empirical Analysis of Search and Matching in the Existing Housing Market

2020 Fiscal Year Final Research Report

• Project/Area Number: 16K03655
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Economic policy
• Research Institution: Keio University
• Principal Investigator: Naoi Michio 慶應義塾大学, 経済学部(三田), 准教授 (70365477)
• Project Period (FY): 2016-04-01 – 2021-03-31
• Keywords: 中古住宅市場 / サーチ / マッチング / 不動産価格

Outline of Final Research Achievements

It is well known that the transaction volume of the existing housing market is extremely small in Japan compared to other countries. Although the revitalization of the existing housing market is an important policy issue, empirical evidence on the factors that hinder the market transactions in the existing housing market, and the evaluation of various policy interventions that aim at revitalization of the market are still quite limited.
This research project has two independent but interrelated topics: (1) measuring the matching efficiency of existing houses and (2) evaluating the impact of matching efficiency on the number of transactions and price levels. Furthermore, the final objective is to quantitatively evaluate various policies targeting the existing housing market.

Free Research Field

都市経済学

Academic Significance and Societal Importance of the Research Achievements

中古住宅市場の活性化は、我が国が直面する重要な政策課題であるが、どういった要因が市場の活性化を阻害しているのか、また、政策的な介入がどの程度のインパクトを持つのかといった点については、必ずしも実証的なエビデンスが得られているわけではない。そのため、本研究課題の知見は重要な学術的意義を持つ。これに加え、住宅取引におけるマッチング効率性の計測は、中古住宅市場の活性化を目的とした政策の評価に不可欠な情報である。その意味で、前述した学術的意義に加えて、本研究は政策的・社会的にも重要な意義を持つといえる。