2013 Fiscal Year Final Research Report
Economic analysis of housing tenure choice and these markets
| Project/Area Number |
23530336
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Multi-year Fund |
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| Section | 一般 |
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| Research Field |
Economic policy
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| Research Institution | Senshu University |
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Principal Investigator |
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| Project Period (FY) |
2011 – 2013
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| Keywords | 既存住宅取引 / 賃貸契約 / 情報の非対称性 |
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| Research Abstract |
In this research, I consider the tenure choice problem under different schemes of legal tenancy protection. I analyze the interaction between the rental and resale housing markets under conditions of bilateral asymmetric information regarding housing quality and the type of residents. Home ownership is associated with a trade-off between the loss caused by asymmetric information and rent exploitation by landlords in a holdup problem. With perfect protection for tenants, adverse selection in the resale housing market becomes problematic, and the market disappears. Conversely, the absence of tenancy protection mitigates adverse selection in the resale housing market and leads to a separating equilibrium.
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