Japanese Contract Law Reform and the Effect on the Japanese real estate markets
Project/Area Number |
26504011
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Research Category |
Grant-in-Aid for Scientific Research (C)
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Allocation Type | Multi-year Fund |
Section | 一般 |
Research Field |
土地・住宅・不動産研究
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Research Institution | Senshu University |
Principal Investigator |
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Project Period (FY) |
2014-04-01 – 2018-03-31
|
Project Status |
Completed (Fiscal Year 2017)
|
Budget Amount *help |
¥4,810,000 (Direct Cost: ¥3,700,000、Indirect Cost: ¥1,110,000)
Fiscal Year 2017: ¥650,000 (Direct Cost: ¥500,000、Indirect Cost: ¥150,000)
Fiscal Year 2016: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
Fiscal Year 2015: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000)
Fiscal Year 2014: ¥1,690,000 (Direct Cost: ¥1,300,000、Indirect Cost: ¥390,000)
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Keywords | caveat emptor / caveat venditor / adverse selection / quality warranty / insurance contract / Caveat Emptor / Caveat Venditor / Adverse Selection / 瑕疵担保責任 / 保険契約 / 逆選択 / 民法改正 / 買い主責任 / 売り主責任 / 製造物責任 / 買主責任 / 売主責任 / 中古住宅 / 法と経済学 / 契約法の経済分析 / 情報の非対称性 / リスク負担 |
Outline of Final Research Achievements |
In this Reserch, I consider a theoretical justification for the legal caveat emptor rule ("let the buyer beware"). Specifically, I examine the doctrines of caveat venditor ("let the seller beware" or seller liability) and caveat emptor and consider which better avoids adverse selection under information asymmetry about the quality of a durable commodity or real property. I mainly consider transactions between individual persons in secondhand market with risk-averse sellers and buyers; in this context, caveat emptor outperforms caveat venditor when there are legal costs, whereas caveat venditor outperforms caveat emptor only when no legal costs exist. Caveat emptor remains superior to caveat venditor when individuals can access a competitive insurance market. Insurance contracts are not as effective under caveat venditor as they are under caveat emptor because caveat venditor leads to excess purchases of insurance contracts or duplicated adverse selection.
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Report
(5 results)
Research Products
(16 results)
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[Presentation] 中古住宅流通と住宅金融2014
Author(s)
原野啓・瀬下博之
Organizer
応用地域学会
Place of Presentation
沖縄県 沖縄産業支援センター
Year and Date
2014-11-29 – 2014-11-30
Related Report
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