University of Tsukuba. Graduate School of Systems and Information Engineering. Doctoral Program in Social Systems & Management
Abstract
This paper considers three tenure modes - owner-owned housing, tenant-owned housing, and landlord-owned housing - and models the effect of the rental externality and tenure security on housing quality. We show theoretically that the rental externality has no impact on the housing quality of tenant-owned housing, but tenure security has an ambiguouseffect when the user\u27s utilization and the owner\u27s maintenance are complements. We also show that the rental externality and tenure security both reduce landlord-owned housing quality when the user’s utilization and the owner’s maintenance are substitutes. Empirical investigation yields results that are consistent with the theoretical predictions
