Pooling Equilibrium of Lease Contracts in Housing Rental Markets

임재만

doi:10.15793/kspr.2009.60..003

This paper provides the insights on the structure of the various lease contracts in real estate market, Korea. There are all deposit no rent type(‘chonsei’), monthly rent with deposit type, and pure monthly rent type, and more rent/deposit ratio has various spectrum according to market conditions and landlord/tenant financing conditions and credit status. Previous studies assumed that there are linear relationship in deposit with monthly rent via monthly rent conversion rate. However they have an important error to ignore the risk-return trade-off relation of investment theory. This paper develops and investigates empirically the condition of risk-neutral pooling equilibrium to equalizing equity income rate without regard to deposit ratio. This concept is rationalized, because landlords have not informed about tenants' credit status and business prospects.

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* 2021년 이후 발행 논문의 참고문헌은 현재 구축 중입니다.

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