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@article{ART001329715},
author={임재만},
title={Pooling Equilibrium of Lease Contracts in Housing Rental Markets},
journal={The Korea Spatial Planning Review},
issn={1229-8638},
year={2009},
volume={60},
pages={47-59},
doi={10.15793/kspr.2009.60..003}

TY - JOUR
AU - 임재만
TI - Pooling Equilibrium of Lease Contracts in Housing Rental Markets
JO - The Korea Spatial Planning Review
PY - 2009
VL - 60
IS - null
PB - 국토연구원
SP - 47
EP - 59
SN - 1229-8638
AB - 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.
KW - Type of Lease Contracts;Rent Conversion Rate;Deposit Interest Rate;Risk Neutral Equity Income Rate
DO - 10.15793/kspr.2009.60..003
ER -

임재만. (2009). Pooling Equilibrium of Lease Contracts in Housing Rental Markets. The Korea Spatial Planning Review, 60, 47-59.

임재만. 2009, "Pooling Equilibrium of Lease Contracts in Housing Rental Markets", The Korea Spatial Planning Review, vol.60, pp.47-59. Available from: doi:10.15793/kspr.2009.60..003

임재만 "Pooling Equilibrium of Lease Contracts in Housing Rental Markets" The Korea Spatial Planning Review 60 pp.47-59 (2009) : 47.

임재만. Pooling Equilibrium of Lease Contracts in Housing Rental Markets. 2009; 60 47-59. Available from: doi:10.15793/kspr.2009.60..003

임재만. "Pooling Equilibrium of Lease Contracts in Housing Rental Markets" The Korea Spatial Planning Review 60(2009) : 47-59.doi: 10.15793/kspr.2009.60..003

임재만. Pooling Equilibrium of Lease Contracts in Housing Rental Markets. The Korea Spatial Planning Review, 60, 47-59. doi: 10.15793/kspr.2009.60..003

임재만. Pooling Equilibrium of Lease Contracts in Housing Rental Markets. The Korea Spatial Planning Review. 2009; 60 47-59. doi: 10.15793/kspr.2009.60..003

임재만. Pooling Equilibrium of Lease Contracts in Housing Rental Markets. 2009; 60 47-59. Available from: doi:10.15793/kspr.2009.60..003

임재만. "Pooling Equilibrium of Lease Contracts in Housing Rental Markets" The Korea Spatial Planning Review 60(2009) : 47-59.doi: 10.15793/kspr.2009.60..003