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1 KEIO UNIVERSITY MARKET QUALITY RESEARCH ROJECT (A 21 Cenury Cener of Excellence rojec) %25.7% * Graduae School of Economic and Graduae School of Buine and Commerce, Keio Univeriy Mia, Minao-ku, Tokyo , Japan

2 * % 25.7% * 21 COE onefield11@gmail.com

3 1. Diaquale and Glaeer(1999) Galer(1983) Green and Whie(1997) Glaeer and Shapiro(22) Roen(1979) Glaeer and Shapiro(22) Glaeer Shapiro 2

4 Glaeer and Shapiro(22) 27 KHS KHS27 4 KHS

5 ( : ) 5% 3% 4% (1997) % 3 MITD 3 min(.1*,2) e ρ d ρ ~75 3 1% 3 3 min(.1*,3) e ρ d 1976~ min *1,3 e 3.3 ρ d 1978~ % 4

6 3 min *1,3 + min(.5*( M 3),3) e 3.3 M ρ d 198~ % 3 3 [ 17 + min(.5*( M 3),3) ] e ρ d % 3 3 [ 17 + min(.7 *( M 3),5) ] e ρ d 1983~ % 3 3 [ min(.18*( M 3),15) ] e ρ d % 3 3.1* min(,2) e ρ d 1987~89 2 1% 5 5

7 5.1* min(,2) e ρ d % 6 6.1* min(,2) e ρ d % ρ mid e d.1*, if 2 mid =.5* + 1, if 2 25, if ~ % % % %

8 mid e 2, 6 ρ d.15*, if 1.1* + 5, if 1 2 mid =.5* + 15, if 3 2 3, if 3 2 6,.1*, if 2 mid =.5* + 1, if , if ~ % 1 2 1% 2 3.5% 3 2 1% 2 3.5% mid e MITD = 3, 6 ρ d.2*, if 1.1*( 1) + 2, if 1 2 mid =.5*( 2) + 3, if , if 3 3 6,.1*, if 2 mid =.5*( 2) + 2, if , if ~ % % % 7

9 mid e 6, 15.1*, if 5 mid = 5, if ,.75*, if 5 mid = 375, if , mid o ρ d.5*, if 5 = 25, if ~ % 1 mid e 1, mid ρ d.1*, if 5 = 5, if % 2 2.5% 1 mid e 8,.1*, if 4 mid = 4, if 4 8 1, mid ρ d.5*, if 4 = 2, if 4 8

10 % % 1 mid e 7,.1*, if 3 mid = 3, if 3 7 1, mid ρ d.5*, if 3 = 15, if 3 3. (1992(21) (23) oerba(1992) e ρ U ( c, H ) d (1) U ρ H c F& = ( 1 θ ) y + ( i π ) F h (1 MITD ) τ H c (2) 9

11 y θi π F h τmitd c H& = h δh (3) (2) (3) (1) c, h F, H [( i + δ ( / + π ))(1 MITD ) + τ ] (4) U H = & U c ucc [( i + δ ( / + π ))(1 MITD ) + τ ] (5) ucc & = R ucc [( i + δ ( & / + π ))(1 MITD ) + τ ] = R R (6) MITD ( ucc / R ) = ( i + δ ( & / + π )) MITD R (7) 4. KHS27 27 KHS KHS27 KHS 1

12 Axel(1986) Wheaon(1994) ( ) 11

13 21 1.4% 16 92% 1.4% 1.8% 1.4% 5. 4 i = α + β X + ε (8) i i i i, i X Linneman and Wacher(1989) (8) (8) 12

14 L * i L i L L L * i * i * i 2 u ~ (, σ ), i f ( L = α + β X > L L i i i i i = L = + u(9) * i 1 Li ( α i + β X ) = φ σ σ i i ) (1) L (1) L L 2 Roen(1979) Seko (27) V V ( ucc, z, y ) > V ( R, z, y ) (11) oi i oi i Ri y ucci R i A B UFJ i i Ri i i 13

15 I i ucc ucci = α i + β1( ) + β 2 X R i = i i & * i + δ i π + ε (12) i ( 1 MITD ) + τ (13) I (13) i i R τ 1.4% β 1 β 1 A B B A 1% 5% 1% B 1% 5%1% 1.73% i p i p 14

16 6. 5 B % % 25 15

17 (4) (1) (2) (3) {(1 θ ) y + ( i π ) F h (1 MITD τ H c } + m { h δh } Γ = U ( c, H ) + m ) ) 2 Γ = m1 = U c ( A1) c Γ = m2 = m1 (1 A) ( A2) h Γ m& 1 = + ρ m1 = ( i + π + ρ) m1 ( A3) F Γ m& 2 = + ρm2 = U H + m1τ + m2δ + ρm2( A4) H ( A2) m& = m& (1 A) + m & (1 A) ( A5) (A5) (A1) (A4) (4) Reference. Axel, B. (1986) Houehold Formaion, Houing rice, and ublic olicy Impac. Journal of ublic Economic 3, p Dipaquale, D., and Glaeer, E. (1999) Incenive and ocial capial: are homeowner beer ciizen? Journal of Urban Economic 45, p Dipaquale, D., and Kahn M (22) Meauring he conequence of promoing inner ciy homeownerhip. Journal of Houing Economic 22. Galer, G. (1983) Empirical evidence on cro-enure defference in houe mainenance and condiion. Land Economic 59, p Glaeer, E., and Shapiro, M. (22) The benefi of he home morgage inere deducion. Naional Bureau of Economic Reearch working paper No Green, R., and Whie M. (1997) Meauring he benefi of homeowning: effec on children. Journal of Urban Economic 41(3), p

18 Haurin, R.; arcel, T.; Haurin, J. (22) Doe Homeownerhip Affec Child Oucome? Real Eae Economic 3 p Linneman, and S. Wacher (1989), "The Impac of Borrowing Conrain on Homeownerhip," Real Eae Economic, 17(4), p oerba, J. (1992), Taxaion and Houing: Old Queion, New Anwer. American Economic Review, 82(2). p Roen, H. (1979), Houing Deciion and he U.S. Income Tax. Journal of ublic Economic, February 11, p1-23. Seko, M., and Sumia, K. (27) Japanee Houing Tenure Choice and Welfare Implicaion Afer he Reviion of he Tenan roecion Law. Journal of Real Eae Finance and Economic 35, p Wheaon, C. (1994) Houing Marke Dynamic and he Fuure of Houing rice. Journal of Urban Economic 35, p1-27. Zorn,. (1988) An Analyi of Houehold Mobiliy and Tenure Choice: An Empirical Sudy of Korea. Journal of Urban Economic 24, p (21) 42, p28-43 (23) (2), p69~8 (1992) 6, p

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COE-RES Discussion Paper Series Center of Excellence Project The Normative Evaluation and Social Choice of Contemporary Economic Systems Graduate Scho

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