The present paper will construct a simple model of land development to reconsider the lock-in effect of capital gains taxation under perfect foresight. In the case where there is no competitive rental market, as in Japan, a lock- in effect deters the efficient land use. We will distinguish...

In this paper, we consider the tenure choice problem under different schemes of legal tenancy protection. We analyze the interaction between the rental and resale housing markets under conditions of bilateral asymmetric information regarding housing quality and the type of residents. Home...

Recently, inventors of research and development (R&D) firms have filed lawsuits for "reasonable remuneration" against the firms. Firms have begun to revise their reward systems to better reward researchers and preempt litigation. In the Olympus case, the court judged that inventors have an ex...