A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the...

A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the...

A model of the term structure of lease rates in a frictionless economy is developed and its predictions are compared with data on residential leases in Japan. The model shows that the initial lease rate for a cancellable lease must be set higher than that for a non-cancellable lease because the...

This study analyzes the rent term premium for leases that can be cancelled by the lessee. We model the lessor's trade-off between leasing costs and the cost of cancellation options based on the recognition that many leases are cancellable by lessees, and lease markets involve significant...

Japan is famous for its earthquakes. To examine effects of earthquake risk on quality of life of households, we estimate the quality of life index (QOLI) considering earthquake occurrence probability, and examine the regional differences of the QOLI among Japanese cities. We first estimate the...