Seko, Miki; Sumita, Kazuto; Yoshida, Jiro - Volkswirtschaftliche Fakultät, … - 2012
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...