【応用ミクロ経済学ワークショップ、国際経済学セミナーと共催】

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要旨：This paper examines empirically whether collective action problems in condominiums decrease property values. Because of property co-ownership, there are problems associated with the decision-making process between the owners of units in condominiums. Further, condominium law in Japan requires a relatively high degree of unanimity in decision-making about maintenance and reconstruction, and failure to achieve unanimity potentially lowers property values. By comparing the property values of units in condominiums with rental apartments, we find that significant collective action costs exist in condominiums. In general, an increase in the number of unit owners makes it more difficult to resolve any conflicts of interest.