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An estimation of collective action cost in condominium reconstruction : the case of Japanese condominium law

This paper presents an empirical examination of the cost of collective action problems inherent in condominium reconstruction in Japan. Because of property co-ownership, problems associated with the decision-making process arise among owners of condominium units. Further, mechanisms of condominium law in Japan potentially induce a holdout problem in the decision-making process, resulting in the development of more serious collective action problems. By comparing the price functions of Japanese condominiums with those of rental apartments in Japan and condominiums in the United States, we clarify the presence of a collective action cost in Japanese condominium reconstruction and confirm that a deficiency exists in Japanese condominium law.