Auction Price Formation with Costly Occupants: Evidence Using Data from the Osaka District Court

Foreclosure properties sold at Japanese judicial auctions are delivered to buyers with an unclear title when occupants exist, because the foreclosure laws protect occupants from compulsory execution of auctions. The existence of occupants theoretically affects the auction price through two channels. First, it affects the reserve price, and this changes in auction price. Second, the number of bidders changes in response to changes in the reserve price that is controlled by occupants, and this changes the auction price. Using data from the Osaka District Court, we empirically find that the existence of occupants in properties reduces the auction price through two channels.     

Precariousness in everyday life: homelessness in Japan

The Japanese social structure was established and has been maintained through a mixed economy comprising a balance between the state, the market, the family and the company. Vital elements in maintaining this balance have been the traditional family, full employment and increasing prosperity. More recently, developments have seen a reversal of economic prosperity, rising unemployment, increasing pressure to restructure the employment system and a potential rise in the number of households experiencing housing difficulties. In addition, the predominance of the nuclear family, the increased employment of women and decreased fertility has put the enterprise, family and state dynamic under challenge. This article explores some of the implications of these trends as some of the certainties of the past are giving way to increasing insecurity and risk across a wider section of society. It begins by exploring the institutional and social structure of post‐war Japan, when there was little evidence of poverty and homelessness. It goes on to consider the recent rise in the number of people living on the streets of Japanese cities and the policies put in place. The article then outlines some of the processes of social change that have contributed to the growth in the numbers of homeless people in Japan. La structure sociale japonaise a été créée et préservée grâce à une économie mixte, équilibre complexe entre É tat, marché, famille et entreprise. Les éléments essentiels à cet équilibre étaient la famille traditionnelle, le plein emploi et une prospérité croissante. Or, on a pu constaté dernièrement un revirement économique, une hausse du chômage, une accentuation des forces visant à restructurer l'emploi et une progression latente du nombre de ménages confrontés à des difficultés de logement. De plus, la prédominance de la famille nucléaire, le travail croissant des femmes et la diminution de la fertilité ont remis en question la dynamique entreprise‐famille‐É tat. L'article explore certains effets de ces évolutions, alors que nombre de certitudes passées laissent place à un renforcement de l'insécurité et du risque dans une part plus vaste de la société. L'étude débute par la structure institutionnelle et sociale du Japon de l'après‐guerre, lequel comptait peu de cas de pauvreté et de sans‐abris. Elle aborde ensuite la hausse récente du nombre de personnes vivant dans les rues des grandes villes nippones et les politiques publiques mises en place, tout en décrivant certains des processus de changement social impliqués dans la multiplication des sans‐abris au Japon.