부동산신탁시장의 인가관련 이슈에 대한 경제이론적 접근

This paper tries to answer the following questions regarding the license for land and collateral trust in real estate trust market. First, what is the optimal number of firms which provide land trust service? Second, if stock brokers enter collateral trust market, then what kind of price policy would they employ? This paper applies the theoretical model of Salop(1979) into land trust market, and derives the optimal number of firms using available market data. And then it describes the relation between collateral trust market and real estate project financing, and analyzes the price policy of stock brokers which maximizes their profits if they are permitted to enter the market. The result is as follows. First, 4 is the optimal number of firms which maximizes social welfare. Second, the stock brokers, if permitted, have no incentive to set the price below the marginal cost of the service. The contribution of this paper is to analyze the real estate trust market theoretically for the first time in related research.