Abstract
This paper shows the effect of a series of system revisions of judicial real estate auction in the 2000s on three factor; bid acceptance ratio, number of bidders and highest bid. Using multi-year data of auctions from multiple district courts, I estimate the improvement of the three factors by the revision. Furthermore, comparing real estate auction data with voluntary sale and general real estate trading data, I find that the selling price in auction was greatly lower than the price in voluntary sale even after the system revisions. Based on the empirical results, I suggest about necessity of further system revisions.
