SemesterSpring Semester, 2021
DepartmentSenior Class of Department of Land Economics(Land Management Section) Senior Class of Department of Land Economics(Resource Planning Section)
Course NameReal Estate Economic Analysis
InstructorCHU FANG-NI
Credit3.0
Course TypeElective
Prerequisite
Course Objective
Course Description
Course Schedule































































































































































Week

Topic

Content and Reading Assignment

Teaching Activities and Homework

Student workload expectation

In-class Hours

Outside-of-class Hours

1

Course requirements, class overview, and overview of real estate markets

DiPasquale and Wheaton, Chapter 1:



The Property and Capital Markets

Lecture

3

2

2

Real Estate Micro and Macroeconomics

DiPasquale and Wheaton, Chapter 2:



The Operation of Property Markets: A Micro and Macro Approach

Lecture

3

2

3

Residential Land Markets

DiPasquale and Wheaton, Chapter 3:



The Urban Land Market: Rents and Prices

Lecture

3

2

4

Residential Development

DiPasquale and Wheaton, Chapter 4:



The Urban Housing Market: Structural Attributes and Density

Lecture

3

2

5

Land Markets and Local Government

DiPasquale and Wheaton, Chapter 13



Local Governments, Property Taxes, and Real Estate Markets

Lecture

3

2

6

Externalities, Development Regulation, Infrastructure

DiPasquale and Wheaton, Chapter 14



Public Goods, Externalities, and Development Regulation

Lecture

3

2

7

Macro housing Analysis

DiPasquale and Wheaton, Chapter 8, 9, 10



The Market for Housing Units: Households, Prices, and Financing



The Market for Housing Services: Moving, Sales, and Vacancy



The Cyclical Behavior of Metropolitan Housing Markets

Lecture

3

2

8

Regional Growth and Real Estate Markets

DiPasquale and Wheaton, Chapter 7



Economic Growth and Metropolitan Real Estate Markets

Lecture

3

2

9

Midterm Exam

 

Exam

3

8

10

Global real estate market: Worldwide and the US

Bardhan et al. , Chpater 1, 2



The Financial Crisis and Housing Markets Worldwide



The US Housing Market and Financial Crisis

Lecture & Report

3

6

11

Global real estate market: European Union

Bardhan et al. , Chpater 5, 8



The Dynamics of the Irish Housing Market



The UK and Europe´s Selective Housing Bubble

Lecture & Report

3

6

12

Global real estate market: Asian Economies (1)

Bardhan et al. , Chpater 16, 19



The Recent Financial Crisis and the Housing Market in Japan



Government Policy, Housing Finance, and Housing Production in Singapore

Lecture & Report

3

6

13

Global real estate market: Asian Economies (2)

Bardhan et al. , Chpater 12, 20



Irrational Prosperity, Housing Market, and Financial Crisis: An Empirical Study of Beijing



Taiwan: Housing Bubbles and Affordability

Lecture & Report

3

6

14

Behavioral economics for real estate market (1)

Shiller, Part one



Precipitating Factors and Amplification Mechanism (1)

Lecture

3

2

15

Behavioral economics for real estate market (2)

Shiller, Part one



Precipitating Factors and Amplification Mechanism (2)

Lecture

3

2

16

Behavioral economics for real estate market (3)

Shiller, Part Two



The News Media, New Era Economic Thinking, Bubbles around the world

Lecture

3

2

17

Behavioral economics for real estate market (4)

Shiller, Part Three



Psychological Anchors for the market, Herd Behavior and Epidemics

Lecture

3

2

18

Final Exam

 

Exam

3

8

Teaching Methods
Teaching Assistant
Requirement/Grading

Grades for the course will be based on class participation (20%), a report which require a class presentation (30%), mid-term exam (25%), as well as final exam (25%). Students will be expected to prompt, attend class consistently, come to class well prepared, and participate actively in class discussions.



1.     Class Contribution: 20%



2.     Report: 30%



3.     Midterm Exam: 25%



4.     Final Exam: 25%


Textbook & Reference

Textbook



Reading materials will include the following books’ chapters.




  1. DiPasquale, D., and W. C., Wheaton (1996), Urban Economics and Real Estate Markets, Prentice Hall.

  2. Bardhan, Ashok, Robert H. Edelstein, Cynthia A. Kroll (2012), Global Housing Markets: Crises, Policies, and Institutions, John Wiley & Sons.

  3. Shiller, Robert J. (2016), Irrational Exuberance: Revised and Expanded Third Edition, Princeton University.



References




  1. MacKenzie, Dennis J., Richard M. Betts and Carol Ann Jensen (2011), Essentials of Real Estate Economics, Cengage Learning

  2. Jowsey, Ernie (2011), Real Estate Economics, Palgrave Macmillian

  3. Pirounakis, Nicholas (2012), Real Estate Economics, Routledge

  4. Myers, Danny (2019), Economics and Property, Routledge

  5. Ball, Michael (1998), The Economics of Commercial Property Markets, Routledge


Urls about Course
Attachment