Real Estate Economics
Syllabus
Introduction
This course applied the latest economic thinking and research to the task of
analyzing real estate market and forecasting supply or demand, especially with
the reference of Taiwan. The course will employ a mix of lectures, discussion of
cases and a variety of papers to supplement the text.
Class Information
Class Hours: Monday 9:10-12:00
Class Location: A216
Instructor Information
Chien-wen Peng (彭建文)
Assistant Professor
Office phone: 2500-9151
E-mail: cwpeng@mail.ntpu.edu.tw
Textbook and Supplementary Notes
1. DiPasquale, D. and W. Wheaton “ Urban Economics and Real Estate Market”
Prentice Hall.1996 (華泰書局代理 2377-3877)
2. Journal articles (see reading list)
Evaluation


Class participation and homeworks 60% of grade.
Final term paper 40% of grade.
1
Real Estate Economics
Course Outline
Week
一
二
三
四
五
六
七
八
九
Topics
Introduction
A. Review of economic concepts
B. The real estate sector: the capital and property
markets
C. Micro and macro economics analysis
The urban land market：rents and prices (1)
A. Location and rent: the indifference principle
B. Submarkets and land use segregation
The urban land market：rents and prices (2)
A. Urban growth, rents and prices
B. Housing price: some empirical evidence
The urban housing market: structure attributes and
density(1)
A. Housing attributes: housing preference and new
construction
B. The hightest use for residential development
The urban housing market: structure attributes and
density(2)
A. Location and residential density
B. Pattern of urban development and
C. Land use transition between land uses
(gentrification)
Firm site selection, employment, decentralization,
and multicentered cities (1)
A. Historical development and changing technology
B. Transportation, and shipping costs
C. Tax and public policy effects
Firm site selection, employment, decentralization,
and multicentered cities (2)
A. The office market and labor market
B. Theories of multiple centered cities
1. Agglomeration and clustering
2. The commercial land market
Retail location and market competition (1)
A. Retail travel patterns and the distribution of stores
B. Pricing and spatial competition
Retail location and market competition (2)
A. Shopping centers and store clustering
B. Forecasting shopping behavior
C. Market and retail sales
2
Materials
Ch1, 2
Ch3
Ch3
Ch4
Ch4
Ch5
Ch5
Ch6
Ch6
十
十一
十二
十三
十四
十五
十六
十七
十八
Economic growth and metropolitan real estate
markets
A. The determinants of metropolitan growth
1. Export demand and industrial development
2. Bath rates, migration and wages
B. A model analyzing metropolitan growth
(demand and supply shocks, real estate and the cost
of living)
The market foe housing units: households, prices,
and financing
A. Units, household and tenure choice
B. Demographic influence
C. Housing appreciation, mortgages and the cost of
owning
The market for housing services: moving, sales,
and vacancy
A. Income and housing consumption
B. Housing consumption and life cycle
C. Moving, vacancy and sales: the demand for housing
quality
The cyclical behavior of metropolitan housing
markets
A. The time series properties of housing and
commercial space markets.
B. Stock-flow theory and real estate cycles.
C. Expectations, information, efficient markets
D. The issue: can market be forecast?
The operation of nonresidential property market
A. The operation of nonresidential property markets
1. Vacancy, absorption, market frictions
2. Leasing, tenure, tenant “synergy”
B. Long term trend in space usage and demand
C. Herd behavior and development games
Econometric analysis of metropolitan office and
industrial market
A. The market for office space in san francisco
B. The market for industrial space in philadelphia
Local governments, property taxes, and real estate
market
A. Property taxes, public expenditure and local
services
B. Community choice, capitalization and income
segregation
C. The fiscal incentives for land use regulation
Public goods, externalities, and development
regulation
A. Public goods and neighborhood effects
B. Internalizing external effect through government or
contracts
C. Transportation infrastructure and land use planning
Final report presentation
3
Ch7
Ch8
Ch9
Ch10
Ch11
Ch12
Ch13
Ch14
4