Urban Economics and Real Estate Markets

Catalog description

A theoretical understanding of the economic forces affecting urban land market change and development is needed for decision-making in the real estate profession. This course covers the urban economic theory forming the foundation for understanding and analyzing the behavior and properties of real estate markets of various types. The course begins with an introduction to the fundamentals of land markets including bid-rent theory end Ricardian rents. The two core models at the center of the course are (1) the model of urban spatial structure that stems from the work of Alonso, Muth and Mills and (2) DiPasquale and Wheaton's model linking the real estate property market to the real estate capital market and to construction activity.