Urban Economics

Course Code

ECON816

Program or Programs for which course is part

Master in Real Estate (MRE) Executive Master in Real Estate (E-MRE) Master in Real Estate and Finance (MRE(Fin)) Executive Master in Real Estate and Finance (E-MRE(Fin)) Master in Real Estate and Finance (MRE (Fin)) Semester Abroad Master in Real Estate and International Business (MRE-Int.Bus) Master in Real Estate and Marketing (MRE-Mkt) Master in Real Estate and Project Management (MRE-PM)

Level (I, H, or M)

M

Number of Credits

This course carries a weight of 20 credits of the Homburg Academy, which is equal to 10 ECTS (European Credit Transfer System credits).

Learning Time This course requires approximately 200 hours of learning time. This includes all taught and supervised classes and all private study and research.

Stage (I or II, where applicable)

Stage I

Is this Course Core, Specialist or Elective

Core for all programs listed

Courses that are pre-requisite or co-requisite

None

Name of Course Convenor

Dr Alex Anas

Position

Adjunct Professor

Email address

alexanas@buffalo.edu

Brief Course Summary

The course also seeks to impart students with knowledge and understanding of the theoretical concepts and methodological tools in Urban Economics and with the aim of preparing them to better understand and analyse real cities and government policy. In this regard the students will receive basic training on interpolating growth rates and projecting urban growth; evaluating location decisions; calculating the cost of housing taking into account interest rates, taxes and inflation; the effect of supply or demand driven growth on urban rents and wages.

Course Objectives This course aims to provide students with an advanced understanding of:

1. The concept of space in economics and the factors influencing the location of economic activity among cities and the intra-city location of firms and households;

2. The roles of transport infrastructure, agglomeration economies, income distribution, demographics;

3. The factors that contribute to the development, growth and sprawl of urban and metropolitan economies;

4. The factors that influence land use, employment decentralization, segregation; 5. Government policy with respect to transportation, housing markets and land use. The intended

and unintended effects of government policy; 6. Basics of local public finance;

These specific learning outcomes contribute to achieving the learning outcomes of the relevant programs by demonstrating knowledge of the following (mapped to the Program Specification): A. Advanced knowledge and understanding of: 12.A.2: The highly inter-disciplinary nature of Real Estate as a subject of study, and be able to identify the special characteristics of each discipline as they relate to different practices in Real Estate; 12.A.5: How to carry out an independent research project and write in a scholarly manner demonstrating familiarity with academic conventions in the preparation of the student’s case study report. B. Intellectual skills: 12.B.1: Develop general research skills, especially bibliographic and computing skills in finding, selecting, and analysing materials for the independent project; 12.B.2: Learn to gather, organise and deploy evidence, data and information from a variety of secondary and some primary sources;

12.B.4: Learn to identify, investigate, analyse, formulate and advocate solutions to problems; 12.B.5: Develop problem solving skills, including the ability to identify and define problems, and to establish strategies for dealing with them including criteria for success, mapping optimum and alternative solutions, and exercising critical judgement to discriminate between the ranges of alternatives; 12.B.6: Synthesise relevant information and exercise critical judgement in the development of reasoned arguments; 12.B.7: Enable students to reflect upon and manage their own learning, and seek to make use of constructive feedback from staff and peers to enhance their performance and personal skills. C. Subject-Specific Skills 12.C.3: Be able to discriminate between forms of knowledge and be able to draw selectively and appropriately on them;

12.C.4: Develop good understanding of the ethical issues in the Real Estate industry, including issues of sustainability, and environmental responsibility; 12.C.7: Understand key concepts in the appraisal and valuation of Real Estate, including the impact on land and property prices of such things as regulation, transport, public policy, and socio-economic change;

D. Transferable skills: 12.D.1: Develop autonomy in learning, work independently demonstrating initiative and self organisation; 12.D.2:. Work co-operatively on group tasks, understand how groups function, collaborate with others and contribute effectively to the achievement of common goals; 12.D.3: Use communication and information technology for the retrieval and presentation of information, in the form of prose or numeracy as appropriate; 12.D.4: Develop communication skills, both orally and in writing. Communicate clear, succinct, analytical ideas; 12.D.5: Prepare and deliver oral presentations individually and as part of a group.

List of Lecture Topics

1. Urban population, land area, density, urban sprawl 2. Scale economies, agglomeration economies, transportation technology 3. Urban externalities positive and negative 4. Demand and supply driven urban growth 5. Accessibility, land rents and urban growth 6. Employment decentralization and segregation 7. Redevelopment, speculation, abandonment 8. Cost of housing and housing policy

Learning and Teaching Methods Achievement of learning outcomes: the learning outcomes for this course are achieved through student participation in lectures (compulsory), in their active participation in seminars (compulsory), and in their fulfilment of the assessed elements (compulsory). This is a ten week course that is offered entirely online. In each week there is a lecture presentation for approximately one hour, plus an interactive seminar discussion for approximately one hour. Lecture presentations led by the course professor. The lectures are designed to introduce key theories, practices, and methods in real estate appraisal, and to guide students through an understanding of their rationale, their uses, and their limitations, so that students may both understand and reflect critically upon the issues of urban economics. The lectures contribute to the achievement of learning outcomes by guiding students through the main theories, concepts, and debates in the scholarly literature, as well as the contested concepts and methods. Seminar Discussions are led by students under guidance of the course professor. The seminar is the opportunity for students to gain clarification of the lecture material and the reading materials. Also, through these guided discussions, it is intended that students will gain a comprehensive understanding by linking lectures, independent reading and class discussion, enabling students to apply concepts, theories, and methods to particular circumstances. Through dialogue, interaction, cooperation, and confrontation, students learn to formulate, structure, and defend their perspectives. Independent Study: students are expected to read the stipulated text for each lecture and seminar session, as well as to read more widely in recommended texts for this course. Additionally, students are expected to conduct independent research for their contribution to seminar discussions, and for their research project. Learning outcomes for independent study are achieved through students’ own reading, research and preparation, seminar presentations, and in their research project.

Indicative Reading List Instead of required readings, the course convenor will post power points after each lecture. Selected readings which are optional or supportive may also be made available in the form of pdf files.

Method of Assessment (and how the chosen method of assessment is related to learning outcomes) Students will be graded by a combination of essays/open book tests covering each third of the course, and an open book two-hour final examination covering the entire course. Students may substitute a term paper for the final examination with the agreement of the instructor, after submitting a brief proposal for the term paper. The essay/open book tests provide students with the opportunity to demonstrate their ability to retain and call upon specific knowledge in response to targeted questions, under the time strictures that replicate life in the professional world. Examinations test the student’s ability to reflect upon issues quickly, and to use reasoned judgement in response to questions. The term paper provides students with an opportunity to focus in depth on a research question and undertake a structured investigation, analysis and reasoned argumentation. This enables students to demonstrate acquired knowledge and understanding of the key concepts, display an ability to find organise and use information, and interpret this material in a creative fashion. Students will have the opportunity to bring to bear competing explanations and positions to a coherent argument that demonstrates their ability to reflect critically on their own work. Contributions to class discussions (participation) provides students with an opportunity to demonstrate their preparation for class, through presentations designed to lead discussion and to engage debates and other issues in a scholarly manner.

Summary of Assessed Elements, and Percentage Weight of Each Element Each essay/test will be weighted 15% of the student’s grade, thus all 3 essays/tests will weigh 45%, and the final examination or term paper will be weighted 55%.