Dean's Chair in
Real Estate Professor
Chair, Real Estate Department
Real Estate Department
Wharton School
University of Pennsylvania
1470 Steinberg-Dietrich Hall 3620 Locust Walk, Philadelphia, PA 19104-6302
Phone: 215-898-2859
Fax: 215-573-2220


BEPP250 - Managerial Economics

Fall 2015, MW 1:30 - 3:00 and 3:00 - 4:30 (Room TBD)  

Course Syllabus

This course introduces students to "managerial economics," the application of microeconomic theory to management problems. Microeconomic theory is a highly useful set of ideas for understanding and analyzing human behavior in a variety of contexts. Our goal in this course is to help you understand this body of theory so you can analyze private and public management problems in an economic framework. This is a "tools" course, but we will discuss many business applications and offer a strong emphasis on prescription, as opposed to description. For example, we will focus on profit maximization as a management objective rather than simply a foregone conclusion. The term begins with a brief introduction of the theory of supply and demand underlyng the competitive market model, the benchmark for evaluating other market structures similar to those encountered by real-world firms including monopoly, oligopoly, and monopolistic competition. We then move to build an understnading of the development and use of market power, and strategic interaction among firms. Last, we examine market failures including asymmetric information and externalities.

Prerequisites: ECON 1 or equivalent; MATH 103 or equivalent.


REAL946 - Advanced Topics in Urban Economics

Spring 2015, TBA

This course addresses advanced topics in urban and real estate economics. The course will mix theory and empirics and will cover a broad range of topics including the modeling and estimation of agglomeration economies, land use and urban costs, transportation in cities, urban growth, migration between cities etc. The classes will mix formal presentations made by the instructor and student-led discussions of recent academic papers. In addition to presentations, students will be expected to complete a series of assignments including a short original research paper.

Prerequisites: The course assumes that students have familiarity with standard first year econometrics and microeconomics.

Other Information: All PhD students will be expected to complete a research paper in addition to the successful completion of the course examination requirements.


BEPP206 - Urban Public Policy and Private Economic Development

This course considers a range of local policies in cities and regions. Examples of policies will include clusters and other local development initiatives, large scale regional policies, employment zones and other targeted policies. More traditional urban policies such as zoning and planning and constraints, transportation pricing, and parking policies among many others will also be considered. Practical examples will be extremely diverse and include the Silicon Valley and attempts to copy it, the Tennessee Valley Authority, housing restrictions in developing countries such as Brazil, congestion pricing in London, etc. Students will be expected to actively participate and make presentations. The course emphasizes the importance of the economic context, the understanding of the underlying rationale for policies, and how the private agents respond to public incentives. The main learning goals are the following: be able to use simple empirical tools of economic evaluations, be able to articulate a critical analysis of competing viewpoints and assessments, and be able to integrate various analytic steps into an overall assessment of economic policies that relies on sound principles and is well argued.

Prerequisites: ECON 1.