Robert h. Edelstein chairholder, Real Estate Development Professorship

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ROBERT H. EDELSTEIN

Chairholder, Real Estate Development Professorship

Walter A. Haas School of Business

Co-Chairman, Fisher Center for Real Estate & Urban Economics

University of California at Berkeley



San Francisco Address
Fisher Center for Real Estate & Urban Economics

University of California at Berkeley

Haas School of Business

602 Faculty Bldg., #6105

Berkeley, California 94720-6105

Telephone: (Office) (510) 643-6105

(FAX) (510) 643-7357

(e-mail) (edelstei@haas.berkeley.edu)


Born: May 30, 1943; Far Rockaway, New York
Academic Degrees
A.B. Harvard College, June 1966, Magna Cum Laude with Highest Honors in Economics

A.M. Harvard University, June 1968 (Economics)

Ph.D. Harvard University, June 1972
Passed General Examination, May 1968, in the Fields of Economic Theory, Economic History, Public Finance, Money and Banking, and Statistics.
Ph.D. Thesis Topic: Capital Markets and Urban Allocation Problems
Fields of Expertise: Energy Economics; Environmental Economics; Economic Forecasting; Money and Banking; Public Finance; Real Estate Economics and Finance; Urban Land Economics




Academic Appointments

1968-1969 Harvard University, Teaching Fellow and Tutor in Economics

Summer-1969 UCLA, Visiting Lecturer

1969-1970 Harvard University, Teaching Fellow and Tutor in Economics

1970-1972 Wharton School, University of Pennsylvania, Acting Assistant Professor of Finance

1972-1975 Wharton School, University of Pennsylvania, Assistant Professor of Finance

1975-1979 Wharton School, University of Pennsylvania, Associate Professor of Finance

1978-1980 University of Southern California, Visiting Professor of Finance and Business Economics (1978-79, 1979-80)

1979-1985 Wharton School, University of Pennsylvania, Professor of Finance, Joint Appointment with Public Management Department (1980-85), Joint Appointment with City Planning Graduate Group (1980-85)

1984-1985 Schools of Business, University of California at Berkeley, Visiting Professor of Business Administration

1985-1988 Walter A. Haas School of Business, University of California at Berkeley, Professor of Business Administration

1989-present Chairholder, Real Estate Development Professorship, Walter A. Haas School of Business, University of California at Berkeley

Honors
June 1966 Phi Beta Kappa

1966-1967 Salant Fellowship

1967-1968 Economics Department Fellowship

1968-1969 Stonier Fellowship

1969-1970 Joint Center for Urban Studies Fellowship

June 1974 A.M. (Hon.) University of Pennsylvania

Oct. 1985 Elected to Lambda Alpha Honorary Society for Real Estate

May 1986 Elected to National Society for Real Estate Finance

Jan. 1988 Elected as Faculty Fellow, Homer Hoyt Institute

Jan. 1990-Present Elected as Faculty Fellow of the Homer Hoyt Advanced Studies Institute by the Weimer School

1996 Elected President of the American Real Estate and Urban Economics

Association




Foreign Language
Spanish
University Administration-Committee Work

Wharton School, Undergraduate Prizes Committee, 1971-1972

Wharton School, Graduate Curriculum Committee, 1972-1975

Wharton School, Search Advisory Committee for MPA Director, 1973

Wharton School, Special Faculty Advisory to MBA-Public Policy Tract, 1975-1978

Wharton School, Chairperson, Committee for Superior Students, 1975-1976

Wharton School, Joint SUPU Committee on Masters Program Development in Public Policy, 1975-1978

Wharton School, Graduate Standards Committee, 1976-1978

Finance Department, Undergraduate Curriculum Committee, 1971-1972

Finance Department, Graduate Curriculum Committee, 1973-1975

Finance Department, Ad Hoc Committee on Real Estate Revision, 1972-1973

Finance Department, Department Planning Committee, 1975-1978

Finance Department, Graduate-Ph.D. Advisor in Urban Real Estate Finance, 1975-1978

Finance Department, Department Planning Committee, 1980-1982

University Senate, Ad Hoc Committee on Early Retirement, 1973-1974

University Committee on Community Relations, 1975

University of Pennsylvania Steering Committee (Ad Hoc) Committee on Urban Economics (CUE) Conference for Fall 1976, 1975-1976

Benjamin Franklin Scholar Program, Faculty Advisor, 1973-1975, 1982-present

Benjamin Franklin Scholar Program, Steering Committee, 1973-1975

Faculty Nonresident Affiliate, Van Pelt College House, 1972-1975, 1977-1978

School of Public and Urban Policy, Subcommittee on the Masters Program in Public Policy, 1975

Policy and Planning Committee, School of Business, University of Southern California, 1978-1979

Wharton School, Committee on International Affairs, 1982-1983

Wharton School, Committee on Executive Education, 1983-1984

Director, Real Estate Center, The Wharton School, 1983-1985

Faculty Coordinator, Real Estate Ph.D. Program in Real Estate, Schools of Business, University of

California at Berkeley, 1985-present

University of California at Berkeley, Committee on University Peripheral and Outlying Properties (POP), 1986-1989

University of California, Senate Committee, Faculty Housing Sub-Committee, Committee on Faculty Welfare, 1986-present

Faculty Coordinator, Fisher Center for Real Estate Executive Education Program, University of California, 1986-present

Executive Committee for External and Faculty Policy Advisory Board Committee, Fisher Center

for Real Estate at the University of California at Berkeley, 1985-present


Chairman, Undergraduate Program Policy Committee, Walter A. Haas School of Business, University of California at Berkeley, 1987-1988

Executive Committee, Walter A. Haas School of Business, University of California at Berkeley, 1987- Present

Undergraduate Program Committee, Walter A. Haas School of Business, University of California at Berkeley, 1986-1988

Ph.D. Committee, Walter A. Haas School of Business, University of California at Berkeley, 1990- 1992

University of California at Berkeley, Property Development & Housing Development Services, Chancellor's Blue Ribbon Committee, 1990-1992

Real Estate Faculty Development Committee, Walter A. Haas School of Business, University of California at Berkeley, 1990-present

Faculty Director of Real Estate Development Program, the MBA Program Committee, Walter A. Haas School of Business, University of California at Berkeley, 1990-present

Research Center Advisory Committee for the Richmond Field Station, University of California at Berkeley, 1990-1992

Department of Real Estate Education and Research Advisory Committee, 1992

College of Environmental Design Dean Search Committee, 1994

Ad Hoc Chancellor Review Committee, 1996
Teaching Experience

1967-1968 (Harvard) Assistant in Economics 108 (Development Economics)

1968-1969 (Harvard) Economics 98 (Intermediate Theory) and Sophomore Tutorial

1969-1970 (Harvard) Economics 21 (Intermediate Theory) and Economics 202A (Graduate Macro Theory)

Fall 1970 (Wharton) Finance 1 (Money and Banking)

1970-1978 (Wharton) Finance 15/B.A. 724 (Urban Real Estate Economics), Economics/Finance 11/B.A. 712 (Macro Forecasting), and ASP Research Seminar in Urban Financial Problems

1975-1976 (Wharton) Seminar on Financing State and Local Governments (Given jointly with Law School)

1976 (Wharton) Finance B.A. 730 (Financing State and Local Government)

1977-1978 (Wharton) Finance B.A. 806 (Macro-economics for MBA Program)

1978-1980 (USC) FBE 591 (Real Estate Investment Analysis)

1979-1980 (USC) FBE 565 (Real Estate Land Economics)

1980-1984 (Wharton) Finance B.A. 721 (Real Estate Finance)

1980-1981 (Wharton) Finance B.A. 806 (Macro-economics for MBA Program)

1981-1982 (Wharton) Finance 1 (Intermediate Macro-economics for Undergraduates)

1984-present (Berkeley) B.A. 280, B.A. 180 (Real Estate Economics and Finance)

Fall 1985- (Berkeley) B.A. 299 Individual Student Courses

present


1985-1986 (Berkeley) B.A. 284 (Real Estate Investment Analysis)
Spring 1986 (Berkeley) Designed B.A. 283 (Real Estate Financing Course for Undergraduate and MBA programs)

1986-present (Berkeley) designed and manages B.A. 298 Real Estate Seminar for Ph.D. students

Fall 1987-

present (Berkeley) B.A. 602 Ph.D. Reading Course

Fall 1988- (Berkeley) B.A.-E-280 (Real Estate Economics and Finance for

Present Evening MBA Program)

Fall 1995-

present (Berkeley) B.A. 281 (Advanced Real Estate Evaluation for MBA Program)


Other Major Professional Activities

1979-1988, Editorial Board of the American Real Estate and Urban Economics Association

1992-present

1974-present Ad Hoc Reviewer, Journal of Finance

1976-present Ad Hoc Reviewer, Water Resources Research

1976-present Ad Hoc Reviewer, Review of Economics and Statistics

1980-present Ad Hoc Reviewer, Decision Sciences

1983-1989 Editorial Board, Housing Finance Review

1983-1985 Board of Directors, American Real Estate and Urban Economics Association

1987-present Ad Hoc Reviewer, Regional Science and Urban Economics

1988-present Ad Hoc Reviewer, Journal of Money, Credit and Banking

1990-present Editorial Board of the Journal of Housing Economics

1990-1998 Editorial Board of Journal of Real Estate, Finance, and Economics

1991-present Editorial Board of the Journal of Property Research

1993-1998 Full Member, Urban Land Institute; Member, Urban Development/Mixed-Use Council (Silver Flight); Vice Chairman, UDMC Education Committee

1994-present International Development Research Council Education Committee

1994-1995 Second Vice President and Program Chair, The American Real Estate and Urban

Economics Association; Co-chairman, AREUEA International Conference Committee.

1994-1998 Board of Governors of the National Society for Real Estate Finance

1995-1996 Chair of the Blue Ribbon Task Force Committee for the State of California Senate, Examining Construction Defects Legislation.


    1. First Vice President, The American Real Estate and Urban Economics Association; AREUEA Executive Committee member

    1. President, The American Real Estate and Urban Economics Association;

AREUEA Executive Committee member; AREUEA International Conference

Chair for 1997 Conference.

1996-present Faculty, Weimer School of Advanced Studies in Real Estate and Land Economics

1997-present Board of Directors, The American Real Estate and Urban Economics

Association.

1998 Full Member, Urban Land Institute; Member, Urban Development/Mixed-Use Council (Gold Flight).

1998-present Editorial Board of the Journal of the Asian Real Estate Society
Major Academic Research Consulting Experience
Fall 1966 (Assistant for Research WGBH-TV Educational TV) "Economics and the Public

Interest," Boston, Massachusetts

1966-1968 Two and one half years at the Harvard Economic Research Project, Cambridge,

Massachusetts Consultant, RAND Corporation, Santa Monica, California

Summers Fellowship for Research, Rodney L. White Financial Research, University

1971, 1976 of Pennsylvania 1972, 1974 Faculty Fellowship, Berger Family Fellowship,

Summer 1973 University of Pennsylvania

Summers Summer Stipends, Center for Real Estate & Urban Economics, University

1987-1988 of California at Berkeley Research Associate, Center for Research on the

1972-1978 Acts of Man, University of Pennsylvania

1973-1979 Research Associate, Fels Center of Government, School of Public and Urban Policy, University of Pennsylvania

1973-1979 Research Consultant, National Center for Energy Management and Policy, University of Pennsylvania

Summer 1975 National Science Foundation Summer Fellowship, University of Pennsylvania

1975-1976 Consultant, under NSF Study for General Electric Corporation about the Feasibility of Heating and Cooling of Buildings using Solar Energy

1976-1978 Consultant on Urban Analysis, Federal Reserve Bank of Philadelphia

1976-1978 Research Consultant, United States Department of Housing and Urban Development

1976-1977 Consultant to US Federal Energy Administration, Conservation Group

1977-1990 Consultant to Arthur D. Little, Inc. on Urban Analysis Problems

1977-1978 Consultant to National Research Council, Committee on Nuclear and Alternative Energy Systems, Risk and Impact Panel

1977-1978 Consultant, under NSF-RAND Study for Winklevoss Associates about Public Sector Pension Systems

1977-1980 Consultant to International Joint Commission, Washington, DC

Summer 1978 Faculty Fellowship, Center for the Study of Financial Institutions, School of Business, University of Southern California

Summer 1979 Consultant to Federal Home Loan Bank of San Francisco

1979-1981 Consultant, RAND Corporation, Santa Monica, California

1979-1983 Consultant, United States Department of Energy, Washington, DC

1983-1985 Research Associate, Center for Real Estate, The Wharton School, University of Pennsylvania

1984-present Research Associate, Fisher Center for Real Estate, University of California at Berkeley

1994-present Consultant, The Urban Institute, Washington, DC




Executive Education Series
1973-1974 Lecturer in Improved Analysis and Decision Making in Fiscal Affairs for Local Governments, Seminar Program, Philadelphia, Pennsylvania

1974-1975 Lecturer in Seminar in Finance, Investment Analysis of Real Estate, Wharton Lifelong Education Program, Philadelphia, Los Angeles, and San Francisco

1974-1975 Lecturer in Public Sector Housing Policy, Wharton School Seminar Program, Philadelphia, Chicago, Los Angeles

1975-1976 Lecturer in Seminar in Finance, Investment Analysis of Real Estate, Wharton Lifelong Education Program, Atlanta and Washington

1976-1977 Lecturer in Real Estate Investment Analysis, Wharton School Seminar Program, Chicago, Houston, Miami, New York, Palm Beach, Phoenix, San Francisco and Toronto

1977-1978 Lecturer in Real Estate Investment Analysis, Wharton School Seminar Program, Atlanta, Chicago, New York, Palm Beach, and San Francisco

1978-1979 Lecturer in Real Estate Investment Analysis, Wharton School Seminar Program, Atlanta, Aspen, Chicago, Houston, New York, Palm Beach and San Francisco

1979-1980 Lecturer in Real Estate Investment Analysis, Wharton School Seminar Program, Atlanta, Chicago, Houston, New York, Palm Beach and San Francisco

1980-1981 Lecturer in Real Estate Investment Analysis, Wharton School Seminar Program, Atlanta, Chicago, New York, Palm Beach and San Francisco

1981-1982 Lecturer in Wharton School Seminar Programs, Atlanta, Chicago, Dallas, Palm Beach, San Francisco, New York, and Washington DC

1982-1983 Lecturer in Wharton School Seminar Programs, Atlanta, Chicago, Los Angeles, Palm Beach, San Francisco, and New York

1983-1986 Lecturer in Wharton School Seminar Programs, Atlanta, Boston, Chicago, Los Angeles, Palm Beach, San Francisco, and New York

1986-1987 Lecturer in University of California, Center for Real Estate Programs, Boston, New York and San Francisco

1987-present Faculty Coordinator-Liaison and Lecturer, Joint Urban Land Institute, University of California at Berkeley, Executive Education Program in Real Estate Marketing and Real Estate Investing and Finance

1988-present Faculty Coordinator of the Fisher Center for Real Estate and Urban Economics, Executive Education Program, Industry and Public Conferences

1993 Pension Real Estate Association Conference Coordinator, Berkeley (June)

1995 Real Estate Investment Trust Conference Coordinator, Los Angeles (March)

1996 Counselors of Real Estate Conference Coordinator and Presenter, San Francisco (November)

1997 Pension Real Estate Association Conference Coordinator, Berkeley (June)

1997 Second Annual Fisher Center for Real Estate and Urban Economics Conference Coordinator and Moderator, San Francisco (May)

Publications
"Methodology of Regional and Sub-regional Input-Output Studies," (June 1968) Report to the E.D.A. (Done as part of a research contract between Harvard University and the Department of Commerce, Economic Development Administration).
"The Analytical Theory of Finance: A Study of the Investment Decision Process of the Individual and the Firm," a review article, The Journal of Economic Literature (December 1972).
"Moral Consistency and Abortion," (co-authored with E. and M. Herman) Commonwealth, No. 22 (March 1974).

"The Value of Information and the Optimal Governmental Guarantee of Its Agencies' Issues," Journal of Finance (May 1974).


"The Determinants of Value in the Philadelphia Housing Market: A Case Study of the Main Line, 1967-69," Review of Economics and Statistics (August 1974).
The Workplace Reaches Out: A Study of Organizational Impropriation. Two Volumes. (Co-authored with Samuel Z. Klausner and William Gomberg). Center for Research on the Acts of Man, 1974.
"Improving the Selection of Credit Risk: An Analysis of a Commercial Bank Minority Lending Program," Journal of Finance (March 1975).

"Statement on the Proposed Amendments to the Rules and Regulations for Federal Savings and Loan System Relating to Interest Rate Adjustments (12 CFR, Parts 541 and 554)," April 17, 1975 in United States Senate, Committee on Banking, Housing and Urban Affairs (Ninety-Fourth Congress, First Session). Hearings on the Federal Home Loan Bank Board's Proposed Regulations Relating to Variable Rate Mortgages, April 14, 15, 16, and 17, 1975.

"Recent Research on Indexation and the Housing Market: Discussant's Comments," Journal of Finance (May 1976).
"On the Alleged Profitability of Borrowing at 8% to Lend at 6%," (co-authored with Jack Guttentag), Journal of Bank Research (Winter 1976).
"Allocating Financial Resources to Housing: The Private Sector," (co-authored with Irving Friend) in First Annual Conference: Resources Housing, San Francisco: Federal Home Loan Bank of San Francisco (1976).
"Improving the Selection of Credit Risks: An Analysis of a Commercial Bank Minority Lending Program: Reply," Journal of Finance (December 1977).


"Modelling Society and Energy: Theory and Method in Assessing the Social Effects of Energy Policies," (co-authored with Samuel Z. Klausner), Center for Research on the Acts of Man, 1977.
"Projecting the Social Institutional Impacts of Energy Consumption," (co-authored with Samuel Z. Klausner and William R. Burch, Jr.), Center for Research on the Acts of Man, 1977.
"Interest Rate Change Insurance and Related Proposals to Meet the Needs of Home Buyers and Home Mortgage Lenders in an Inflationary Environment," (co-authored with Jack Guttentag), in Capital Markets and the Housing Sector: Perspectives on Financial Reform, Edited by R.M. Buckley, J.A. Tuccillo, and K.E. Villani (Cambridge, Mass.: Ballinger Publishing Co., 1977), pp. 191-216 (chapter 8).
"The Alternative Mortgage Instrument Research Study: What is Omitted," Federal Home Loan Bank Working Paper Series, August 1978.

"An Economic Analysis of the Public Sector Funding of Large City Pension Systems," done as part of NSF-RAND Proposal 76-19154 (Addendum) Study of Retirement Systems of Local Governments, 1978.

"An Evaluation of Rent Control as a Housing Policy Instrument," Center for the Study of Financial Institutions, School of Business, University of Southern California, December 1978.
"The Fiscal Crises of Cities: An Economist's Perspective," in Improving the Fiscal Discipline of the Public Sector, Proceedings of the Arthur Young Professor Round Table, April 5-6, 1979.
"An Appraisal of Residential Property Tax Regressivity," Journal of Financial and Quantitative Analysis (November 1979).
"Marginally Competitive Pricing of Geothermal Resources for Electric Power Production," (co-authored with C.B. Amundsen, P.D. Blair and T.A.V. Cassel), Proceedings Papers of the Geothermal Resources Council Meetings, 1979.
"Analysis of Public Policy Incentives for Commercialization of New Energy Technology: Case Study of Geothermal Electric Power Production," (co-authored with P.D. Blair and T.A.V. Cassel), Research Conference on Public Policy and Management (Chicago), October 1979.
"The Economics of Optimal Geothermal Resource Extraction for Electric Power," (co-authored with P.D. Blair, T.A.V. Cassel, and I. Paik), Journal of Energy Systems and Policy (January 1980).
"Comments" on Raising Debt Capital in Proceedings of the Fifth Annual Conference: New Sources of Capital for the Savings and Loan Industry (San Francisco: Federal Home Loan Bank of San Francisco, 1980).

"Regressivity and the Inequity of the Residential Property Tax: The Philadelphia Story," in Research in Urban Economics: A Research Annual, Volume 1, J.V. Henderson, Editor. (Greenwich, Conn: JAI Press, 1981).

"Optimal Investments in Geothermal Electricity Facilities: A Theoretic Note," (co-authored with P.D. Blair and T.A.V. Cassel), Journal of Business Administration (Spring 1981). Also published as Chapter 11 in Energy Crisis: Policy Response (1981).
"The Impact of Proposition 13 on Property Tax Reductions: A Theoretical Note," Chapter 8 in The Property Tax Revolt: The Case of Proposition 13, G. Kaudman and K. Rosen, editors. (Cambridge, Mass: Ballinger Publishing Company, 1981).

Geothermal Electric Power Production: A Decision Analysis Approach to Commercialization (co-authored with Peter D. Blair and Thomas A.V. Cassel), (New York: J. Wiley and Sons, Inc., 1982).
"Public Policy and Urban Property Insurance Markets," in Research in Urban Economics: A Research Annual. Volume 2, J.V. Henderson, editor. (Greenwich, Conn: JAI Press, 1982).
"The Production Function for Housing and its Implications for Future Urban Development." Chapter 5 in Housing in the Twenty-First Century, George Gau and Michael Goldberg, editors. (Cambridge, Mass: Balinger Publishing Company, 1983).
"The Effects of Creative Financing on Property Tax Sales Ratio Studies," Proceedings of Institute of Property Taxation Symposium on Ratio Studies, Chicago, Illinois, November 7-8, 1983.
"The Problems of Indexing," Real Estate Finance Journal, Vol. 1, No. 1, Summer 1985, pp. 60-63.

"A Note on the Empirical Interrelationships Among the Mundell and Darby Hypotheses and Expected Stock Market Returns." The Review of Economics and Statistics (February 1987).

"Testimony concerning the V.A. Loan Guaranty Program," presented before the Sub-Committee on Housing and Memorial Affairs of the House Committee on Veteran Affairs, United States House of Representatives, March 1988.
"Oversight and Solvency of the Veterans' Administration Home Loan Guaranty Program," testimony concerning the V.A. Loan Guaranty Program before the Sub-Committee on Housing and Memorial Affairs, United States House of Representatives, June 16, 1988.
"How Well Do Economists Forecast? A Study of the Livingston Surveys," co-authored with Yoon Dokko, The American Economic Review, Vol. 79, No. 4, September 1989.


"Homeownership and Affordable Housing," Testimony before the Subcommittee on Housing and Urban Affairs, United States Senate, June 9, 1989.
"Testimony on HUD's Multi Family Mortgage Co-Insurance Program and GNMA's Related Mortgage-Backed Securities Program," before HUD MOD Rehab Investigation Subcommittee of the Senate Committee on Banking, Housing, and Urban Affairs, March 27, 1990.
"Does Credit Rationing Affect Residential Investment? Deja Vu All Over Again," with Yoon Dokko & E. Scott Urdang, Journal of Real Estate Finance and Economics, Vol. 3, 1990, pp. 357-371.
"Determinants of the Rate of Return for Non-Residential Real Estate: Inflation Expectations and Market Adjustment Lags," with Yoon Dokko, Marshall Pomer and E. Scott Urdang, The AREUEA Journal, Vol. 19, Spring 1991, pp. 52-69.

"Interest Rate Risk and Optimal Design of Mortgage Instruments," with Yoon Dokko, Journal of Real Estate Finance and Economics, Vol. 4, 1991, pp. 59-68.

"Inflation, Uncertainty and Stock Market Fluctuations: An Intertemporal CAPM Approach," Research In Finance, Vol. 9, 1991, pp. 1-20.

"An Analysis of Services Provided Through the Workplace, Quit Rates and Money Wage Rates: A Microeconomic Study of Labor Market Behavior," Review of Economics and Statistics (accepted, subject to revision).
"Capitalization of Inflation Risk," New Palgrave Dictionary of Money and Finance,

Vol. 1, November 1992, pp. 300-301.


"Towards A Real Estate Land Use Modeling Paradigm" with Yoon Dokko, The AREUEA Journal, 1992.
"Economic Consequences of the Rodash Decision on the U.S. Economy," Testimony before the U.S. House of Representatives, Subcommittee on Financial Institutions and Consumer Credit, Committee on Banking and Financial Services." May 24, 1995, also available as Working Paper #95-232, Fisher Center for Real Estate & Urban Economics, May 1995.
An Analysis of the Macroeconomic Impact of Personnel Redeployment by California Common Carriers, with David R. Weinstein. Testimony before the State of California Legislature with regard to proposed Legislature AB 566, Fisher Center for Real Estate and Urban Economics Working Paper Reprint No. 101, May 1995.
"Real Estate Value Cycles: A Theory of Market Dynamics," with Yoon Dokko, Allan J. Lacayo and Daniel C. Lee. Working Paper #95-238, Fisher Center for Real Estate & Urban Economics, August 1995.
Assessing the Reemerging California Economy, with Cynthia Kroll, Real Estate Finance, Fall 1996, pp. 23-38.
China: An Emerging Giant, Urban Land, May 1997, pp. 31-35.

Forecasting Seniors Housing Demand, with Allan J. Lacayo, Seniors Housing, Research Issues in Real Estate, edited by Michael A. Anikeeff, and Glenn R. Mueller, Kluwer Academic Publishers; Norwell, Massachusetts, Vol. 4, pp. 205-235.

"To Restart Growth, Securitize Japan's Land Wealth," with Jean-Michel Paul, The Asian Wall Street Journal, July 9, 1997.
"How to Get Japan Back on Its Feet," with Jean-Michel Paul, The Wall Street Journal, December 11, 1997.
"Europe Needs a New Financial Paradigm," with Jean-Michel Paul, The Wall Street Journal, June 12-13, 1998.
"Japan's Broken Employment Escalator," with Jean-Michel Paul, The Asian Wall Street Journal, June 19-20, 1998.
"Time for Reform, Japan's Economy, Financial Systems and Real Estate Markets," with Jean-Michel Paul, PREA Quarterly, Summer 1998, pp. 15-17.
"Do or Die Time in Japan," with Jean-Michel Paul, The Asian Wall Street Journal, September 4-5, 1998.
"Japan Inc. Needs An Overhaul, Not a Quick Fix," with Jean-Michel Paul, The Asian Wall Street Journal, January 12, 1999.
Journal Articles in Preparation
"Real Estate Investment Decision-making" (forthcoming in Real Estate Economics).
"Micro and Aggregate Errors in Appraisal Based Return Indexes," with Daniel Quan.
"An Analytical Theory of Alternative Instruments for Housing Finance"
"Uncertainty and Utility Convexity: A Common Problem in State-Preference Models"
"Socioeconomic Impacts of Energy Usage: An Econometric Approach"
"The Impacts of Property Tax Changes; A Theoretic Note on the Dynamic versus Static Model Effects"
"Multi-Attribute Utility Analysis: An Approach to Investment Decision-Making for Alternative Energy Systems" (co-authored with P.D. Blair and T.A.V. Cassel)

"CMO Mortgage Instruments: Mortgage Money Cheaper by the Slice?" (co-authored with Yoon Dokko and Ken Rosen). Working Paper #87-135, Fisher Center for Real Estate & Urban Economics, August 1987.

"Optimality of Interest Rate Ceilings and Floors in Lending Contracts: A Note." Working Paper #92-203, Fisher Center for Real Estate & Urban Economics, February 1992.
"A Theoretical Framework for Analyzing the Simultaneous Prepayment Options for Fixed Rate Mortgages," with Daniel C. Lee.
"Microeconomic Analysis of Time Series Appraisals," with Daniel Quan.


"The Demographics and Economics of Long-Term Care and Assisted Living Housing"
"Institutional Portfolio Analysis for Long-Term Care and Assisted Living Housing"
Conference Participant, Major Presentations, and Major Speeches
"Capital Market Discrimination and Regional Impact Analysis," paper presented at "Regional Input-Output: The Second Generation," a conference held by Resources for the Future, Washington, D.C., May 8-9, 1969.
"The Theory of Insurance Reconsidered: An Expected Utility Approach," paper presented at European Econometric Society Meetings, Barcelona, Spain, September 6-10, 1971.
"A Schema for Bank Lending Policies to Minority Enterprises," paper presented at American Econometric Society Meetings (part of American Social Sciences Meetings), New Orleans, Louisiana, December 27-29, 1971.
"The Determinants of Value in the Philadelphia Housing Market: A Case Study of the Main Line, 1967-1969," paper presented at the Western Economic Association Meetings, Claremont, California, August 14-15, 1973.

"The Value of Information and the Optimal Governmental Guarantee of Its Agencies' Issues," paper presented at American Finance Association Meetings (part of the Allied Social Science Meetings), New York, New York, December 28-30, 1973.

"An Analysis of Services Provided Through the Workplace, Quit Rates, and Money Wage Rates: A Microeconomic Study of Labor Market Behavior," paper presented at European Econometric Society Meetings, Grenoble, France, September 3-6, 1974.
"Public Policy and Urban Property Insurance Problems," paper presented and was principal discussant at North American Econometric Society Meetings, San Francisco, California, December 28-30, 1974.
"Amending the Rules and Regulations Pertaining to Variable Interest Rate Mortgages," testimony before the United States Senate Committee on Banking, Housing and Urban Affairs, April 17, 1975.
"The Theory of Optimal Public Investment and Pollution Control," paper presented at Third World Congress of the Econometric Society, Toronto, Canada, August 20-26, 1975.
"The Equity of the Real Estate Property Tax: An Empirical Examination of the City of Philadelphia," paper presented at the North American Econometric Society Meetings, Dallas, Texas, December 28-30, 1975.
"Inflation and Structural Adjustments in the Residential Mortgage Market," principal discussant at Joint Session of American Finance Association, American Economic Association and American Real Estate and Urban Economics Association, Dallas, Texas, December 29, 1975.
"The Property Tax: Problems of Maintaining Intra-Community Equity," paper presented at Western Economic Association Meetings, San Francisco, California, June 24-27, 1976.
"Oil Resources Economics," principal discussant Western Economic Association Meetings, San Francisco, California, June 25, 1976.

"Interest Rate Change Insurance: A Method to Meet the Needs of Homebuyers and the Housing Finance System in an Inflationary Environment," (co-authored with Jack Guttentag), paper presented at Allied Social Science Meeting, Atlantic City, New Jersey, before Joint Session of American Finance Association and American Real Estate and Urban Economics Association, September 16-18, 1976.

"An Economist's Perspective About the Future Viability of Cities," keynote paper presented at Lewis M. Stevens Conference on the Future of the City, February 9-19, 1977.
"An Empirical Examination of the Socio-Economic Effects of Energy Usage: An Econometric-Social Indicators Approach," paper presented at Western Economic Association Meetings, Anaheim, California, June 1977.
"Real Estate Assessment-Value Ratio Studies: How to do Them," paper presented at the Institute for Property Taxation Annual Meetings, Houston, Texas, May 21-24, 1978.
"The Alternative Mortgage Instrument Research Study: What is Omitted?" paper presented at the Western Economic Association Meetings, Honolulu, Hawaii, June 1978.
"Forecasting Capital Investment Behavior for the Geothermal Electric Power Industry," (co-authored with T.A.V. Cassel), paper presented at the Atlantic Economic Society Meetings, Vienna and Salzburg, Austria, May 10-16, 1979.
"The Economics of Optimal Geothermal Resource Extraction for Electric Power," (co-authored with P.D. Blair, T.A.V. Cassel and I. Paik), paper presented at the Atlantic Economic Society Meetings, Vienna and Salzburg, Austria, May 10-16, 1979.
"An Appraisal of Residential Property Tax Regressivity," paper presented at Western Finance Association Meetings, San Francisco, California, June 21-23, 1979.

"Marginally Competitive Pricing of Geothermal Resources for Electric Power Production," (co-authored with T.A.V. Cassel, P.D. Blair, and C.B. Amundsen), paper presented at Geothermal Resource Council Annual Meetings, Reno, Nevada, September 24-27, 1979.

Discussant at Conference on Adequacy of Capital in the Savings and Loan Industry, San Francisco, California, December 6-7, 1979.
"Financial Implications of Proposition 13," principal discussant at Joint Session of American Finance Association and American Real Estate and Urban Economics Sessions, Allied Social Science Meetings, Atlanta, Georgia, December 27-29, 1979.
"Housing Prices and Interest Rates," discussant at American Real Estate and Urban Economics

Association meetings, Washington, D.C., May 27-28, 1980.


"Motor Vehicles and Certain Chassis and Bodies Thereof," address delivered before the United States International Trade Commission, Washington, D.C., October 9-10, 1980.
"Doing Ratio Studies," address delivered before the Annual Meetings of the Institute for Property Taxation, Phoenix, Arizona, November 9-10, 1980.
"Real Estate Investment: How to make Decisions," address delivered before Annual Meetings of the Newport Dentistry Association, Newport Beach, California, November 12, 1980.
"Housing Production Functions and Their Implications for Future Spatial Development," paper presented at University of British Columbia Conference on Housing in the 21st Century, Vancouver, British Columbia, Canada, July 22-24, 1981.
"Property Taxes and Capital Allocation Effects," paper presented at Ohio State University Conference on Housing, Mortgages, Instruments, and Taxes, Columbus, Ohio, September 10-12, 1981.
"Housing and Energy," principal discussant, American Real Estate and Urban Economics Session, Washington, D.C., Allied Social Science Meetings, December 28-30, 1981.

"Real Estate Investment Analysis for Public Sector Decision-Makers," paper presented to Conference on Public-Private Sector Real Estate Development, Wharton School Conference, June 8-9, 1983.

"Real Estate Evaluation for Pension Funds," paper presented at Advanced Symposium for Pension Funds, Wharton School, October 7-10, 1983.
"Assessment-Sale Property Ration Studies," paper presented at Institute of Property Taxation Symposium, Chicago, Illinois, November 7-8, 1983.
"An Empirical Study of the Determinants of the United States Housing and Mortgage Markets: A General Equilibrium Approach," (co-authored with Y. Dokko and E.S. Urdang), paper presented at Allied Social Science Meetings, Joint Session of AFA-AREUEA on Housing Finance, San Francisco, CA., December 28-30, 1983.
"Residential Construction and Housing Finance," (co-authored with Y. Dokko and E.S. Urdang), paper presented at the Allied Social Science Meetings, American Real Estate and Urban Economics Association, session on Housing Finance Markets, New York City, New York, December 1985.
Discussant at AREUEA Session on Forecasting Housing Demand, New York City, New York, December 1985.
"Stock Market Prices and Inflation Uncertainty," (co-authored with Y. Dokko), paper presented at Allied Social Science Meetings, American Finance Association session on Stock Market Behavior, New Orleans, LA, December 1986.
"Current Trends in Real Estate: The Markets," invited speaker at Real Estate Session at International Association of Financial Planners, Atlanta, Georgia, October 6, 1987.
"Real Estate Market: Forecasting the Future," invited speaker at UCLA Forecasting Conference, Los Angeles, California, November 12, 1987.

"The Impact of Inflation on the Valuation of Real Estate Assets," paper presented at the Homer Hoyt Advanced Study Institute, Palm Beach, Florida, December 1987.

"The Future of Housing Policy," invited speaker at National Housing Conference and Public Hearing, Los Angeles, California, April 6-7, 1988.
"Residential Investment and Mortgage Markets," (co-authored with Yoon Dokko and E.S. Urdang), paper presented at Western Economic Association Meetings, Session on Real Estate Economics and Finance, Los Angeles, California, July 1, 1988.
"Optimal Design of Mortgage Instruments," (co-authored with Yoon Dokko), paper presented at Allied Social Science Meetings, New York City, New York, December 1988.
"Thrift Mortgage Instruments in a New Financial Environment," paper presented at Western Economic Association meetings, Lake Tahoe, California, June 21, 1989.
"Efficiency Aspects of the Commercial Property Market," (co-authored with Yoon Dokko and Marshall Pomer), paper presented at Joint AEA/AREUEA session of ASSA Meetings, Atlanta, Georgia, December 1989.
"Collateralized Mortgage Obligations (CMOs): Mortgage Money Cheaper By the Slice?," (co-authored with Yoon Dokko, Kenneth T. Rosen), paper presented at ASSA-American Finance Association-AREUEA meetings, Washington, D.C., December 1990.
"Micro and Aggregate Errors in Appraisal Based Return Indices," (co-authored with Dan Quan), paper presented at the ASSA-AREUEA meetings, Washington, D.C., December 1990.
"Urban Real Estate Economics", session chair, WEA Conference, Seattle, Washington, June 1991.
"Farm Land Valuation and the Present Value Model," (co-authored with Yoon Dokko), invited paper presented at the ASSA-AREUEA meetings, New Orleans, Louisiana, January 1992.

"Farm Land Valuation and the Present Value Model," (co-authored with Yoon Dokko), invited paper presented at the WEA International Program, San Francisco, California, July 1992.

"A Simultaneous Model of Mortgage Pricing for the Default and Prepayment Options," (co-authored with Daniel C. Lee), invited paper presented at ASSA-AREUEA meetings, also discussant for three sessions at ASSA-AREUEA meetings, Anaheim, California, January 5, 1993.
"The Possible Solutions for the Urban Infrastructure and Housing Problems in Taiwan," keynote speaker and discussant at the Roundtable Discussion sponsored by The Space Journal, Taipei, Taiwan, July 30, 1993.
"Real Estate Cycles: A Theory of Property Value, Income and Dynamics," (co-authored with Yoon Dokko, Allan Lacayo, Daniel C. Lee), invited paper presented at the ASSA-AREUEA meetings, Boston, Massachusetts, January 3, 1994.
Real Estate Cycles: A Theory of Value and Income Dynamics," invited paper presented at the Western Economic Association International Pacific Rim Conference, Kowloon, Hong Kong, January 9, 1994.
"Real Estate Value Cycles: A Theory of Market Dynamics," (co-authored with Yoon Dokko, Allan Lacayo, Daniel C. Lee), invited paper presented at the ASSA-AREUEA International Congress, Singapore, China, April 26, 1995.
"Fuel Exemption AB 566," testimony before the California Assembly of Revenue and Taxation Committee, Sacramento, California, May 1, 1995.
"Economic Consequences of the Rodash Decision on the U.S. Economy," testimony before the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit, Committee on Banking and Financial Services." Washington, D.C., May 24, 1995.

Cambridge-Wharton Joint International Conference presentation; Presented invited paper, "Real Estate Cycles in U.S. Office Markets," (co-authored with Yoon Dokko, Allan Lacayo, Daniel C. Lee), Cambridge, England, March 20-22, 1996.

"Presidential Address," speech delivered at the ASSA/American Real Estate and Urban Economics Association Annual Meeting, New Orleans, Louisiana, January 2-6, 1997.

American Real Estate and Urban Economics Association Sixth Annual International Real Estate Conference Organizer and Chair, Berkeley, California, May 31-June 2, 1997.


"Modeling the Determinants of Japanese Land Prices?" (co-authored with Jean-Michel Paul), invited paper presented at ASSA-American Finance Association-AREUEA meetings, Chicago, Illinois, January 2-5, 1998.
"The Asian Economics, Real Estate Markets and Securitization," address delivered at the National Society of Real Estate Finance Meeting, Newport Beach, California, January 8, 1998.
"The Asia Flu, The US Economy & Real Estate Markets: What are the Prescriptive Remedies?" address delivered at the East Coast Alumni Association Meeting, New York City, New York, January 30, 1998.
"Are Japanese Land Prices Based on Expectations," address delivered at the National Association of Business Economists Meeting, San Francisco, California, February 18, 1998.
"The Asian Flu: Analyzing the Various Strains," address delivered at the University of British Columbia, Urban Land Economics Division, Vancouver, British Columbia, March 20, 1998.
"Economic Update," address delivered at the Urban Land Institute Spring Meeting (Silver Flight Council), Denver, Colorado, April 30, 1998.

"Tax Issues," AREUEA International Conference, session chair, and paper presentation, "Are Japanese Land Prices Based on Expectations?"(co-authored with Jean-Michel Paul), Maastricht, The Netherlands, June 10-13, 1998.

"Successful Strategies for the Future: How to Get a Hole-in-One, A Tale of Two Decades," address delivered at FNMA DUS Conference, Monterey, California, July 28, 1998.
"Economic Overview," address delivered at NAIOP meeting, Berkeley, California, August 4, 1998.
"Asian Contagion and the World Economy," address delivered at Rabobank, Singapore, China, August 23, 1998.
"Price Dynamics," Asian Real Estate Society Third Annual Conference, session chair, session panelist, "Asian Financial Crisis," and paper presentation, "Are Japanese Land Prices Based on Expectations? -- A Forecasting Model Approach," (co-authored with Jean-Michel Paul) Taipei, Taiwan, August 26-29, 1998.
"Financing and Investing in Real Estate Projects," instructor for The Urban Land Institute, New York City, New York, November 5-6, 1998.

“Can U.S. Real Estate Thrive During World Economic Tumult? address delivered at the Twenty-first Annual Real Estate & Economics Symposium, San Francisco, California, November 12, 1998.


“Real Estate Investment” session chair, ASSA-AREUEA Annual meeting, New York, NY, January 2-6, 1999.
“The Global Impact on our Real Estate Economy,” address delivered at the ULI-USC Lusk Center 1999 Real Estate Trends Conference, Los Angeles, California, January 26, 1999.
“The Asian Contagion, The U.S. Economy and Real Estate,” address delivered at the National Real Estate Forum meeting, Chicago, Illinois, March 24, 1999.
“International Real Estate Cycles: An Expectational Analysis,” invited paper presented at the NYU Stern School of Business, March 26, 1999.

“The International Contagion, The Economy, and U.S. Real Estate,” address delivered at the Stanford, Cal, Harvard Alumni Associations meeting, Palo Alto, California, April 5, 1999.

“Securitization” session chair and presentation of invited paper, “Understanding Cycles of Japanese Land Prices: An Expectations Model,” (co-authored with Jean-Michel Paul) AREUEA International Conference, Maui, Hawaii, May 6-7, 1999.
“Real Estate Values and Lessons of the Global Economy,” address delivered at the University of California at Berkeley Seattle Alumni Association meeting, Seattle, Washington, May 18, 1999.

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