Case Study (Real Estate and Urban Development Policy）
Yoshitsugu KANEMOTO / Takeshi MUGISHIMA / Chishu ZUSHI
Credits / Language / Semester
2Credits / English / Winter
The course introduces, to prospective policy professionals, some of the important aspects of urban development and real estate development. Topics covered are (1) urban transportation and land use development, (2) real estate development and finance, (3) public-private relationship in urban development.
Students form groups to conduct case study projects. Typically, a case study in this course outlines a business plan for a real-world urban development project, in the hope of providing a creative solution to many existing difficulties in developing countries. A business plan must find a way to ensure economic feasibility and overcome political difficulties.
This course is taught by a team of three instructors: an academic economist specializing in urban economics, a businessman who has extensive experience in international real estate development, and a high-ranking government official who has worked on various aspects of Japanese urban policy.
Urban development, Real estate, Infrastructure, Finance, Public policy
Tentative, Subject to change
Urban Development, the Real Estate Market, and the Role of Public Policy
Real Estate Development and Finance I: Residential Development in Asia (A case exercise on a condominium project)
Urban Development by Private Railway Companies in Japan
Real Estate Development and Finance II: Commercial Development in Asia
CBA and Financial Analysis, Case Study Project Proposal (due)
Case Study Proposals Discussion, Team Formation
Real Estate Development and Finance III: Western and Emerging Countries
PPP and Private Financing in Urban Development and Infrastructure Provision
Tsukuba Express, Case Study Preliminary Outline (due)
Case Study Project Discussion
Smart City and Urban Regeneration
Spatial Monopoly and Regulation, Case Study Project Discussion
Infrastructure and Real Estate Development, Case Study Project Discussion
Case Study Project Discussion
Case Study Project Presentation (Final team report due February 10th) Supplementary
Lectures, class discussions, case study reports and presentations
Based on: Exercises, Case study reports and presentation, Class participation
Real Estate Finance
William J. Poorvu, The Real Estate Challenge: Capitalizing on Change, South-Western Pub, (1995).
William J Poorvu and Jeffrey L. Cruikshank, The Real Estate Game: The Intelligent Guide To Decisionmaking and Investment, Free Press, (1999).
Saito, T., Japanese Private Railway Companies and Their Business Diversification, Japan Railway & Transport Review, January 1977, pp. 2-9.
Saito, T., Private Railway Industry, Koyo Shobo, 1993, (in Japanese). The translation of Chapter 5 is available.
Fukui, K. Japanese national railways privatization study : the experience of Japan and lessons for developing countries, Volume 1, World Bank Discussion Papers No. 172, (1992).
Transportation Investment and Land Use (Economic Theory)
Kanemoto, Y., "Pricing and Investment Policies in the System of Competitive Commuter Railways," Review of Economic Studies 51, 665-681, (1984).
Kanemoto, Y., Theories of Urban Externalities, North-Holland, (1980). Chapter 2 on City Formation and City Sizes, Chapter 3 on Local Public Goods.
Sammis B. White, Richard D. Bingham, Edward W. Hill (Eds), Financing Economic Development in the 21st Century, M E Sharpe Inc; 2nd edition, (2013).
ADB, Financing Urban Development in the People’s Republic of China, November 2010.
ADB, Public-Private Partnership (PPP) Handbook (2008).
Glaeser, E., Triumph of the City, Penguin Press, New York (2011).
Spatial Monopoly and Regulation
Kanemoto, Y. and K. Kiyono, "Investment, Pricing, and Regulation in Urban Transportation and Spatial Development," in H. Kohno and P. Nijkamp (eds.) Potentials and Bottlenecks of Spatial Economics Development, 30-44, Springer-Verlag, (1993).
Kanemoto, Y. and K. Kiyono, "Regulation of Commuter Railways and Spatial Development," Regional Science and Urban Economics 25, 377-394, (1995).
Microeconomics textbook on monopoly (e.g. Mankiw, Microeconomics, ch. 15)
Jose A. Gomez-Ibanez, Regulating Private Infrastructure: Monopoly, Contracts, and Discretion (Harvard University Press, 2003), chapters 1-3.
Notes on Taking the Course
This course requires good understanding of basic economics and statistics but does not pursue sophisticated economic analysis. Prerequisites are
(1) Microeconomics for public policy
(2) Statistical Method
or their equivalents.