Real Estate & Urban Land Economics
About the Program
The Wisconsin PhD Program in real estate and urban land economics prepares individuals for academic careers in research universities and research careers in industry and government agencies.
The program is academically rigorous, highly quantitative, providing a solid foundation in financial and economic theory and advanced empirical methodologies. In addition, through a customized program of elective courses and dissertation research, students will specialize in a particular area of real estate economics and finance.
Core Areas of Research
Student research is supported by faculty in the following core areas:
- Urban economics
- Affordable housing and policy analysis
- Real estate finance and investment
- Securitization and real estate capital markets
- Investment of commercial property
- Household finance
- Environmental economics and sustainable development
- International real estate markets
Academic Requirements
All students must meet the general PhD requirements of both the UW–Madison Graduate School and the Wisconsin School of Business. Ideal candidates for our program have the following background:
- Introductory coursework in microeconomics and macroeconomics
- Three semesters of calculus, two semesters or mathematical statistics, one semester of linear algebra, and one semester of real analysis*
Program Coursework
Students will complete the following courses:
Advanced Real Estate Finance
Advanced Urban Land Economics
Theory of Finance I & II
Economic Statistics and Econometrics I & II
Economic Theory–Microeconomics Sequence I & II
Economic Theory–Macroeconomics Sequence I or II Seminars
Year 1
- Students are set to gain familiarity with the academic real estate community in general and academic research in particular.
- By the end of summer, year 1, students should pass the prelim exam.
Year 2
- By the end of the second year, students should have successfully completed all required courses.
- During summer, year 2, students complete a research paper on a real estate economics or finance topic. This paper may be either theoretical or empirical, and should contain elements of original research that extend the existing literature. Real estate faculty members may provide guidance during the paper’s development. Each student also makes an oral presentation of the paper to the real estate faculty.
Year 3
- At the beginning of the third year, students should successfully pass the second-year paper and presentation.
- Students will work on the dissertation and are set to complete the dissertation proposal by the end of the third year.
Year 4 & 5
- Students should successfully complete the doctoral dissertation and prepare for the job market
Faculty Research Interests
Alina Arefeva
Research interests:
- Real estate economics
- Finance
- Macroeconomics
- Search frictions on housing prices
Yongheng Deng
Research interests:
- Real Estate Finance and Capital Markets
- Mortgage and Asset-Backed Security
- Competing Risks of Mortgage Prepayment and Default
- Economics of Sustainable Development
- Asian Real Estate and Housing Market
Lu Han
Research interests:
- Real estate market microstructure
- Empirical industrial organization
- Urban and environmental economics
- Housing and mortgage policies
Timothy Riddiough
Research interests:
- Mortgage finance and securitization
- Real estate valuation and investment
- Capital structure and contracting
- REITs
Chris Timmins
Research interests:
- Environmental Economics
- Urban Economics
- Public Economics
Abdullah Yavas
Research interests:
- Mortgage contracts
- Brokerage
- Economics of information and uncertainty
- Experimental economics
- Monetary policy
Dayin Zhang
Research interests:
- Household Finance
- Financial Intermediation
- Real Estate Finance
- Macroeconomics
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