PLAN40080 Economic and Property Markets

Academic Year 2022/2023

This module provides students with knowledge of how property markets function from an economic perspective. In order to do this the module examines the principles micro-economics and price theory. These theories are then examined in light of experiences in the property, planning and development markets. Particular examples of quantitative evidence of such markets including construction and property market trends are used in this analysis. Based on analysis of economic data a discussion of the role of regulation and the variety of forms such regulation can take is developed. Alternative policy approaches and outcomes are evaluated with a specific emphasis on their economic efficiency.

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Curricular information is subject to change

Learning Outcomes:

On the completion of the module students are expected to:
- Have an understanding of the principles of applied microeconomics
- Have developed an understanding of the economic context for property development decisions in a market economy.
- Have gained a knowledge of the workings of market processes, market failures and interventions and the role of economic incentives
- Have developed their abilities to apply economic tools and analysis to the property planning and development policy arena.
- Have an understanding of economic issues in relation to property markets, planning and development policy

Indicative Module Content:

A basic outline of content includes:
1. Operation of Property markets and Planning relationships with Economics
2. Basic concepts in economics: macro vs. micro; scarcity, choice and opportunity cost; economic analysis of human behaviour; introduction to planning problems as economic problems, externalities, etc.
3. How a Market Economy Works. Supply and demand; prices and output
4. How the Market Fails. The rationale for planning: public goods, externalities and planning problems.
5. Public Interventions in market processes

The second part of the module outlines the spatial context of economic decision making on urban form and location by introducing principles of urban and regional economics and demonstrates the application of economic analysis to the problems and challenges of modern Western cities. The economic forces influencing the development of cities are described along with an overview of the classic theories of urban structure and land-use. The role of the transport system is focused and the problems of facilitating mobility and accessibility with and between urban areas are examined in detail. The issues relating to market processes and interventions are explored. Decision making within competitive markets are examined along with the role of regulation or interventions aimed at achieving equity and/or efficiency.

Student Effort Hours: 
Student Effort Type Hours
Lectures

22
Autonomous Student Learning

78
Total

100
Approaches to Teaching and Learning:
This module is delivered by a lecture series with active/task-based learning. each session consists of a core lecture and working in small groups on selected issues and tasks raised in the lecture. 
Requirements, Exclusions and Recommendations

Not applicable to this module.


Module Requisites and Incompatibles
Equivalents:
Economic and Property Markets (PEP40270)


 
Assessment Strategy  
Description Timing Open Book Exam Component Scale Must Pass Component % of Final Grade
Assignment: End of semester assignment Coursework (End of Trimester) n/a Graded No

60
Assignment: mid semester assignment Throughout the Trimester n/a Graded No

40

Carry forward of passed components
Yes
 
Resit In Terminal Exam
Summer No
Please see Student Jargon Buster for more information about remediation types and timing. 
Feedback Strategy/Strategies

• Feedback individually to students, post-assessment
• Group/class feedback, post-assessment

How will my Feedback be Delivered?

Students will be given written feedback on their in-class assessments