麻省理工学院(Massachusetts Institute of Technology)

创立于1861年, 坐落于美国马萨诸塞州剑桥市(大波士顿地区),是世界著名私立研究型大学。 作为世界顶尖高校,麻省理工学院尤其以自然及工程学享誉世界,位列2015-16 年世界大学学术排名(ARWU)工程学世界第1、计算机科学第2,与斯坦福大 学、加州大学伯克利分校一同被称为工程科技界的学术领袖。截至2017年,著名马萨诸塞州理工师生、校友或研究人员包括了91位诺贝尔奖得主、52位国家科学奖章获奖者、45位罗德学者、38名麦克阿瑟奖得主、6名菲尔兹奖获奖者、25位图灵奖得主。此校同时具很强的创业文化,由其校友所创办的公司利润总值相当于全球第十一大经济体。

麻省理工学院-金融科研

一、课题方向

Financial Engineering

金融工程学

Financial Economics

金融经济学

Economics of property markets

房地产市场经济学

The impacts of regulation

监管的影响

The sources of equity and debt financing

权益和债务融资的来源

Mathematical Finance

数理金融学

Financial Econometrics

金融学计量经济学

 

二、科研内容参考

Introduction:

This is a project-based style workshop spanning real estate mathematical finance, housing, regional science, public policy, and urban economics. We offer a unique opportunity for the exchange of ideas and the application of research relevant to applied decision making in real estate finance and urban economics. The workshop provides new insights into the intersection of real estate finance, urban economics, and spatial big data analysis. It draws upon original research of the utmost quality to probe into most exhilarating questions about real estate dynamics. Through hands-on quantitative research projects, students should be able to have a firm grasp of the techniques essential to understanding and evaluating housing markets, capital markets, the urban economy, land use, environmental sustainability, urban transportation, and public finance and policies.

Project for Week 1: Understanding real estate price dynamics and regulations in Chinese cities.

Session 1: The Real Estate Sector


An introduction of the most fundamental concepts, principles, analytical methods and tools useful for studying the housing markets; Comparative statics: predicting changes in real estate markets.

Session 2: Micro and Macro Economic Analysis


A thorough review of urban economics concepts; Case studies: comparing urban policies and their implications for real estate in U.S. and China.

Session 3: Residential Land Markets: Prices and Land Use


Location and rents: spatial equilibrium; urban growth, rents, and prices.

Project for Week 2: Investigating the relationship between urban vibrancy and regional innovation and entrepreneurship capacity.

Session 4: Residential Development


Understanding spatial distribution of residential development, land use, and urban density; Examining transition between land uses (gentrification, redevelopment); Exercise: developing a market forecast: apartments.

Session 5: Office Market, Retail Location, and Shopping Centers


The commercial land market; retail travel patterns and the distribution of stores; pricing, spatial competition, the internet; shopping centers, store clustering, agglomeration; Exercise: simulating potential shopping center demand.

Session 6: Innovation & Entrepreneurship Ecosystem and Labor Market


Historical development and changing technology;

Project for Week 3: Ghost towns? Implications of high vacancy rates for housing markets in China.

Session 7: Centers, Subcenters


Theories of Multiple centered cities; the dynamics of urban subcenter formation; agglomeration and employment clustering.

Session 8: Local Government and Land Market


Property taxes, public expenditure and local services; tax and public policy effects; the fiscal incentives for land use regulation; public goods and "neighborhood" effects; case studies: the gentrification consequences of government investment in local public goods.

Session 9: Macro Analysis of Housing


Demographic, economic influences; moving, vacancy, and sales: the demand for housing quality; housing supply.

Project for Week 4: Estimating housing price capitalization of air pollution.

Session 10: Regional Growth and Real Estate Markets


The Determinants of metropolitan growth; birth rates, migration, and wages; demand and supply shocks, real estate and the cost of living; economic competition within a system of cities; case studies: what happened to Worcester?

Session 11: Urban Mobility


Transportation and shipping costs; congestion, transportation infrastructure, planning regional development; case studies: urban transportation in China (subway and high-speed rail).

Session 12: Real Estate Effects of Environmental Degradation


Transition from production cities to consumption cities; air pollution, health spending and willingness to pay for urban amenities; case studies: pollution for promotion? Understanding environmental degradation in China from a perspective of urban governance and political economy: institutions, incentives, and consequences.

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