Dean's Chair in Real Estate Professor; Department Chair
Areas of Interest
Gilles Duranton is Professor of Real Estate in the Real Estate Department at The Wharton School. His research focuses on urban and regional development, transportation, and local public finance. Prior to joining the Real Estate Department in 2012, Duranton taught at the University of Toronto for seven years, and the London School of Economics for nine years. He is the co-editor of the Journal of Urban Economics, and is an editorial board member for several other journals. He is also affiliated with the Centre for Economic Policy Research in London, the Spatial Economics Research Centre at the London School of Economics, and the Rimini Centre for Economic Analysis. He currently serves as the Chair of the Real Estate department at The Wharton School.
Duranton, Gilles. 2016. “Determinants of city growth in Colombia.” Papers in Regional Science 95(1): 101-132.
Duranton, Gilles. 2016. “Agglomeration effects in Colombia.” Journal of Regional Science 56(2): 210-238.
Duranton, Gilles. 2015. “Roads and Trade in Colombia.” Economics of Transportation 4(1): 16-36.
Duranton, Gilles. 2015. “Growing through cities in developing countries.” World Bank Research Observer 30(1): 39-73.
Associate Professor, Departments of Real Estate, and Business Economics and Public Policy
Areas of Interest
Fernando Ferreira is Associate Professor of Real Estate and Business Economics and Public Policy. His interests include public economics, urban economics, and real estate. He is also a Faculty Fellow and Research Associate at the National Bureau of Economic Research (NBER), for which he co-edits the Journal of Public Economics. Ferreira has served as a visiting scholar at the Federal Reserve Bank of Philadelphia and the Federal Reserve Bank of New York, and is the recipient of various research grants, including from the Ford Foundation and the U.S. Department of Education.
Ferreira, Fernando “What Drives Racial and Ethnic Differences in High Cost Mortgages? The Role of High Risk Lenders”, with Patrick Bayer and Stephen Ross. Forthcoming. Review of Financial Studies.
Ferreira, Fernando, Patrick Bayer, and Stephen Ross. 2016. “The Vulnerability of Minority Homeowners in the Housing Boom and Bust.” American Economic Journal: Economic Policy 8(1).
Ferreira, Fernando and Joseph Gyourko. 2014. “Does Gender Matter for Political Leadership? The Case of U.S. Mayors.” Journal of Public Economics 112: 24-39.
Ferreira, Fernando, Leah Platt Boustan, Hernan Winkler, and Eric Zolt. 2013. “The Effect of Rising Income Inequality on Taxation and Public Expenditures: Evidence from U.S. Municipalities and School Districts, 1970-2000.” Review of Economics and Statistics 95(4): 1291-1302.
Martin Bucksbaum Professor of Real Estate, Finance, and Business and Public Policy
Nancy Nasher and David Haemiseggar Director, Zell/Lurie Real Estate Center
Areas of Interest
Joe Gyourko is the Martin Bucksbaum Professor of Real Estate, Finance and Business & Public Policy at The Wharton School of the University of Pennsylvania. He also serves as the Nancy Nasher and David Haemiseggar Director of the Zell/Lurie Real Estate Center at Wharton. Professor Gyourko’s research interests include real estate finance and investments, urban economics, and housing markets, in the United States and China. He is a Research Associate of the National Bureau of Economic Research (NBER) and served as Co-Director of the special NBER Project on Housing Markets and the Financial Crisis. Professor Gyourko served as co-editor of the Journal of Urban Economics, is a past Trustee of the Urban Land Institute (ULI) and Director of the Pension Real Estate Association (PREA), and consults to various private firms on real estate investment and policy matters. He received his B.A. from Duke University and a Ph.D. in Economics from the University of Chicago.
Gyourko, Joseph and Edward Glaeser. Forthcoming. “The Economics of Housing Supply.” Journal of Economic Perspectives.
Wu, Jing, Joseph Gyourko, and Yongheng Deng. 2016. “Evaluating the Risk of Chinese Housing Markets: What We Know and What We Need to Know.” China Economic Review 39: 91-114.
Gyourko, Joseph and Raven Molloy. 2015. “Regulation and Housing Supply.” In Handbook of Regional and Urban Economics Vol 5A, edited by Gilles Duranton, J. Vernon Henderson, and William Strange. Amsterdam, The Netherlands: Elsevier.
Gyourko, Joseph, Chris Mayer, and Todd Sinai. 2013. “Superstar Cities.” American Economic Journal-Economic Policy 5(4): 167-199.
Assistant Professor of Real Estate
Areas of Interest
Jessie Handbury is Assistant Professor of Real Estate at The Wharton School and a Faculty Research Fellow at the National Bureau of Economic Research (NBER). Her research interests lie at the intersection of urban economics, trade, and industrial organization. Her recent articles use detailed data on retail sales to characterize how product prices and availability vary across U.S. cities and to measure the implications of this variation on household living costs. Her current research examines spatial and socio-economic disparities in the availability and consumption of food products. This work, supported by the U.S. Department of Agriculture and the Wharton Social Impact Initiative, seeks to understand the roles that differentials in price sensitivity, nutritional preferences, and retail access each play in explaining socio-economic disparities in nutrition.
Handbury, Jessie, Ilya Rahkovsky, and Molly Schnell2015. “What Drives Nutritional Disparities? Retail Access and Food Purchases Across the Socioeconomic Spectrum.” NBER Working Paper Series Volume w21126.
Handbury, Jessie, and David E. Weinstein. 2014. “Goods prices and availability in cities.” The Review of Economic Studies 82(1): 258-296.
Handbury, Jessie. 2014. “Are poor cities cheap for everyone? Non-homotheticity and the cost of living across us cities.” Zell-Lurie working papers.
Adjunct Professor of Real Estate
President and Principal, Econsult Solutions, Inc.
Areas of Interest
Richard Voith is Adjunct Professor of Real Estate in The Wharton School and President and Principal of Econsult Solutions, Inc. He is a well-known expert in real estate economics, transportation, and applied microeconomics. Prior to joining Econsult Solutions, Voith was Economic Advisor at the Federal Reserve Bank of Philadelphia where his responsibilities included analysis of Philadelphia’s regional economy. In addition to his consulting and academic research, Voith has worked frequently in the public policy arena. He is a founding board member of Pentrans, an organization dedicated to improving transportation in Pennsylvania. In 2006, he was appointed by Governor Rendell to the newly created Transportation Funding and Reform Commission charged with recommending appropriate levels of funding for transit systems, roads and bridges throughout the Commonwealth. He also served on the Board of Directors of the Southeastern Pennsylvania Transportation Authority (1992-2000) as one of two representatives for the city of Philadelphia on the Board. He served as Vice Chairman of SEPTA for three years (1996-1998); during his tenure, he participated in the procurement of a new fleet of subway cars, the hiring of a new management team, development of financing mechanisms for an ambitious capital plan as well as efforts to dramatically streamline the authority to reduce costs while expanding service throughout the Greater Philadelphia region.
Voith, Richard P, and Susan M Wachter. 2012. “The Affordability Challenge: Inclusionary Housing and Community Land Trusts in a Federal System.” In Value capture and land policies, edited by Gregory K. Ingram and Yu-Hung Hong. Cambridge, MA: Lincoln Institute of Land Policy.
Voith, Richard P. 2011. “The Economics of Recovery.” In Managing Urban Disaster Recovery: Policy, Planning, Concepts and Cases, edited by Edward J. Blakely, Eugenie L. Birch, Roland V. Anglan and Harou Hayashi. Crisis Response Publications.
Crone, Theodore, Leonard Nakamura, and Richard P. Voith. 2010. “Rents Have Been Rising, Not Falling, in the Postwar Period.” Review of Economics and Statistics 92(3): 628-644.
Zielenbach, Sean and Richard Voith. 2010. “HOPE VI and Neighborhood Economic Development: The Importance of Local Market Dynamics.” Cityscape 12(1): 99-131.
Zielenbach, Sean, Richard Voith, and Michael Mariano. 2010. “Estimating the Local Economic Impacts of HOPE VI.” Housing Policy Debate 20(3): 485-522.
Albert Sussman Professor of Real Estate, Professor of Finance
Co-Director, Penn Institute for Urban Research
Areas of Interest
Susan M. Wachter is Sussman Professor and Professor of Real Estate and Finance at The Wharton School, and Co-Director of Penn IUR. From 1998 to 2001, as Assistant Secretary for Policy Development and Research, U.S. Department of Housing and Urban Development, Dr. Wachter served as the senior urban policy official and Principal Advisor to the Secretary on overall HUD policies and programs. At The Wharton School, she was Chairperson of the Real Estate Department and Professor of Real Estate and Finance from July 1997 until her 1998 appointment to HUD. She founded and currently serves as Director of Wharton’s Geographical Information Systems Lab. Previously, Wachter served as a member of the Board of Directors of the Beneficial Corporation from 1985 to 1998 and of the MIG Residential REIT from 1994 to 1998. She was the editor of Real Estate Economics from 1997 to 1999 and currently serves on the editorial boards of several real estate journals. Wachter has been a member of the Advanced Studies Institute of the Homer Hoyt Institute since 1989. She co-founded and is Co-Director of the Penn Institute for Urban Research. She is the author of more than 150 scholarly publications and the recipient of several awards for teaching excellence at The Wharton School.
Acolin, Arthur, Xudong An, Raphael Bostic, and Susan M. Wachter. 2017. “Homeownership and Nontraditional and Subprime Mortgages.” Housing Policy Debate 27(3): 393-418.
Wachter, Susan M., Arthur Acolin, and Scott Bernstein. 2017. “Opportunity, Housing Access, and Infrastructure.” Housing Policy Debate 27(3): 468-471.
Wachter, Susan M. and Patricia Mccoy. 2017. “Representations and Warranties: Why They Did Not Stop the Crisis.” In Evidence and Innovation in Housing Law and Policy, edited by Lee Fennell and Benjamin Keys. Cambridge, U.K.: Cambridge University Press.
Wachter, Susan M. and Joseph Tracy, eds. 2016. Principles of Housing Finance Reform. Philadelphia: University of Pennsylvania Press.
Wachter, Susan M., ed. 2016. Public Pensions and City Solvency. Philadelphia: University of Pennsylvania Press.
Acolin, Arthur, Laurie S. Goodman, and Susan Wachter. 2016. “A Renter or Homeowner Nation?” Cityscape 18(2): 145-158.
Acolin, Arthur, Jesse Bricker, Paul S. Calem, and Susan Wachter. 2016. “Borrowing Constraints and Homeownership.” American Economic Review: Papers and Proceedings 106(5): 625-629.