16232 Economics for Policy Analysis

Warning: The information on this page is indicative. The subject outline for a particular session, location and mode of offering is the authoritative source of all information about the subject for that offering. Required texts, recommended texts and references in particular are likely to change. Students will be provided with a subject outline once they enrol in the subject.

Subject handbook information prior to 2024 is available in the Archives.

UTS: Design, Architecture and Building: School of the Built Environment
Credit points: 6 cp

Subject level:

Undergraduate

Result type: Grade and marks

Requisite(s): 16466 Built Environment Economics AND 16235 Urban Economics
These requisites may not apply to students in certain courses. See access conditions.

Description

This subject introduces students to the application of economic principles and frameworks in the formulation and interpretation of urban policy. The importance of rigorous analysis in the context of policy formulation and interpretation is emphasised. The subject begins with an introduction to the microeconomic principles for guiding policy options. It then explores in detail specific applications from housing, infrastructure provision, and environmental valuation. The subject takes a case study approach and students apply their learning through discussions, hands-on exercises, quizzes, and a final examination.

Subject learning objectives (SLOs)

1.	Comprehend and explain economic concepts in an urban policy context
2.	Apply and interpret different economic theories in a way that is meaningful and useful in developing and assessing urban policies over a range of subject areas
3.	Evaluate the strengths and weaknesses of economic approaches on policy solutions, while presenting convincing and reasoned arguments to a variety of audiences
4.	Apply the knowledge and skills developed to real world problems in conditions under which property economists work
5.	Analyse the main ways in which ethical issues are manifested in economic policy

Course intended learning outcomes (CILOs)

This subject also contributes to the following Course Intended Learning Outcomes:

• Identify ethical issues and apply informed ethical judgements in professional Contexts (A.1)
• Apply innovative information technologies to built environment issues (I.1)
• Develop alternative, appropriate creative solutions to built environment issues (I.2)
• Apply economic theory in analysing property markets (P.3)
• Critically analyse, structure and report the results of research (R.3)

Contribution to the development of graduate attributes

The term CAPRI is used for the five Design, Architecture and Building faculty graduate attribute categories where:

C = communication and groupwork

A = attitudes and values

P = practical and professional

R = reseach and critique

I = innovation and creativity

Course intended learning outcomes (CILOs) are linked to these categories using codes (e.g. C-!, A-3, P-4, etc).

This subject also contributes to the following Course Intended Learning Outcomes:

Teaching and learning strategies

The subject is presented in three blocks: each includes lectures and tutorials.

The learning activities in this subject involve a variety of lectures, tutorials, group activities and other teaching strategies. Students are expected to contextualise their evolving understanding of the application of economic reasoning to policy through a series of lenses, or approaches presented in the lectures and discussed in tutorials.

LECTURES
The lecture series involves the delivery of specific knowledge associated with the theory underpinning this subject. Lectures employ the use of media and electronic resources that align the subject’s overarching themes, activities and learning methods.

TUTORIALS
Tutorial contact links subject content, theory and application. Tutorial discussion supports the lecture series and allows students to interpret, analyse, and articulate a range of perspectives and ultimately assert and demonstrate their own perspectives in discussions.

ONLINE RESOURCES
In each block, students must do a series of readings before coming to class to critically discuss the readings. Readings are located on Canvas and are used to support the learning objectives of this subject. A detailed overview of subject material and information on associated tasks and assessment items are included in the online subject documents. Emphasis will be placed on independent student prereading of lecture material to facilitate a greater understanding of each lecture topic, and to prepare them for the assessments.

ASSESSMENT
Content knowledge in this subject is assessed in the form of a written report, a CBA project and a formal examination. Such assessments test high-level analysis skills and understanding of core concepts, theories, and approaches in welfare economics, environmental economics and public policy.

FEEDBACK
Students will have several opportunities to receive feedback during the subject. The feedback provided will vary in form, purpose and in its degree of formality:

Formative feedback will be provided during the learning process, typically provided verbally during tutorial sessions. It is designed to help students improve their performance in time for the submission of an assessment item. Students are required to respond constructively to the feedback provided in tutorial sessions and lectures. This involves critically reflecting on the discussion of subject content. Formative feedback may also, on occasion, be provided by other students. It is delivered informally, either in conversation during a tutorial or in the course of discussion at the scale of the whole class. It is the student’s responsibility to record any feedback given during a lecture or tutorial sessions.

Summative feedback is provided in written form with all assessed work. It is published along with indicative grades, accessible via Canvas. Summative feedback focuses on assessment outcomes. It is used to indicate how successfully a student has performed in terms of specific assessment criteria.

Content (topics)

Specifically, the subject covers the below topics:

· Introduction to Economics for Policy Analysis

· Applied Economic Analysis 1

· Applied Economic Analysis 2

· Evaluation of Housing Preferences: Concepts

· Evaluation of Housing Preferences: Methods

· Multiple Regression Analysis: Workshop

· Cost Benefit Analysis: Concepts

· Cost Benefit Analysis: Applications

· Housing Affordability

· Economics of ESG

· Indigenous Economic Development

· A Critique of Economics for Policy Analysis

Assessment

Assessment task 1: Analysis of housing preferences

Intent:	This assessment is intended to test whether students have a good understanding of the key concepts and applications covered in relation to the topic Evaluation of Housing Preferences. It will further assess their ability to evaluate housing preferences using the hedonic price method and applying a simple house price dataset (provided).
Objective(s):	This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): I.1, P.3 and R.3
Type:	Report
Groupwork:	Individual
Weight:	30%
Length:	1500 words (±10%) (Penalties will be applied for essays that do not meet the word limit requirement)
Criteria linkages:	Criteria Weight (%) SLOs CILOs Demonstration of theoretical knowledge 25 1 P.3 Application of knowledge to real-world policy problems 25 3 P.3 Identification and application of appropriate economic levers for implementation of preferred solution 25 4 I.1 Clarity and communication of explanations 25 2 R.3 SLOs: subject learning objectives CILOs: course intended learning outcomes

Assessment task 2: Cost-Benefit Analysis Project

Intent:	In this assessment, each student will prepare a CBA on a public policy (actual/hypothetical) topic. Topics will be discussed during the tutorial sessions. Students have to develop this CBA using the PowerPoint template provided by the instructor. At the conclusion of each CBA model, the student should also discuss the strengths and weaknesses of the CBA model.
Objective(s):	This task addresses the following subject learning objectives: 1, 2, 3 and 4 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): A.1, I.2, P.3 and R.3
Type:	Project
Groupwork:	Individual
Weight:	30%
Criteria linkages:	Criteria Weight (%) SLOs CILOs Demonstration of theoretical knowledge 40 2 P.3 Critically analyse and identify ethical issues 25 3 A.1 Appropriate proposal of solutions to address the problem 25 4 I.2 Clarity and communication of explanations 10 1 R.3 SLOs: subject learning objectives CILOs: course intended learning outcomes

Assessment task 3: End of semester examination

Intent:	The purpose of the examination is to assess students' abilities to concisely explain key concepts and theories, and apply their knowledge to questions related to real world policy problems. The examination will consist of short essay questions.
Objective(s):	This task addresses the following subject learning objectives: 1, 2, 3, 4 and 5 This task also addresses the following course intended learning outcomes that are linked with a code to indicate one of the five CAPRI graduate attribute categories (e.g. C.1, A.3, P.4, etc.): A.1, I.2 and P.3
Type:	Examination
Groupwork:	Individual
Weight:	40%
Length:	Two hours
Criteria linkages:	Criteria Weight (%) SLOs CILOs Consolidated understanding of key concepts and applications 20 1 P.3 Identification and application of appropriate economic levers for implementation of preferred solutions 20 2 P.3 Quality of comparative analysis of solutions proposed 20 3 I.2 Application of knowledge to real-world policy problems 20 4 I.2 Understanding of ethical issues in economic policy analysis 20 5 A.1 SLOs: subject learning objectives CILOs: course intended learning outcomes

Minimum requirements

The DAB attendance policy requires students to attend no less than 80% of formal teaching sessions (lectures and tutorials) for each class they are enrolled in to remain eligible for assessment.

Recommended texts

O’Sullivan A, 2012, Urban Economics, McGraw-Hill Irwin. Chicago. 8th Edition.

In addition to O'Sullivan (2012), a number of other reports and journal articles will be provided via UTSOnline on week-by-week basis.

References

O'Sullivan (2012) is a useful resource for the topics covered from Week 1-4. A selection of additional readings offering a diversity of approaches and perspectives on each theme will be made available via UTSonline.