Austin Jaffe

Austin Jaffe


SB2 324 - for office hours only  


PhD, University of Illinois
MS, University of Illinois
BS, University of Illinois

Research Interest

Real estate financial analysis

Economics of urban property rights

Economic effects of legal institutions

Conceptual basis of property

Real estate risk analysis

Dr. Austin J. Jaffe is the Associate Dean for International Programs, the Philip H. Sieg Professor of Business Administration, and Associate Director of the Institute for Real Estate Studies at Penn State University.  Formerly, he served as Chair of the Department of Insurance and Real Estate, now the Department of Risk Management, for several years.  He received a B.S. in real estate and finance, an M.S. in finance, and a Ph.D. in real estate and finance all from the University of Illinois. Prior to coming to Penn State in 1981, he taught at the University of Oregon and he has also held faculty appointments at several prestigious international universities including The Royal Institute of Technology, Sweden (1987-88, 1996, 1997), University of Amsterdam, The Netherlands (1991, 1995), Tel Aviv University, Israel (1992), National University of Singapore (1992, 1993, 1994, 1997, 1998, 2009), University of Auckland, New Zealand (1996, 1997, 2003), University of Hong Kong (1999, 2002), Swedish School of Economics and Business Administration, Finland (1999, 2000, 2001, 2002, 2003, 2004, 2006, 2007, 2008, 2009, 2010, 2011), University of New Brunswick, Canada (2001), The Institute at Palazzo Rucellai, Italy (2009, 2010), and Maastricht University, The Netherlands (2013).

Professor Jaffe is recognized as a real estate authority throughout the world and has appeared as an invited speaker on property rights issues and real estate financial analysis throughout Eastern Europe and in the former Soviet Union. He has appeared on professional programs to give invited papers at more than 100 institutions in more than 35  countries including the United Kingdom, Sweden, Finland, Norway, Denmark, The Netherlands, France, Spain, Italy, Portugal, Greece, Israel, Austria, Czech Republic, Hungary, Poland, Slovenia, USSR, Estonia, Latvia, Lithuania, Singapore, Malaysia, Indonesia, Thailand, China, Hong Kong, Macao, Taiwan, South Korea, Australia, New Zealand, Canada, Brazil, and Mexico.  He has also appeared on executive and professional programs for several national associations and has served as a consultant to The World Bank, Nordic Council of Ministers, Prudential Realty Group, Eastern European Real Property Foundation, Real Estate Research Institute, and others.  He was the Pennsylvania Association of Realtors’ Consulting Economist from 2007-11.  During 2014-16, he served as External Examiner for the University of Hong Kong’s MSc (Real Estate) program.

Dr. Jaffe’s teaching and research interests lie in the areas of real estate financial analysis, the economics of property rights, the economic effects of legal institutions, the conceptual basis of property, and real estate risk analysis. He is the author or co-author of fourteen books including Fundamentals of Real Estate Investment (Third Edition, 1995), Real Estate Investment Decision Making (1982), Analyzing Real Estate Decisions (2 Volumes, 1985), and others.  He was co-author of Property Rights and Privatization in the Baltic Countries (1995). He has published over 75 articles in academic and professional journals.

Dr. Jaffe has been a member of several editorial review boards including Real Estate Economics, Journal of Real Estate Finance and Economics, Journal of Real Estate Research, Research in Real Estate Issues, Journal of Real Estate Education and Practice, in the UK, Journal of Property Valuation and Investment, Journal of Property Research, Journal of Financial Management of Property and Construction, Journal of Property Finance, and Our Common Estate, in Hong Kong, International Real Estate Review, and in Sweden, Housing, Theory, and Society. He was the Co-Editor of the Journal of Real Estate Literature and served as Special Editor for a volume of Research in Law and Economics devoted to urban property rights.

In 1989, he became a Fellow of the Homer Hoyt Advanced Studies Institute. He was the 1994 President of the American Real Estate and Urban Economics Association. He was a Distinguished Fulbright Chair in Property Systems in 2001.  In 2002, he was awarded the George Bloom Award for contributions to the field of real estate.  He is listed in several references including Who’s Who in America and Who’s Who in the World.