Without whom I would not have found the motivation, the will, or the sense of humor needed to finish this dissertation. ii Acknowledgements I began my graduate studies in 2006 as the only student in the Wharton Real Estate doctoral program. Any initial misgivings about my unique status were quickly overcome as I met and came to know the faculty and administrators of the Real Estate Department. It is a wonderful group of people who, both collectively and individually, never failed to offer their help or advice whenever I needed it. I would like to take this opportunity to thank a few of them, as well as some others who helped me along the way. First, I am deeply grateful to Todd Sinai, who guided me expertly through the lengthy dissertation process and the job market. He was a constant source of encouragement and good cheer at the moments when I most needed them. His mentorship will always be reflected in my best work as an economist. Despite his many obligations, Joe Gyourko made himself available to me whenever I needed his wisdom. Thanks to his ability to break down complicated issues quickly an
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