1
16232: Property and Political Economy
Assessments
There are three assessment items, as described below:
ASSESSMENT ITEM 1: A 1,500-word critical review of a scholarly paper on
property or property rights [20%]
You can review any of the readings set for the class.
As these are academic essays, they should have the features of such essays. Essays are
reasoned arguments leading to persuasive conclusions. They should include citations to
substantial published literature. An essay that depends entirely or mainly on
Wikipedia/blog/newspaper/Facebook information is unlikely to succeed. Similarly, an
essay that is understandable but does not engage, cite, and/reflect on any learned pieces
(e.g., journal articles, books, book chapters, and conference papers) will not be well rated
and is likely to fail. Table 2 below describes how your essay is assessed. You are
encouraged to cite other readings used in the subject or additional readings that you are
familiar with. All citations should use standard (author, date) citation format.
Table 1: Assessment Criteria for assessment items 11
Poor Fair Good Very Good Excellent
1. FOCUS:
Addressed the main issues
2. RESEARCH:
Depth & breadth of research
3. REFERENCING:
Correct (a) in-text referencing (b) list of
references
4. STRUCTURE:
Well organised
5. EXPRESSION:
Well-written
6. ANALYSIS:
Valuable insights; originality; Balanced
consideration and considered conclusion
General comments:
Grade:

1 Additional requirements for Assessment item 2 can be found in your assessment folder in the paper,
Obeng-Odoom F, 2014, ‘Why write book reviews’, Australian Universities’ Review, vol. 56, no. 1, pp. 78-82.
2
After evaluation, your essays may be categorised as either:
HD = High Distinction (85%+) Outstanding quality work; flawless, usually including
originality or creativity;
D = Distinction (75-84%) Superior quality work; flawless presentation
C = Credit (65-74%) Good quality work; more than satisfactory;
P = Pass (50-64%) Satisfactory work; satisfied the course requirements; or
F = Fail (<50%) Unsatisfactory work; not passing course requirements.
Notes:
A. You will find the following information files in your Assessment Folder
1. How to review a scholarly book/article [Needed for Assessment item 1]
2. Samples of article/book reviews [Needed for Assessment item 1]
3. A guide on how to reference your sources of information and suggestions on how to
prepare your list of references;
4. A commentary on writing essays in property and political economy [Needed for
Assessment item 1, although you can use some of the ideas in this commentary for
Assessment item 2 too]
5. Sample feedback
B. Regarding the submission of Assignment Due on September 6, 2017
1. Please submit (a) an electronic copy via the Turn it In Folder on UTSOnline on that day
and (b) a printed copy in the Built Environment Assignment Drop Box on level 3 of
Building 5C (School of Built Environment). The box is located under the staff notice
board.
2. No extensions are available for this subject, except in cases where compelling evidence
of illness or misadventure is provided before the deadline or within 48 hours after the
deadline.
3. Late Submission of assignment, without prior arrangements, will attract a penalty
entailing the deduction of 5 marks per day, including weekends.
4. Without prior arrangements, assignments that are 10 days (including weekends) late
will not be assessed.
3
ASSESSMENT ITEM 2: Debate, Rental Game and Class Participation [30%]
DEBATES [20%]
Each student will be involved in one debate as either a proponent, opponent, judge or
Amicus Curiae. The roles will be allocated from the class roll. The topics for the debates
are based on the class readings. For each debate the topics and roles will be as follows:
1. The Proponents form a team of three students that will argue why it is reasonable
to adopt the arguments presented in the reading.
2. The Opponents form a team of three students that will argue why people may
oppose the arguments presented in the reading.
3. The Judges will consist of several independent listeners who assess and balance
the persuasiveness of the respective positions to present a reasoned and
considered verdict based on the content and persuasiveness of arguments
presented.
4. An Amicus Curiae who will present a short independent appraisal of the reading
and invite and manage questions from the class.
All members of the class must have read the readings before class. In addition, those
taking the roles of Proponents and Opponents will require significant preparation and
rehearsal with their respective teams. There are considerable resources available online
that outline the methods and strategies for formal debating such as:
http://www.monashdebaters.com/downloads/Schools%20Training%20Guide.pdf
Debaters need to structure their argument well (even if a team member would prefer to
be speaking, for the opposing position). Each participant in the debating team has
specified roles that they must fulfil to play their part in the team. These roles are laid out
below in the order that the speakers and teams will present their argument. Each speaker
is expected to speak for a period of three minutes that is monitored by volunteer time
keepers. Team members will negotiate their respective strengths to decide who will take
what role (in terms of order) in thedebate.
Order and Roles of Speakers
1) The 1st Proponent (Affirmative) Speaker must:
– define the topic as outlined in the motion (to provide clarity and make it clear to the
audience what the issues are from a property and political economy perspective)
– present the proponent ‘s team line of argument.
– outline briefly what each of the proponent speakers talk about.
2) The 1st Opponent (Negative) Speaker must:
– accept or reject the definition. If you don’t do this it is assumed that you accept the
definition.
– present the opponent team’s line of argument
– rebut a few of the main points of the first affirmative speaker.
– outline briefly what each of the opponent speakers will say.
4
3) The 2st Proponent (Affirmative) Speaker must:
– reaffirm and extend the proponents’ team line.
– rebut the main points presented by the opponent side.
4) The 2st Opponent (Negative) Speaker must:
– reaffirm and extend the opponent’s team line.
– rebut the main points of the proponent’s case.
– present the summary and final arguments of the opponents.
5) The 3st Proponent (Affirmative) Speaker must:
– rebut the main points presented by the opponent side.
– present summary and closing arguments
6) The 3st Opponent (Negative) Speaker must:
– rebut the main points presented by the proponent side.
– present summary and closing arguments
Neither final speaker may introduce any new parts of their team’s cases.
Visual aids (e.g. PowerPoint, YouTube videos, Prezi’s, Mind Maps, document camera) can
be integrated into your presentation to support your case as appropriate. The rebuttal
components require you to think on your feet, and present a convincing counter to the
opposing team’s argument (there are many sources of advice on the web, such as:
http://www.monashdebaters.com/downloads/Schools%20Training%20Guide.pdf
JUDGES
There will be a panel of at least three judges for each debate, but they will deliver separate
judgements. It is the responsibility of each judge to listen carefully to both sides to
evaluate their arguments, and render a reasoned and considered verdict. Judges will be
provided with a guide for assessment to assist them in arriving at their judgement. Every
judge will have to submit a written judgement that (a) highlights the strengths and (b)
weaknesses of the two teams. The report must also contain (c) the overall evaluation of
the two teams and the judge’s vote of which of the teams succeeds. This written
assessment must be at least half a page and must be submitted in the subsequent class.
This effort counts towards class participation.
AMICUS CURIAE
There will be a single Amicus Curiae who will speak following the verdicts of the judges.
The Amicus Curiae will present a short (one minute) summary of reading’s merit without
bias or favour to the debating teams. The Amicus Curiae will invite questions from the
general audience and may answer them directly or direct them to one of the debating
team members. While the Amicus Curiae should aim to stay within the three minute time,
5
if this is impractical due to the interactions during questions, the Amicus Curiae should
nevertheless attempt to manage time to stay a close to the allotted time as possible. If
there are insufficient questions, the Amicus Curiae should consider asking questions of
the debating team directly, or expanding on what was discussed. If the discussion goes
over time, the Amicus Curiae should attempt to bring it to a timely close being assertive,
but respectful.
The Amicus Curiae will prepare an independent half page appraisal of the reading in the
week following the debate.
TIME KEEPERS
The time keepers will ensure that the speakers work within the time allocated. This
effort will be taken into account in assessing class participation. The timekeepers will
hold up signs to warn speakers when they have 30 seconds and 10 seconds remaining
and a signal will ring when time is up.
1) Debating team members running under time by more than 10 seconds or overtime
by more 5 seconds will attract a penalty.
2) Judges running under time by more than 30 seconds or overtime by more 5 seconds
will attract a penalty.
3) Amicus Curiae running under time by more than 10 seconds or overtime by more 60
seconds will attract a penalty. Timekeepers will hold up the 30 second and 10
second warnings a second time for the Amicus Curiae at 3:30 and 3:50 and the final
signal will be given at 4:00
THE REST OF THE STUDENTS/AUDIENCE
Students who are neither members of the debate groups, judges, Amicus Curiae, nor time
keepers are expected to take notes, seek clarifications on arguments by asking questions,
and volunteer opinions to enrich/enliven the debate. This effort will be taken into
account in assessing class participation. The table below describes how the debaters will
be assessed. Grade letters will be allotted to each criteria that will run from A (excellent)
to E (poor):
Rating Grade Comment
Content
Overview
Analysis, including mastery of concepts
Summary/Conclusion
Process
Variety in verbal/non-verbal skills
Audience involvement
Timing
Coherence, creativity, impact
Teamwork, or written report
6
RENTAL EXERCISE [10%]
The class will play an educational game in the second class session that simulates the
property investment market. There are several parts to the game and it is vital that the
homework is done BEFORE class by reading through the following and completing the
homework questions:
>>>> READ NOTES AND ATTEMPT QUESTIONS BEFORE CLASS<<<<
This exercise consists of a practical class simulation of a rental investment market. It will explore the
behaviour of two sectors that utilise land: tenants and landlords. Students will have the competitive
opportunity to locate themselves in the market, with the goal being to find the student who can be the
most successful user of land. Success will be measured by amassing surplus wealth.
The exercise will consist of five parts:
1) Homework exercise: these notes will be read and the exercises attempted. This should give players a
basic familiarity with the market and its processes.
2) Auction: Students will be able to bid for parcels of land at auction to become landlords. Landowners
must be able to pay off their land out of surplus income over four years or they will be considered
bankrupt.
3) Students who fail to secure land will be able to use land as tenants.
4) Leasing and production for years:
a. 1 – 4. This will be a critical time for all players to establish a market and for landlords to earn
sufficient rental surplus to pay for their land. Landlords will be striving to recover their purchase
price while tenants will be striving to find the most competitive rents.
b. 5 – 8. After the shakedown at the end of year 4 due to some foreclosures, some landowners may
disappear and some land will be taken out of use. Other structural changes during this time will
make it a turbulent period. Winners will be those who can read and respond to the market and its
opportunities rapidly.
5) Debriefing: A review discussion will be included in the following class.
It is important that each student reads carefully the notes below in order to be able to make the best
commercial decisions in the market.
Assessment: A class mark will be awarded for this exercise, based on the homework questions, and
mastery of the market. Bonus marks will be awarded for the best achievers according to the following
schema:
Base marks: Mark Item
Homework /8 a
Game record keeping /2 b
Meet subsistence (B30) each & every year 1-4 +1 c
Bonuses:
Highest overall amassed wealth +3 +2 each if tied d
Most successful tenant at year four +2 e
Most successful tenant following year four +2 f
Failure to meet subsistence (B30) in any year -2 per year g
Evidence of collusion/ insider trading/ anti-trust -2 h
Bankrupt landlord -3 i
Wipeout Insurance Management Provision Option
Students who are not comfortable with the bonus/penalty options may select out of that part of the grading but
they will be precluded from bidding for land. Students wishing to take this option should mark the appropriate
box on the tender sheet at the beginning of the exercise.
7
The Economy:
There are only two sectors in the economy, tenants and landlords. Productivity is uniform for each grade
of land and all production is for sale.
The currency unit will be bags of gold (B). All costs and revenues are annual amounts.
The land must be worked using capital equipment that will require an annual service cost of B20. Any
product above this is available as either wages or rent.
Each person requires a personal consumption of B30 to live at a subsistence level, any additional income
may be saved as amassed wealth.
Landlords obtain income through charging rent. Any amount received above their subsistence costs will
be saved as amassed wealth (savings for year equals total rent less B30). They must pay for the land they
buy out of their amassed wealth.
Tenants obtain income as the remainder after working the land and paying for rent and capital costs.
(Income = product – rent – capital expenses). Savings for the year will be income less B30.
The land is divided into 13 grades. Grade 1 land is the most productive, while grade 13 land will not
support subsistence.
The available land is shown in the table below:
Grade Parcels Lots Product Max. Rent Max. bid
1 1 2 150
2 1 2 140
3 1 2 130
4 1 2 120
5 1 2 110
6 1 2 100
7 1 2 90
8 1 2 80
9 1 2 70
10 1 2 60
11 state 5 50
12 state 5 45
13 state 5 40
Table 1
There is only one parcel of each of the grades 1-10 and these will be sold by auction or tender by the state
at the beginning of the exercise. Depending on the number participating, not all parcels will be sold such
that at least one tenant will necessarily have to occupy land of grade 11-13.
Grade 11 land produces only B50 which is only sufficient to service the costs of capital equipment and
wages. Because a tenant could not work grade 11 land and afford to pay rent without living below
subsistence, this land is state commons and available at no charge to anyone who may want to use it. The
state also owns all the grade 12 & 13 land which is also available to anyone who may wish to use it, on
similar conditions.
The supply of common land is limited and it may be absorbed over time for public works (infrastructure),
or released onto the private market as the state sees fit for the common good.
There are so many people in the society that all the land including some grade 11 lots will be used. This
means that some people will be occupying land that produces no surplus above the requirements of wages
and capital, but on which the state charges no rent. There is sufficient land at grade 11 that no one should
need to use grade 12 land in the first four years at least.
The labour involved in working a single lot represents the full time occupation of a working family.
Landlords are wholly devoted to the administration of their portfolios and do not work land; they can only
own one parcel.
8
Tenants who fail to secure a lot in any year will be deemed public paupers and given B15 by the state as
welfare support.
Untenanted land is fallow, has no product and earns its owner no income.
Bidding for land
Each parcel will consist of five lots of equal productivity. Different parcels will consist of land of different
productivity. As there is good market knowledge, the productivity of each parcel is known to all.
It is believed that being a landlord is less arduous and potentially more profitable, hence it may be expected
that the tendering will be quite competitive. Landlords must pay for their land out of surplus income in
the first four years of ownership. Failure to pay for land in four years will result in its forfeiture without
compensation. Bankrupted landlords may become tenants, or may be left as property managers; they may
not buy land again or take any subsequent profits.
Prospective tenderers must calculate their bids for each parcel prior to the exercise. This will depend on
estimates of the rental income of the parcels. If an estimate is too low, it will be outbid. If the estimate is
too high, the ‘winner’ will pay too much for the land and will not be able to realise the necessary rental
income, leading to bankruptcy.
You may enter tenders for all parcels but may only own one. The order of sale will be set by the state. On
winning a parcel, no further bids from that winning tenderer will be considered. Bidders who fail to obtain
land will become tenants. In the case of tied maximum bids, tenderers may withdraw, otherwise random
selection will be made.
Maximum bid computation example: An investor is considering the purchase of a parcel of 10
grade 3 lots. She assumes a rental of B70 per lot. Her net surplus income is computed below to
be B320 per annum, as shown:
Grade of land: 3
Gross product per lot 130
estimated rental income 70
(x10=) total rental income 700
Less Subsistence costs 30
surplus wealth 670
(x4=) maximum bid price 2680
Table 2
This investor could bid a maximum of B2,680 for the parcel and pay off the parcel in four years if she
manages to realise her estimated rent.
Landlords
Landlords must obtain sufficient rental income to pay off the purchase price of their land in four years, or
they will be bankrupted and their land forfeited to the state. Any surplus will be counted as savings, or
amassed wealth. Once the land is paid for all rental is available to the landlord.
Tenants
Tenants lease land on a strictly annual basis. They use the land for its highest and best use, and realise the
product listed for the particular grade of land. Full market knowledge is available, so all tenants have the
knowledge to fully utilise the land. From their product they must then pay rent (which is negotiated
annually with the landlord) and also pay for the use of capital equipment, a fixed annual amount of B20.
The remainder is their income.
A personal consumption of B30 is required for reasonable subsistence. Any surplus will be saved as
amassed wealth. Where income is below B30, the entire amount will be consumed. A personal
consumption level of B25 is considered a survival level only, while levels B20 and below would warrant
some form of supplement, such as through begging.
9
For Example: the annual personal income of a person occupying grade 3 land and paying B70 in rent
will be calculated as follows:
Grade of land: 3
Gross product 130
Less Rental 70
income after rent 60
Less Capital costs 20
gross personal income 40
Subsistence costs 30
net surplus income 10
Table 4
This person has a reasonable personal consumption level and savings of B10 for the year.
Rental markets years 1-4:
Once the land has been taken up, time will be allowed for tenants to negotiate rents with landlords for the
first year (15 minutes). These will be recorded, displayed and briefly discussed.
Tenants will then be able to negotiate rents for year 2. There is no compulsion for tenants to stay on any
particular site. Rents for year 2 will be recorded, displayed and briefly discussed.
Years 3 & 4 will be similarly treated.
At the end of year four landlords will be held to account for the cost of their purchase. Any landlords who
fail to pay for their parcel will be bankrupted and forfeit their holdings. In some cases they will be
permitted to manage their properties in receivership, but no profit will be available to them.
Years 5 and following:
At the beginning of year five the state may decide to make a policy change, such as resume or release
common land, or change its amount or access arrangements .Productivity may also change following year
four. The state will announce the new productivity regime.
The game will continue as long as time permits at this new level.
10
PRELIMINARY HOMEWORK: ANSWER THE FOLLOWING QUESTIONS BEFORE
CLASS AND SUBMIT A PAPER COPY OF THIS PAGE WHEN THE GAME IS RUN:
Name:_________________________________
1) Why will no one occupy any grade 12 land while there is grade 11 land available?

2) What is the net surplus income for a tenant occupying a grade 6 lot and paying a rent of B55?

3) What would be the net surplus income of a landlord who is able to lease all of his five lots of grade 6
land at a rental of B55?
4) Assuming that there was common land available at grade 11, would the landlord in question 3 have any
tenants?
5) What is the maximum rent that the landlord in question 3 can ask for before he begins his tenants begin
to move onto the commons?
6) If land is taken out of production some tenants may be forced onto grade 12 land.
i) How will rents be affected?
iii) What price could be expected for grade 11 land in this situation?
7) By how much would tenants’ net income (after capital costs and rent) increase if productivity on a
particular grade of land were to increase by B15 ?
8) >>> Complete the blank spaces provided in table below including your tender prices for the lots if
you intend to bid:
WIMP option: yes / no (delete one)
Grade Parcels Lots Product Max. Rent Max. bid My Tender
1 1 10 150
2 1 10 140
3 1 10 130
4 1 10 120
5 1 10 110
6 1 10 100
7 1 10 90
8 1 10 80
9 1 10 70
10 1 10 60
11
CLASS PARTICIPATION
It is assumed that all members of the class will behave in a manner that facilitates the
learning environment for all by doing the following:
1) Complete the readings before class.
2) Demonstrate attention by participating in class discussion and activities, asking
questions where appropriate and responding to questions.
3) Avoid using electronic devices in class except for purposes directly related to the
class.
4) Have mobile phones switched off.
5) Avoid speaking to other students or otherwise disrupting other students
6) Generally behave in a manner respectful of all others in the room
While there is no direct mark awarded for class participation, students who distinguish
themselves by outstanding behaviour and attention may earn bonus up to three marks for
participation. Likewise, students who distinguish themselves by problematic behaviour
and attention may be penalised by up to three marks for participation as well as being
asked to leave class.
ASSESSMENT ITEM 3: Formal Examination [50%]
The general strategy for the examination will be discussed and negotiated during the first
class session. There are four possible examination strategies:
1) The examination will consist of five questions made up of three compulsory questions
and two questions that may be chosen from a selection of six. Questions will not be
given to students before the examination.
2) The examination will consist of twelve questions that will be distributed to everyone
in the class no later than the second class session. Of the twelve questions, the
lecturer will randomly pick four to be compulsory in the final examination. In the
examination students will be able to choose a forth question to answer from the
remaining eight.
3) The examination will be taken from twelve questions that will be distributed to
everyone in the class no later than the second class session. Of the twelve questions,
four will be randomly picked by the lecturer from which students may choose one
question to answer. This will be the only question they need to answer in the
examination.
4) The examination paper will consist of twelve questions that will be distributed to
everyone in the class no later than the second class session. Of the twelve questions,
four will be randomly picked by the lecturer and students may individually choose
whether to adopt strategy (2) or (3) above to complete the examination.
Further information will be given through semester.