The original paper wasn’t from Cal poly anything, it was from Pomona College (1500 student liberal arts college), and of the three authors, only Gary Smith is still listed on the website as part of the faculty. Maybe the other two went full time into real estate.
At least they acknowleged in their introduction that UCLA, Yale and Princeton professors all argue there is a bubble, but of course they must be smarter because room and board is 50k a year, just like the big boys. If those were my professors I would demand a refund. I’ve always maintained that the only skills I retained from college were research and filtering (learning to filter through all the crap that most professors spew).
I’d almost expect it from an obscure college smaller than most high schools, but the knuckleheads at Wharton have me suspicious that they were vying for a new building, maybe the Mozillo wing was on the drawing board.
