Stephen C. Sheppard

Photo of Stephen C. Sheppard

Class of 2012 Professor of Economics

Schapiro Hall Rm 307
At Williams since 2000


B.S. University of Utah (1977)
M.A. Washington University (1979)
Ph.D. Washington University (1984)

Areas of Expertise

  • Urban economics
  • Land use regulation
  • Housing markets
  • Local public finance and environmental economics
  • Economics of arts and culture



Economics of the Arts and Culture (not offered 2023/24)


Urban Centers and Urban Systems (not offered 2023/24)

ECON 388 / ENVI 388 / ECON 517 LEC

Urbanization and Development (not offered 2023/24)

Curriculum Vitae

Fields of Specialization

Urban economics
Land use regulation
Housing markets
Local public finance and environmental economics

Recent Publications

‘Measuring the Economic and Social Impact of Cultural Organizations’, Community Development Investment Review, 10(2), 43-48, December (2014).

‘The Economic Consequences of Cultural Organizations’ in Creative Communities – Art Works in Economic Development, Michael Rushton (ed.), Brookings Institution Press, Washington, (2013)

‘Museums in the Neighborhood: the local economic impact of museums’ in Handbook of Economic Geography and Industry Studies, Giarattani, F., Hewings, G., and McCann P. (Eds.), Edward Elgar Press, Cheltenham, (2013)

‘Do Planning Policies Constrain the Growth of Metropolitan Regions?’ in Metropolitan Regions Knowledge Infrastructures of the Global Economy, Klaesson, J., Johansson, B., Karlsson, C. (Eds.), Springer, Berlin, (2012)

‘Measuring and Modeling Global Urban Expansion’ by Stephen Sheppard, chapter 7 in Global Urbanization edited by Susan Wachter and Eugenie Birch, Philadelphia: University of Pennsylvania Press (2011)

‘In memoriam: Charles Leven (1928–2011)’ by Paul Cheshire and Stephen Sheppard, Papers in Regional Science, 90, 447-449, (2011).

‘Higher Education, Graduate Migration and Regional Dynamism in Great Britain’, by Alessandra Faggian, Philip McCann and Stephen Sheppard, chapter 12 in Universities, Knowledge Transfer And Regional Development Geography, Entrepreneurship and Policy, edited by Attila Varga, Cheltenham: Edward Elgar (2009).

‘Urban Structure in a Climate of Terror,’ by Stephen Sheppard, chapter 7 in Guns and Butter: The Economic Causes and Consequences of Conflict, edited by Gregory D. Hess, Cambridge: MIT Press (2009)

‘Understanding Place and the Economics of Space: The Contributions of Roger Bolton’ by Stephen Sheppard International Regional Science Review 32, 259-263 (2009)

‘Some Evidence that Women Are More Mobile Than Men: Gender Differences in U.K. Graduate Migration Behavior’, by Alessandra Faggian, Philip McCann and Sheppard, Stephen, Journal of Regional Science, 47, 517-539, (2007).

‘The Impacts of Terrorism on Urban Form’ by S. Brock Blomberg and Stephen Sheppard, Brookings-Wharton Papers on Urban Affairs, p. 257-290, (2007).

‘Impact of Rent Controls in Non-Walrasian Markets: An Agent-Based Modeling Approach’, by Ralph Bradburd, Stephen Sheppard, Joseph Bergeron and Eric Engler, Journal of Regional Science, 46, 455-491, (2006).

‘An Analysis of Ethnic Differences in UK Graduate Migration Behaviour’, by Alessandra Faggian, Philip McCann and Stephen Sheppard, Annals of Regional Science, 40 (2), 461-471, (2006).

‘The Distributional Impact of Housing Discrimination in a Non-Walrasian Setting’, by Ralph Bradburd, Stephen Sheppard, Joseph Bergeron, Eric Engler and Evan Gee, Journal of Housing Economics, 14, 61-91, (2005).

‘The Introduction of Price Signals into Land Use Planning Decision-making: a proposal’ by Paul Cheshire and Stephen Sheppard, Urban Studies, 42, 647-663, (2005).

‘Land Use Regulation and Its Impact on Welfare’ by Stephen Sheppard, Chapter 10 (pp 285-318) in Urban Dynamics and Growth: Advances in Urban Economics, edited by Roberta Capello and Peter Nijkamp, Elsevier, Amsterdam (2004).

‘Land Markets and Land Market Regulation: Progress Towards Understanding’ by Paul Cheshire and Stephen Sheppard, Regional Science and Urban Economics, 34, 619-837, (2004). [2]

‘Capitalising The Value Of Free Schools: The Impact of Supply Characteristics and Uncertainty’ by Paul Cheshire and Stephen Sheppard, The Economic Journal, 114, F397-F424, (2004). [4]

‘Introduction to Feature: The Price of Access to Better Neighbourhoods’ by Paul Cheshire and Stephen Sheppard, The Economic Journal, 114, F391-F396, (2004).

‘Taxes Versus Regulation: the Welfare Impacts of Policies for Containing Sprawl’, Paul Cheshire, Stephen Sheppard, in The Property Tax, Land Use and Land Use Regulation, edited by Dick Netzer, Edward Elgar Publishing, Cheltenham (2003).

‘The Rise, Fall and Rise Again of Industrial Location Theory’, Phil McCann, Stephen Sheppard, Regional Studies, 37, 6-7, 649-663, (2003).

‘Income inequality and residential segregation: labour sorting and the demand for positional goods’,Paul Cheshire, Vasillis Monastiriotis, Stephen Sheppard in R. Martin and P. Morrison (eds) Geographies of Labour Market Inequality, London: Routledge, 83-109, (2003).

Thesis and dissertation supervision

Honors theses supervised or co-supervised at Williams College:

  1. Abigail LeBlanc (2021) The Gender Discount in Art Auction Prices
  2. Spencer Allyn (2020) The Market Value for Art: As Seen with Computer Vision
  3. Natalie Newton (2020) Did the Flood Wash Away the White Picket Fence? The Impact of Hurricane Katrina on Dynamic Processes of Gentrification in New Orleans, LA
  4. Peter Kirgis (2020) Smart Growth in the Berskhires? An assessment of affordable housing problems and inclusionary zoning practices in Western Massachusetts
  5. Betty Chen (2019) Gentrification and Social Frictions in New York City
  6. Jeremy Smith (2019) Globalization and Interprovincial Inequality in China
  7. Alex Wartels (2019) Burned Bacon: The Effect of Auction Buy-ins on the Subsequent Sales Prices of an Artist’s Work
  8. Linda Worden (2019) Resident Participation Structures in English Social Housing: Rethinking Aspects of Management and Empowerment
  9. Lucy Page (2016) Ambient Temperature and Occupational Accidents
  10. Andrew Udell (2016) Estimating the Impact of Airbnb Activity on Housing Prices in New York City
  11. Paige Wilkinson (2016) The Impact of Exhibitions on the Auction Price of Work for Living Artists
  12. Michael Hellstern (2015) The Fatal Consequences of Health Care Agglomeration
  13. Erica Moszkowski (2015) Testing the Hedonic Assumption: An Agent-Based Approach
  14. H. David Gaines (2015) The Cost of Passenger Rail
  15. Dan Leng Zhao (2014)  The New Economic Geography of Industrial Agglomerations in China
  16. William Hayes (2014) Does Residential Segregation Inhibit Gentrification? Accounting for race in a housing-based model of gentrification
  17. Peter W. Watson (2013) The Benefit Of New York City’s Second Avenue Subway Line As Measured Through Housing Prices
  18. Tara A Deonauth (2013) A Computable General Equilibrium Analysis Of Affordable Housing In South Africa
  19. Jillian N Schwiep (2013) The Miami Race Riot Of 1980 : Government Response And The Aftermath Of The Riot
  20. Chengjia Jin (2012) Will Paying The Piper Change The Tune? : The Economics Of Symphony Orchestra Programming Choices
  21. Scott M. Sobolewski (2010) The Economic Impact Of Non-Profit Organizations
  22. Brian C. Prest (2009) Measuring The Externalities Of Nuclear Power : A Hedonic Study
  23. Candice Corvetti (2007) House Price Capitalization Of Education By Part-Year Residents
  24. Larry Dworkin (2007) Mountains And Seas Of People : A Simple “New Economic Geography”-Based Simulation Of Chinese Migration Trends
  25. Micah Halsey (2005) Economic impact analysis of cultural institutions : a comparison of Mass MoCA and the Dia:Beacon Riggio Galleries
  26. Daniel Gittes (2004) The market for free agents in baseball : a bargaining theory analysis
  27. Evan Gee (2004) Agent-based modeling of non-Walrasian housing markets with entrance and exit of agents
  28. John Martino (2003) Is a co-op better than a rental? : the effects of limited-equity cooperative housing on surrounding neighborhood private residential property values relative to conventional public housing
  29. Anna Andonova (2003) Geographic market definition in merger regulation in the European Union : a spatial competition model
  30. Joseph Bergeron (2002) Equilibria in simulated thin, non-Walrasian markets
  31. Jessica Erickson (2001) Information flows and the impact of PCB contamination on property values

Honors theses supervised or co-supervised at Oberlin College:

  1. Leah Lipsky (2000) Measuring the effects of the August 27, 1993 Aztec Catalyst Co. explosion: a hedonic analysis
  2. Sam Steckley (1999) Estimating incentive to move
  3. Sam Krasnow (1998) Tradable sulfur dioxide allowances : U.S. acid rain program
  4. Andreas Pape (1998) Racial discrimination in mortgage lending : a response to critiques
  5. David Huffman (1996) Transactions costs & non-parametric analysis of housing markets
  6. David Newhouse (1995) The “Proposal A” referendum: Factors in Voting Variation
  7. Chris Ngai (1995) Estimating the demand structure of housing characteristics: a nonparametric approach
  8. Chris Elmendorf (1994) Toxic waste facilities, compensation and local politics
  9. Candice Kline (1993) An analysis of rural-urban labor migration in India
  10. Kendall Cobb (1993) The major league baseball free agent market as an example of Nash bargaining
  11. Naeem Mohaiemen (1993) Factors affecting Bangladesh jute prices
  12. Sylvia Brandt (1992) Regulation of coastal shellfish fisheries
  13. Adam Werner (1992) The economics of the CAFE fuel efficiency standards

PhD dissertations supervised at Virginia Tech

  1. Edward K. Zajicek (1990) Valuation of Quality Determinants in Consumer Demand for Automobiles: A Hedonic Price Approach (PhD)
  2. Patricia Smith (1986) Interstate variations in AFDC benefits: a game theoretic approach (PhD)

 Selected Work Experience

Professor of Economics Oberlin College, 1998-2000

Associate Professor of Economics Oberlin College, 1993-1998