Donald R. Epley, PhD, CCIM, MAI, is Professor of Finance and Real Estate and Victor Lyon/CCIM Distinguished Professor of Real Estate. He received his Ph.D. from the University of Missouri and had been on the faculties at the University of Alabama, University of Arkansas, and Mississippi State University. His previous assignments include the Bennett Chair of Real Estate and Director of the Arkansas Real Estate Research Center, Warren Chair of Real Estate, and Giles Distinguished Professor of Real Estate. He is the former president of the American Real Estate Society and editor of the Journal of Real Estate Research and the editor of the Journal of American Real Estate Practice and Education. His work has appeared in the Journal of American Real Estate and Urban Economics Association, Journal of Real Estate Research, Land Economics, Financial Review, Urban Studies, Appraisal Journal, Journal of Risk and Insurance, Journal of Portfolio Management, Review of Regional Studies, Annals of Regional Science, and Public Finance. He is the author and co-author of four textbooks in Real Estate Principles, Finance, Investments, and Brokerage. He is a former trustee to the Appraisal Foundation. He hold the MAI and CCIM designations and licenses as a certified general appraiser and real estate broker.