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    Dynamic Feasibility Analysis of the Housing Supply Strategies in a Recession: Korean Housing Market

    Source: Journal of Construction Engineering and Management:;2013:;Volume ( 139 ):;issue: 002
    Author:
    Sungjoo Hwang
    ,
    Moonseo Park
    ,
    Hyun-Soo Lee
    ,
    SangHyun Lee
    ,
    Hyunsoo Kim
    DOI: 10.1061/(ASCE)CO.1943-7862.0000577
    Publisher: American Society of Civil Engineers
    Abstract: Establishing housing supply strategies in a stagnant housing market is a significant issue because of two contradictory and concurrent problems. The first is the long-cherished desire to supply low-cost housing for low- and middle-income families, and the second is the problem of high vacancy levels attributable to low-level sales rates. Governments have been continuously implementing various supply policies intended to distribute houses evenly and to keep supply and demand in balance. However, it is difficult to satisfy consumers, owners, and suppliers because of conflicting needs and requirements. This paper therefore applies a system dynamics methodology and offers an integrated model that encompasses the for-profit behavior of each market participant, analyzes supply policies, and suggests appropriate and effective policies. Utilizing the case of the Korean housing market, the proposed model simulates future trends in house prices, balances between supply and demand, construction companies’ earnings, and vacancy rates when various housing supply scenarios are applied. With extensive studies with the results from the simulation model, the authors recommend using private construction companies to stabilize housing distribution rates and the private supply system and ensure a balance between supply and demand.
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      Dynamic Feasibility Analysis of the Housing Supply Strategies in a Recession: Korean Housing Market

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    http://yetl.yabesh.ir/yetl1/handle/yetl/58746
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    contributor authorSungjoo Hwang
    contributor authorMoonseo Park
    contributor authorHyun-Soo Lee
    contributor authorSangHyun Lee
    contributor authorHyunsoo Kim
    date accessioned2017-05-08T21:39:50Z
    date available2017-05-08T21:39:50Z
    date copyrightFebruary 2013
    date issued2013
    identifier other%28asce%29co%2E1943-7862%2E0000586.pdf
    identifier urihttp://yetl.yabesh.ir/yetl/handle/yetl/58746
    description abstractEstablishing housing supply strategies in a stagnant housing market is a significant issue because of two contradictory and concurrent problems. The first is the long-cherished desire to supply low-cost housing for low- and middle-income families, and the second is the problem of high vacancy levels attributable to low-level sales rates. Governments have been continuously implementing various supply policies intended to distribute houses evenly and to keep supply and demand in balance. However, it is difficult to satisfy consumers, owners, and suppliers because of conflicting needs and requirements. This paper therefore applies a system dynamics methodology and offers an integrated model that encompasses the for-profit behavior of each market participant, analyzes supply policies, and suggests appropriate and effective policies. Utilizing the case of the Korean housing market, the proposed model simulates future trends in house prices, balances between supply and demand, construction companies’ earnings, and vacancy rates when various housing supply scenarios are applied. With extensive studies with the results from the simulation model, the authors recommend using private construction companies to stabilize housing distribution rates and the private supply system and ensure a balance between supply and demand.
    publisherAmerican Society of Civil Engineers
    titleDynamic Feasibility Analysis of the Housing Supply Strategies in a Recession: Korean Housing Market
    typeJournal Paper
    journal volume139
    journal issue2
    journal titleJournal of Construction Engineering and Management
    identifier doi10.1061/(ASCE)CO.1943-7862.0000577
    treeJournal of Construction Engineering and Management:;2013:;Volume ( 139 ):;issue: 002
    contenttypeFulltext
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