The paper was published in the ASCE Journal of Construction Engineering and Management in February 2013. The abstract states: “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.”
The Thomas Fitch Rowland Prize recognizes papers describing in detail accomplished works of construction or valuable contributions to construction management and construction engineering. The prize was instituted by ASCE at the Annual Meeting of 1882. It was endowed in 1884 by Thomas Fitch Rowland, past ASCE Vice President.