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dc.contributor.author김주형-
dc.date.accessioned2018-03-13T02:45:13Z-
dc.date.available2018-03-13T02:45:13Z-
dc.date.issued2013-05-
dc.identifier.citationMathematical and Computer Modelling, May 2013, 57(9), P.2094-2105en_US
dc.identifier.issn0895-7177-
dc.identifier.urihttps://www.sciencedirect.com/science/article/pii/S0895717711004857?via%3Dihub-
dc.description.abstractUnsold new housing stocks may be closely related to housing market fluctuation, especially the difference between housing supply and demand, which is influenced by macroeconomic conditions. These factors simultaneously influence developers’ investment decisions and, thus, housing supply over time. However, previous research on the housing market has focused on explaining the statistical relationships among factors with reduced-form equations rather than analyzing dynamic behavioral changes. Thus, system dynamics should be introduced to analyze the dynamic cycles of unsold new housing stocks, housing investment, and housing supply?demand. This study develops Causal Loop Diagrams (CLDs), in which dynamic relationships are presented, and Stock?Flow Diagrams (SFD) for quantitative simulation by introducing normalized unit modeling by elementary relationship (NUMBER). The simulation results show that system dynamics can explain dynamic relationships in the housing market by focusing on unsold new housing stocks. In terms of the practical use of system dynamics models, governments can establish housing policies and developers can make decisions on investment in housing by considering unsold new housing stocks and their influence on the housing market. However, further consideration should be given to developing a method to reflect unpredictable economic events, such as the global financial crisis, in the system dynamics model.en_US
dc.description.sponsorshipThis research was supported by a grant (code No. 06ChumdaneunghapE01) from Virtualmighty Program by Ministry of Construction and Transportation of the Korean Government (MOEHRD) (R05-2004-000-10591-0). This work was supported by the National Research Foundation of Korea (NRF) grant funded by the Korea government (MEST) (No. 2011-0001403).en_US
dc.language.isoenen_US
dc.publisherElsevier Science LTDen_US
dc.subjectSystem dynamicsen_US
dc.subjectHousing supply?demanden_US
dc.subjectUnsold new housing stocksen_US
dc.titleDynamic cycles of unsold new housing stocks, investment in housing, and housing supply-demanden_US
dc.typeArticleen_US
dc.relation.no9-10-
dc.relation.volume57-
dc.identifier.doi10.1016/j.mcm.2011.08.005-
dc.relation.page2094-2105-
dc.relation.journalMATHEMATICAL AND COMPUTER MODELLING-
dc.contributor.googleauthorKwoun, Min-Ji-
dc.contributor.googleauthorLee, Sang-Hyo-
dc.contributor.googleauthorKim, Ju-Hyung-
dc.contributor.googleauthorKim, Jae-Jun-
dc.relation.code2013006020-
dc.sector.campusS-
dc.sector.daehakCOLLEGE OF ENGINEERING[S]-
dc.sector.departmentDEPARTMENT OF ARCHITECTURAL ENGINEERING-
dc.identifier.pidkcr97jhk-
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COLLEGE OF ENGINEERING[S](공과대학) > ARCHITECTURAL ENGINEERING(건축공학부) > Articles
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