Team of Civil Engineers Earn ASCE’s Thomas Fitch Rowland Prize

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June 25, 2014

Sungjoo Hwang, S.M.ASCE; Moonseo Park, A.M.ASCE; Hyun-Soo Lee, Ph.D., M.ASCE; SangHyun Lee, A.M.ASCE; and Hyunsoo Kim, S.M.ASCE, are the recipients of the Thomas Fitch Rowland Prize for their paper “Dynamic Feasibility Analysis of the Housing Supply Strategies in a Recession: Korean Housing Market,” published in the February 2013 issue of ASCE’s Journal of Construction Engineering and Management. The paper addresses the complex problem of balancing the supply and demand of constructed products in a system that involves many participants and several conflicting motivations. System dynamics was used to develop a model that simulated the operation of a low- to middle-income housing market and the model was validated with a case study involving South Korea. The system dynamics model that the authors devised considers both new and existing housing, renovations, demolitions, land availability, profit expectations of developers, suppliers and buyers, construction permit regulations, and several other factors. Using the model, researchers can study the implications of various policies and identify those that engender stability rather than encourage temporary virtuous or vicious loops resulting in both stability and unpredictability.

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