Hu, G. Gary with Shih Hui Lo, "Understanding Cyclical Pattern of Taiwan’s Housing Market: A System Dynamics Approach", 1992
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The housing market of Taiwan thrived in the years of 1973, 1980, and 1987 respectively, and the rises of every seven years in housing price have brought numerous social and economic problems. In order to understand the micro-structure of the housing market, we developed a system dynamics model of the market’s multi-sector, in which landowners, construction companies, house buyers and house speculators are included. The interactions among decisions of various sectors formulate the micro-structure of the model. Through computer simulation, the cyclical fluctuations are generated and some macro-behaviors of the housing market model are explained.
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