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Winning Article: "Market Equilibrium Analysis".

Richard L. Parli, MAI, and Norman G. Miller, PhD, are the winners of the 2017 Armstrong/Kahn Award for their article, "Market Equilibrium Analysis," published in the Fall 2017 issue of The Appraisal Journal.

The Armstrong/Kahn Award is presented by The Appraisal Journal's Editorial Board for the most outstanding original article published in The Appraisal Journal during the previous year. Articles are judged on the basis of pertinence to appraisal practice; contribution to the valuation literature; provocative thought; thought-provoking presentation of concepts and practical problems; and logical analysis, perceptive reasoning, and clarity of presentation.

In "Market Equilibrium Analysis," Parli and Miller explore market equilibrium and offer a new definition identifying stable rental rates as the key indicator of market equilibrium. They expand on the equilibrium concept by offering a second new definition-equilibrium vacancy--as the rate that produces stable rents. They demonstrate how knowledge of equilibrium vacancy may be used to forecast when vacancy will produce a change in rent.

Richard L. Parli, MAI, is president of Parli Appraisal, Inc., in Fairfax, Virginia. He has been involved in the development of several courses and seminars for the Appraisal Institute and is a professional faculty member of the Johns Hopkins Carey Graduate School of Business. He has an MBA in finance from the Pennsylvania State University and is a principal member of the Real Estate Counseling Group of America.

Norman G. Miller, PhD, the Ernest Hahn Chair of Real Estate Finance at the University of San Diego (USD) and part of the USD's Burnham-Moores Center for Real Estate. He works with Collateral Analytics, developing real estate analytic products and tools to support financial institutions and investors. He was vice president of analytics for the CoStar Group, and prior to joining USD, he was academic director and the founder of the real estate program at the University of Cincinnati. He received his PhD from the Ohio State University. Miller has published numerous academic articles, books and articles in trade market publications on housing, brokerage, mortgage risk, valuation, sustainable real estate and many other topics. His book, Commercial Real Estate Analysis and Investment, with David Geltner at MIT, is in its third edition and is the world's leading graduate-level real estate textbook. He has lectured around the world from France to Singapore, Thailand, New Zealand, and Russia. He has worked extensively with various trade associations and became one of the first "Distinguished Fellows" of the NAIOP. He is currently a Homer Hoyt Land Use Institute faculty and board member.

To read the award-winning article, go to

Caption: Richard L. Parli, MAI

Caption: Norman G. Miller, PhD

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Title Annotation:Armstrong/Kahn Award: Most Outstanding Article of 2017
Publication:Appraisal Journal
Geographic Code:1USA
Date:Mar 22, 2018
Previous Article:Julie Friess, SRA.
Next Article:Winning Article: "The 50% FEMA Rule Appraisal".

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