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Do urban redevelopment incentives promote asset deterioration? A game-theoretic approach
Journal of Housing and the Built Environment ( IF 2.033 ) Pub Date : 2019-11-14 , DOI: 10.1007/s10901-019-09718-3
Roni Golan

The elapsed time between a government’s announcement of its intention to redevelop and the launch of the new construction may often be quite lengthy. This study uses a game-theoretic framework to examine the effect of the option to redevelop on the quality of the existing housing stock during this extended pre-redevelopment period. We show that the benefits that accompany future redevelopment may lead to accelerated deterioration in the pre-redevelopment period. Moreover, we identify circumstances under which there exists a unique perfect Nash equilibrium where, in order to discourage objections by other homeowners, those who support redevelopment intentionally promote structural deterioration during the pre-redevelopment period. Our results highlight the need to shorten the period of time between the announcement of the option to redevelop and its implementation.

中文翻译:

城市重建激励措施是否会加剧资产恶化?博弈论方法

从政府宣布其重建意图到启动新建筑之间的时间通常很长。这项研究使用博弈论的框架来研究在这段漫长的预开发期内,再开发选择对现有住房存量质量的影响。我们表明,未来的重建所带来的好处可能会导致重建前期的加速恶化。此外,我们确定了存在独特的完美纳什均衡的情况,在这种情况下,为了阻止其他房主的反对,那些支持重建的人有意促进重建前的结构恶化。
更新日期:2019-11-14
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