Sustainable Development Goals (SDGs) emphasize a holistic achievement instead of cherry-picking a few. However, no assessment has quantitatively considered the evenness among all 17 goals. Here, we propose a systematic method, which first integrates both the evenness and the overall status of all goals, to distinguish the ideal development pathways from the uneven ones and then revisit the development trajectory in China from 2000 to 2015. Our results suggest that, despite the remarkable progress, a bottleneck has been reached in China since 2013 due to the stagnant developments in some SDGs. However, many far-reaching policies in China have been targeting these deficiencies since then, providing a perspective on how a country approaches sustainable development by promoting evenness among all SDGs. Our results also indicate that regions with the slowest progress are those developed provinces, owing to the persistent uneven status of all goals. Our study demonstrates the importance of adopting evenness in assessing and guiding sustainable development.
This article proposes a duopoly dynamic game theoretic model to investigate the market structure and aggregate surplus of real estate development when land is sold in a sealed-bid first price auction vis-à-vis an open English auction. It relaxes the assumption of symmetric bidders. The land values have common value and private value components. We find that the sealed-bid first price auction introduces competition in the real estate development market. The open English auction leads a monopoly market. State agencies are recommended to increase the aggregate surplus of real estate development by publishing past bidding information under the sealed-bid first price auction and reducing information asymmetry between bidders.
Purpose
The purpose of this paper is to examine developers’ optimal development timing when developers are heterogeneous and have different marginal costs in a real estate development market.
Design/methodology/approach
This study uses a multiple-player game theoretic real option model and provides tractable results of asymmetric development strategies from a two-stochastic-variable model. Anecdotal evidence and market observations are presented.
Findings
Stronger developers (with low marginal costs) exercise real estate development options earlier than weaker developers (with high marginal costs). However, the interval time between developments by stronger and weaker developers decreases in rental volatilities. Real estate with a high positive externality are developed earlier than real estate with a low or negative externality.
Practical implications
Weaker and smaller developers are advised to undertake projects having positive externalities from vicinities. Government agencies are recommended to use tools of zoning and urban planning to prioritise developments introducing positive externalities and to facilitate the growth of weaker and smaller developers. This may subsequently help reduce incentive for land banking and oversupply in real estate space market.
Originality/value
This research is probably the first to explicitly incorporate developers’ heterogeneous strength in real estate development timing options with multiple developers in a competitive market. It sheds additional insights into the understanding of potential problems of development cascades, under the interactive effects between exogenous policy changes and endogenous response from asymmetric developers.
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