2020
DOI: 10.1007/s10901-020-09733-9
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An analysis of urban renewal decision-making in China from the perspective of transaction costs theory: the case of Chongqing

Abstract: In China, there is a growing number of urban renewal projects due to the rapid growth of the economy and urbanization. To meet the needs of urban development, urban renewal requires a sound decision-making approach involving various stakeholder groups. However, current urban renewal decision-making is criticized for poor efficiency, equity, and resulting in many unintended adverse outcomes. It is claimed that high-level transaction costs (e.g., a great deal of time spent on negotiation and coordination) are th… Show more

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Cited by 27 publications
(7 citation statements)
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“…Chongqing is the largest city in western China, as well as the most populous city in China [ 59 ], thus pandemic prevention and control becomes very important to this city. In this city, there are 38 districts and counties and 3 development zones [ 60 ].…”
Section: Methodsmentioning
confidence: 99%
“…Chongqing is the largest city in western China, as well as the most populous city in China [ 59 ], thus pandemic prevention and control becomes very important to this city. In this city, there are 38 districts and counties and 3 development zones [ 60 ].…”
Section: Methodsmentioning
confidence: 99%
“…“Transactions” and “costs” are at the heart of transaction cost economics theory. The transaction transfers a unit of commodities or services, while the costs are the sum of the associated monetary and nonmonetary values involved in making the transfer possible ( Zhuang et al, 2020 ). The major elements of the theory are bounded rationality, opportunism, environmental uncertainty, and asset specificity.…”
Section: Methodsmentioning
confidence: 99%
“…Housing is a necessity in human lives, and real estate development is a requirement of social development (Zhuang et al , 2020). There is a relationship between housing prices and household consumption, financial market and household characteristics (homeownership and credit conditions).…”
Section: Introductionmentioning
confidence: 99%