This paper presents and validates a novel empirical approach for measuring the value of the option to redevelop using a standard hedonic dataset. Our analysis generalizes the standard hedonic model to account for the option value of reconfiguring hedonic characteristics. We test this model with...

Urban regeneration in China has attracted vast attention around the world in recent decades. This article discusses several critical issues in China’s recent urban regeneration policies, including how residents and communities are affected and how their economic and social rights are...