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http://dx.doi.org/10.5345/JKIBC.2014.14.6.591

A Study on the Perception of Stakeholders on Sunken Costs of an Urban Development Project  

Shin, Seungil (Program in Urban Regeneration, Korea University)
Lee, Ung-Kyun (Division of Architecture, Catholic Kwandong University)
Cho, Hunhee (Department of Architectural, Civil, and Environmental Engineering, Korea University)
Kang, Kyung-In (Department of Architectural, Civil, and Environmental Engineering, Korea University)
Publication Information
Journal of the Korea Institute of Building Construction / v.14, no.6, 2014 , pp. 591-596 More about this Journal
Abstract
This study investigates the perception of the sunken costs of an urban development project, which is currently a social problem through a questionnaire survey. The results indicate that local and federal governments, political authorities, association members, landowners, etc. partially recognize their responsibility in bearing the sunken cost. It is also found that all stakeholders who participated in the maintenance project felt shared responsibility of bearing the sunken costs and exchanging solutions to mitigate the same, rather than making one party deal with the same. This study also suggests that with regard to reducing these sunken costs, the public sector should offer indirect support (by bearing the cost of infrastructure, tax benefits, regulation relaxation, etc.) rather than direct support so that the association members can make a reasonable choice on the project execution.
Keywords
sunken cost; urban development project; stakeholders;
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  • Reference
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