Economic Valuation of the Renewal of Urban Streets: A Choice Experiment

Examination of users’ preferences and needs can provide an additional and strong basis for decision making, which is applicable in the case of urban street renewal. In this study, a choice experiment on street renewal plans in Shanghai was conducted using an online survey (N = 546), and people’s willingness to pay (WTP) for a set of street attributes was estimated, including bicycle lane separation, pedestrian path width, green looking ratio and recreational and commercial amenities. By comparing WTPs, the results show that people had greater preferences for adding resting facilities than any other attributes in this scene, and they also give some examples of prices of street attributes in a street renewal scene. The gender, age and occupation of participants had a significant effect on WTPs. Females showed greater WTP for setting separate bicycle lanes and improving greening and amenities, and the age of street users had a positive effect on WTP through the payment for street renewal. The reasoning section of the survey indicated the concern on the cost–benefit ratio, the need to renew and overall impression when choosing, and only a few participants were unwilling to pay anything for street improvement. This kind of economic valuation can estimate the values that people place on street attributes that are otherwise not measurable in design and planning practice; it can help us understand public preferences for street renewal and support decision making.