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A real options framework for adaptive urban design

Author

Listed:
  • Tom Coppens
  • Maarten Van Acker
  • Thomas Machiels
  • Tine Compernolle

Abstract

Urban designs, and in particular urban masterplans, must deal with an inherently uncertain future. However, in practice, many urban masterplans still seem to underestimate or even ignore uncertainty. Some scholars have proposed design flexibility and adaptivity as a way to deal with uncertainties, but a formal framework has been lacking in urban design theory. Drawing upon theories of real options in finance and economics, a framework for design under conditions of uncertainty is developed. Five generic design strategies are identified, offering different flexibility options to urban design. Although such design options are currently used in practice in an intuitive way, the real options framework allows designers to cope with uncertainties in a more structured way and offers the possibility to quantify the added value of flexibility options.

Suggested Citation

  • Tom Coppens & Maarten Van Acker & Thomas Machiels & Tine Compernolle, 2021. "A real options framework for adaptive urban design," Journal of Urban Design, Taylor & Francis Journals, vol. 26(6), pages 681-698, November.
    • Handle: RePEc:taf:cjudxx:v:26:y:2021:i:6:p:681-698
    DOI: 10.1080/13574809.2021.1927688
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    Citations

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    Cited by:

    1. Miranda Reed-Grice & Brandon E. Ross, 2024. "Application of the Black–Scholes Financial Model to Support Adaptability as a Sustainability Strategy for Buildings: A Case Study of an Adaptable Campus Parking Garage," Sustainability, MDPI, vol. 16(7), pages 1-19, March.
    2. Casper Boongaling Agaton, 2022. "Will a Geopolitical Conflict Accelerate Energy Transition in Oil-Importing Countries? A Case Study of the Philippines from a Real Options Perspective," Resources, MDPI, vol. 11(6), pages 1-17, June.
    3. Hanne Lamberts-Van Assche & Tine Compernolle, 2022. "Using Real Options Thinking to Value Investment Flexibility in Carbon Capture and Utilization Projects: A Review," Sustainability, MDPI, vol. 14(4), pages 1-24, February.

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