Modeling context-dependent preference formation in multi-stakeholder land development processes using conjoint adaptation experiments

The changing role of urban planning from regulatory to public-private development planning implies the need to develop models of multi-stakeholder decisions. This paper develops and illustrates an approach based on conjoint adaptation experiments. These experiments systematically vary not only the development options of interest, but also the preferences of the other stakeholders. This allows estimating the extent to which preferences of a particular stakeholder are influenced and adapted to those of other stakeholders. The suggested modeling approach is illustrated using new shopping center development as an example. Results support the applicability of the approach.