Investigating Stakeholders’ Evolutionary Game Strategy under Collaborative Governance Behavior in the Renovation of Old Residential Areas: Case from China

The renovation of old residential areas is considered a crucial aspect of urban renewal initiatives. However, this process faces numerous challenges, including inadequate governmental incentives, resident reluctance, and the intricate interplay of interests among government, residents, and enterprises. To address these challenges effectively, this study aims to incorporate the collaborative governance theory into the renovation of old residential areas. By developing an evolutionary game model, this study investigates the interactive decision-making processes among government entities, enterprises, and residents within the framework of collaborative governance theory while examining the collaborative mechanisms among stakeholders. Furthermore, simulation analysis explores the factors influencing stakeholder collaboration in old residential area renovations. It is concluded that governments should actively engage enterprises and residents in such renovations since their willingness to participate largely depends on penalties and subsidies provided by the government; costs also vary based on different stakeholders’ levels of sensitivity. This research provides a theoretical foundation for promoting multistakeholder collaboration and balancing interests during old residential area renovations while offering valuable insights for guiding future urban renewal efforts globally.