IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v16y2024i23p10623-d1536364.html
   My bibliography  Save this article

Quadripartite Evolutionary Game of Incentives for Green Retrofitting of Historical Buildings

Author

Listed:
  • Dong Zheng

    (School of Law, Nanjing Normal University, Nanjing 210046, China)

  • Hejun Xu

    (School of Civil Engineering and Architecture, Jiangsu University of Science and Technology, Zhenjiang 212000, China)

  • Shoaib Ali

    (School of Management, Jiangsu University, Zhenjiang 212013, China)

  • Zhifu Jia

    (School of Sciences and Arts, Suqian University, Suqian 223800, China)

  • Xiaojun Ma

    (School of Mathematics and Statistics, Shanxi Datong University, Datong 037009, China)

Abstract

Green retrofitting is a potent strategy to improve energy efficiency and support the cultural conservation of historical buildings. China has many historical buildings with significant potential for green retrofitting. Nevertheless, the Chinese green retrofit industry remains in its early stages due to the lack of a comprehensive promotion mechanism. Drawing upon evolutionary game theory, an evolutionary game model was formulated to analyze the interplay among governmental regulators, Energy Service Companies (ESCOs), the owners of historical buildings, and tourists. At an extreme disturbance intensity of 100%, a striking decline is observed in the likelihood of ESCOs maintaining the “green retrofit” strategy, with the probability dropping to a minimum of 24.68%. Under specific conditions however this interplay attains an optimal equilibrium state, denoted as (1,1,1,1). It is concluded that governmental regulators exhibit a greater degree of stability compared to other stakeholders, as they maintain their strategies despite external disturbances. Therefore, it is recommended that effective incentives and regulatory frameworks should consider the sensitivities of non-regulatory stakeholders to enhance the success of green retrofitting projects for historical buildings.

Suggested Citation

  • Dong Zheng & Hejun Xu & Shoaib Ali & Zhifu Jia & Xiaojun Ma, 2024. "Quadripartite Evolutionary Game of Incentives for Green Retrofitting of Historical Buildings," Sustainability, MDPI, vol. 16(23), pages 1-27, December.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:23:p:10623-:d:1536364
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/16/23/10623/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/16/23/10623/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Yann Bramoull? & Rachel Kranton & Martin D'Amours, 2014. "Strategic Interaction and Networks," American Economic Review, American Economic Association, vol. 104(3), pages 898-930, March.
    2. Belisa Ferreira Liotti & Joy Waruguru Ndubai & Ruth Wamuyu & Ivan Lazarov & Jeffrey Owens, . "The treatment of tax incentives under Pillar Two," UNCTAD Transnational Corporations Journal, United Nations Conference on Trade and Development.
    3. Shaoliang Li & Xiazhong Zheng & Qin Zeng, 2023. "Can Green Finance Drive the Development of the Green Building Industry?—Based on the Evolutionary Game Theory," Sustainability, MDPI, vol. 15(17), pages 1-17, August.
    4. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    5. Chuan Qin & Yi-Tian Hong, 2023. "Quadripartite Evolutionary Game of Sustainable Development of Supply Chain Finance with Government Participation," Sustainability, MDPI, vol. 15(4), pages 1-22, February.
    6. Qing He & Haiyang Zhao & Lin Shen & Liuqun Dong & Ye Cheng & Ke Xu, 2019. "Factors Influencing Residents’ Intention toward Green Retrofitting of Existing Residential Buildings," Sustainability, MDPI, vol. 11(15), pages 1-23, August.
    7. Liu, Guo & Li, Xiaohu & Tan, Yongtao & Zhang, Guomin, 2020. "Building green retrofit in China: Policies, barriers and recommendations," Energy Policy, Elsevier, vol. 139(C).
    8. Xin Liang & Tao Yu & Li Guo, 2017. "Understanding Stakeholders’ Influence on Project Success with a New SNA Method: A Case Study of the Green Retrofit in China," Sustainability, MDPI, vol. 9(10), pages 1-19, October.
    9. Requate, Till, 2005. "Dynamic incentives by environmental policy instruments--a survey," Ecological Economics, Elsevier, vol. 54(2-3), pages 175-195, August.
    10. Jieli Hu & Tieli Wang, 2023. "Strategies of Participants in the Carbon Trading Market—An Analysis Based on the Evolutionary Game," Sustainability, MDPI, vol. 15(14), pages 1-24, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ling Jia & Queena K. Qian & Frits Meijer & Henk Visscher, 2020. "Stakeholders’ Risk Perception: A Perspective for Proactive Risk Management in Residential Building Energy Retrofits in China," Sustainability, MDPI, vol. 12(7), pages 1-25, April.
    2. Ying Xie & Yisheng Liu, 2022. "Tripartite Evolutionary Game Analysis of Stakeholder Decision-Making Behavior in Energy-Efficient Retrofitting of Office Buildings," Sustainability, MDPI, vol. 14(18), pages 1-22, September.
    3. Buchholz Wolfgang & Heindl Peter, 2015. "Ökonomische Herausforderungen des Klimawandels," Perspektiven der Wirtschaftspolitik, De Gruyter, vol. 16(4), pages 324-350, December.
    4. Yan Li & Jiale Zhang, 2024. "Evolutionary Game Analysis of Low-Carbon Incentive Behaviour of Power Battery Recycling Based on Prospect Theory," Sustainability, MDPI, vol. 16(7), pages 1-24, March.
    5. Seow Eng Ong & Davin Wang & Calvin Chua, 2023. "Disruptive Innovation and Real Estate Agency: The Disruptee Strikes Back," The Journal of Real Estate Finance and Economics, Springer, vol. 67(2), pages 287-317, August.
    6. Herrmann, Tabea & Hübler, Olaf & Menkhoff, Lukas & Schmidt, Ulrich, 2016. "Allais for the poor," Kiel Working Papers 2036, Kiel Institute for the World Economy (IfW Kiel).
    7. Christiane Goodfellow & Dirk Schiereck & Steffen Wippler, 2013. "Are behavioural finance equity funds a superior investment? A note on fund performance and market efficiency," Journal of Asset Management, Palgrave Macmillan, vol. 14(2), pages 111-119, April.
    8. Berg, Joyce E. & Rietz, Thomas A., 2019. "Longshots, overconfidence and efficiency on the Iowa Electronic Market," International Journal of Forecasting, Elsevier, vol. 35(1), pages 271-287.
    9. Reckers, Philip M.J. & Sanders, Debra L. & Roark, Stephen J., 1994. "The Influence of Ethical Attitudes on Taxpayer Compliance," National Tax Journal, National Tax Association;National Tax Journal, vol. 47(4), pages 825-836, December.
    10. Bier, Vicki & Gutfraind, Alexander, 2019. "Risk analysis beyond vulnerability and resilience – characterizing the defensibility of critical systems," European Journal of Operational Research, Elsevier, vol. 276(2), pages 626-636.
    11. Sitinjak Elizabeth Lucky Maretha & Haryanti Kristiana & Kurniasari Widuri & Sasmito Yohanes Wisnu Djati, 2019. "Investor behavior based on personality and company life cycle," HOLISTICA – Journal of Business and Public Administration, Sciendo, vol. 10(2), pages 23-38, August.
    12. Theo Arentze & Tao Feng & Harry Timmermans & Jops Robroeks, 2012. "Context-dependent influence of road attributes and pricing policies on route choice behavior of truck drivers: results of a conjoint choice experiment," Transportation, Springer, vol. 39(6), pages 1173-1188, November.
    13. van den Bergh, J.C.J.M. & Botzen, W.J.W., 2015. "Monetary valuation of the social cost of CO2 emissions: A critical survey," Ecological Economics, Elsevier, vol. 114(C), pages 33-46.
    14. Frank D. Hodge & Roger D. Martin & Jamie H. Pratt, 2006. "Audit Qualifications of Income†Decreasing Accounting Choices," Contemporary Accounting Research, John Wiley & Sons, vol. 23(2), pages 369-394, June.
    15. Philippe Fevrier & Sebastien Gay, 2005. "Informed Consent Versus Presumed Consent The Role of the Family in Organ Donations," HEW 0509007, University Library of Munich, Germany.
    16. Ran Sun Lyng & Jie Zhou, 2019. "Household Portfolio Choice Before and After a House Purchase," Economics Working Papers 2019-01, Department of Economics and Business Economics, Aarhus University.
    17. Homonoff, Tatiana & Spreen, Thomas Luke & St. Clair, Travis, 2020. "Balance sheet insolvency and contribution revenue in public charities," Journal of Public Economics, Elsevier, vol. 186(C).
    18. Shuang Yao & Donghua Yu & Yan Song & Hao Yao & Yuzhen Hu & Benhai Guo, 2018. "Dry Bulk Carrier Investment Selection through a Dual Group Decision Fusing Mechanism in the Green Supply Chain," Sustainability, MDPI, vol. 10(12), pages 1-19, November.
    19. Hu, Hui & Qi, Shaozhou & Chen, Yuanzhi, 2023. "Using green technology for a better tomorrow: How enterprises and government utilize the carbon trading system and incentive policies," China Economic Review, Elsevier, vol. 78(C).
    20. Rabah Amir & Adriana Gama & Katarzyna Werner, 2018. "On Environmental Regulation of Oligopoly Markets: Emission versus Performance Standards," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 70(1), pages 147-167, May.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:16:y:2024:i:23:p:10623-:d:1536364. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.