A Study of the Costs and Benefits of Smart City Projects Including the Scenario of Public-Private Partnerships
A smart city project embraces benefits and costs which can be classified under direct and indirect categories. Externalities come into the picture, but they are often difficult to quantify. Despite this barrier, policy makers need to carry out cost-benefit analysis to justify the huge investments needed to make a city smart. The recent trend is towards the engagement of the private sector to utilize their resources and expertise, especially in the Information and Communication Technology (ICT) areas, where innovations blossom. This study focuses on the identification of costs (on a life cycle basis) and benefits associated with smart city project developments based on a comprehensive literature review and case studies, where public-private partnerships would warrant consideration, the related costs and benefits are highlighted. The findings will be useful for policy makers of cities.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.1130339Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1188
 Angelidou, M. 2015. Smart cities: A conjuncture of four forces. Cities. 47 (Sep. 2015), 95-106.
 "ITIC » Posts » One Hour of Downtime Costs > $100K For 95% of Enterprises", Itic-corp.com, (Online). Available: http://itic-corp.com/blog/2013/07/one-hour-of-downtime-costs-100k-for-95-of-enterprises/; Accessed on 8 Aug, 2015
 "Statista - The Statistics Portal for Market Data, Market Research and Market Studies", Statista.com, 2014. (Online). Available: http://www.statista.com; Accessed on 8 Aug, 2015.
 J. Hindriks, Intermediate Public Economics, 2nd ed. The MIT Press, 2013.
 A. Boardman, Cost-benefit analysis, 1st ed. Boston, Mass.: Pearson Education, 2011.
 ISO/IEC, "Smart cities: Preliminary report", International Organization for Standardization and International Electro-technical Commission, 2014.
 M. Bawa, D. Caganova, I. Szilva and D. Spirkova, "Importance of Internet of Things and Big Data in Building Smart City and What Would Be Its Challenges", Smart City 360°, pp. 605-616, 2016.
 J. Enck and T. Reynolds, "Network developments in support of innovation and user needs", OECD Digital Economy Papers, vol. 164, p. 70, 2009.
 M. Bouskela, M. Casseb, S. Bassi, C. De Luca and M. Facchina, 2016, "The Road toward Smart Cities: Migrating from Traditional City Management to the Smart City", Iadb.org, (Online). Available: http://www.iadb.org/en/publications/publication-detail,7101.html?id=86219, Accessed on 3 Mar 2017.
 "Research report on smart city, Central Policy Unit", Central Policy Unit, Hong Kong, 2015.
 M. Workie Tiruneh, "Some Reflections on the Determinants of ICT Usage", Smart City 360°, pp. 551-558, 2016.
 N. Komninos, M. Pallot and H. Schaffers, "Special Issue on Smart Cities and the Future Internet in Europe", Journal of the Knowledge Economy, vol. 4, no. 2, pp. 119-134, 2012.
 Office of Auditor General of Ontario, "Rollout of $1.9-billion Smart Metering Initiative Had Serious Shortcomings—Benefits Not Yet Realized, Auditor General Says", 2014.
 N. Knox and N. Knox, "Green building costs and savings | U.S. Green Building Council", Usgbc.org, 2017. (Online). Available: http://www.usgbc.org/articles/green-building-costs-and-savings; Accessed on 4 Mar 2017.
 "Should cities license their own intellectual property?", Cities Today - Connecting the world's urban leaders, 2017. (Online). Available: https://cities-today.com/the-new-breed-of-cio; Accessed on 5 Mar 2017.
 Lau Mak Yee-ming, Alice, "Machinery and plant – depreciation allowances", Departmental Interpretation and Practice Notes, Inland Revenue Department, Hong Kong SAR Government, 2009.
 R. Ma, P. Lam and C. Leung, "Big data in urban planning practices: shaping our cities with data, in Proceedings of the 21st International Conference on “Advancement of Construction Management and Real Estate”", China Research Institute of Construction Management, Hong Kong, 14-17 Dec, 2016.
 "Funding and privacy are the real challenges facing smart cities - Technical.ly Delaware", Technical.ly Delaware, 2017. (Online). Available: https://technical.ly/delaware/2017/02/15/smart-cities-tech-easy-funding-privacy-hard/; Accessed on 2 Feb 2017.
 R. Yin, Applications of case study research, 1st ed. Thousand Oaks: SAGE, 2012.
 C. Schreiner, "International Case Studies of Smart Cities: Rio de Janeiro, Brazil", 2017.
 "Cities Today - Chapter One: The Tale of Japan", Smart Cities Asia 2017 - 3rd Edition, 2017. (Online). Available: http://www.smartcitiesasia.com/smart-cities-japan/: Accessed on 3 Apr 2017.
 R. Nyberg and M. Yarime, "Assembling a Field into Place: Smart-City Development in Japan", 2017.
 S. Lee, H. Kwon, H. Cho, J. Kim and D. Lee, "International Case Studies of Smart Cities: Songdo, Republic of Korea", 2017.
 S. Lee, H. Kwon, H. Cho, J. Kim and D. Lee, "International Case Studies of Smart Cities: Singapore, Republic of Singapore", 2017.
 Infocomm Development Authority of Singapore, "Innovating for a smart nation", 2015.
 "Overseas smart city case study: Barcelona", Besticity.com, 2015. (Online). Available: http://www.besticity.com; Accessed on 10 Oct 2017.