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Smart cities from low cost to expensive solutions under an optimal analysis
Romeo-Victor Ionescu1, Monica Laura Zlati2, Valentin-Marian Antohi2,3
1Dunarea de Jos University, 111th, Domneasca Street, 800201 Galati, Romania.
Financial Innovation
|March 8, 2023
Summary
Low-cost smart city solutions are most effective for urban development and sustainability. This research provides a model for implementing smart public policies to enhance community welfare and economic growth.
Area of Science:
- Urban Planning and Development
- Public Policy
- Sustainable Development
Background:
- Traditional city organizations lack objective evaluation metrics for smart city initiatives.
- Assessing smart city/community progress requires a structured approach correlating financial investment with sustainable development outcomes.
Purpose of the Study:
- To develop a quantifiable model for evaluating smart city/community progress.
- To correlate financial efforts with the impact on sustainable urban development.
- To identify cost-effective strategies for smart urban development.
Main Methods:
- Development of a conceptual model for smart city evaluation.
- Construction of a dashboard to analyze access actions based on financial effort.
- Complex statistical analysis to validate the model and approach.
Main Results:
- Low-cost solutions demonstrate the highest effectiveness in supporting smart urban development.
- Solutions requiring significant financial and managerial effort yield higher rates of citizen welfare growth.
- The study identified key elements influencing the growth function in smart city development.
Conclusions:
- Smart city development can be effectively advanced through low-cost solutions.
- A strategic approach to public policy is crucial for implementing smart city initiatives.
- The research offers a tool for administrations to align urban development with European sustainability and social welfare objectives.
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