Land assembly and urban renewal
研究了开发商在无法做出可信的全有或全无报价时，整合多块土地进行正外部性项目的最优收购难以实现，而城市更新作为传统应对方式并不完美。
When a developer who wants to assemble several parcels of land to undertake a project with positive externalities cannot make a credible all-or-nothing offer, the optimal acquisition is unlikely to take place. Urban renewal is the traditional way to deal with this inefficiency. Urban renewal tries to correct a real problem, but it does not do so perfectly, or possibly even very well.