Stakeholder Partnership for Selecting the Public-Private Community Model on the Development of Traditional Village as Vernacular Heritage in Madura, Indonesia

Abstract

Choosing a financing model for the development of a traditional village as vernacular heritage that satisfies all stakeholders, including the community, is an essential yet relatively unexplored issue. This study aims to develop a support system model that accommodates stakeholders' diverse backgrounds and interests when choosing one option. The model's research approach consists of three stages. The first is an analysis of two value attributes: considerable capital expenditure, life-cycle cost, and a desirable partnership return. The second is the decision process, which develops a decision hierarchy, judgment, synthesis, and satisficing options on value criteria. The data are derived from focus groups and surveys, and the analysis employs the Analytical Hierarchy Process (AHP) and satisficing game theory methods. The third is the best-fit options process, which involves forming a coalition and analyzing the optimum payoff to reach an agreement. It requires a non-financial return to accommodate the community as a stakeholder in vernacular heritage settlement development. The results show that the proposed model increases strategic financing value, allowing stakeholders in vernacular heritage development to analyze project partnership investment options.