| Summary: | Investments in public academic building projects have been declining due to concerns on justifying economic and social impacts measured by social return on investment (SROI) approach. Controlling the forecast SROI in public universities require effective economic policies based on dynamics of the system. In this study, conceptualized an initial dynamic model for SROI system of public academic building projects applying the steps recommended by (Sterman, 2000) and (Ngowtanasuwan & Hadikusumo, 2017). The hypothesis was developed on basis of historical public spending behavior over time on higher education, and the (Zheng, 2002)’s return on investment (ROI) model. The system elements were selected through a Delphi method. The resulted initial causal loop diagram agrees the (Oyo et al., 2008)’s dynamic model except in some elements; enables further steps of dynamic modeling for the SROI system; and, contributes to dynamic modeling of socioeconomic impacts of public higher education infrastructure projects. A further study on quantifying the externalities and identifying critical simulation parameters. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2024.
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