Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243503
Giovanna Acampa, Benedetta Sdino, Marco Gola, Leopoldo Sdino, Alessio Pino
Architectures for health have a crucial role in collectivity: according to international ranking scores (for example, CEOWorld Magazine’s Health Care Index), in Italy, there are very advanced and well-functioning healthcare services, even though many facilities are old and obsolete, unorganized, dilapidated, and sometimes unsafe. It has been estimated that 60% of facilities have been built more than 40 years ago. Recent studies suggest that the service life of hospitals should be set around 60 years; after reaching this age, the structure must be redesigned. The present contribution analyses this “rule of thumb” in relation to its impact on user perception. It adopts a Multi-Criteria Decision Analysis (MCDA) method to assess the importance users attribute to the quality of the structure and the personnel working there. Specifically, 9 criteria have been selected, including extrinsic and intrinsic features not directly associated with the abovementioned issues. With this approach in mind, we analyzed the 10 best Italian hospitals’ structures and the quality of treatments. The contribution highlights a significant methodological gap in identifying the relationship between building characteristics and their effects on the service, which are often treated as separate. Thus, the research proposes an innovative method by placing users at the center of the evaluation of priorities. This is particularly crucial in healthcare facilities where all the individuals (patients and staff) and the systems’ processes affect each other. This research line has several possible results; here, it preliminarily involves questioning the 60-year-old threshold for providing highquality services in hospitals.
{"title":"User evaluation of hospitals: service quality and hospitals’ physical obsolescence","authors":"Giovanna Acampa, Benedetta Sdino, Marco Gola, Leopoldo Sdino, Alessio Pino","doi":"10.48264/vvsiev-20243503","DOIUrl":"https://doi.org/10.48264/vvsiev-20243503","url":null,"abstract":"Architectures for health have a crucial role in collectivity: according to international ranking scores (for example, CEOWorld Magazine’s Health Care Index), in Italy, there are very advanced and well-functioning healthcare services, even though many facilities are old and obsolete, unorganized, dilapidated, and sometimes unsafe. It has been estimated that 60% of facilities have been built more than 40 years ago. Recent studies suggest that the service life of hospitals should be set around 60 years; after reaching this age, the structure must be redesigned. The present contribution analyses this “rule of thumb” in relation to its impact on user perception. It adopts a Multi-Criteria Decision Analysis (MCDA) method to assess the importance users attribute to the quality of the structure and the personnel working there. Specifically, 9 criteria have been selected, including extrinsic and intrinsic features not directly associated with the abovementioned issues. With this approach in mind, we analyzed the 10 best Italian hospitals’ structures and the quality of treatments. The contribution highlights a significant methodological gap in identifying the relationship between building characteristics and their effects on the service, which are often treated as separate. Thus, the research proposes an innovative method by placing users at the center of the evaluation of priorities. This is particularly crucial in healthcare facilities where all the individuals (patients and staff) and the systems’ processes affect each other. This research line has several possible results; here, it preliminarily involves questioning the 60-year-old threshold for providing highquality services in hospitals.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141843128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243506
S. Barbaro, Grazia Napoli
The energy transition towards an economic model based on energy from renewable sources is considered a priority of strategic importance for the development of the European Union and Italy. In this context, Renewable Energy Communities (RECs) represent an opportunity to accelerate the decarbonisation process, to increase energy self-consumption and to replace centralised and hierarchical power plants with distributed and collaborative ones. This study aims to analyse how decarbonisation objectives are incorporated into national and regional regulatory and financial instruments that support the establishment of RECs. Starting from the comparison between the characteristics of REC and those of other energy community models with respect to a plurality of spheres (specifically, environmental, legal, economic-financial, technical, social and administrative spheres), the study provides a systematised framework of the advantages/disadvantages that influence the decision to invest in setting up a REC, and identifies the main critical issues that must be differentially addressed by the promoters, depending on whether they are public or private actors, assessing them through a system of nomenclators obtained following a focus group of experts. Furthermore, the analysis of regulations and available data on active RECs showed that Local Administrations play a central role in the dissemination of RECs, but also that the implementation of a sustainable and inclusive energy transition in the territories is hindered by a low level of social participation due to lack of knowledge of the benefits provided by RECs as well as actual difficulties for citizens to access REC projects, especially in their role as promoters.
{"title":"Towards a participatory energy transition. Critical issues and potentials of regulatory and financial instruments for Renewable Energy Communities (RECs) in Italy","authors":"S. Barbaro, Grazia Napoli","doi":"10.48264/vvsiev-20243506","DOIUrl":"https://doi.org/10.48264/vvsiev-20243506","url":null,"abstract":"The energy transition towards an economic model based on energy from renewable sources is considered a priority of strategic importance for the development of the European Union and Italy. In this context, Renewable Energy Communities (RECs) represent an opportunity to accelerate the decarbonisation process, to increase energy self-consumption and to replace centralised and hierarchical power plants with distributed and collaborative ones. This study aims to analyse how decarbonisation objectives are incorporated into national and regional regulatory and financial instruments that support the establishment of RECs. Starting from the comparison between the characteristics of REC and those of other energy community models with respect to a plurality of spheres (specifically, environmental, legal, economic-financial, technical, social and administrative spheres), the study provides a systematised framework of the advantages/disadvantages that influence the decision to invest in setting up a REC, and identifies the main critical issues that must be differentially addressed by the promoters, depending on whether they are public or private actors, assessing them through a system of nomenclators obtained following a focus group of experts. Furthermore, the analysis of regulations and available data on active RECs showed that Local Administrations play a central role in the dissemination of RECs, but also that the implementation of a sustainable and inclusive energy transition in the territories is hindered by a low level of social participation due to lack of knowledge of the benefits provided by RECs as well as actual difficulties for citizens to access REC projects, especially in their role as promoters.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141843126","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243510
Marco Mancini, Roberto Taucci, Giovanni Puccetti
We provide a novel algorithm, called Valuto, for the fair valuation of real estate market values. The algorithm is based on the selling prices (or adjusted asking prices) of properties located in well-defined areas (microzones) of a territory. The algorithm takes into consideration the peculiar features of each individual property (cadastral typology, maintenance, presence or absence of an elevator, floor level, energy efficiency rating, gross and conventional surface area) and, based on well-defined conversion tables, recalculates its value. The algorithm could serve a variety of purposes in social applications, from the long sought-after land registry reform to a fair valuation of mortgaged properties. It also has an appealing marketable potential for real estate instant-buyers. In this paper, we describe the full implementation of the algorithm and provide guidelines on its application to the above-mentioned scopes. The algorithm is implemented via a user-friendly, testable web application at www.valuto.org.
{"title":"Valuto: an algorithm for the fair valuation of real estate market values","authors":"Marco Mancini, Roberto Taucci, Giovanni Puccetti","doi":"10.48264/vvsiev-20243510","DOIUrl":"https://doi.org/10.48264/vvsiev-20243510","url":null,"abstract":"We provide a novel algorithm, called Valuto, for the fair valuation of real estate market values. The algorithm is based on the selling prices (or adjusted asking prices) of properties located in well-defined areas (microzones) of a territory. The algorithm takes into consideration the peculiar features of each individual property (cadastral typology, maintenance, presence or absence of an elevator, floor level, energy efficiency rating, gross and conventional surface area) and, based on well-defined conversion tables, recalculates its value. The algorithm could serve a variety of purposes in social applications, from the long sought-after land registry reform to a fair valuation of mortgaged properties. It also has an appealing marketable potential for real estate instant-buyers. In this paper, we describe the full implementation of the algorithm and provide guidelines on its application to the above-mentioned scopes. The algorithm is implemented via a user-friendly, testable web application at www.valuto.org.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141844349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243502
M. Locurcio, F. Tajani, P. Morano
With the financialization of the real estate market, the application of the income approach through the Discounted Cash Flow Analysis (DCFA) for estimating the market value has significantly increased. In this income approach method, the Discount Rate (DR) is one of the factors that decisively affects the result. Despite the several procedures proposed for the estimation of the DR and the numerous parameters considered, the valuer is generally «forced» to the use of the risk premium as a corrective that takes into account the “communis aestimatio” borrowed for the assessment of the DR. Starting from these premises, the present research attempts to replicate the ordinary behavior that leads the valuer to the determination of DR and to outline a methodology that allows estimating a reliable and objective value of DR on the bases of the factors generally taken into consideration.
随着房地产市场的金融化，通过贴现现金流分析（DCFA）估算市场价值的收益法的应用大大增加。在这种收益法中，贴现率 (DR) 是对结果产生决定性影响的因素之一。尽管为估算贴现率提出了多种程序，并考虑了众多参数，但估价师通常 "被迫 "使用风 险溢价作为修正，以考虑到评估贴现率时借用的 "共通美学"。从这些前提出发，本研究试图复制估价师在确定 DR 时的一般行为，并概述一种方法，以 便在通常考虑的因素基础上估算出可靠、客观的 DR 值。
{"title":"A deductive approach method for the determination of the discount rate in the assessment of special properties value","authors":"M. Locurcio, F. Tajani, P. Morano","doi":"10.48264/vvsiev-20243502","DOIUrl":"https://doi.org/10.48264/vvsiev-20243502","url":null,"abstract":"With the financialization of the real estate market, the application of the income approach through the Discounted Cash Flow Analysis (DCFA) for estimating the market value has significantly increased. In this income approach method, the Discount Rate (DR) is one of the factors that decisively affects the result. Despite the several procedures proposed for the estimation of the DR and the numerous parameters considered, the valuer is generally «forced» to the use of the risk premium as a corrective that takes into account the “communis aestimatio” borrowed for the assessment of the DR. Starting from these premises, the present research attempts to replicate the ordinary behavior that leads the valuer to the determination of DR and to outline a methodology that allows estimating a reliable and objective value of DR on the bases of the factors generally taken into consideration.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141845492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243507
Caterina Caprioli, Chiara D’Alpaos
The whole world is experiencing the impact of climate change, with an increase in the severity and frequency of water-related hazards and risks at different territorial levels. Consequently, enhancing territorial resilience and reducing these risks have emerged as one of today’s biggest challenges. Within this context, policymakers and planners need robust and transparent decision-making tools to effectively solve and rapidly respond to water-related hazards. This paper reviews the literature on these issues with the aim of providing a systematic overview of the current assessment of water-related hazards and risks. This review can afford an in-depth understanding of the role of evaluation methods in supporting policymakers in the design of cost-effective risk management strategies. We first provide an overview of the procedures for the assessment of hydrological and hydrogeological hazards and risks. We then identify gaps in current evaluation methods, particularly in terms of the economic consequences of these risks. Finally, we list the criteria from the literature that can be successfully adopted to assess water-related risks and to evaluate mitigation actions and interventions. Our findings reveal that significant advances are still needed to improve the robustness of the evaluation of the economic and financial impacts of water-related risks. The study can offer some important insights into decision-making and management processes for water-related risks, as well as a guide for future research focused on the multidimensionality of these issues.
{"title":"Supporting decision-making processes in the assessment of water-related risks: a review of models and methods","authors":"Caterina Caprioli, Chiara D’Alpaos","doi":"10.48264/vvsiev-20243507","DOIUrl":"https://doi.org/10.48264/vvsiev-20243507","url":null,"abstract":"The whole world is experiencing the impact of climate change, with an increase in the severity and frequency of water-related hazards and risks at different territorial levels. Consequently, enhancing territorial resilience and reducing these risks have emerged as one of today’s biggest challenges. Within this context, policymakers and planners need robust and transparent decision-making tools to effectively solve and rapidly respond to water-related hazards. This paper reviews the literature on these issues with the aim of providing a systematic overview of the current assessment of water-related hazards and risks. This review can afford an in-depth understanding of the role of evaluation methods in supporting policymakers in the design of cost-effective risk management strategies. We first provide an overview of the procedures for the assessment of hydrological and hydrogeological hazards and risks. We then identify gaps in current evaluation methods, particularly in terms of the economic consequences of these risks. Finally, we list the criteria from the literature that can be successfully adopted to assess water-related risks and to evaluate mitigation actions and interventions. Our findings reveal that significant advances are still needed to improve the robustness of the evaluation of the economic and financial impacts of water-related risks. The study can offer some important insights into decision-making and management processes for water-related risks, as well as a guide for future research focused on the multidimensionality of these issues.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141844957","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243509
Alessandra Cucurnia
The paper documents some of the results of the research program Smart Yard: Industry 4.0 Production Process aimed at reducing inefficiencies in construction site procedures by developing new management methods supported by digitisation processes that can memorise and monitor computational data and guide them towards specific purposes of production processes optimisation. In particular, the aim of the study is to propose evolved, highly efficient and innovative organisational and information management models that enable more reliable control of processes in the construction sector, mitigating unavoidable uncertainties while pursuing a more rational use of resources. The products developed to support the programme include two newly designed pieces of equipment with advanced functions, which can be configured as examples of site management systems such as a “smart factory” in the logic of Industry 4.0, illustrated below. One is a high-performance charging system for power banks to be used with portable power tools, while the other concerns a work standing desk that employs wireless communication protocols to dialogue with other devices at the construction site
{"title":"Devices for digital construction site management. RACK – Charging Station and Doc – Construction Site Operational Desk","authors":"Alessandra Cucurnia","doi":"10.48264/vvsiev-20243509","DOIUrl":"https://doi.org/10.48264/vvsiev-20243509","url":null,"abstract":"The paper documents some of the results of the research program Smart Yard: Industry 4.0 Production Process aimed at reducing inefficiencies in construction site procedures by developing new management methods supported by digitisation processes that can memorise and monitor computational data and guide them towards specific purposes of production processes optimisation. In particular, the aim of the study is to propose evolved, highly efficient and innovative organisational and information management models that enable more reliable control of processes in the construction sector, mitigating unavoidable uncertainties while pursuing a more rational use of resources. The products developed to support the programme include two newly designed pieces of equipment with advanced functions, which can be configured as examples of site management systems such as a “smart factory” in the logic of Industry 4.0, illustrated below. One is a high-performance charging system for power banks to be used with portable power tools, while the other concerns a work standing desk that employs wireless communication protocols to dialogue with other devices at the construction site","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141845852","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243508
Alessandra Oppio, Fabiana Forte, Andrea Biekar
The ACCRUAL reform outlined by the implementation of the EU Council Directive 2011/85/EU for defining accounting principles and standards in public administrations also involves Italian artistic and cultural heritage assets. In the Next Generation EU (National Recovery and Resilience Plan), cultural heritage and culture, in general, are considered as determinants of development from a recovery perspective. Thus, the idea of cultural heritage as a bundle of values and as a mean for sustainable growth, human development, and quality of life has been consolidated. Within such a context, this contribution aims to stimulate reflection on the economic and financial dimension of cultural heritage in the public administrations’ balance sheets and on the contribution that the discipline of Appraisal and Evaluation can provide to defining the methodological framework necessary for estimating their value. Starting from the acknowledgement of the coexistence of a plurality of values characterizing cultural heritage, particular attention has been paid to the economic dimension of Heritage and the evaluation challenges the accounting principles have introduced consistently with the Italian position in the process of defining the conceptual framework and the accounting guidelines.
{"title":"Cultural heritage and accounting reform: valuation instances","authors":"Alessandra Oppio, Fabiana Forte, Andrea Biekar","doi":"10.48264/vvsiev-20243508","DOIUrl":"https://doi.org/10.48264/vvsiev-20243508","url":null,"abstract":"The ACCRUAL reform outlined by the implementation of the EU Council Directive 2011/85/EU for defining accounting principles and standards in public administrations also involves Italian artistic and cultural heritage assets. In the Next Generation EU (National Recovery and Resilience Plan), cultural heritage and culture, in general, are considered as determinants of development from a recovery perspective. Thus, the idea of cultural heritage as a bundle of values and as a mean for sustainable growth, human development, and quality of life has been consolidated. Within such a context, this contribution aims to stimulate reflection on the economic and financial dimension of cultural heritage in the public administrations’ balance sheets and on the contribution that the discipline of Appraisal and Evaluation can provide to defining the methodological framework necessary for estimating their value. Starting from the acknowledgement of the coexistence of a plurality of values characterizing cultural heritage, particular attention has been paid to the economic dimension of Heritage and the evaluation challenges the accounting principles have introduced consistently with the Italian position in the process of defining the conceptual framework and the accounting guidelines.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141847377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243504
Simone Rusci, Federica Deri
In Italy, over the last twenty years, the debate surrounding development rights as tools available for urban planning has undergone a significant acceleration. Development rights have been unanimously regarded by jurists and urban planners as the acknowledgment of the collective’s right to build granted during the planning phase. However, it has also been unanimously assumed that development rights exhaust their meaning and effects at the moment of their utilization, namely when they are transformed into a building. This study aims to demonstrate, on the contrary, how development rights remain valid and unchanged within an unlimited time horizon, far exceeding the lifespan of the produced building itself, remaining unaffected by the physical transformations occurring over time. This characteristic, provocatively termed the «buildability conservation principle» has relevant effects on individual behaviors, urban and territorial policies, regeneration policies and property taxation.The first part of the study analyzes the definition of development rights and their legal effects; the second part argues for the conservation principle with specific reference to its effects on legitimacy and certain associated rights; the third part examines the framework of taxation and its effects on urban policies. The conclusions outline several potential paths of work and discussion concerning the topic.
{"title":"The principle of development right conservation. How, why, and with what effects development rights outlive the building they produce","authors":"Simone Rusci, Federica Deri","doi":"10.48264/vvsiev-20243504","DOIUrl":"https://doi.org/10.48264/vvsiev-20243504","url":null,"abstract":"In Italy, over the last twenty years, the debate surrounding development rights as tools available for urban planning has undergone a significant acceleration. Development rights have been unanimously regarded by jurists and urban planners as the acknowledgment of the collective’s right to build granted during the planning phase. However, it has also been unanimously assumed that development rights exhaust their meaning and effects at the moment of their utilization, namely when they are transformed into a building. This study aims to demonstrate, on the contrary, how development rights remain valid and unchanged within an unlimited time horizon, far exceeding the lifespan of the produced building itself, remaining unaffected by the physical transformations occurring over time. This characteristic, provocatively termed the «buildability conservation principle» has relevant effects on individual behaviors, urban and territorial policies, regeneration policies and property taxation.The first part of the study analyzes the definition of development rights and their legal effects; the second part argues for the conservation principle with specific reference to its effects on legitimacy and certain associated rights; the third part examines the framework of taxation and its effects on urban policies. The conclusions outline several potential paths of work and discussion concerning the topic.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141848257","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-07-01DOI: 10.48264/vvsiev-20243505
Matteo Galante, Silvio Giove, Paolo Rosato
IThe use of Neural Networks in real estate appraisal has been recently subject of renewed interest by the scientific community. Generally, their effective use requires the availability of a large database, otherwise facing the real risk, even with an excellent performance on the «training set», of obtaining unsatisfactory generalisation properties (the so called over fitting effect). The well-known multiple regression models (MRAs), on the other side, require fewer parameters for their optimisation but are unable to capture complex nonlinear relationships. Since large databases are usually difficult to find in the real estate market, MRA models often provide better results than Artificial Neural Networks (ANNs). Furthermore, the latter require considerable effort to be effectively trained, both in finding the best structure and in estimating the characterising parameters. The optimisation process that leads to an efficient neural network requires a long job as well as considerable computational capabilities. This contribution, after outlining the state of the art in the use of ANNs and confirming that the scarcity of real estate market data often turned out to be a serious obstacle in their concrete application, proposed an innovative algorithm for selecting the data used in the training process. Such an algorithm seems to be able to improve predictive performance: networks that seek to take full advantage of the information available for learning seem to have better abilities in generalising the behaviour of the underlying phenomenon than those that are trained with completely randomly selected data, as usually done in practice.
{"title":"Neural networks and linear models in real estate appraisal: the impact of sets selection procedures","authors":"Matteo Galante, Silvio Giove, Paolo Rosato","doi":"10.48264/vvsiev-20243505","DOIUrl":"https://doi.org/10.48264/vvsiev-20243505","url":null,"abstract":"IThe use of Neural Networks in real estate appraisal has been recently subject of renewed interest by the scientific community. Generally, their effective use requires the availability of a large database, otherwise facing the real risk, even with an excellent performance on the «training set», of obtaining unsatisfactory generalisation properties (the so called over fitting effect). The well-known multiple regression models (MRAs), on the other side, require fewer parameters for their optimisation but are unable to capture complex nonlinear relationships. Since large databases are usually difficult to find in the real estate market, MRA models often provide better results than Artificial Neural Networks (ANNs). Furthermore, the latter require considerable effort to be effectively trained, both in finding the best structure and in estimating the characterising parameters. The optimisation process that leads to an efficient neural network requires a long job as well as considerable computational capabilities. This contribution, after outlining the state of the art in the use of ANNs and confirming that the scarcity of real estate market data often turned out to be a serious obstacle in their concrete application, proposed an innovative algorithm for selecting the data used in the training process. Such an algorithm seems to be able to improve predictive performance: networks that seek to take full advantage of the information available for learning seem to have better abilities in generalising the behaviour of the underlying phenomenon than those that are trained with completely randomly selected data, as usually done in practice.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141842737","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-07-01DOI: 10.48264/vvsiev-20233310
V. Cattivelli
This article illustrates the measures adopted by the Lombardy Region to plan peri-urban areas at the regional level. These territories typically have urban and rural characteristics and extend beyond municipal administrative boundaries. Their characteristics and extension prevent their precise delimitation and make it difficult to elaborate plans that can effectively regulate their development. These difficulties appear insurmountable for some municipalities that ignore these territories in their planning instruments or regulate only that part of the peri-urban territory within their administrative limits. Decisions at the regional level are relevant to overcome these difficulties. Planning at the municipal level transposes regional prescriptions. In contrast, jurisdiction at the regional level is supra-municipal and, therefore, potentially enables the reduction of the existing gap between governance and peri-urban patterns at the local level. The relevance of regional intervention in the regulation and spatial planning of peri-urban areas has been particularly tested in Lombardy. As demonstrated by a documental analysis concerning spatial planning laws and plans, this region is one of the few Italian regions to have developed specific legislative and planning documents to promote the balance between urban and rural areas in peri-urban areas. Lombardy has introduced specific measures for agri-environmental balance and urban regeneration in peri-urban areas in these documents. However, it must still provide detailed prescriptions for their delimitation or governance. Nothing is mentioned as regards the macro-region that starts in northern Lombardy and extends to Emilia- Romagna. However, interregional cooperation is promoted through the organization of working tables, the signing of specific agreements, and the development of coordinated cartography. Questo articolo illustra le misure adottate da Regione Lombardia per governare le aree periurbane a livello regionale. Questi territori hanno caratteristiche tipica- mente urbane e rurali e si estendono oltre i confini amministrativi comunali. La varietà di tali caratteristiche e l’estensione sovra-comunale ne impediscono una precisa delimitazione e rendono difficile l’elaborazione di piani che ne regolino efficacemente lo sviluppo. Queste difficoltà appaiono insormontabili per alcuni comuni che ignorano questi territori nei loro strumenti di pianificazione o regolano solo la parte del territorio periurbano che rientra nei loro limiti amministrativi. Le decisioni a livello regionale sono importanti per superare queste difficoltà. La giurisdizione a livello regionale è sovracomunale e, pertanto, consente potenzialmente di ridurre il divario esistente tra governance e modelli periurbani a livello locale. La rilevanza dell’intervento regionale nella regolamentazione e nella pianificazione territoriale delle aree periurbane è stata sperimentata in Lombardia. Questa regione è una delle poche regioni italia
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