Pub Date : 2023-02-01DOI: 10.48264/vvsiev-20223109
Sandro Danesi
The choices of the Public Administration (PA), the needs of the territory, the policies for the local economic development, the use of public funding constitute an inseparable combination aimed at creating development opportunities and therefore also to create work for the collectivity. In the current period characterized by globalization, the competitiveness of a territory can be facilitated by a PA responding to the needs of the time, that is, a real production organization capable of responding concretely, assuming a strategic role in the implementation of the development measures indicated in the economic planning tools and in the management of a large amount of public financial resources. In fact, the NRRP considers as a priority both the modernization of the Public Administration (PA) and the strengthening of the administrative capacity of the public sector, with the goal of engaging and spending the available financial resources with participatory and shared projects where the public-private partnership assumes a strategic role. Le scelte della Pubblica Amministrazione (PA), le necessità del territorio, le politiche per lo sviluppo economico locale, l’impiego dei finanziamenti pubblici costituiscono un connubio inscindibile finalizzato a creare opportunità di sviluppo e quindi di lavoro per la collettività. Nell’attuale periodo caratterizzato dalla globalizzazione, la competitività di un territorio potrà essere agevolata da una PA rispondente alle necessità del tempo, cioè una vera e propria organizzazione produttiva in grado di rispondere concretamente, assumendo un ruolo strategico nell’attuazione delle misure di sviluppo indicate negli strumenti di programmazione economica e nella gestione di un ingente quantità di risorse finanziarie pubbliche. Infatti, il PNRR reputa prioritaria sia la modernizzazione della Pubblica Amministrazione, sia il rafforzamento della capacità amministrativa del settore pubblico, con l’obiettivo di impegnare e spendere le risorse finanziarie disponibili con progetti partecipati e condivisi dove il partenariato pubblico-privato assume un ruolo strategico. È evidente quindi che programmare lo sviluppo dei territori e definire le modalità di utilizzo dei finanziamenti pubblici sia una funzione che coinvolge le Istituzioni pubbliche, a seconda delle rispettive competenze legislative, dal livello europeo rappresentato dall’Unione Europea fino ad arrivare a livello statale, regionale e lo- cale rappresentato dal Comune. È con questo approccio che il paper prova a dare un input centrando l’attenzione sul ruolo strategico delle Istituzioni, sia di livello locale che quelle sovraordinate, sia sulla necessità di conoscere gli strumenti di programmazione economica, al fine di comprendere quali tipologie progettuali mettere in atto utilizzando e ottimizzando i relativi finanziamenti pubblici messi a disposizione.
公共行政的选择、领土的需要、地方经济发展的政策、公共资金的使用构成了一个不可分割的组合，旨在创造发展机会，从而也为集体创造工作。在当前以全球化为特征的时期，一个响应时代需求的PA可以促进一个地区的竞争力，即一个能够具体响应的真正的生产组织，在实施经济规划工具中所示的发展措施和管理大量公共财政资源方面发挥战略作用。事实上，该方案将公共行政的现代化和加强公共部门的行政能力视为优先事项，其目标是在公私伙伴关系发挥战略作用的参与性和共享项目中参与和使用现有的财政资源。公共行政管理部门(PA)、领土管理部门(PA)、政治管理部门(PA)、经济管理部门(PA)、公共财政管理部门(PA)、公共宪法管理部门(PA)、社会管理部门(PA)、社会管理部门(PA)、社会管理部门(PA)、社会管理部门(PA)、社会管理部门(PA)、社会管理部门(PA)。内尔'attuale periodo caratterizzato dalla globalizzazione, la competitivita di联合国territorio potra essere agevolata da una PA rispondente阿莱necessita▽节奏,广大una维拉e固有层organizzazione produttiva在级di rispondere concretamente, assumendo联合国ruolo strategico内尔'attuazione delle misure di sviluppo表明negli strumenti di programmazione经济学e所以nella gestione di联合国ingente quantita di risorse finanziarie pubbliche。首先，pnr将优先考虑公共行政的现代化，将优先考虑公共行政的能力，将优先考虑公共行政的能力，将优先考虑公共行政的能力，将优先考虑公共行政的能力，将优先考虑公共行政的能力，将优先考虑公共行政的能力，将优先考虑公共行政的能力，将优先考虑公共行政的能力，将优先考虑公共行政的能力。È显然，在方案方面，我们确定了方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式，方案的模式。È问题的处理方法，这篇论文证明了一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心，一个大胆的投入中心。
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Pub Date : 2023-02-01DOI: 10.48264/vvsiev-20223106
M. d’Amato
The paper provides the methodological foundations of a property valuation method based on income approach called cyclical capitalization. The model is proposed for the valuation of income producing properties and was originally introduced by d'Amato (2001) and relies on the assumption of more than a single capitalization rate it integrates direct capitalization with the analysis of an entire market cycle. Such integration has been required in literature (Kazdin,1944; Pyhrr et al.,1990). The procedure has recently and indirectly been recalled by international valuation standards (IVS 2017; IVS 2020; IVS 2022; IVS 105 item 50.21 letter (e)), as it will be discussed in the paper. International Valuation Standards since 2017 required a different approach to the determination of terminal value (going out value, scrap value, exit value, terminal value, exit value) in Discounted Cash Flow Analysis. The models proposed in the paper are the basic ones systematized in the first contributions that took up and reorganized this line of research from its original systematic introduction (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017a; d’Amato, 2017b). The initial applications were based on the office market in London. The first application to the Italian market will be made in this contribution referring to the office real estate market in Milan offered by the then REAG Study Office (currently Kroll). Evidence from the application shows that the proposed model is capable of reaching a prudent value judgments than the income-capitalization estimate normally used. Prudent opinion of value can help in determining the security value and the most likely market value under specific market conditions. Il lavoro introduce il lettore ai fondamenti metodologici di una procedura di valutazione basata sulla capitalizzazione del reddito denominata capitalizzazione ciclica. La procedura di valutazione introdotta precedentemente (d’Amato,2001) si basa sulla ipotesi di formulare la previsione di più di un solo saggio di capitalizzazione, in maniera da integrare il processo di capitalizzazione con l’analisi di un intero ciclo di mercato. Tale integrazione è stata richiesta da tempo (Kaz- din,1944; Pyhrr et al.,1990). La procedura è stata indirettamente richiamata dagli standard di valutazione internazionali (IVS 2017; IVS 2020; IVS 105 punto 50.21 lettera (e)), come si avrà modo di vedere. Il richiamo degli standard è esplicitamente riferito alla capitalizzazione del reddito per la stima del valore di uscita (going out value, scrap value, exit value, terminal value) che chiude la normale applicazione metodologica della attualizzazione del flusso di cassa scontato, altrimenti definita Discounted Cash Flow Analysis. I modelli proposti nel contributo sono quelli basilari, sistematizzati nei primi contributi che riprendono e riorganizzano questa linea di ricerca dalla sua originale sistematica introduzione (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017a; d’Amato, 2017b). Le prime appl
{"title":"Cyclical capitalization [Capitalizzazione ciclica]","authors":"M. d’Amato","doi":"10.48264/vvsiev-20223106","DOIUrl":"https://doi.org/10.48264/vvsiev-20223106","url":null,"abstract":"The paper provides the methodological foundations of a property valuation method based on income approach called cyclical capitalization. The model is proposed for the valuation of income producing properties and was originally introduced by d'Amato (2001) and relies on the assumption of more than a single capitalization rate it integrates direct capitalization with the analysis of an entire market cycle. Such integration has been required in literature (Kazdin,1944; Pyhrr et al.,1990). The procedure has recently and indirectly been recalled by international valuation standards (IVS 2017; IVS 2020; IVS 2022; IVS 105 item 50.21 letter (e)), as it will be discussed in the paper. International Valuation Standards since 2017 required a different approach to the determination of terminal value (going out value, scrap value, exit value, terminal value, exit value) in Discounted Cash Flow Analysis. The models proposed in the paper are the basic ones systematized in the first contributions that took up and reorganized this line of research from its original systematic introduction (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017a; d’Amato, 2017b). The initial applications were based on the office market in London. The first application to the Italian market will be made in this contribution referring to the office real estate market in Milan offered by the then REAG Study Office (currently Kroll). Evidence from the application shows that the proposed model is capable of reaching a prudent value judgments than the income-capitalization estimate normally used. Prudent opinion of value can help in determining the security value and the most likely market value under specific market conditions. Il lavoro introduce il lettore ai fondamenti metodologici di una procedura di valutazione basata sulla capitalizzazione del reddito denominata capitalizzazione ciclica. La procedura di valutazione introdotta precedentemente (d’Amato,2001) si basa sulla ipotesi di formulare la previsione di più di un solo saggio di capitalizzazione, in maniera da integrare il processo di capitalizzazione con l’analisi di un intero ciclo di mercato. Tale integrazione è stata richiesta da tempo (Kaz- din,1944; Pyhrr et al.,1990). La procedura è stata indirettamente richiamata dagli standard di valutazione internazionali (IVS 2017; IVS 2020; IVS 105 punto 50.21 lettera (e)), come si avrà modo di vedere. Il richiamo degli standard è esplicitamente riferito alla capitalizzazione del reddito per la stima del valore di uscita (going out value, scrap value, exit value, terminal value) che chiude la normale applicazione metodologica della attualizzazione del flusso di cassa scontato, altrimenti definita Discounted Cash Flow Analysis. I modelli proposti nel contributo sono quelli basilari, sistematizzati nei primi contributi che riprendono e riorganizzano questa linea di ricerca dalla sua originale sistematica introduzione (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017a; d’Amato, 2017b). Le prime appl","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48502918","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 : 2023-02-01DOI: 10.48264/vvsiev-20223102
Benedetto Manganelli, Francesco Paolo Del Giudice, Debora Anelli
The lack of transparency in the property market and the resulting difficulty in finding comparables to use in property valuations, very often forces evaluators to substitute the asking prices with the selling prices in the market approach. This alternative is now also accepted by case law but has the limitation of having to quantify, albeit very roughly, the correction to be made in relation to the probable spread between the asking prices, taken as a reference, and future selling prices. The importance of the asking prices to understand the market, is acknowledged in international literature which has mainly focused (starting from the analysis of the prices themselves and the time spent on the market), on the search for the best sales strategies, or on the measurement of the illiquidity of the property market. This study, in an innovative way, also on the basis of the relationships already proven, instead, attempts to interpret and measure the difference between asking and selling prices, in order to build a reference for the adjustments made to the former in estimation practice. The target is pursued through the construction of a multivariate analysis model on a sample taken over a 12- year interval in the city of Potenza, Italy. The analysis allowed to measure and interpret the marginal contribution that macro and microeconomic variables provide to the explanation of the spread under investigation. La mancanza di trasparenza nel mercato immobiliare e la conseguente difficoltà di rilevare utili comparabili da utilizzare nelle stime immobiliari costringe i periti, molto spesso, a sostituire nel procedimento diretto i prezzi di vendita con i prezzi richiesti. Si tratta di una alternativa ormai riconosciuta anche dalla giurisprudenza, ma che ha in sé il limite di dover quantificare seppur in modo molto approssimativo la correzione da apportare in relazione al probabile spread tra i prezzi richiesti, presi a riferimento, e i futuri prezzi di vendita. L’importanza dei prezzi richiesti per l’interpretazione del mercato è riconosciuta nella letteratura internazionale la quale si è prevalentemente concentrata, partendo dal- l’analisi di questi e del tempo sul mercato, sulla ricerca delle migliori strategie di vendita, o sulla misura della il- liquidità del mercato immobiliare. Questo lavoro, in modo originale, anche sulla base delle relazioni già di- mostrate, prova invece a interpretare e misurare la differenza tra prezzi richiesti e prezzi di vendita, al fine di costruire un riferimento per la correzione da apportare ai primi nella pratica estimativa. L’obiettivo è perseguito mediante la costruzione un modello di analisi multivariata su un campione rilevato su un intervallo di 12 anni nella città di Potenza. L’analisi ha consentito di misurare ed interpretare il contributo marginale che variabili macro e microeconomiche forniscono alla spiegazione dello spread indagato.
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Pub Date : 2023-02-01DOI: 10.48264/vvsiev-20223103
P. Rosato, Raul Berto, C. D’Alpaos
The real estate market is affected by great uncertainty due to the nexus of various factors: a) the specificity of the assets traded, which are illiquid, unique and very hetherogeneous from each other; b) the ‘structural disequilibrium’ of the market caused by the differences emerging in elasticity of supply with respect to demand; c) the non-competitiveness of the market, which often turns into a bilateral monopoly; d) the great variability of market prices. Since the subprime mortgage crisis that broke out at the end of 2006 in the United States, it has clearly emerged that, in a sector that represents about a third of world wealth, it is necessary, on the one hand, to implement proper and increasingly sophisticated valuation tools, to support the design of effective risk management strategies and, on the other hand, to improve the reliability of real estate data, in order to allow for a more robust verification of the hypotheses on the trend of the cash flows generated by the investment and a more accurate valuation of the investment risk and, consequently, of the project expected rate of return. The main objective of this work is to investigate the accuracy and robustness of the estimates of real estate investors of the expected returns on an urban development project in a medium-sized city representative of the North East of Italy. Using a simulation-based approach, the gap between the observed internal rate of return, estimated ex post on the basis of the actual trend of the parameters that influence investment returns, and the expected internal rate of return, calculated ex ante on the basis of the information available at the time of the investment decision. Firstly, we constructed the time series from 1995 to 2015 of the expected and observed internal rates of return of investments in the residential sector. We obtained the time series of the cash flows generated by the investment under investigation by implementing a simulation-based approach. Starting from the comparison between observed internal rate of return and expected internal rates of return, we identified ex post the risk implicitly assumed by the investor at the time of the decision to undertake the investment. Secondly, the effectiveness of the Capital Asset Pricing Model as a method for estimating the return on a property investment was verified, by comparing the project’s observed (ex post) internal rate of return with its ex ante rate of return, estimated through the Capital Asset Pricing Model. To carry out the above analyses, we constructed the time series of observed and expected internal rate of returns from 1995 to 2015 of investments in the residential sector. The time series of the internal rate of returns of real estate investments were obtained by implementing a simulation-based approach to determine the cash flows of real estate investments representative of the context under investigation and by adopting as model inputs the parameters usually adopted in ex-ante
由于各种因素的联系，房地产市场受到很大的不确定性的影响:a)交易资产的特殊性，这些资产是非流动性的，独特的，彼此之间非常异质;B)市场的“结构性不平衡”是由供给弹性相对于需求的差异引起的;C)市场的非竞争性，这往往变成双边垄断;D)市场价格的巨大变化。自2006年底美国爆发次贷危机以来，人们清楚地认识到，在一个占世界财富约三分之一的行业，有必要一方面实施适当且日益复杂的估值工具，以支持设计有效的风险管理策略，另一方面提高房地产数据的可靠性。为了对投资产生的现金流趋势的假设进行更有力的验证，并对投资风险进行更准确的评估，从而对项目的预期回报率进行更准确的评估。这项工作的主要目的是调查房地产投资者对意大利东北部一个中等城市发展项目预期回报的估计的准确性和稳健性。利用基于模拟的方法，观察到的内部收益率(根据影响投资收益的参数的实际趋势事后估计)与预期的内部收益率(根据投资决策时可获得的信息事前计算)之间的差距。首先，我们构建了1995 - 2015年住宅领域投资预期收益率和实际收益率的时间序列。通过实施基于模拟的方法，我们获得了被调查投资产生的现金流的时间序列。从观察到的内部收益率和预期的内部收益率之间的比较开始，我们确定了投资者在决定进行投资时隐含承担的风险。其次，通过比较项目观察到的(事后)内部收益率与通过资本资产定价模型估计的事前收益率，验证了资本资产定价模型作为估算房地产投资回报方法的有效性。为了进行上述分析，我们构建了1995 - 2015年住宅领域投资的观察和预期内部收益率的时间序列。房地产投资内部收益率的时间序列是通过基于模拟的方法来确定代表所研究背景的房地产投资的现金流量，并采用通常用于房地产事前和事后估值的参数作为模型输入来获得的。从观察到的和预期的内部回报率之间的比较开始，我们确定了开发商在决定进行投资时隐含承担的风险。最后，通过调查投资的观察到的和预期的内部收益率和周期变量之间差异的决定因素，我们确定了在调查期间影响投资风险并因此影响投资回报的因素(即宏观经济基本面)。最后，通过研究观察到的和预期的内部收益率之间的差异以及决定经济周期当前阶段的经济因素之间的关系，我们确定了投资风险和回报的决定因素。1 .商业不流动è对经济大发展的影响:a)对经济发展的影响:经济发展的影响:经济发展的影响;B)将“结构性失衡”与“结构性失衡”相结合，导致“结构性失衡”与“弹性失衡”相结合，导致“结构性失衡”与“弹性失衡”相结合。(C)双边贸易不协调，假定双边垄断;D)大变异性(大变异性)。一个partire dalla crisi一些mutui子' scoppiata真主安拉细德尔2006年negli Stati Uniti, e emerso chiaramente来,在联合国settore格瓦拉rappresenta左右联合国terzo德拉ricchezza。新航necessario, da联合国lato operare con strumenti valutativi adeguati e自始至终稍sofisticati,级di suppor -皮重l 'individuazione di策略efficaci di gestione一些rischi e,达尔'altro, migliorare l 'affidabilita一些immobiliari达蒂,在modo数据一致性验证中più - busta delle ipotesi sulsuli和修正的dei flusissi在cassa中生成unestima più accurata del rischio e, conentemente, del tasso and rendimensionto ateso。 这项工作的主要目的是调查假设的房地产开发商对意大利北部一个具有代表性的中型城市发展投资回报的预测的准确性。通过计算模拟为基础的方法,是一个有效的内部回报率之间的偏差,事后估计参数的实际趋势的影响,内部收益率和预期回报率事前计算,根据现有的资料作出投资决定的。首先，从1995年到2015年，住宅开发房地产投资的国内预期和实际回报率的历史系列已经建立。历史序列是通过模拟代表调查现实的房地产投资现金流获得的。通过比较国内实际回报率和预期国内回报率，事后确定了投资者在决定进行投资时所隐含的风险。其次，通过比较国内有效收益率和通过资本定价模型估算的事前收益率，验证了资本资产定价模型作为一种评估开发房地产投资回报的方法的优点。最后，通过调查实际和预期内部收益率与周期变量之间的关系，确定了在本报告所述期间对投资者在投资时所面临的风险影响最大的因素。
{"title":"Risk and returns in real estate development projects at the black swan test [Rendimento e rischio d’investimento immobiliare alla prova del cigno nero]","authors":"P. Rosato, Raul Berto, C. D’Alpaos","doi":"10.48264/vvsiev-20223103","DOIUrl":"https://doi.org/10.48264/vvsiev-20223103","url":null,"abstract":"The real estate market is affected by great uncertainty due to the nexus of various factors: a) the specificity of the assets traded, which are illiquid, unique and very hetherogeneous from each other; b) the ‘structural disequilibrium’ of the market caused by the differences emerging in elasticity of supply with respect to demand; c) the non-competitiveness of the market, which often turns into a bilateral monopoly; d) the great variability of market prices. Since the subprime mortgage crisis that broke out at the end of 2006 in the United States, it has clearly emerged that, in a sector that represents about a third of world wealth, it is necessary, on the one hand, to implement proper and increasingly sophisticated valuation tools, to support the design of effective risk management strategies and, on the other hand, to improve the reliability of real estate data, in order to allow for a more robust verification of the hypotheses on the trend of the cash flows generated by the investment and a more accurate valuation of the investment risk and, consequently, of the project expected rate of return. The main objective of this work is to investigate the accuracy and robustness of the estimates of real estate investors of the expected returns on an urban development project in a medium-sized city representative of the North East of Italy. Using a simulation-based approach, the gap between the observed internal rate of return, estimated ex post on the basis of the actual trend of the parameters that influence investment returns, and the expected internal rate of return, calculated ex ante on the basis of the information available at the time of the investment decision. Firstly, we constructed the time series from 1995 to 2015 of the expected and observed internal rates of return of investments in the residential sector. We obtained the time series of the cash flows generated by the investment under investigation by implementing a simulation-based approach. Starting from the comparison between observed internal rate of return and expected internal rates of return, we identified ex post the risk implicitly assumed by the investor at the time of the decision to undertake the investment. Secondly, the effectiveness of the Capital Asset Pricing Model as a method for estimating the return on a property investment was verified, by comparing the project’s observed (ex post) internal rate of return with its ex ante rate of return, estimated through the Capital Asset Pricing Model. To carry out the above analyses, we constructed the time series of observed and expected internal rate of returns from 1995 to 2015 of investments in the residential sector. The time series of the internal rate of returns of real estate investments were obtained by implementing a simulation-based approach to determine the cash flows of real estate investments representative of the context under investigation and by adopting as model inputs the parameters usually adopted in ex-ante ","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45822390","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 : 2023-02-01DOI: 10.48264/vvsiev-20223108
Alessandra Cucurnia, Antonio Mastrangelo
The paper describes the development of the prototype of an electronic instrument1 to be used on board work- site vehicles that operate on rough and uneven land with potholes and dips, with the aim of conducting a dynamic check of the rollover risk determined by exceeding the threshold limit of the amplitude of the angle formed by the gravitational vector with the instantaneous normal angle defined by the points where the vehicle wheels make contact with the ground. The product is one of the results of the Smart Yard research: Industry 4.0 Production Process2 and is a pilot example of the testing of sensors aimed at increasing safety in the use of the equipment. Il contributo illustra lo sviluppo di un prototipo di strumento elettronico da impiegare a bordo di mezzi di cantiere che operano in terreni sconnessi e impervi e in concomitanza di buche e avvalli, finalizzato alla verifica dinamica del rischio di ribaltamento determinato dal superamento della soglia limite dell’ampiezza dell’angolo formato dal vettore gravitazionale con quello normale istantaneo definito dai punti di con- tatto delle ruote del veicolo con il terreno. Il prodotto rappresenta uno dei risultati della ricerca Smart Yard: Industry 4.0 Production Process2 e si configura quale esempio pilota di sperimentazione di sensoristica volta a incrementare la sicurezza di utilizzo dei macchinari.
{"title":"On-board sensors for work-site vehicles. Sacs anti-rollover alarm system for earthmoving equipment [Sensoristica a bordo dei mezzi di cantiere. Sacs sistema di allarme antiribaltamento dei macchinari per il movimento terra]","authors":"Alessandra Cucurnia, Antonio Mastrangelo","doi":"10.48264/vvsiev-20223108","DOIUrl":"https://doi.org/10.48264/vvsiev-20223108","url":null,"abstract":"The paper describes the development of the prototype of an electronic instrument1 to be used on board work- site vehicles that operate on rough and uneven land with potholes and dips, with the aim of conducting a dynamic check of the rollover risk determined by exceeding the threshold limit of the amplitude of the angle formed by the gravitational vector with the instantaneous normal angle defined by the points where the vehicle wheels make contact with the ground. The product is one of the results of the Smart Yard research: Industry 4.0 Production Process2 and is a pilot example of the testing of sensors aimed at increasing safety in the use of the equipment. Il contributo illustra lo sviluppo di un prototipo di strumento elettronico da impiegare a bordo di mezzi di cantiere che operano in terreni sconnessi e impervi e in concomitanza di buche e avvalli, finalizzato alla verifica dinamica del rischio di ribaltamento determinato dal superamento della soglia limite dell’ampiezza dell’angolo formato dal vettore gravitazionale con quello normale istantaneo definito dai punti di con- tatto delle ruote del veicolo con il terreno. Il prodotto rappresenta uno dei risultati della ricerca Smart Yard: Industry 4.0 Production Process2 e si configura quale esempio pilota di sperimentazione di sensoristica volta a incrementare la sicurezza di utilizzo dei macchinari.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48227293","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 : 2023-02-01DOI: 10.48264/vvsiev-20223104
L. Gabrielli, A. Ruggeri, Massimiliano Scarpa
This research aims to understand how market transparency and data reliability can influence valuation procedures and decision-making processes in the Italian real estate market. Through the analysis of three different real estate markets and the validation of the information collected, this paper’s goal is to understand whether and to what extent the use of asking prices instead of actual purchase and sale prices can lead to valuation errors, increase the uncertainty of valuation, and undermine investment decision-making processes. The research results highlight the primary sources of information opacity in the Italian real estate market, classifying them according to their impact on real estate value. The novelty of this research lies in the integrated use of machine learning techniques, computer programming and multi-parametric valuation procedures to understand and manage information opacity in the Italian real estate market, particularly regarding the estimation of the market value of properties belonging to the residential segment. Questa ricerca si pone come obiettivo il comprendere come la trasparenza del mercato e correttezza delle informazioni influenzino i procedimenti di stima e i proessi decisionali nel mercato immobiliare italiano. Attraverso l’analisi di tre differenti mercati immobiliari e la verifica delle informazioni relative ai prezzi di offerta, il presente contributo vuole capire se, e in quale dimensione, l’impiego dei prezzi di offerta in luogo dei reali prezzi di compravendita possano portare a commettere errori valutativi, ad aumentare l’incertezza nelle stime e a pregiudicare il processo decisionale negli investi- menti. I risultati della ricerca evidenziano quali sono le fonti primarie di opacità informativa nel mercato immobiliare italiano, classificandole in base al loro impatto sulla stima del valore immobiliare. La novità di questa ricerca risiede nell’uso integrato di tecniche di machine learning, programmazione informatica e procedure di stima multi-parametrica al fine di comprendere e gestire l’opacità informativa nel mercato immobiliare italiano, in particolare riguardo la stima del più probabile valore di mercato degli immobili appartenenti al segmento residenziale.
{"title":"Detecting information transparency in the italian real estate market: a machine learning approach [Identificare la trasparenza informativa nel mercato immobiliare italiano: un approccio machine learning]","authors":"L. Gabrielli, A. Ruggeri, Massimiliano Scarpa","doi":"10.48264/vvsiev-20223104","DOIUrl":"https://doi.org/10.48264/vvsiev-20223104","url":null,"abstract":"This research aims to understand how market transparency and data reliability can influence valuation procedures and decision-making processes in the Italian real estate market. Through the analysis of three different real estate markets and the validation of the information collected, this paper’s goal is to understand whether and to what extent the use of asking prices instead of actual purchase and sale prices can lead to valuation errors, increase the uncertainty of valuation, and undermine investment decision-making processes. The research results highlight the primary sources of information opacity in the Italian real estate market, classifying them according to their impact on real estate value. The novelty of this research lies in the integrated use of machine learning techniques, computer programming and multi-parametric valuation procedures to understand and manage information opacity in the Italian real estate market, particularly regarding the estimation of the market value of properties belonging to the residential segment. Questa ricerca si pone come obiettivo il comprendere come la trasparenza del mercato e correttezza delle informazioni influenzino i procedimenti di stima e i proessi decisionali nel mercato immobiliare italiano. Attraverso l’analisi di tre differenti mercati immobiliari e la verifica delle informazioni relative ai prezzi di offerta, il presente contributo vuole capire se, e in quale dimensione, l’impiego dei prezzi di offerta in luogo dei reali prezzi di compravendita possano portare a commettere errori valutativi, ad aumentare l’incertezza nelle stime e a pregiudicare il processo decisionale negli investi- menti. I risultati della ricerca evidenziano quali sono le fonti primarie di opacità informativa nel mercato immobiliare italiano, classificandole in base al loro impatto sulla stima del valore immobiliare. La novità di questa ricerca risiede nell’uso integrato di tecniche di machine learning, programmazione informatica e procedure di stima multi-parametrica al fine di comprendere e gestire l’opacità informativa nel mercato immobiliare italiano, in particolare riguardo la stima del più probabile valore di mercato degli immobili appartenenti al segmento residenziale.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49592525","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 : 2023-02-01DOI: 10.48264/vvsiev-20223107
M. Bottero, Caterina Caprioli, Giulia Datola, A. Oppio, F. Torrieri
Abandoned areas such as neglected railways and urban voids represent a suitable opportunity for the regeneration and requalification of cities, according to the paradigms of sustainability and resilience. Urban transformation and urban regeneration processes are characterized by a high level of complexity, a dynamic behavior over time and interactions between the various actors involved in the process. Within this context, the present paper proposes the application of a combined evaluation framework, based on the integration of Multi-Criteria Decision Analysis (MCDA) with a Financial Analysis (FA) to assess different strategic scenarios for the regeneration of the Rogoredo railways area (Milan, Italy). The purpose of this framework is to take into account the complexity of the decision- making process, considering both the qualitative (social and environmental) and quantitative (economic- financial) aspects. In detail, the railway yards in the Rogoredo area in Milan (Italy) represent an emblematic case. The city of Milan, within the Territory Governance Plan (PGT), has already proposed interventions in this site aimed at reconnecting the infrastructural node and making it an attractive and inclusive pole. The present paper demonstrates the usefulness of evaluation procedures in supporting the entire decision-making process and defining the most suitable scenario considering the initial objective and the stakeholders’ interests. The innovative value provided by this application is represented precisely by the possibility of considering both the developer point of view through FA and the broader public perspective through the support of MCDA. This approach allowed to build and evaluate transformation scenarios capable of both attracting potential investors and promoting sustainable mobility models, social inclusion, eco-sustainable development, improvement of environmental quality through the design of new public areas, green spaces, and services for citizens. I vuoti urbani, quali ex aree industriali ed ex scali ferro- viari, rappresentano oggi un’importante occasione di riconversione delle città, nell’ottica di uno sviluppo in chiave sostenibile, resiliente e circolare. Tuttavia, gli interventi di trasformazione e rigenerazione urbana sono caratterizzati da un elevato grado di complessità e dinamicità, così come da un’elevata interazione tra le diverse componenti urbane, quali gli aspetti economici, ambientali, sociali e tra i diversi attori coinvolti nel processo. In questo contesto, l’approccio metodologico proposto nel presente contributo combina le Analisi- Multicriteri (AMC) con l’analisi Analisi Finanziaria (AF). Questo modello permette di analizzare e supportare il processo decisionale nella sua complessità, considerando sia gli aspetti qualitativi (sociali e ambientali) sia quelli quantitativi (economico- finanziari). Il caso degli scali ferroviari dell’area di Rogoredo a Milano (Italia) rap- presenta un caso emblematico. La stessa città
{"title":"Regeneration of Rogoredo railway: a combined approach using multi-criteria and financial analysis [Un approccio integrato per la rigenerazione dello scalo ferroviario di Rogoredo]","authors":"M. Bottero, Caterina Caprioli, Giulia Datola, A. Oppio, F. Torrieri","doi":"10.48264/vvsiev-20223107","DOIUrl":"https://doi.org/10.48264/vvsiev-20223107","url":null,"abstract":"Abandoned areas such as neglected railways and urban voids represent a suitable opportunity for the regeneration and requalification of cities, according to the paradigms of sustainability and resilience. Urban transformation and urban regeneration processes are characterized by a high level of complexity, a dynamic behavior over time and interactions between the various actors involved in the process. Within this context, the present paper proposes the application of a combined evaluation framework, based on the integration of Multi-Criteria Decision Analysis (MCDA) with a Financial Analysis (FA) to assess different strategic scenarios for the regeneration of the Rogoredo railways area (Milan, Italy). The purpose of this framework is to take into account the complexity of the decision- making process, considering both the qualitative (social and environmental) and quantitative (economic- financial) aspects. In detail, the railway yards in the Rogoredo area in Milan (Italy) represent an emblematic case. The city of Milan, within the Territory Governance Plan (PGT), has already proposed interventions in this site aimed at reconnecting the infrastructural node and making it an attractive and inclusive pole. The present paper demonstrates the usefulness of evaluation procedures in supporting the entire decision-making process and defining the most suitable scenario considering the initial objective and the stakeholders’ interests. The innovative value provided by this application is represented precisely by the possibility of considering both the developer point of view through FA and the broader public perspective through the support of MCDA. This approach allowed to build and evaluate transformation scenarios capable of both attracting potential investors and promoting sustainable mobility models, social inclusion, eco-sustainable development, improvement of environmental quality through the design of new public areas, green spaces, and services for citizens. I vuoti urbani, quali ex aree industriali ed ex scali ferro- viari, rappresentano oggi un’importante occasione di riconversione delle città, nell’ottica di uno sviluppo in chiave sostenibile, resiliente e circolare. Tuttavia, gli interventi di trasformazione e rigenerazione urbana sono caratterizzati da un elevato grado di complessità e dinamicità, così come da un’elevata interazione tra le diverse componenti urbane, quali gli aspetti economici, ambientali, sociali e tra i diversi attori coinvolti nel processo. In questo contesto, l’approccio metodologico proposto nel presente contributo combina le Analisi- Multicriteri (AMC) con l’analisi Analisi Finanziaria (AF). Questo modello permette di analizzare e supportare il processo decisionale nella sua complessità, considerando sia gli aspetti qualitativi (sociali e ambientali) sia quelli quantitativi (economico- finanziari). Il caso degli scali ferroviari dell’area di Rogoredo a Milano (Italia) rap- presenta un caso emblematico. La stessa città ","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45711916","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 : 2023-01-01DOI: 10.48264/vvsiev-20233208
Simona Panaro, G. Poli, M. Botte, S. Sacco, M. Cerreta
In recent years, the EU has sought to define sustainable transition pathways towards more equitable, prosperous, and inclusive urban and territorial models, capable of responding to the rapid degradation of ecosystems, and improving quality of life of citizens. In this context, ports have been recognised as key strategic hubs not only for economic and logistical competitiveness, but also to generate employment and investment opportunities, and to address the challenges of the climate change. The research presents a multi-scale, multi-dimensional and multi- group methodological framework to support decision-making processes related to the development of sustainable transformations of port cities, capturing the complexity of interactions and conflicts. Integrating Multi-Criteria Decision Analysis (MCDA) approaches and Problem Structuring Methods (PSM), the proposed methodology aims to address the following gaps identified in the literature: (i) a scattered application of multi-group methods; (ii) the lack of social instances within the decision problem; (iii) a weak sustainability perspective; (iv) the use of one-dimensional scale assessment in sectoral studies. The case study of the city-port of Gela in Sicily (Italy) provided an opportunity to test the proposed methodology and to integrate multi-dimensional sustainability issues into feasibility studies, promoting a more balanced relationship between city and port. The interdependencies between environment, society and economy allowed MCDA to be identified as a suitable approach to address complex decision-making and support the sustainability assessment of port areas transformation. Two multi-criteria and multi-group evaluation methods guided the decision-making process to select a portfolio of preferred alternatives by assessing technical, environmental, and economic impacts and analysing stakeholder conflicts and coalitions. The process was carried out as follows: on the one hand, a multidimensional impact matrix integrating Key Performance Indicators (KPIs) divided into technical, financial-economic, and environmental categories through the application of the multi-criteria method EVAMIX; on the other hand, a social assessment with a dendrogram of coalitions derived from the application of the multi-group method NAIADE by modelling stakeholders’ preferences regarding a portfolio of alternatives related to the decision problem.
{"title":"Assessing the sustainability of the city-port transformations: Multi-Criteria Decision Analysis (MCDA) for alternatives portfolio selection","authors":"Simona Panaro, G. Poli, M. Botte, S. Sacco, M. Cerreta","doi":"10.48264/vvsiev-20233208","DOIUrl":"https://doi.org/10.48264/vvsiev-20233208","url":null,"abstract":"In recent years, the EU has sought to define sustainable transition pathways towards more equitable, prosperous, and inclusive urban and territorial models, capable of responding to the rapid degradation of ecosystems, and improving quality of life of citizens. In this context, ports have been recognised as key strategic hubs not only for economic and logistical competitiveness, but also to generate employment and investment opportunities, and to address the challenges of the climate change. The research presents a multi-scale, multi-dimensional and multi- group methodological framework to support decision-making processes related to the development of sustainable transformations of port cities, capturing the complexity of interactions and conflicts. Integrating Multi-Criteria Decision Analysis (MCDA) approaches and Problem Structuring Methods (PSM), the proposed methodology aims to address the following gaps identified in the literature: (i) a scattered application of multi-group methods; (ii) the lack of social instances within the decision problem; (iii) a weak sustainability perspective; (iv) the use of one-dimensional scale assessment in sectoral studies. The case study of the city-port of Gela in Sicily (Italy) provided an opportunity to test the proposed methodology and to integrate multi-dimensional sustainability issues into feasibility studies, promoting a more balanced relationship between city and port. The interdependencies between environment, society and economy allowed MCDA to be identified as a suitable approach to address complex decision-making and support the sustainability assessment of port areas transformation. Two multi-criteria and multi-group evaluation methods guided the decision-making process to select a portfolio of preferred alternatives by assessing technical, environmental, and economic impacts and analysing stakeholder conflicts and coalitions. The process was carried out as follows: on the one hand, a multidimensional impact matrix integrating Key Performance Indicators (KPIs) divided into technical, financial-economic, and environmental categories through the application of the multi-criteria method EVAMIX; on the other hand, a social assessment with a dendrogram of coalitions derived from the application of the multi-group method NAIADE by modelling stakeholders’ preferences regarding a portfolio of alternatives related to the decision problem.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70565799","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 : 2023-01-01DOI: 10.48264/vvsiev-20233206
Erblin Berisha, Caterina Caprioli, G. Cotella
The United Nations explicitly recognise the central role of urbanization processes in global development trajectories in the Agenda 2030, mainly through one of its 17 Sustainable Development Goals, i.e. SDG11. This goal emphasises making human settlements more inclusive, safe, resilient, and sustainable. The progress achieved towards the targets that articulate this goal is constantly monitored through a system of indicators. However, this process is complex, especially for those targets that concern the quality of the policies intended to guide development phenomena. This is the case with SDG11.a, which aims to «Support positive economic, social and environmental links between urban, peri-urban and rural areas by strengthening national and regional development planning» and therefore regards territorial governance activities. In a recent contribution, the authors explored the contents and implications of SDG11.a and developed a system of procedural, instrumental, and financial indicators aimed at evaluating the quality of territorial governance. This paper operationalises some of these indicators concerning a real territorial context - the Metropolitan City of Turin - to reflect on their practicability and the added value they can provide in decision-making and monitoring. The work results show how any measurement of the quality of territorial governance remains inherently linked to the institutional characteristics of the context and the actual availability of data and information. This undoubtedly complicates the use of the indicators proposed in a comparative perspective; however, their application can promote critical reflections by public authorities and the development of more effective policies.
{"title":"Is territorial governance “measurable”? Operationalizing SDG11.a in the metropolitan city of Turin","authors":"Erblin Berisha, Caterina Caprioli, G. Cotella","doi":"10.48264/vvsiev-20233206","DOIUrl":"https://doi.org/10.48264/vvsiev-20233206","url":null,"abstract":"The United Nations explicitly recognise the central role of urbanization processes in global development trajectories in the Agenda 2030, mainly through one of its 17 Sustainable Development Goals, i.e. SDG11. This goal emphasises making human settlements more inclusive, safe, resilient, and sustainable. The progress achieved towards the targets that articulate this goal is constantly monitored through a system of indicators. However, this process is complex, especially for those targets that concern the quality of the policies intended to guide development phenomena. This is the case with SDG11.a, which aims to «Support positive economic, social and environmental links between urban, peri-urban and rural areas by strengthening national and regional development planning» and therefore regards territorial governance activities. In a recent contribution, the authors explored the contents and implications of SDG11.a and developed a system of procedural, instrumental, and financial indicators aimed at evaluating the quality of territorial governance. This paper operationalises some of these indicators concerning a real territorial context - the Metropolitan City of Turin - to reflect on their practicability and the added value they can provide in decision-making and monitoring. The work results show how any measurement of the quality of territorial governance remains inherently linked to the institutional characteristics of the context and the actual availability of data and information. This undoubtedly complicates the use of the indicators proposed in a comparative perspective; however, their application can promote critical reflections by public authorities and the development of more effective policies.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70566067","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 : 2023-01-01DOI: 10.48264/vvsiev-20233209
Nadia Caruso, Giulia Datola
This paper illustrates the application of a multi- methodological approach based on the sequential application of three different techniques for assessing the multidimensional impacts generated by the realization of the Ma.Ri. House temporary housing, located in the city of Turin. The applied methodologies are (1) SWOT analysis for the preliminary examination of the project context, to highlight its strengths, weaknesses, opportunities and threats, which are fundamental elements to be considered for the definition of the project strategy, (2) Stakeholder Analysis to identify the multiplicity of stakeholder involved and affected by the Ma.Ri. House project, highlighting their different interests, (3) Community Impact Evaluation (CIE) for the assessment of the nature and intensity of the possible multidimensional impacts derived from the project implementation that could affect the stakeholder involved. Therefore, this paper aims to investigate local housing policy, which is a complex, multi-actorial and social relevance issue. The proposed methodological framework aims to support decision-makers in identifying a strategy that considers the different interests and maximizes the positive impacts for the different stakeholder involved. Specifically, the proposed methodological approach has been applied to evaluate the preliminary stage of the implementation of the temporary housing Ma.Ri. House.
{"title":"Temporary housing in Turin: the Ma.Ri. House case study","authors":"Nadia Caruso, Giulia Datola","doi":"10.48264/vvsiev-20233209","DOIUrl":"https://doi.org/10.48264/vvsiev-20233209","url":null,"abstract":"This paper illustrates the application of a multi- methodological approach based on the sequential application of three different techniques for assessing the multidimensional impacts generated by the realization of the Ma.Ri. House temporary housing, located in the city of Turin. The applied methodologies are (1) SWOT analysis for the preliminary examination of the project context, to highlight its strengths, weaknesses, opportunities and threats, which are fundamental elements to be considered for the definition of the project strategy, (2) Stakeholder Analysis to identify the multiplicity of stakeholder involved and affected by the Ma.Ri. House project, highlighting their different interests, (3) Community Impact Evaluation (CIE) for the assessment of the nature and intensity of the possible multidimensional impacts derived from the project implementation that could affect the stakeholder involved. Therefore, this paper aims to investigate local housing policy, which is a complex, multi-actorial and social relevance issue. The proposed methodological framework aims to support decision-makers in identifying a strategy that considers the different interests and maximizes the positive impacts for the different stakeholder involved. Specifically, the proposed methodological approach has been applied to evaluate the preliminary stage of the implementation of the temporary housing Ma.Ri. House.","PeriodicalId":37741,"journal":{"name":"Valori e Valutazioni","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70565859","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}
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