Contextualized property market models vs. Generalized mass appraisals: An innovative approach

The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016-2017. The ability to generate a "unique" functional form for the three different territorial contexts considered, in which the relationships between the influencing factors and the selling prices are specified by different multiplicative coefficients that appropriately represent the market phenomena of each case study analyzed, is the main contribution of the proposed methodology. The method can provide support for private operators in the assessment of the territorial investment conveniences and for the public entities in the decisional phases regarding future tax and urban planning policies

An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment

The high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to accurately monitor the project's development, correlating it to the evolution of the market

Real Options for risk analysis in estimating the capitalization rate

A suitable cap-rate is generally determined through an analogical process in order to estimate the value of any real estate through the capitalization of the incomes. The analogy relates to the risk and duration of similar investments. There are numerous methods to rationalize the valuation of the cap-rate. Appraisals have a certain degree of uncertainty in all these methods. This paper proposes a methodology which removes any uncertainty when evaluating the cap-rate. This is achieved through the combination of the formal logic of the Ellwood’s model and the Real Options Analysis

Boundary Controllability of Riemann-Liouville Fractional Semilinear Equations

We study the boundary regional controllability of a class of Riemann-Liouville fractional semilinear sub-diffusion systems with boundary Neumann conditions. The result is obtained by using semi-group theory, the fractional Hilbert uniqueness method, and Schauder's fixed point theorem. Conditions on the order of the derivative, internal region, and on the nonlinear part are obtained. Furthermore, we present appropriate sufficient conditions for the considered fractional system to be regionally controllable and, therefore, boundary regionally controllable. An example of a population density system with diffusion is given to illustrate the obtained theoretical results. Numerical simulations show that the proposed method provides satisfying results regarding two cases of the control operator.Comment: This is a preprint version of the paper published open access in 'Commun. Nonlinear Sci. Numer. Simul.' [https://doi.org/10.1016/j.cnsns.2023.107814]. Submitted 26/Jul/2022; Revised 08/Dec/2022 and 16/Oct/2023; Accepted for publication 30/Dec/2023; Available online 03/Jan/202

Boundary Regional Controllability of Semilinear Systems Involving Caputo Time Fractional Derivatives

We study boundary regional controllability problems for a class of semilinear fractional systems. Sufficient conditions for regional boundary controllability are proved by assuming that the associated linear system is approximately regionally boundary controllable. The main result is obtained by using fractional powers of an operator and the fixed point technique under the approximate controllability of the corresponding linear system in a suitable subregion of the space domain. An algorithm is also proposed and some numerical simulations performed to illustrate the effectiveness of the obtained theoretical results.Comment: This is a preprint of a paper whose final and definite form is published in 'Libertas Mathematica (new series)', Volume 43 (2023), No. 1 [http://system.lm-ns.org/index.php/lm-ns/article/view/1488

Existence and uniqueness of mild solutions for a class of psi-Caputo time-fractional systems of order from one to two

We prove the existence and uniqueness of mild solutions for a specific class of time-fractional $\psi$-Caputo evolution systems with a derivative order ranging from 1 to 2 in Banach spaces. By using the properties of cosine and sine family operators, along with the generalized Laplace transform, we derive a more concise expression for the mild solution. This expression is formulated as an integral, incorporating Mainardi's Wright-type function. Furthermore, we provide various valuable properties associated with the operators present in the mild solution. Additionally, employing the fixed-point technique and Gr\"{o}nwall's inequality, we establish the existence and uniqueness of the mild solution. To illustrate our results, we conclude with an example of a time-fractional equation, presenting the expression for its corresponding mild solution.Comment: 25 page

Estimating the concession fee for the use of a football stadium

The concession for the use of real estate intended to provide public services is the tool often used by the public administration to obtain, with the recourse to private investment, the valorisation of the asset and a more efficient management of the service. A typical case is that of football stadiums, the management of which is normally entrusted in concession to companies that assume the burden of guaranteeing the safety and functionality of the facility to provide a satisfactory experience for the spectator. When the management of the asset entails profit margins for the concessionary company, the public service concession must provide for the payment of a fee as consideration for the use of the asset. This work deals with the issue of estimating the concession fee for football stadiums granted to clubs with teams playing in professional leagues. The issue is addressed through the implementation of a direct probabilistic and multi-parametric approach, which attempts to overcome the limitations of the procedures normally used in these cases, based on cost value or income analysis, resulting from the subjective nature that often characterises the choice of fundamental parameters. Specifically, a multiple regression analysis is developed on the basis of information and data from the examination of existing concession contracts for similar properties. The results show that the variance of the fees is explained by the level of the football league in which the concessionaire's team plays, the capacity of the stadium, the year of construction of the stadium, and the year of the last major renovation on the building structure