MODEL TREE: AN APPLICATION IN REAL ESTATE APPRAISAL

In the last twenty years in real estate appraisal there has been a growing interest for new and reliable assessment techniques essentially through the introduction of pluriparametric estimate, in particular of linear regression. However, also these techniques seem having not a great deal of adherence to very complex markets, for which the detection of best suited techniques to investigate market segments is necessary. The aim of the research is to test the applicative possibilities of model tree to land market, in order to highlight possible market segments in the original data set not detectable a priori.data mining, model tree, multiple regression analysis, land market appraisal, Research Methods/ Statistical Methods, C01,

High-voltage overhead transmission lines and farmland value: Evidences from the real estate market in Apulia, southern Italy

The construction of high-voltage overhead transmission lines on farmland implies a permanent easement, involving expropriation of land and depreciation of the remaining farm area. The Italian system operator should pay compensation for both aspects, but recognizes only the former. Therefore, landowners often appeal to the law courts and claim compensation for the depreciation of the entire non-occupied area, often obliging the system operator to pay substantial amounts. This delays the provision of new power lines and increases their respective costs. In order to verify the correctness of the modus operandi by the system operator and landowners, a study was carried out into the impact of several characteristics of power lines on farmland value in northern Apulia, south Italy. The results highlighted that the area occupied by plinths and cabins, the height of towers and the type of intersection were the main sources of depreciation, which varies depending on the crop. Moreover, depreciation on the residual area exists, but only involves two narrow strips of land on either side of infrastructure. Finally, it is not constant, but tends to decrease rapidly as the distance from the infrastructure increases, and zeroes at 30–70 m from the power line

Model tree: An application in Real Estate Appraisal

In the last twenty years in real estate appraisal there has been a growing interest for new and reliable assessment techniques essentially through the introduction of pluriparametric estimate, in particular of linear regression. However, also these techniques seem having not a great deal of adherence to very complex markets, for which the detection of best suited techniques to investigate market segments is necessary. The aim of the research is to test the applicative possibilities of model tree to land market, in order to highlight possible market segments in the original data set not detectable a priori

The choice experiment and the stochastic profit frontier: A methodological approach for groundwater preservation policies

Apulia is the fifth Italian region in terms of irrigated area and irrigation water used in agriculture. However, inefficiencies in the management of the regional irrigation consortia force most of farmers to use groundwater by private wells, with negative consequences on soil and crop characteristics, and with grave desertification risk. In the first instance, through a choice experiment survey, the study investigated the aptitude of the regional farmers toward the abandonment of their farm wells in exchange for an improved consortium irrigation network and additional services. Then, through a stochastic profit frontier, the impact of these choices was assessed on the economic performance of farms, providing useful information for suitable and fair groundwater preservation policies

Data mining in real estate appraisal: a model tree and multivariate adaptive regression spline approach

In this paper we adopt two exploratory modelling techniques: Model Trees and Multivariate Adaptive Regression Splines. The objective is the building of two sale price prediction models in order to highlight possible market segments not detectable a priori. We show how these novel procedures can help to understand complex patterns and interactions among predictors in real estate appraisal

Measuring the financial sustainability of vine landraces for better conservation programmes of Mediterranean agro-biodiversity

The Apulia region, in southern Italy, has a long tradition of vine cultivation for winemaking. However, in the last decades, regional farmers substituted local landraces with more productive non-native varieties. Regional institutions introduced regulations aimed at preventing the extinction of the local and historic ecotypes in the form of financial subsidies to reduce planting and operating costs. In this paper, we compared the financial sustainability of a non-autochthone, a typical and a landrace variety for wine production, in intensive and semi-extensive cultivation systems, with and without financial supports. The analysis referred to northern Apulia, considering a 26-year economic duration of vineyards. The results showed that the non-autochthone variety was more profitable due to its higher yields, while investments regarding landrace-based plants were characterized by lower economic convenience, despite financial aid. These estimates shed light on the effectiveness and efficacy of the present regulations, as well as on the development of future strategies for a better restoration of vine landraces in Apulia. This new framework will help to increase farmers’ profits, improve environmental conditions for the community and ensure higher quality, security and safety for consumers

High Nature Value Forests identification: A case study in Apulia region – Italy

The strengthening of environmental compliance and the introduction of new challenges in rural development policy have led to a wide shift of resources toward specific objectives, concerning the conservation of particular areas identified as High Nature Value Farmlands/Forests (HNVF). These areas represent important elements of rural strategies due to their ability to allow both biodiversity and economic development. The aim of the research is to create an analysis frame, with Multi Criteria Analysis method and GIS elaboration, in order to identify forests that meet the HNV concept. The analysis examines also several aspects related to the multifunctional role of forests and the effect that different contextual factors might have on it. The research provide a support in terms of implementation and resource distribution of the Rural Development Programme in a field where the main efforts have been yet spent on agriculture, leaving forestry behind

The choice experiment and the stochastic profit frontier: a methodological approach for groundwater preservation policies

Apulia is the fifth Italian region in terms of irrigated area and irrigation water used in agriculture. However, inefficiencies in the management of the regional irrigation consortia force most of farmers to use groundwater by private wells, with negative consequences on soil and crop characteristics, and with grave desertification risk. In the first instance, through a choice experiment survey, the study investigated the aptitude of the regional farmers toward the abandonment of their farm wells in exchange for an improved consortium irrigation network and additional services. Then, through a stochastic profit frontier, the impact of these choices was assessed on the economic performance of farms, providing useful information for suitable and fair groundwater preservation policies

The assessment of compensation for the electric transmission line easement through a study of land market in Apulia

High-voltage overhead transmission lines on farmland imply a permanent easement. System operators should compensate for expropriation of land and depreciation of the remaining farm area, but recognize only the former. Therefore, landowners often appeal to the law courts for fairer refunds.This study highlights that the area occupied by plinths and cabins, the height of pylons and the type of intersection are the main sources of depreciation. Moreover, electric transmission lines depreciate the residual farm area, but involving only two narrow strips of land on either side of infrastructures. Finally, the depreciation tends to decrease rapidly as the distance from the transmission line increases

Agritourism and territorial framework in the northern Salento (Apulia region, Italy)

The Territory Landscape Plan of the Apulia Region (PPTR)focuses on rural areas and agricultural sector, putting them in a holistic local and socio-economic context. This strategy isimplemented through the town-country pact, one of the five local projects proposed by the PPTR. The aim of the research is the study of the context and specificity of agritourism in Ostuni and Fasanocoastal areas (northern Salento), in which natural beauties, such as rural and coastal landscapes, coexist, characterized by ancient olive groves, historical rural houses and charming towns. In particular, the study analyses this rural context by means of the relationship between agritourism and territorial framework in order to check the sustainability of the development processes and their consistency with the programmatic guidelines of the PPTR. Qualitative approacheshas been used, such as semi-structured interviews and photographic material