Aestimum

Is the information sufficient to create a new market for digestate?

2022-10-17T13:31:35+00:00

Unfamiliarity with a good reduce the chances to be used by consumers. This is the case of digestate which is an organic soil conditioner obtained as by-product of biogas chain. The use of digestate as alternative to traditional manure is still not very widespread due to the lack of knowledge among farmers. In our survey, we explored whether providing farmers with information about the digestate can affect farmers’ willingness to pay for buying it instead of the traditional manure used by farmers as soil conditioner. By conducting a hypothetical multiple-price list experiment we show that information positively affects farmers’ willingness to pay (WTP) for digestate but information alone is not sufficient to create a new market for it because at the same price farmers always continue to buy manure. This finding raises some questions when estimating the effect of information, which while positive does not shift farmers’ decisions to use an unfamiliar good. This result suggests that information provided to farmers elicited a WTP not sufficient to replace traditional manure with digestate.

The assessment of the forced sale value in the Italian residential market

2022-10-17T13:31:46+00:00

The present research has focused on the development and experimentation of a model for the forced sale value determination. With reference to six study samples consisting of residential properties sold through judicial auctions between November 2020 and May 2021 and each of them located in an Italian region, the forced sale price, the market value assessed by a judicial valuer and the main influencing factors have been detected. The implementation of an econometric technique has allowed to obtain models for the forced sale value assessment and for the analysis of the factors that mostly influence the final hammer price and, therefore, the discount between the market value evaluated and the judicial price. In the context of the existing literature, the study represents the first attempt that proposes a quantification of the discount/premium coefficient based on the specific factors of the property, in order to provide a reliable assessment of the forced sale value.

Forecasting housing prices in Turkey by machine learning methods

2022-10-17T13:31:53+00:00

In this study, decision tree regression, artificial neural networks (ANN) and support vector machines (SVM) methods are applied by using monthly data for the period 2013-2020 in the estimation of housing sales in Turkey. In the analysis, the volume of individual mortgage loans offered by banks, the average annual interest rate of mortgage loans from macroeconomic and market variables, the consumer price index (CPI), the BIST 100 index, the benchmark bond interest rate, gold prices and the values of the US dollar and Euro Turkish lira and the housing sales price per square meter in Turkey are used. As a result of the analysis carried out on the model created house sales prices in the Turkish housing market have been successfully estimated and in the light of these estimates, it is determined that banks can guide banks in the creation of various credit packages and appropriate loan targets to support the housing sector.

Cyclical capitalization: basic models

2022-10-17T13:31:43+00:00

The relevance of market cycles is known in the financial markets and in the context of real estate valuations it manifests itself in the estimate of the “exit value” of the Discounted Cash Flow Analysis. The hypothesis that the market cycle has a behaviour very similar to what happened in the past introduces some risks and uncertainty in the estimated value. To allow a more extensive use of cyclical capitalization in formulating value judgments, this paper proposes two methodological adaptations to the original model: the first, based on the presence of a regular market trend; the second based on the hypothesis of irregular market cycles and therefore more representative of the dynamics to which a specific real estate segment is exposed. In the perspective of a more extensive availability of information, data and extra-data, other application areas are also identified on which further investigations need to be developed.

Rassegna giurisprudenziale II semestre 2021

2022-10-17T13:31:40+00:00