The proposed evaluation scheme is a uni-equation model to evaluate properties of Mass Appraisal (MA) in terms of widespread availability of sample data. It all allows the use of statistical models and in the opposite conditions of the absence of data of comparable properties, the functions of similar market areas are known as well as the ones near to those for which you want to estimate the function. Of course, the accuracy of the evaluation increases with the amount of available data, with other equal conditions and evaluations carried out without data (but in the presence of other market information). It requires extra-statistical appraisal procedures involving a complete knowledge of the real estate market. However, such knowledge is also required in the MA performed by quantitative models with regard to the data sampling and performance monitoring process. The model considers micro-level characteristics of the properties and macro-level parameters of the real estate market segments. The appraisal model defines the prediction function with both the statistical models and estimation procedures. For this purpose, the model considers four specific situations: the construction of a statistical model operating with a sufficiently large sample of market prices; the construction of a prediction function operating with a very few number of market prices samples; in this situation, the appraisal function of market value is defined by using a sample of market prices referred to comparable properties, and these are few for statistical use but perfectly suitable to the appraisal process; the construction of a prediction function operating with only one market price; the construction of a prediction function operating in the absence of real estate data but with similar functions of market areas with other estimated proprieties. The presented model provides a uniform method of estimating the market value of properties (and fees), through the modular functions. The model studied is able to operate also with reduced information, considering the practical circumstances, the boundary conditions, the application precautions and the significance of the results.

The appraisal of ground mounted photovoltaic systems is an important question, due to increasing investments in renewable energies. The costs related to installation and maintenance, and the economic benefits related to the energy saving, suggests the use of an income approach, in order to consider the financial aspects of the photovoltaic systems. This paper proposes the use of the Discounted Cash Flow Analysis (DCFA). The DCFA allows to simulate the entire life cycle of the photovoltaic system, from the acquisition date to the end of its life cycle, to evaluate the most probable market value by discounting the annual cash flows generated by the system. In particular, the paper proposes a procedure to determine the discount rate in an innovative manner through the combination of a conventional financial method (the Build up Approach) and the analytical method which makes recourse to the use of the ascending and descending influences that act, each with positive or negative sign, on the specific risk factors related to the photovoltaic investment. To obtain an objective appraisal of the discount rate, the theory of the ascending and descending influences has been applied in this specific case for the calculation of the risk premium. The percentage incidences of the ascending and descending influences, which influence the formation of the risks to which they refer, are determined through this study for all the intrinsic factors, which are part of the photovoltaic investment risks.

This study proposes an innovative methodology, named Repeat Appraised Price Model (RAV), useful for determining the price index numbers for real estate markets and the corresponding index numbers of hedonic prices of main real estate characteristics in the case of a lack of data. The methodological approach proposed in this paper aims to appraise the time series of price index numbers. It integrates the principles of the method of repeat sales with the peculiarities of the Hedonic Price Method, overcoming the problem of an almost total absence of repeat sales for the same property in a given time range; on the other hand, the technique aims to overcome the limitation of the repeat sales technique concerning the inability to take into account the characteristics of individual properties.