The paper addresses the theme of sponsorship as the main form of public–private partnership through which to finance restoration/recovery interventions for the historical–architectural heritage. The goal is the maximization of sponsorship profitability for companies. Specifically, an existing dynamic model through which it was possible to estimate the optimal annual amount to be invested in sponsorship to maximize the current value of expected profits has been analyzed, reworked and for the first time applied to an Italian company. It was therefore assumed that the company is intent on supporting a multi-year program of sponsorship investment. It is also assumed that the corporation is a single-product company, operating in monopolistic competition and characterized by a Cobb–Douglas production function with decreasing returns to scale. The work is in continuity with a previous publication focused on the application and validation of a static model. The final goal is to provide tools for applied analysis of the financial sustainability of the sponsorship that forms incentive for companies to implement its use, facilitating the recovery of the historical–architectural heritage. Public bodies can thus benefit from the greater contribution of resources from private financiers for a zero-cost and sustainable valorization of cultural heritage.

The topic of the paper is sponsorship for the requalification/conservation of historical-architectural heritage. In the literature, there are many models for evaluating the financial efficiency of sponsorship from the point of view of the sponsor (mostly in the sports field), but none of these jointly support both the sponsor and the sponsee in the selection of financially sustainable cultural sponsorships. Trying to reduce this gap, an innovative model is proposed for estimating the profitability of cultural sponsorship. The model consists of three phases. In the first, which consists of the financial analysis of the investment for the sponsee, the minimum amount that the sponsee can request from the sponsor is established. The second phase analyzes the financial performance of potential sponsors, estimating the optimal sponsorship budget that maximizes profits. In the final phase, where the results of the two analyses are compared, the sponsee eventually reformulates his offer and decides which company to sign the contract with. The model is tested through a case study: the sponsorship of the restoration of the Don Tullio Fountain in Salerno (Italy). It is assumed that two companies are interested in sponsorship. The results show that the investment is financially sustainable for both companies.

Until now, the policies on sustainability relating to regeneration interventions on historic buildings have dealt with the casing of the buildings in order to regulate and control the flow of air, light and energy from outside to inside and vice versa. However, recent technological developments in home comfort and energy savings highlight the efficiency of the plants and the proper management of the building-plant system, while respecting the criteria of integrated conservation and the multiple constraints that characterize historic buildings. This study proposes a methodological process that identifies the optimal steps from a technical and economical point of view, by providing a combination of traditional architectural conservation interventions with innovative technology systems. The calculation algorithms are developed with a specific software based on UNI TS 11300 regulations, which allows for the thermodynamic modelling of the structure. The preparation of the feasibility plan allows testing the cost-effectiveness of the work proposed, considering the environmental benefits resulting from the reduced CO₂ emissions. The impact of the financial results of the evaluation is also analyzed. This protocol provides industry operators a useful instrument for selecting the least expensive initiatives among those compatible with the multiple constraints that affect the design choices.

Assessing the riskiness of investments in civil works is an integral part of the decision-making process. The main limitation is the absence, both in the regulatory landscape and in the literature of the sector, of threshold values that can guide the analyst in expressing an assessment on the acceptance of the investment risk. The aim of the paper is to define a risk management model that overcomes this gap by introducing acceptability and tolerability thresholds for project risk. The idea is to jointly use: (i) the As Low As Reasonably Practicable (ALARP) logic, from which the concepts threshold of acceptability and tolerability of risk derive, for the first time applied to assess the project risk in the civil field; (ii) the Capital Asset Pricing Model (CAPM) and statistical methods to define an innovative methodology for estimating the aforementioned threshold values. According to the proposed approach, these risk limit values can be specified according to both the investment sector and the socio-economic context of the project. The implementation of the methodology in the civil company sector in Europe allows to validate the described model. The elaborations show that the financial performance of the project is widely acceptable if the Expected Internal Rate of Return is greater than 7.8%; unacceptable if the expected rate of return is less than 5.6%; and tolerable as an ALARP if the expected rate is between 5.6% and 7.8%. The estimated acceptability and tolerability thresholds can provide the economic operator with a more immediate and consistent evaluation of the triangular balance of risks, costs, and benefits. This allows the decision-making process to become more rational and transparent.

This paper explores the topic of the energy transition in housing. The work aims to offer a knowledge base for energy policy on the current scenario of the energy redevelopment of Italian multi-family buildings. The financial feasibility of energy retrofit projects in the case of multi-apartment buildings is then analyzed. From a set of projects located in the Campania region (Italy), the typical building on which to carry out ordinary energy efficiency works was identified. Two design variants are considered on which to implement the Cost-Revenue Analysis (CRA): (i) energy retrofit intervention not including photovoltaic system; (ii) energy retrofit intervention including photovoltaic system. For the second design variant, further analyses were conducted (sensitivity analysis, scenario analysis, risk analysis) to identify the main sensitive variables and to estimate the probability of financial failure of the intervention. The study shows that interventions without photovoltaics are unlikely to be financially sustainable. However, although the presence of photovoltaics significantly increases the savings in the bill, the Payback Period (PP) remains quite high. An ordinary energy retrofit project including photovoltaic technology can be made financially sustainable only by resorting to government building bonuses, in the absence of which the probability of failure is 46%.

The United Nations SDG6 goal of ensuring universal access to safe drinking water and sanitation by 2030 will require increased investment in the rehabilitation and maintenance of water infrastructure. In Italy, the water sector has not yet reached the performance of other European countries. The hierarchization of investments is essential for identifying priorities and efficiently allocating resources. This issue is part of the debate on the reconciliation of public and private needs in the management of water services. The present research proposes a model based on the analytic hierarchy process (AHP). Taking into account the design alternatives considered optimal that contribute to the resolution of territorial criticalities, the model organizes them in a ranking that indicates the chronological priorities to be respected in the investments to be made. The evaluation criteria are set in compliance with the norms defined by the National Authority (ARERA). The model is tested on a water manager in the Campania region. Among the main results, it is found that the two extremes of the ranking are shared between the two actors involved in the investment strategy (the private operator and public regulator). The model represents an effective tool for identifying shared planning strategies between public and private operators.