The economic crisis of 2008 has highlighted the ineffectiveness of the banks in their disbursement of mortgages which caused the spread of Non-Performing Loans (NPLs) with underlying real estate. With the methods stated by the Basel III agreements, aimed at improving the capital requirements of banks and determining an adequate regulatory capital, the banks without the skills required have difficulties in applying the rigid weighting coefficients structures. The aim of the work is to identify a synthetic risk index through the participatory process, in order to support the restructuring debt operations to benefit smaller banks and small and medium-sized enterprises (SME), by analyzing the real estate credit risk. The proposed synthetic risk index aims at overcoming the complexity of Basel III methodologies through the implementation of three different multi-criteria techniques. In particular, the integration of objective financial variables with subjective expert judgments into a participatory process is not that common in the reference literature and brings its benefits for reaching more approved and shared results in the debt restructuring operations procedure. Moreover, the main findings derived by the application to a real case study have demonstrated how important it is for the credit manager to have an adequate synthetic index that could lead to the avoidance of risky scenarios where several modalities to repair the credit debt occur.

Due to the forced changes that the COVID-19 pandemic has had in many aspects of ordinary life (working, social life, training and learning in schools etc.), the characteristics of domestic spaces have significantly modified buying, selling and renting decisions in the real estate market. The aim of this research was to structure a methodology, articulated into four steps, to assess the variation that has occurred in residential market demand as a result of COVID-19 anti-contagion measures, with regard to six metropolitan Italian cities. We considered two samples of properties for each city, the first referencing the pre-COVID-19 pandemic spread and the second collected in the current situation. Consequently, we were able to determine variations in residential market appreciations through the application of a regressive econometric technique. The obtained results highlighted the relevance assumed by indoor acoustic and thermal comfort property factors, compared with the pre-COVID-19 condition. The proposed methodology could be useful to support the public and private entities involved in urban investment decision-making processes, allowing us to identify the most appreciated factors of the residential real estate market demand, in order to improve the conditions of existing and future assets and reduce the related risk levels.

The development and management models of land use—both natural and man-made—and infrastructures, in order to be considered sustainable, must guarantee the inhabitants of the area the satisfaction of their vital needs in a way that can also continue to be implemented in the future, without conflicting with the limited availability of natural resources on the planet

The assessment of sustainability—in its three meanings: economic, social, and environmental ones—needs to be supported by specific econometric and statistical methodologies in order to be properly considered in policymaking processes. In the current literature the use of specific indices, capable of summarizing the three fields of sustainability, is a proven operational practice to express judgments on the convenience and the feasibility of investment in cities. It is necessary to specify that most sustainability indices are ordinarily calculated as arithmetic and geometric means of sub-dimensions. However, these two approaches do not allow investigation of the potential interactions between the various dimensions considered and, specifically, the geometric mean fails to smooth out unbalanced links. The research carried out here is aimed at implementing the use of the Choquet integral, as a non-additive and flexible aggregation model, to calculate evaluation indices able to consider the relationships between the different sustainable dimensions to be used in urban transformation projects. The methodology was tested on a case study, concerning an analysis—under economic, social, and environmental points of view—of different European countries. The evaluation frame based on the Choquet integral is referred to a ranking case aimed to establish the most sustainable country under the economic, environmental, and social point of view. The results obtained from the index processing show that the geometric mean scores and arithmetic ones are rather homogeneous, while the variations obtained among the three dimensions are moderately large. In the synoptic picture obtained with Choquet’s integral, countries with balanced results across dimensions are in higher positions. Therefore, the Choquet integral allows positive interactions to be taken into account across sustainable dimensions, and it is able to detect unbalanced achievements.