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Buildings 2017, 7(4), 100; doi:10.3390/buildings7040100

Simulation Models to Evaluate the Value Creation of the Grass-Roots Participation in the Enhancement of Public Real-Estate Assets with Evidence from Italy

1
Department of Civil, Buildings and Environmental Engineering, University of Padua Via Venezia 1, 35100 Padua, Italy
2
Department of Construction and Conservation Architecture, University IUAV of Venice, Dorsoduro 2206, 30123 Venice, Italy
*
Author to whom correspondence should be addressed.
Received: 29 July 2017 / Revised: 18 September 2017 / Accepted: 11 October 2017 / Published: 30 October 2017
(This article belongs to the Special Issue Real Estate Economics, Management and Investments)
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Abstract

In recent years, new forms of enhancement of public real-estate assets have been developed in Italy. These are based on initiatives promoted by a citizenry eager to pursue their cultural, creative, and entrepreneurial activities in unused assets. The aim of this paper is to estimate the value generated by these bottom-up enhancement processes and to evaluate their economic feasibility from the perspective of the administration owner of the asset, beside any other considerations concerning local development or social capital improvement. The uncertainty affecting grass-roots participation and the value creation process is relevant. Therefore, the adopted approach combines Discounted Cash Flow Analysis (DCFA) with dynamic simulation models and the Monte Carlo methodology. The results highlight a significant value creation process: value appraisals appear to be below valuations made before the market downturn of 2008, but higher with respect to the current market values. View Full-Text
Keywords: public real-estate assets enhancement; bottom-up processes; uncertainty; Monte Carlo simulation; urban regeneration; grassroots participation; temporary uses public real-estate assets enhancement; bottom-up processes; uncertainty; Monte Carlo simulation; urban regeneration; grassroots participation; temporary uses
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Mangialardo, A.; Micelli, E. Simulation Models to Evaluate the Value Creation of the Grass-Roots Participation in the Enhancement of Public Real-Estate Assets with Evidence from Italy. Buildings 2017, 7, 100.

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