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RESEARCH PROJECTS

Projects financed with University Funds for Basic Research (FARB)

The research projects financed with University Funds for Basic Research (FARB) are reported below. Only the projects currently active are present, and not those completed in previous years. For more information, see https://docenti.unisa.it/005694/ricerca/progetti and https://docenti.unisa.it/020977/ricerca/progetti.

EVALUATION PROFILES IN THE FISCAL INCENTIVE MECHANISMS FOR THE REQUALIFICATION OF REAL ESTATE ASSETS

Department of Civil Engineering/DICIV

Gianluigi De Mare (Project Coordinator)

Gianluigi De Mare

Antonio Nesticò

University funds

University of Salerno

15 February 2021 – 15 February 2024

[description currently not present]

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694

ESTIMATIVE PROBLEMS OF THE TERTIUM GENUS

Department of Civil Engineering/DICIV

Gianluigi De Mare (Project Coordinator)

Gianluigi De Mare

Antonio Nesticò

University funds

University of Salerno

18 May 2020 – 18 May 2023

The purpose of the study is to develop innovative solutions in the case of estimates of soils falling within the tertium genus, that is, that kind of non-building but not even agricultural areas (art. 37 and 40 of Presidential Decree 327/01, Consolidated Law on expropriations). And in particular, to resolve the case of soils in this category that are however burdened by exclusively advertising purposes. Recurrence

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694

ESTIMATE PROFILES IN THE MANAGEMENT OF THE INTEGRATED WATER SERVICE

Department of Civil Engineering/DICIV

Gianluigi De Mare (Project Coordinator)

Gianluigi De Mare

Antonio Nesticò

University funds

University of Salerno

11 March 2019 – 10 March 2022

The research aims to implement the aspects of the management of the Integrated Water Service that are sensitive to estimation issues, making disciplinary contributions that can improve regulatory and practice approaches in terms of effectiveness and efficiency. In particular, the study will focus on the definition of the parametric costs of the infrastructural works useful for the provision of the service

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694

COST-BENEFIT ANALYSIS AND EXTRA-FINANCIAL EFFECTS OF INVESTMENT PROJECTS

Department of Civil Engineering/DICIV

Antonio Nesticò (Project Coordinator)

Antonio Nesticò

Gianluigi De Mare

University funds

University of Salerno

15 February 2021 – 15 February 2024

[description currently not present]

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694

INNOVATIVE TECHNIQUES TO SUPPORT ECONOMIC EVALUATIONS IN THE ENERGY AND WATER SECTORS

Department of Civil Engineering/DICIV

Antonio Nesticò (Project Coordinator)

Antonio Nesticò

Gianluigi De Mare

University funds

University of Salerno

18 May 2020 – 18 May 2023

The primary objective of the study is to characterize a protocol for the economic evaluation of investment projects in the energy and water sectors. These are investments whose effects on the territory are not only of an economic nature, but also of a social, cultural and environmental nature. Therefore, multi-criteria or multi-attribute approaches are needed

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694

MULTI-CRITERIA APPROACHES IN THE ECONOMIC EVALUATION OF PUBLIC INVESTMENT PROJECTS

Department of Civil Engineering/DICIV

Antonio Nesticò (Project Coordinator)

Antonio Nesticò

Gianluigi De Mare

University funds

University of Salerno

11 March 2019 – 10 March 2022

The study intends to rationally catalogue the multiple multi-objective and multi-criteria techniques useful for the economic evaluation of public investment projects. This taking into account the classifications already recognized in the literature and including the evaluation approaches proposed more recently.

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694

Other research projects

The other research topics carried out by the laboratory are reported below.

Sponsorship for the recovery of the
historical-architectural heritage

Luigi Dolores

Maria Macchiaroli

Gianluigi De Mare

The scarcity of resources for the preservation of the historical-architectural heritage generates the search for alternative sources for public funding. So sponsorship in the sector is one of these sources. This work aims to illustrate to potential sponsors to what extent it is worthwhile to invest in the sector and to sponsee organizations how efficient the sponsorship tool is in finding the resources, financial or in-kind, necessary for the design and execution of restoration and of recovery of real estate with historical-cultural value. For this reason, the objectives of the research are as follows: to propose a series of models that implement the use of sponsorship to facilitate the recovery of both public and private historical and architectural heritage; clarify to the financing companies the limits and advantages of investing in sponsorship; clarify and define criteria and benchmarks for public administrations to maximize the public return in the application of the tool. The goal is to provide tools for assessing both the financial and economic sustainability of the sponsorship investment. Specifically, sponsorship can be defined as financially sustainable for the company if it is able to generate large profits that allow the self-financing of further sponsorship investments. On the other hand, sponsorship is economically sustainable for the public body if it can attract the necessary financial resources in compliance with cultural, social, and environmental issues.

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694
  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) Financial Targets for the Sponsee and the Sponsor in the Restoration/Recovery of the Historical and Architectural Heritage. In: Bevilacqua C., Calabrò F., Della Spina L. (eds) New Metropolitan Perspectives. NMP 2020. Smart Innovation, Systems and Technologies, vol 177. Springer, Cham. https://doi.org/10.1007/978-3-030-52869-0_13
  • Dolores, L., Macchiaroli, M., De Mare, G., Nesticò, A., Maselli, G., Gómez, E.M. (2020) The Estimation of the Optimal Level of Productivity for Sponsors in the Recovery and Enhancement of the Historical-Architectural Heritage. In: Gervasi O. et al. (eds) Computational Science and Its Applications – ICCSA 2020. ICCSA 2020. Lecture Notes in Computer Science, vol 12253. Springer, Cham. https://doi.org/10.1007/978-3-030-58814-4_20
  • Dolores, L., Macchiaroli, M., De Mare, G. (2019) A Model for Defining Sponsorship Fees in Public-Private Bargaining for the Rehabilitation of Historical-Architectural Heritage. In: Calabrò F., Della Spina L., Bevilacqua C. (eds) New Metropolitan Perspectives. ISHT 2018. Smart Innovation, Systems and Technologies, vol 101. Springer, Cham. https://doi.org/10.1007/978-3-319-92102-0_51
  • Dolores, L., Macchiaroli, M., De Mare, G. (2017) Sponsorship for the Sustainability of Historical-Architectural Heritage: Application of a Model’s Original Test Finalized to Maximize the Profitability of Private Investors. Sustainability9, 1750. https://doi.org/10.3390/su9101750

THE SOCIAL DISCOUNT RATE FOR THE
ECONOMIC EVALUATION OF INVESTMENT PROJECTS

Gabriella Maselli

Antonio Nesticò

The research will develop in three phases. The first will analyze the theoretical approaches for estimating the discount rate. This with the aim of explaining the terms that characterize each scientific position and, in particular, the effect that the ethical assumptions generate on the measurement of the essay. The study will also be extended to use evaluation models in the case of projects with long-term economic impacts, mainly those initiatives that determine actions on the environment. In the second part, empirical approaches to estimate the assay will be examined. In fact, the literature on the subject highlights that theoretical approaches do not exhaust the debate on the estimation of the social rate of time preference. Several authors put aside the “ethical” and “value” judgments, and estimate the parameters of the essay on the basis of “evidence”, that is, through empirical observations on the behaviour of individuals, or on the basis of direct or indirect surveys of society’s preferences or the Government. In the third part, once the theoretical terms of reference have been established, an innovative model for estimating the SSPT will be built, which is easy to use in the light of available databases. An original adaptation of the model in the circumstances in which the investment has long-term effects may be conducted with the aim of obtaining a measure of the discount rate declining over time. The research will end with the verification of the algorithms through practical applications.

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694
  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) Financial Targets for the Sponsee and the Sponsor in the Restoration/Recovery of the Historical and Architectural Heritage. In: Bevilacqua C., Calabrò F., Della Spina L. (eds) New Metropolitan Perspectives. NMP 2020. Smart Innovation, Systems and Technologies, vol 177. Springer, Cham. https://doi.org/10.1007/978-3-030-52869-0_13
  • Dolores, L., Macchiaroli, M., De Mare, G., Nesticò, A., Maselli, G., Gómez, E.M. (2020) The Estimation of the Optimal Level of Productivity for Sponsors in the Recovery and Enhancement of the Historical-Architectural Heritage. In: Gervasi O. et al. (eds) Computational Science and Its Applications – ICCSA 2020. ICCSA 2020. Lecture Notes in Computer Science, vol 12253. Springer, Cham. https://doi.org/10.1007/978-3-030-58814-4_20
  • Dolores, L., Macchiaroli, M., De Mare, G. (2019) A Model for Defining Sponsorship Fees in Public-Private Bargaining for the Rehabilitation of Historical-Architectural Heritage. In: Calabrò F., Della Spina L., Bevilacqua C. (eds) New Metropolitan Perspectives. ISHT 2018. Smart Innovation, Systems and Technologies, vol 101. Springer, Cham. https://doi.org/10.1007/978-3-319-92102-0_51
  • Dolores, L., Macchiaroli, M., De Mare, G. (2017) Sponsorship for the Sustainability of Historical-Architectural Heritage: Application of a Model’s Original Test Finalized to Maximize the Profitability of Private Investors. Sustainability9, 1750. https://doi.org/10.3390/su9101750

ADJUSTMENT OF THE ALARP METHODOLOGY
TO THE CIVIL ENGINEERING PROJECT

Gianluigi De Mare

Antonio Nesticò

Renato Benintendi

Gabriella Maselli

Maria Macchiaroli

The research will develop in three phases. The first will analyze the theoretical approaches for estimating the discount rate. This with the aim of explaining the terms that characterize each scientific position and, in particular, the effect that the ethical assumptions generate on the measurement of the essay. The study will also be extended to use evaluation models in the case of projects with long-term economic impacts, mainly those initiatives that determine actions on the environment. In the second part, empirical approaches to estimate the assay will be examined. In fact, the literature on the subject highlights that theoretical approaches do not exhaust the debate on the estimation of the social rate of time preference. Several authors put aside the “ethical” and “value” judgments, and estimate the parameters of the essay on the basis of “evidence”, that is, through empirical observations on the behaviour of individuals, or on the basis of direct or indirect surveys of society’s preferences or the Government. In the third part, once the theoretical terms of reference have been established, an innovative model for estimating the SSPT will be built, which is easy to use in the light of available databases. An original adaptation of the model in the circumstances in which the investment has long-term effects may be conducted with the aim of obtaining a measure of the discount rate declining over time. The research will end with the verification of the algorithms through practical applications.

  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) A Dynamic Model for the Financial Sustainability of the Restoration Sponsorship. Sustainability12, 1694. https://doi.org/10.3390/su12041694
  • Dolores, L., Macchiaroli, M., De Mare, G. (2020) Financial Targets for the Sponsee and the Sponsor in the Restoration/Recovery of the Historical and Architectural Heritage. In: Bevilacqua C., Calabrò F., Della Spina L. (eds) New Metropolitan Perspectives. NMP 2020. Smart Innovation, Systems and Technologies, vol 177. Springer, Cham. https://doi.org/10.1007/978-3-030-52869-0_13
  • Dolores, L., Macchiaroli, M., De Mare, G., Nesticò, A., Maselli, G., Gómez, E.M. (2020) The Estimation of the Optimal Level of Productivity for Sponsors in the Recovery and Enhancement of the Historical-Architectural Heritage. In: Gervasi O. et al. (eds) Computational Science and Its Applications – ICCSA 2020. ICCSA 2020. Lecture Notes in Computer Science, vol 12253. Springer, Cham. https://doi.org/10.1007/978-3-030-58814-4_20
  • Dolores, L., Macchiaroli, M., De Mare, G. (2019) A Model for Defining Sponsorship Fees in Public-Private Bargaining for the Rehabilitation of Historical-Architectural Heritage. In: Calabrò F., Della Spina L., Bevilacqua C. (eds) New Metropolitan Perspectives. ISHT 2018. Smart Innovation, Systems and Technologies, vol 101. Springer, Cham. https://doi.org/10.1007/978-3-319-92102-0_51
  • Dolores, L., Macchiaroli, M., De Mare, G. (2017) Sponsorship for the Sustainability of Historical-Architectural Heritage: Application of a Model’s Original Test Finalized to Maximize the Profitability of Private Investors. Sustainability9, 1750. https://doi.org/10.3390/su9101750

PhD thesis

The selection of investments in infrastructures in the integrated water service. An innovative model for the Intervention Program in Italy

Department of Civil Engineering/DICIV

PhD in Risk and Sustainability in Systems of Civil, Building and Environmental Engineering

Maria Macchiaroli

Prof. Fernando Fraternali

Prof. Antonio Nesticò

Prof. Gianvittorio Rizzano

Prof. Settimio Ferlisi

Ing. Vincenzo Pellecchia

XXX Cycle – Year 2018

Current climate changes have also led to growing attention to the use of water resources in Western European countries. In particular, in Italy, the summer of 2017 – typified by a prolonged drought – caused emergencies due to insufficient water in regions traditionally with ample availability. The problem, therefore, arises of efficient resource management through a correct Integrated Water Service (SII) model. The rational approach must be applied both to the maintenance and development of the infrastructural asset useful for the supply, conservation and distribution of water, the disposal of wastewater and its purification, as well as to the management model for optimizing the provision of the service. public. In both cases, the operational scheme prescribed by the National Authority (ARERA), through a tight and constant standardization of address, sees a strong push to rationalize the operating principles aimed at achieving the industrialization of the sector.
This research is part of this issue, outlining a multi-criteria model that allows the optimal selection of investments in water infrastructures within the Program of Interventions with respect to an operational scenario of a multi-subject and multi-interest nature, therefore complex and often conflicting (public purposes versus entrepreneurial ambitions of the Managers). The model proposes the application of the AHP within an innovative logic scheme also with respect to the current national legislation.
The drive towards industrialization of the sector, promoted in Italy ab origine with the Galli Law of 1994, was consolidated both in the Consolidated Law on the Environment of 2006 and with a series of measures to follow, in compliance with European guidelines (Directive 2000 / 60 / EC and subsequent additions) on the competitive administration of primary assets and their conservation.
Within a modern interpretation of public services of economic value (Council of State 5409/12), the management by a private entity calls for sensitivity and speculation across a broad spectrum. From the vexed question on ethical correctness in the delegation to non-exclusively public bodies of the most relevant services for the community (medical assistance, education, transport, water distribution, etc.); the intangible significance of certain assets associated with primary services (water, environment, cultural and social matrices of the various communities, etc.); the technical-financial parameters to be reconciled to ensure the entrepreneurial appeal of economic areas that are often non-commercial.
Italy has chosen the English model as a rough reference for the restructuring of the SII, but only after eighteen years (in 2012) from the Galli reform to entrust the national regulation to an independent Authority that could allow the evolution of the sector in a manner sufficiently detached from the political ambitions of controlling the system, from the local aspirations to maintain the income positions acquired in the past decades and from the private objectives of unconditional exploitation of the resource.
To date, the transition, which has undergone undoubted conditioning by the outcome of the 2011 referendum abrogating the profit components in the management of the IWS, can be said to be in a stalemate due to the very recent renationalization intentions advanced by the current government executive.
Conversely, the industrial project in the last decade has advanced in much of the country, albeit with different degrees of implementation. In fact, in the South, the fragmentation of the areas subject to a single Manager and the vertical fragmentation of the services provided substantially prevent those economies of scale and objectives which represent the driving force behind the principle of uniqueness promoted by the law.
With a view to the balanced reconciliation of the interests at stake for the stakeholders involved, the proposed model also develops a module that allows the temporal hierarchy of the investments deemed optimal with respect to the critical issues of the management areas for which they are planned. With the implementation of a route useful for the sensitivity analysis, the results of a time schedule set according to the needs of the public regulator (EGA) – and therefore of the community – recorded in the Area Plan, can be compared with one calibrated in relation to the objectives of optimizing the entrepreneurial return typical of private management. 

Finally, a more specific mention of the condition of Southern Italy.

The synoptic framework proposed in chapters III and – with reference to Campania – in chapter V, defines a condition of delay in the alignment of the authorities in charge and, consequently, of the entrepreneurial components, with respect to the rest of the country. The effects of the in-house management of public services, and therefore also of the SII, have left deep scars in the social fabric connected with the red balance sheets of the municipalities in charge of local administration, with the strong discredit in the perception of the quality of service provision in the eyes of citizens, with substantial disservices (relating to the obsolescence of infrastructures) and image (linked to the vulgar political exploitation of extremely complex and articulated issues) recorded by public opinion and the media.

Therefore, the conditions for allowing a real increase in the level of service quality still seem today more linked to strategic investments of a public nature than to the effective possibility of triggering virtuous mechanisms of a private nature.

Sponsorship for the recovery of the historical-architectural heritage - EVALUATION AND MANAGEMENT MODELS

Department of Civil Engineering/DICIV

PhD in Risk and Sustainability in Systems of Civil, Building and Environmental Engineering

Luigi Dolores

Prof. Fernando Fraternali

Prof. Gianluigi De Mare

Cotutor not present

XXXII Cycle – Year 2019

The scarcity of resources for the preservation of the historical-architectural heritage generates the search for alternative sources for public funding. So sponsorship in the sector is one of these sources.

This work aims to illustrate to potential sponsors to what extent it is convenient to invest in the sector and to sponsee organizations how efficient the sponsorship tool is in finding the resources, financial or in-kind, necessary for the design and execution of restoration and of recovery of real estate with historical-cultural value. For this reason, the objectives of the research are as follows: to propose a series of models that implement the use of sponsorship in order to facilitate the recovery of both public and private historical and architectural heritage; clarify to the financing companies the limits and advantages of investing in sponsorship; clarify and define criteria and benchmarks for public administrations to maximize the public return in the application of the tool. In summary, the ultimate goal is to provide tools for assessing both the financial and economic sustainability of the sponsorship investment. Specifically, sponsorship can be defined as financially sustainable for the company if it is able to generate large profits that allow the self-financing of further sponsorship investments. On the other hand, sponsorship is economically sustainable for the public body if it is capable of attracting the necessary financial resources in compliance with cultural, social and environmental issues.

There are two new elements that characterize this research. First of all, some models have been reworked and empirically validated, so far developed only on a theoretical level, useful for companies to estimate the optimal amount to invest in sponsorship. The other novelty consists in the characterization of an innovative model, to support public administrations, through which sponsorship rates can be estimated.

The preliminary phase of the study consists of the analysis of both the sector regulations and the main literature models. The latter mainly aims at two objectives:

1. evaluate the effects, in terms of economic return, resulting from the sponsorship activity;

2. estimate the optimal number of events to sponsor such as to maximize the company’s profits.

Subsequently, we moved on to the phase of characterization and re-elaboration of the models, divided into the following steps:

Step 1: characterization of an original model in support of public administrations aimed at determining the rates for the exploitation of image rights by companies that intend to sponsor recovery and/or restoration projects to enhance the historical-architectural heritage. The implementation of the model makes it possible to estimate the amount of funding, to be paid by the sponsors, including the amounts necessary for the restoration work and costs for advertising. The model described is applied to the city of Salerno.

Step 2: determination of the optimal percentage of turnover to invest in sponsorships such as to ensure the maximization of the company’s profit. To this end, a static analysis model is implemented for a company active in the field of cultural sponsorship (Bucci et al., 2003). This allows validating an existing model that has never been applied to a real case of cultural sponsorship.

Step 3: analysis and application of a dynamic model (Bucci et al., 2003) with the aim of providing an additional tool for analyzing the profitability of the sponsorship investment. The purpose is to estimate the optimal amount to invest annually in sponsorship that can maximize the financial NPV of the sponsoring company. The basic assumptions adopted in the formalization of the model refer to the following three characteristics of the company that invests in sponsorship: single-product company; Cobb-Douglas production function with decreasing returns to scale; company operating in a monopolistic competition market. The technique used to solve the endogenous growth model is that of the Maximum Principle (Pontryagin, 1962).

From the application of the model for public administrations, it is clear that the critical variable that has the greatest impact on the estimate of the sponsorship rate is the direct audience (visitors by location).

From the implementation of the static and dynamic models, it can be deduced that they represent valid tools for the applied analysis of sponsorship profitability and can for this reason be translated into sufficiently streamlined software useful for businesses.

Innovative models for the economic analysis of investment risk and for estimating the extra-financial effects of intergenerational projects

Department of Civil Engineering/DICIV

PhD in Risk and Sustainability in Systems of Civil, Building and Environmental Engineering

Gabriella Maselli

Prof. Fernando Fraternali

Prof. Antonio Nesticò

Shuquan He

Rosa Maria Caprino

XXXIII Cycle – Year 2020

Premise and research topic. The ex-ante assessment of the investment risk for civil works is an essential part of the decision-making process. In fact, when it is not possible to express with certainty forecasts on the critical variables of a project, both practical requirements and regulatory guidelines make it necessary to consider the risk by evaluating economic performance indicators in stochastic terms. In this regard, it is worth emphasising from the outset that EU and non-EU regulatory references explicitly require the investment risk rates to be included, in relation to the size of the project and the availability of necessary data.
It is necessary to distinguish the issues related to the estimation of investment risk in the two cases of: (i) financial evaluations, i.e. made from the point of view of the private investor; (ii) economic evaluations, i.e. carried out from the point of view of the public operator, who aims at maximising the welfare of the community.
With reference to case (i), the main limitation of investment risk analysis is the lack of acceptability thresholds in the legislative framework. This makes it difficult to make economic judgements based on shared criteria and objective data.
In the case of economic evaluations (ii), in addition to the problems mentioned above, there is the need to give due “weight” to the environmental, social and cultural externalities of the project. In this regard, the result of the Cost-Benefit Analysis (CBA) is significantly influenced by the choice of the Social Discount Rate (SDR), a parameter that allows to make the Cash Flows economically comparable when they occur at different times from the moment of the evaluation. However, the use of traditional discount procedures – based on constant rates – ends up underestimating costs and benefits progressively further away in time, not guaranteeing in the long run a balance between environmental integrity, intergenerational equality and economic efficiency.
Research purposes and novelties. With reference to financial evaluation (i), the aim is to characterise an innovative risk management model able to support the investor in the decision-making process by overcoming the limitations and criticalities identified. This can be done firstly by defining the minimum levels of acceptance of the investment risk; then by characterising a methodology for the estimation of the threshold values. With regard to the definition of threshold values, the novelty is the use of the As Low As Reasonably Practicable (ALARP) logic, which has never before been used for the economic assessment of investment risk. According to the ALARP principle, which is used whenever the risk of loss of human life has to be estimated, the risk assessment is related to two thresholds: the threshold of acceptability and the threshold of tolerability. Specifically, a risk is defined as ALARP if it falls between these two thresholds, i.e. if the costs of mitigating the risk appear disproportionate to the benefits to be gained. Once the risk acceptance criterion has been established, it is necessary to define a methodology for estimating the limit values of acceptability and tolerability of the project risk. The idea is to use both the Capital Asset Pricing Model (CAPM) and statistical survey tools, thus making it possible to estimate risk thresholds according to both the investment sector and the territorial context in which the project is located.
In the case of economic evaluation (ii), the aim is to define an evaluation protocol that considers both the investment risk, which tends to increase over time, and the need to give due weight to the environmental and social impacts of the project: while it is true that these terms are not known with certainty, the joint “risk-discounting” effect would lead to underestimating significant environmental and social effects.
If the reference for the evaluation of the investment risk is again the ALARP logic, the main novelty concerns the characterisation of an innovative model of economic-environmental discounting that allows to estimate a discount rate of the strictly economic components different from the one to be used for the evaluation of the environmental externalities. There are two main innovative elements of the model: the first concerns the definition of environmental quality as a function of the Environmental Performance Index (EPI), which makes
it possible to establish how close countries are to achieving the UN’s 2015 Sustainable Development Goals; the second novelty concerns the growth rate of consumption, modelled as a risky variable.

Master in Expert Technician of Advanced Services for the Construction Company (DICIV)

The Diciv of UNISA, in collaboration with Ance Aies Salerno, Ance Avellino, Medinok spa, Consorzio stable SAC, Socomer Grandi Lavori srl, Gruppo Milito srl, Movisid srl, presents the First Edition of the II Level University Master aimed at civil and environmental engineers and builders who want to broaden their training with respect to issues of primary and current relevance for construction companies. The training course was devised in collaboration with the aforementioned partners, who explained their needs with respect to the completion of the company organization charts also by virtue of the specific occurrences determined by the latest legislative innovations in the field of tax incentives for the relaunch of the sector.
This initiative is strongly supported by the PEL. In fact, in the study plan, ample space is given to issues on resource management and risk analysis (Go to the official page of the DICIV Master)

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