Technological and Digital Innovation Engineering applied to the Built Environment

The Course is divided into three thematic sessions and deals with the following topics. 1. Elements of Economics and Economic Theories of Value Initially, in the framework of basics of Microeconomics, elements are provided on the theory of supply, demand, market price formation and general economic equilibrium. Then, the economic theories of value are treated and the main senses of the economic value are exposed: Cost Value, Exchange Value, Use Value. 2. Theories and Methods of Property Appraisal Preliminarily the role of Property Appraisal is outlined, the postulates are introduced and the appraisal procedures are exposed. Then, the thematic session deals with the valuation criteria of exclusive and inclusive goods: Cost Value, Market Value and Use Value. For appraisals based on the criteria of Market Value, for which it is possible to have clear and secure market information, real estate valuation procedures commonly used in international practice are proposed: Sales Comparison Approach, Income Capitalization Approach, Cost Approach. For the appraisal of goods without or lacking in explicit market data, the Stated Preference Techniques are exposed. 3. Evaluation Methods and Techniques for Projects, Plans and Programs Evaluation methods and techniques in the activity of designing, planning and programming are exposed, highlighting the related application issues. Financial (Investment Analysis), economic (Cost-Benefit Analysis) and multi-dimensional (Multi-criteria Analysis) techniques are examined. Then, an overview of principles, techniques, methods and theoretical-applicative tools of the inclusive approaches for the economic evaluation of goods of collective fruition are presented.

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Appraisal Institute, “The Appraisal of Real Estate”, 15th ed., Appraisal Institute, Chicago, 2020. Bateman I. J. et al., “Economic Valuation with Stated Preference Techniques: A Manual”, Edward Elgar, Cheltenham, 2002. Sloman J., Garratt D., "Essentials of Economics", Pearson Education Ltd, Harlow, 2013. Lecture Notes of the Course.

Attendance is not mandatory, but recommended.

The student has to take the exam individually through a written test and a theoretical exam (both mandatory). Attending students can take the intermediate tests scheduled for the written exam.

The Course, based on the practice of critical-interpretative thinking, is structured through lectures, exercises, laboratory experiments and seminary activities. Following the approach of problem solving, individual or group exercises consist of: a) the elaboration of market oriented real estate appraisals or statistical, financial and economic analyses; b) the appraisal of building costs. A series of specific exercises concerns the estimation of construction costs by adopting the innovative BIM - Building Information Modeling technology.