Un modello multicriteriale per la valutazione del saggio di capitalizzazione

The process of direct capitalization, while persisting in the operational context, tends to be of secondary importance in the interests of scholars in the discipline of appraisals. However, it is recognized the need for such an approach in not perfectly competition markets and/or in presence of speculative-financial phenomena that are typical of capitalistic systems. This work has explored the theme of the multi-criteria choice of capitalization rate, in the light of the speculative-financial interpretative matrix that the New economy provides to explain the intensely dynamic economic systems. The study is based on the conception of market value as the result of objective and subjective factors that are not independent. In particular, it is addressed the problem of identifying the factors determining the capitalization rate and it is experienced the possibility of taking into account their mutual influences, with a not complex approach in terms of mathematical formalization. The concept of interaction among the criteria, unrelated to additive models, is central to the approaches of decision-making that are based on fuzzy integral. However, the richness of these models is accompanied to a certain complexity, as the number of involved parameters grows exponentially with the number of criteria to be aggregated. Also, in the specific multi-criteria problem addressed all the information necessary for the application of fuzzy models are not available. The proposed interactive procedure is inspired by the UTA approach and integrates the techniques of the MAUT approach and of the mathematical programming and some elements of the theory of fuzzy measures. It allows to estimate the weight of the criteria that affect real estate value, the level and type of their interactions end the factors of subjectivity. These parameters are estimated simultaneously with an objective and repeatable process. The procedure, also capable of evaluating the «implicit liquidity», is applicable in urban micro and macro-appraisal.