Academic Year 2015/2016 - 1° Year
Teaching Staff Credit Value: 12
Taught classes: 64 hours
Term / Semester:

Learning Objectives


    The course introduces the Common Agricultural Policy highlighting its roots in the European integration project. Its evolution is presented from an analytical perspective that allows the assessment of its objectives, instruments and operating procedures with reference to both the market regulation of agricultural and fishery products and to the support for rural development. Furthmore, it aims to provide students with institutional and regulatory knowledge on common agricultural policy to enable them to understand its programming process and governance

  • Real Estate Valuation

    Real Estate Valuation
    Provide methodological and operational analysis tools suitable for estimating, for defined justice or
    economic efficiency purposes, the value of private and public goods in rural areas according to
    International Valuation Standards (IVS).

Detailed Course Content


    1. The European integration process

    The institutional framework of the EU. The enlargement process and creation of the eurozone. The decision-making process. Legal acts european law.

    2. Development of the CAP

    The CAP in its first phase. The markets and prices policy and the structural agricultural policy. The revision process of the common agricultural Policy in the 80s and the new objectives. The CAP reforms in the '90s: from Mac Sharry to Agenda 2000. The Fischler Reform.

    3. The CAP 2014-2020

    The structure and objectives of the revised CAP. The direct payments regime. Voluntary and mandatory payments. Convergence of direct payments. The active farmer. The single common market organisation. Modulation. National implementation.

    4.The second pillar of the CAP

    Objectives, fields of intervention and instruments of rural development policy. Institutional structure. Subsidiarity and governance. Risk management.

  • Real Estate Valuation

    1. The basis of the value and the estimate method

    Importance and purpose of the discipline. The estimation methodology. Estimate and economic postulates Market values ​​and other values. Estimation criteria. Highest and Best Use.

    2. The real estate market

    Characters and shapes of the real estate market. The sources of documentation and the data collection.

    3. Principles of financial mathematics

    Evaluation of financial performance. Loans and discount rate. Annuities and their evaluation. Constitution of capital. Repayment of loans. Financial tables. Net Present Value. Internal Rate of Return.

    4. Market oriented methods

    Market Comparison Approach. Paired Data Analysis. Estimation system. Differential estimate. Sharing system.

    5. Income capitalization methods

    Direct capitalization method. Yield capitalization method. Discounted cash flow analysis. The budget estimate. The search of capitalization rate. Remote search of the rate. Band of Investment. Direct profitability wise. Capitalization rate of an area and of a building.

    6. Cost method: Cost method. Market value of a building. The reconstruction costs. The depreciation of a building and of its facilities.

    7. Other valuation methods: monoparametric methods and its limits. Regression models. Nearest Appraisal Technique. Interval estimation.

    8. Cadastral Aspects: The New Land Cadastre (N.C.T.). Land records. Research and land registry. Tax aspects of the cadastre. Social aspects of cadastre and notes on the reform proposal.

    9. Valuation of public goods: Public goods and evaluation of use and no-use benefits of environmental resources. The consumer surplus. The total value paradigm. The accounting methods. The travel cost method. The hedonic price method. The contingent valuation method. Other methods. Analysis of some environmental resources estimates applications.

    10. Analysis of some case studies of agricultural interest: The estimate of the land capital: major cases. The estimate of hanging fruits and cultivations. The estimate of land investments. The estimate of real rights. The estimate in the expropriation for public utility. The estimate of ornamental plants.

    11. Professional activities and the Real Estate Appraisal: Professional ethics. The valuer in a lawsuite. The appraisal report. The review of an appraisal report.

Textbook Information


    1. Commissione europea, Le politiche dell’Unione europea Funzionamento dell’UE, Lussemburgo 2014.

    2. Briamonte L., La politica agricola comunitaria: dal trattato di Roma ad Agenda 2000. Dispensa didattica 2012.

    3. Frascarelli A., Il futuro del primo pilastro e delle misure settoriali della PAC, in Fabrizio De Filippis, a cura di, Il futuro delle politiche dell’Unione europea per l’agricoltura e le aree rurali, Gruppo 2013, Quaderni, Edizioni Tellus, 2007.

    4. Carrà G., Vindigni G., La politica di sviluppo rurale tra riforma delle regole e resistenze al cambiamento, Rivista di Diritto ed Economia Agroalimentare, n.1, 2010.

    5. De Filippis F., a cura di, LA PAC 2014-2020. Le decisioni dell’Ue e le scelte nazionali, Gruppo 2013, Quaderni. Edizioni Tellus, 2014.

    6. Mantino F., La riforma delle politiche di sviluppo rurale 2014-2020, Agriregionieuropa anno 9 n°35, Dic 2013.

    7. Commissione europea, Panoramica della Politica di sviluppo rurale 2014.

  • Real Estate Valuation

    1. Simonotti M., Valutazione immobiliare standard - 3a ed., Stimatrix, Mantova, 2011.

    2. Polelli M., Trattato di Estimo - 2a ed., Maggioli editore, Milano, 2008.

    3. Michieli I, Michilei M., Trattato di Estimo, Edagricole, Bologna, 2002.

    4. Betts, R.M. Estate Appraisal. Principles & Procedures, 8th ed. Cengage Learning, , Mason OH 45040, USA, 2012, ISBN: 978-1-133-49594-9.