Cucuzza, Giuseppe; Ce o, Ma ika; Giu ida, Lau a
A icle
Asking p ice o he assessmen o a ui o cha d: Some
e idence using he Remo e Segmen s App oach
Economies
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assessmen o a ui o cha d: Some e idence using he Remo e Segmen s App oach, Economies,
ISSN 2227-7099, MDPI, Basel, Vol. 12, Iss. 10, pp. 1-21,
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Ci a ion: Cucuzza, Giuseppe, Ma ika
Ce o, and Lau a Giu ida. 2024.
Asking P ice o he Assessmen o a
F ui O cha d: Some E idence Using
he Remo e Segmen s App oach.
Economies 12: 264. h ps://doi.o g/
10.3390/economies12100264
Academic Edi o : Sanzidu Rahman
Recei ed: 5 Augus 2024
Re ised: 24 Sep embe 2024
Accep ed: 24 Sep embe 2024
Published: 27 Sep embe 2024
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economies
A icle
Asking P ice o he Assessmen o a F ui O cha d: Some
E idence Using he Remo e Segmen s App oach
Giuseppe Cucuzza * , Ma ika Ce o and Lau a Giu ida
Depa men o Ag icul u al, Food and En i onmen , Uni e si y o Ca ania, 95123 Ca ania, I aly;
[email p o ec ed] (M.C.); lau a.giu [email p o ec ed] (L.G.)
*Co espondence: [email p o ec ed]
Abs ac : When missing eliable compa ables, es ima ing inapp op ia ely is a high isk in he use
o bo h ma ke -o ien ed and income app oach me hods. The e o e, i is use ul o iden i y e ec i e
al e na i es in acco dance wi h he es ima ion me hod o a i e a he es ima ed alue in he absence
o compa ables. This pape examines he use o he asking p ice o es ima ing he ma ke alue
o a ui ee o cha d, missing compa able da a o simila asse s. The analysis was conduc ed by
conside ing wo di e en scena ios. In he i s , asking p ices om he same segmen o he land o be
es ima ed we e used in wo ma ke -o ien ed app aisal me hods: he Gene al App aisal Sys em (GAS)
and he Nea es Neighbo s App aisal Technique (NNAT). In bo h hese app oaches, ma ke p ices
we e eplaced wi h de ec ed asking p ices. The second scena io was based on he use o he Remo e
Segmen s App oach (RSA). The compa ison was conduc ed be ween he ma ke segmen o he ui
o cha d o be alued and o he compa ison ma ke segmen s, consis ing o h ee o he species o
ui ees, g own in he same a ea whe e he ui o cha d o be es ima ed is loca ed. The esul s
showed ha in he i s scena io, he es ima ed alue appea ed o be un eliable and excessi ely high
compa ed o ac ual ma ke condi ions. Using he segmen compa ison me hod, which applies asking
p ices o he pu pose o de e mining he capi aliza ion a e, p oduced mo e eliable esul s. The
app aisal also appea ed mo e objec i e, anspa en , and consis en wi h alua ion s anda ds. In
he p esence o simila limi ing condi ions, RSA can be an e ec i e suppo o he ac i i y o he
app aise in he alua ion p ocess o ag icul u al land.
Keywo ds: asking p ice; ma ke compa ison; land ma ke ; e alua ion s anda ds; income capi aliza-
ion; Remo e Segmen s App oach; D40; E43; Q12; Q15; R39
1. In oduc ion
In he es ima ion o ag icul u al land, i is e y common ha he e is no a ailabili y
o compa ison asse s simila o he land o be es ima ed, and whose da a can be used o
cons uc he compa ison unc ion. This is a a he common condi ion in he ag icul u al
land ma ke , due o he low equency wi h which sales occu and he dis-uni o mi y
ha gene ally cha ac e izes ag icul u al land. In he case o missing compa ison da a,
he e o e, es ima ion by income capi aliza ion should be used (IVS 2022;TEGoVA 2020;
I alian P ope y Valua ion S anda d 2018). This in ol es de e mining he income o be
a ained om cul i a ion and he a e o be used o pe o m he capi aliza ion. The income
can be in e ed by d awing up an economic balance shee o es ima ion pu poses. The
capi aliza ion a e, no being a quan i y exp essed by he ma ke , is de i ed by induc i e o
deduc i e esea ch (Simono i 2019).
The di icul y o inding use ul da a may lead he app aise o ope a e in an app oxi-
ma e manne by including in alid compa ables in he compa ison unc ion. Unde hese
ci cums ances, he isk o es ima ing inapp op ia ely can a ec he use o bo h ma ke -
o ien ed and income app oach me hods.
Economies 2024,12, 264. h ps://doi.o g/10.3390/economies12100264 h ps://www.mdpi.com/jou nal/economies
Economies 2024,12, 264 2 o 21
In he income app oach, i he app aise uses a capi aliza ion a e ob ained inapp o-
p ia ely, i could be because i is de i ed om subjec i e and opaque alua ions. In he
use o ma ke -o ien ed me hods, in he absence o compa ison p ices, on he o he hand,
he eliabili y o he es ima e may be impai ed by he use o asking p ices ins ead o ac ual
ma ke p ices. Since he objec i e o an app aisal is o p o ide an objec i e iden i ica ion
o he ma ke alue o a p ope y, p o iding an inapp op ia e esul leads o ine i able
nega i e economic and social consequences, as well as o he pa ies in ol ed (I alian
P ope y Valua ion S anda d 2018).
In his ega d, i may be use ul o iden i y e ec i e al e na i es o a i ing a he
app aisal alue in he absence o compa ables, which con o m o he es ima i e me hod
and a e capable o cons i u ing a alid suppo o he app aise ope a ing unde se e ely
limi ing condi ions o he de elopmen o a compa ison unc ion.
In his pape , we p opose he possibili y o employing he asking p ice o es ima ing
he ma ke alue o a ui ee o cha d wi h missing compa ison da a (p ices and incomes)
o simila asse s, which may cons i u e one o he ex eme si ua ions in which o de e mine
he app aisal alue.
This is used, in pa icula , o de elop a compa ison unc ion be ween di e en seg-
men s o de i e a capi aliza ion a e o applying he income app oach o each he ma ke
alue o a ui o cha d. Via he p oposed app oach, he analysis shows ha wi h missing
compa ison da a in he same segmen , i is possible o ob ain a mo e eliable es ima ed
alue con aining he dis o ing e ec s on he es ima ed alue. The esul o he applica-
ion is hen compa ed wi h hose ob ained by using he asking p ice wi h wo di e en
ma ke -o ien ed p ocedu es.
The applica ion is ca ied ou by making a compa ison be ween he segmen o which
he asse o be es ima ed belongs and o he compa able segmen s. In his ega d, o he
es ima ion o he ma ke alue o a ui o cha d o which he e a e no compa ison p ices
and incomes, he use o he Remo e Segmen s App oach (RSA; Simono i 2019) is p oposed.
The compa ison unc ion is ca ied ou be ween he segmen in which he ui o cha d o
be es ima ed is loca ed and o he segmen s consis ing o o he ui ee c ops loca ed in he
same a ea whe e he subjec is cul i a ed. In each o hese segmen s, he in ensi ies o he
ele an cha ac e is ics on he ma ke alue a e measu ed.
The me hodology used, while allowing o a second-bes esul because i is no
de i ed om ac ual exchange p ices, is o he wise in acco dance wi h he es ima ion me hod.
Mo eo e , since om wha has been possible o e i y he e is a lack o a simila applica ion
e e ing o he es ima ion o ag icul u al land, i is belie ed ha he app oach adop ed
he e may be adap able o analogous es ima ion con ex s. The me hodology ollowed he e
also appea s o comply wi h he equi emen s o cla i y and e i iabili y s a ed by alua ion
s anda ds (I alian P ope y Valua ion S anda d 2018). I also appea s o be qui e in e es ing
because he opic o asking p ice in p ope y app aisals con inues o be a ele an opic in
he app aisal discipline (Knigh 2002;Anglin e al. 2003;W˛eg zyn and Ku a 2024). To he
bes o ou knowledge, he case s udy examined he e ep esen s one o he i s applica ions
o asking p ices in he es ima ion o ag icul u al land.
The pape is s uc u ed as ollows. A e some backg ound on asking p ice and a
desc ip ion o he RSA, he applica ion o es ima ing a ui o cha d in an in e media e yea
o he g owing cycle is illus a ed, in he absence o compa ison da a belonging o he same
ma ke segmen . The esul is compa ed wi h hose ob ainable by a ma ke compa ison
using he de ec ed asking p ice. In he concluding ema ks, some possible insigh s a e
sugges ed, owa d which u he esea ch and e i ica ion can be di ec ed.
2. Some Implica ions o Asking P ice on Ma ke Value
In addi ion o he eal es a e da a (p ices, incomes, and echnical-economic cha ac e -
is ics), he esul s ob ained om he ma ke su ey o iden i y he asse s o be compa ed
may also consis o o he elemen s (ex a da a), use ul o con igu e he asse o be es ima ed
and he segmen o which i belongs. These include he p ice eques s made by selle s— he
Economies 2024,12, 264 3 o 21
asking p ice—ma ke quo a ions, and eal es a e in o ma ion, which comp ise all he news
and indica ions alid o p ac ical and immedia e use in es ima ion ( ends, economic
indices, e c.) (Simono i 2019).
Rega ding he use o he asking p ice, alua ion s anda ds poin ou ha hey a e
indica i e o ma ke ends and canno be unde s ood as p ices in he p ope sense o as
subs i u es o ma ke p ices (I alian P ope y Valua ion S anda d 2018). This is because
hey can also be subjec o signi ican educ ions du ing nego ia ions be ween buye s and
selle s p io o pu chase (Hacıe liyagil e al. 2022;Hau in e al. 2010).
I should also be no ed ha he asking p ice and eal es a e quo a ions ep esen p ice
expec a ions and, he e o e, canno be conside ed alid o de e mining he ma ke alue
o a p ope y, which, acco ding o Reg. (EU) 575/2013, is ins ead de i ed om he p ice
ac ually paid (I alian P ope y Valua ion S anda d 2018).
The wide accessibili y o he asking p ice and o he eal es a e in o ma ion o a ious
kinds, acili a ed by he de elopmen o digi al echnologies, howe e , inc eases he con-
ic ion ha he e is a as possibili y o hei use in p ope y alua ion (Zhang e al. 2012),
e en in he app aisal o ag icul u al land.
The use o such da a, howe e , is likely o be implemen ed in an inapp op ia e and
a i icial manne , p obably in o de o p oceed mo e quickly wi h he app aisal. Thei use,
in ac , may a oid conduc ing much mo e accu a e and ime-consuming ma ke analyses.
Fo example, an in-dep h analysis o compa ables simila o he asse being alued o he
p epa a ion o he ela i e expec ed cash low o be capi alized using he mos app op ia e
p ocedu e, as well as he collec ion o da a use ul o de e mining he mos app op ia e
capi aliza ion a e (Simono i 2011).
The use o he asking p ice o es ima e he ma ke alue, in addi ion o al e ing he
eliabili y o he esul o he app aisal, is no consis en wi h he app aisal me hodology
and bes p ac ices indica ed by alua ion s anda ds (IVS 2022;TEGoVA 2020).
This is ce ainly an issue on which i migh be app op ia e o de elop some deepe
insigh s, aking in o accoun ha in many coun ies, such as I aly, he acquisi ion o eal
es a e da a is now acili a ed by he possibili y o consul ing o icial documen s o sale
h ough he online a ailabili y o eal es a e ansac ions (Giu ida e al. 2024). On he
o he hand, he possibili y o ha ing he asking p ice o eal es a e p obably dese es mo e
in e es —especially in he I alian land ma ke —in e ms o analysis and insigh s, also o
es ima ion pu poses (Casini e al. 2023;Alb ech e al. 2016).
In ac i e eal es a e ma ke s, o example, cha ac e ized by equen ansac ions, he
use o he asking p ice (o ex a da a) could be conside ed admissible o he cons uc ion
o he compa ison unc ion, i hey a e able o ep esen he eal dynamics o he e e ence
ma ke and can be conside ed alid subs i u es o p ices (Han and S ange 2016;Khez and
Menezes 2016). In o he con ex s, howe e , he use o he asking p ice canno be conside ed
iable, as hey canno always be conside ed a subs i u e o eal exchange p ices (Liu 2021).
Some u ges owa d hei use end, howe e , o be seen in he ag icul u al con ex as well,
e en in he p esence o a land ma ke ha gene ally appea s o be less dynamic han ha
o u ban eal es a e (Hidaya e al. 2018). In he case o land ma ke s, in ac , he a ailabili y
o ce ain and eliable eal es a e da a may ail o ma e ialize in a way ha is unc ional o
he app aisal objec i es. In hese ci cums ances, i is mo e equen o eso o solu ions
mo e in keeping wi h he app aise ’s expe ise han wi h he canons o e i iabili y and
eplicabili y o es ima i e compa ison, also ecalled by alua ion s anda ds.
In his ega d, i may be use ul o asce ain whe he e ec i e al e na i es can be
iden i ied o achie e he app aisal alue o ag icul u al land in he absence o compa ables.
This is, mo eo e , a a he equen condi ion in he a mland ma ke , gi en he low
equency wi h which ag icul u al land is sold, he o og aphic and ag onomic une enness
ha gene ally di e en ia es hem e en in local con ex s, and he consequen di icul ies o
being able o acqui e da a o sold a mland, simila o ha being es ima ed.
Howe e , i he asking p ice and/o eal es a e quo a ions a e a ailable, i is no
uncommon o app aise s o ope a e di e en ly. Simula ing ha he asking p ice ep esen s
Economies 2024,12, 264 4 o 21
he eal selling p ice ( eal exchange p ice), hey ca y ou he es ima ion o he p ope y
using ma ke -o ien ed p ocedu es. Since he de ia ion be ween he asking p ice and eal ex-
change p ice is o en no p edic able (Gohl e al. 2024;Glaese and Na hanson 2017;d’Ama o
e al. 2023;d’Ama o and Cucuzza 2022) and does no espond o a de ined ela ionship, he
es ima ion esul could p o e o be andom and inaccu a e
(Manganelli e al. 2022).
No
su p isingly, in his ega d, s anda ds equi e ha he app aisal alue be ob ained h ough
compa ison wi h eal exchange p ices o simila asse s (IVS 2022;TEGoVA 2020;I alian
P ope y Valua ion S anda d 2018).
In his pape , a di e en use o he asking p ice is p oposed. In pa icula , he possibili y
o employing he asking p ice in he compa ison be ween he segmen o he ui o cha d
o be alua ed and o he compa able segmen s is analyzed. The aim is o de i e he a e
o be used in he capi aliza ion o he income expec ed om he cul i a ion o he land
o be alued. Ex a da a, such as he asking p ice, asking en , p ope y quo a ions, and
o he ma ke in o ma ion, howe e , cons i u e a use ul se o knowledge o imp o ing he
app aisal alua ion (Glowe e al. 1998;I alian P ope y Valua ion S anda d 2018).
3. The Remo e Segmen s App oach (RSA)
To es ima e he ma ke alue o an asse in he absence o compa a i e da a, he RSA
can be used (Simono i 2019). This app oach in ol es a compa ison be ween he ma ke
segmen o he asse being es ima ed and one o mo e simila ma ke segmen s being
compa ed. The aim is o es ima e he G oss Ren Mul iplie (GRM) in he segmen o which
he asse o be alued belongs. The RSA, by some adjus men s on he p ices and incomes
de ec ed in he compa able segmen s, de i es he a e o be used o de elop he app aisal
o he asse ia an income app oach.
The capi aliza ion a e is de e mined using he induc i e me hod by compa ing wi h
ma ke segmen s o which p ices and incomes a e a ailable (Simono i 2019). Acco ding
o he logic o emo e sea ch, he capi aliza ion essay is exp essed as a quan i y de i ed
om he a io be ween he income and he p ice ound in he espec i e ma ke segmen s
being compa ed (Simono i 2006).
The RSA can be used wi h bo h da a and ex a da a (e.g., asking p ice) su eyed
in ma ke segmen s close o ha o he p ope y being alued. In he absence o p ices
o income, he p inciple o compa ison admi s, in ac , ha he su ey akes place in
ma ke segmen s o he han ha o he p ope y o be es ima ed (I alian P ope y Valua ion
S anda d 2018;Simono i 2019). When p ices and incomes a e measu ed in di e en ma ke
segmen s, hey a e subjec o sys ema ic adjus men s acco ding o he ma ginal alues o
he cha ac e s o which hey di e . These adjus men s can be exp essed in pe cen age and
alue e ms (Simono i 2019).
The e o e, when p ices and incomes a e no a ailable, he p ice/income a io can be
es ima ed, compa ing he simila ma ke segmen s wi h he e e ence ma ke segmen .
P ice and income can e e o he same p ope y o o di e en p ope ies bu a e included
wi hin he same ma ke segmen . They can also be made up o poin da a e e ing o
indi idual p ope ies o o a e age da a calcula ed om sample da a pe ma ke segmen
o o s anda dized a e age uni da a (e.g., EUR/m2; EUR/m2pe yea ) (Simono i 2019).
In gene al e ms, gi en wo p ope ies (A and B) o which he co esponding p ices
and incomes (P
A
and R
A
, and P
B
and R
B
) a e de ec ed, he p ice/income a io o he ma ke
segmen (ρseg) is de i ed as he expec ed alue by which he espec i e incomes occu :
ρseg =ρA
RA
RA+RB
+ρB
RB
RA+RB
=PA+PB
RA+RB
=Pseg
Rseg (1)
whe e, ρA=PA
RAand ρB=PB
RB,Pseg and Rseg ep esen he a e age alues.
Economies 2024,12, 264 5 o 21
I p ices and incomes e e o di e en p ope ies belonging o he same ma ke
segmen , he ela ionship sough can be de i ed om a e age uni p ices and incomes, e en
wi h di e en da a. In his ci cums ance, Equa ion (1) assumes he ollowing o mula ion:
PC+PD
SC+SD
RX+RY+RW
SX+SY+SW
=Pseg
Rseg (2)
whe e:
PCand PD ep esen p ope y p ices C and D, espec i ely.
RX,RY, and RW ep esen , espec i ely, he incomes o p ope ies X, Y, and W.
SCand SD ep esen , espec i ely, he measu emen o su aces in buildings C and D.
S
X
,S
Y
, and S
W
ep esen , espec i ely, he measu emen o su aces in buildings X, Y,
and W.
As he sample size inc eases, he p ice/income a io can be in e ed om he espec i e
a e age alues:
ρseg=P ices a e age
Incomes a e age (3)
When p ice and income da a a e no a ailable in he segmen in which he asse being
alued alls, he p ice/income a io is es ima ed using he RSA.
The use o he RSA equi es ha : (i) compa isons a e made be ween he cha ac e s o
he ma ke compa able segmen s and he segmen o he asse o be es ima ed, (ii) sys ema ic
adjus men s a e made o he p ices o incomes ound in one o mo e compa ison ma ke
segmen s, (iii) he adjus men s made, ep esen ed by he ma ginal p ices o incomes o he
segmen cha ac e s, a e exp essed in pe cen age and alue e ms, and (i ) he de e mina ion
o he alue o he asse being alued is pe o med by using income capi aliza ion.
The e o e, he capi aliza ion a e is ob ained induc i ely h ough he su ey o incomes
and ma ke p ices in di e en ma ke segmen s om ha o he p ope y o be alued, and
i is ep esen ed by he expec ed alue o he capi aliza ion a e, es ima ed h ough he
compa ison o ma ke segmen s. The main s eps o he RSA a e he collec ion o da a in
segmen s and he sea ch o ma ginal alues o p ices and incomes.
In pa icula , o i s applica ion, i is necessa y o iden i y he ma ke segmen o he
asse o be alued and he compa ison segmen s, he de ec ion o echnical and economic
cha ac e is ics, he de ec ion o p ices and incomes in he segmen s o compa ison on a
andom sample o goods, and he de ec ion o ex a da a and in o ma ion in he segmen o
he p ope y being es ima ed and in he compa ison segmen s.
Once hese s eps ha e been comple ed, he cha ac e is ics o he segmen s a e selec ed,
and he co esponding ma ginal p ices and incomes a e analyzed. The applica ion con-
cludes wi h he de e mina ion o he p ice/income a io om which he capi aliza ion a e
is de i ed.
The choice o compa ison cha ac e s conce ns hose conside ed ele an by he ap-
p aisal and o which he e a e di e ences be ween he segmen o he subjec and he
segmen s o compa ison. Consis en wi h he p inciple o compa ison, cha ac e s wi h he
same in ensi y a e no ele an o he pu pose o he es ima ed compa ison and a e, he e-
o e, no aken in o accoun . In addi ion, each cha ac e shall be app op ia ely iden i ied by
means o an app op ia e nomencla u e and i s echnical and economic measu e.
The analysis o ma ginal p ices and e enues is aimed a making he es ima ion o
adjus men s in ma ke segmen s. I is exp essed by changes in hei sign, no in absolu e
e ms bu in ela i e e ms (pe cen age and alue changes). The pu pose o his s age is o
be able o es ablish, on a pa wi h he o he cha ac e is ics, o wha ex en he ma ke p ice
le el o he compa able segmen di e s om he p ice le el o he segmen in which he
asse o be es ima ed belongs.
The esul achie ed is ep esen ed by he alue ha he p ices and income o eal es a e
alling in a compa able segmen would ha e i hey belonged o he segmen in which he
asse is es ima ed (Simono i 2019).
Economies 2024,12, 264 6 o 21
Conside ing wo segmen s, (H) and (K), he RSA p o ides ha he ma ginal p ice,
∆pa j
H
, o he gene ic cha ac e j, exp essed in pe cen age, and he ma ginal income,
δpa j
H
,
o he gene al cha ac e j, also exp essed in pe cen age, can be de i ed, espec i ely, om
he ollowing equa ions:
∆pa k
H=Ppa j
K−Ppa j
H
Ppa j
H
(4)
δpa j
H=Rpa j
K−Rpa j
H
Rpa j
H
(5)
Wi h e e ence o di e en cha ac e is ics (e.g., loca ion, des ina ion, eal es a e ypol-
ogy, dimension, e c.), he adjus ed p ice and income o all cha ac e is ics o he segmen o
he asse unde assessmen can, he e o e, be de e mined by he ollowing equa ions, which
iden i y he p ices [P
K
(H)] and e enues [R
B
(H)] ha he asse belonging o compa able
segmen (H) would ha e i hey ell in o segmen (K), in which he asse being es ima ed
Equa ions (6) and (7) belongs:
PK(H) = PH(1+∆loca ion
H+∆des ina ion
H+∆ ipology
H+∆dimension
H+. . .)(6)
RK(H) = RH(1+∆loca ion
H+∆des ina ion
H+∆ ipology
H+∆dimension
H+. . .)(7)
The p ice/income a io,
ρK
(H), o he segmen o he asse o be alued is hen equal o:
ρK(H) = PK(H)
RK(H)(8)
whe e PK(H) and RK(H) a e he adjus ed a e age uni p ices and en .
Wi h e e ence o a numbe jo cha ac e s o wo o mo e compa able segmen s (e.g.,
Aand Cand up o he gene ic segmen Xi- h), he Equa ion (6) can be ew i en as ollows:
PB(A)=PA1+Σj∆pa j
A(9)
PB(C)=PC1+Σj∆pa j
C(10)
. . .
PB(Xi)=PXi1+Σj∆pa j
Xi (11)
and he Equa ion (6) can again be ew i en as ollows:
RB(A)=RA1+Σjδpa j
A(12)
RB(C)=RC1+Σjδpa j
C(13)
. . .
RB(Xi)=RXi1+Σj∆pa j
Xi (14)
whe e he symbols used assume he meanings co esponding o hose indica ed in he
p e ious Equa ions (4) and (5).
Conside ing wo compa ison segmen s, Aand C, he assessmen a io is iden i ied
h ough he expec ed alue by he ollowing equa ion:
ρB(A) = PB(A)+PB(C)
RB(A)+RB(C)(15)
Economies 2024,12, 264 7 o 21
The mo e simila he compa able segmen s a e, and, he e o e, he smalle he di e -
ences in cha ac e s, he less unce ain and mo e accu a e he es ima e; also, he g ea e he
numbe o compa able segmen s, he less unce ain and mo e accu a e he es ima e will be.
I is, he e o e, essen ial o he app aise o ha e an adequa e knowledge no only o he
echnical and economic cha ac e is ics o he asse being alued and he ma ke segmen o
which i belongs, bu also he ma ke segmen s o compa ison (Simono i 2019).
4. Ma e ials and Me hods
Fo he app aisal o ma ke alue o a specialized ui o cha d, he ma ke su ey
showed ha he e we e no any a ailable p ices and incomes om simila cul i a ions
loca ed in he same g owing a ea, only asking p ices and ma ke quo a ions.
The ma ke analysis made i possible o iden i y simila ma ke segmen s om an
economic and es ima i e poin o iew and o acqui e he da a use ul o he pu poses o
he es ima e (cha ac e s and hei in ensi y; Table 1).
Table 1. Rele an cha ac e is ics on he alue o ui o cha ds in he a ea.
Rele an Cha ac e is ics Measu e
Localiza ion km
Dimension ha
Accessibili y Good; Su icien ; Sca ce
Lying Fla ; Medium; Incline
Exposu e Good; No mal; Lacking
Shape Regula ; I egula
Fe ili y Ve y good; Good; Fai
Bioeconomic cycle s age Plan ing s age; G owing s age; Ma u i y s age
I iga ion supply Adequa e/Inadequa e
Fa ming egime Con en ional a ming; O ganic a ming
In he compa ison se , he segmen s ha eco ded di e ences in he ele an cha ac-
e is ics we e aken in o conside a ion as compa able. P ecisely, o he loca ion, i was
measu ed in kilome e s o dis ance om he nea es wholesale ag i- ood ma ke , dis in-
guishing hose a a dis ance o
≤
5 km om hose loca ed a a g ea e dis ance; o he
su ace a ea (measu ed in hec a es), we dis inguished hose wi h a su ace a ea o
≤
5 ha
om hose wi h a la ge su ace a ea; o he bioeconomic cycle phase (measu ed in yea s
since plan ing), we iden i ied he p oduc ion phase in which he o cha d was loca ed (plan -
ing, ju enile, ma u i y, senescence); o he cul i a ion egime, we dis inguished whe he
he cul i a ion was ca ied ou using con en ional o o ganic echniques.
Missing compa able da a o ui o cha ds simila o he one being es ima ed, asking
p ice, asking en , and o he ma ke in o ma ion we e acqui ed in he segmen o which he
ui o cha d o be es ima ed belonged.
Fo he p elimina y de e mina ion o he alue o he ag icul u al land h ough he
asking p ices, wo di e en ma ke -o ien ed me hods we e used: he Gene al App aisal
Sys em (GAS) (Simono i 1985) and he Nea es Neighbo s App aisal Technique (NNAT)
(Isakson 1986).
The GAS is a mul i-pa ame ic and mul i-equa ional me hod (Simono i 1985;Si-
mono i 1987;Simono i 1989) ha es ima es he alue o he asse by sol ing a non-
homogeneous sys em o linea equa ions h ough ma ix calcula ion. The p ocedu e can be
o malized in symbols, as ollows:
sh=D−1
hph(16)
whe e:
Economies 2024,12, 264 8 o 21
sh
is he ec o o incogni e ms, in which he i s elemen ep esen s he alue o
he asse being es ima ed and he subsequen elemen s indica e he ma ginal alue o he
indi idual ele an cha ac e is ics.
D−1
h
is he in e se ma ix o he ma ix o di e ences o he coe icien s o he ele an
cha ac e is ics, which exis s when he ma ix o coe icien s is non-singula .
ph
is he ec o o known e ms, ep esen ed by he p ices o he compa able goods
being compa ed (Simono i 1985).
The se o compa ison goods was made up o mgoods, wi h ncha ac e is ics in
common wi h he good being es ima ed. The da a ma ix o o de (m+ 1)
×
n, such ha
each gene ic elemen is a
ji
wi h j= 0, 1, 2, 3,
. . .
,mand i= 0, 1, 2, 3,
. . .
,n, was cons uc ed
by a anging he coe icien s o he ele an cha ac e is ics o he good o be es ima ed in
he ow wi h index 0, and hose o he compa ison goods, aken nea ly one by one, in he
ollowing m ows, o each o he n cha ac e is ics in common. The ec o o known e ms
was such ha each gene ic elemen p
j
, wi h j= 1, 2, 3,
. . .
,m, indica ed he p ice o he
co esponding good mo he compa ison se (Simono i 1985).
The sys em o linea equa ions subjec ed o solu ion was cons uc ed h ough non-
edundan compa isons be ween he good being es ima ed wi h index 0 and each o he m
compa able goods, and was made up o mlinea equa ions in (n+ 1) unknowns, such ha
when i admi s he solu ion, i is he es ima i e solu ion (Simono i 1985).
The es ima i e compa ison o inding he alue o he asse is ep esen ed by he
sys em o linea equa ions, which, acco ding o he ele ance p inciple, consis s o muse ul,
non- edundan compa isons, aking he ollowing con igu a ion (Simono i 1985):
p1=S+∑n
i=1(a1i−a0i)si
p2=S+∑n
i=1(a2i−a0i)si
. . .
pm=S+∑n
i=1(ami −a0i)si
(17)
whe e S is he subjec ’s alue (Simono i 1985).
In his pape , he use o his me hod is p oposed, admi ing ha i is possible o
use he asking p ices de ec ed on he ma ke in place o he ma ke p ice ec o . In he
compa ison unc ion, he in ensi ies measu ed in he ncha ac e is ics in common wi h he m
compa able ones de ec ed in he segmen o which he asse being es ima ed belongs we e
conside ed as ele an cha ac e is ics. In he ec o
ph
, he asking p ices o he compa ables
we e conside ed as known e ms. Compa ables we e de ec ed so ha mequals n+ 1
cha ac e is ics. Once he non-singula coe icien ma ix was de ined and he in e se ma ix
o he di e ences in he coe icien s o he ele an cha ac e is ics (
D−1
h
) was calcula ed,
he solu ion ec o (
sh
) was made up o n+ 1 elemen s. The i s elemen o his ec o
ep esen s he alue o he asse being sough , and he subsequen elemen s indica e he
ma ginal alue o he ele an cha ac e is ics in he ma ke segmen o which he asse
being es ima ed belongs.
Ano he ma ke -o ien ed me hod ha was applied o de e mine he alue o he ui
o cha d using asking p ices was he NNAT (Isakson 1986).
The NNAT applies a s a is ical calcula ion logic based on he measu emen o he
simila i y be ween he asse being es ima ed and each compa ison asse , a i ing a he
de e mina ion o he alue o he asse h ough he p oduc be ween a weigh ing ac o
W0J
and he p ices o simila asse s eco ded on he exchange ma ke . The weigh ing
ac o
W0J
is made up o he ela i e a io be ween he ecip ocal o he simila i y dis ance
measu e, nea ly conside ed be ween he good being es ima ed and each compa ison good,
and he sum o he ecip ocals o he simila i y dis ances.
The use o simila i y dis ances in he app aisal con ex allows o de e mine a measu e
o he le el o simila i y o he compa ison goods wi h espec o he good being alued
Economies 2024,12, 264 15 o 21
Table 9. Asking en in compa able segmen s.
Compa able Localiza ion Su ace A ea Age Fa ming Regime Asking P ice A e age Value
(km) (ha) (Yea s) (EUR) (EUR/ha)
Ci us
1 >5 km 1.5 12 O ganic 1000.00 666.67
2 >5 km 2.7 9 O ganic 2000.00 740.74
A e age 2.1 10.5 1500.00 703.70
3 <5 km 9.7 28 O ganic 3500.00 360.82
4 <5 km 12.5 15 O ganic 4000.00 320.00
A e age 11.1 21.5 3750.00 340.41
D upaceous
5 <5 km 1.1 15 Con en ional 1700.00 1545.45
6 <5 km 2.8 23 Con en ional 1600.00 571.43
A e age 2.0 19 1650.00 1058.44
7 <5 km 3.2 5 O ganic 1800.00 562.50
Pomeg ana e
8 >5 km 1.9 7 O ganic 1400.00 736.84
9 >5 km 2.4 8 O ganic 1800.00 750.00
A e age 2.2 7.5 1600.00 743.42
10 <5 km 1.5 6 O ganic 900.00 600.00
11 <5 km 1.9 5 O ganic 1200.00 631.58
A e age 615.79
Table 10. Compa ison cha ac e s o he es ima ed compa ison be ween he segmen s.
Cha ac e is ics A ocado Ci us D upaceous Pomeg ana e
Localiza ion <5 km >5 km <5 km >5 km
Su ace a ea <5 ha >5 ha <5 ha <5 ha
Bioeconomic cycle s age Ma u i y s age Ma u i y s age G owing s age G owing s age
Fa ming egime O ganic O ganic Con en ional O ganic
In pa icula , om he compa ison be ween he asking p ices de ec ed in he a ocado
segmen wi h hose de ec ed in simila compa ison segmen s, o each o he cha ac e is ics
conside ed, he adap a ion coe icien s exp essed in e ms o ela i e pe cen age di e gence
we e calcula ed (Equa ions (4) and (5); Table 11).
Table 11. De e mina ion o adap a ion coe icien s o each compa able segmen .
Localiza ion Su ace A ea Bioeconomic Cycle S age Fa ming Regime
Segmen s P ice Ren Fee P ice Ren ee P ice Ren Fee P ice Ren Fee
(EUR/ha) (EUR/ha) (EUR/ha) (EUR/ha) (EUR/ha) (EUR/ha) (EUR/ha) (EUR/ha)
A ocado 54,166.67 (1) 954.55 64,285.71 (2) 546.1 43,333.33 (3) 833.33 61,111.11 (4) 1600.00 (5)
Ci us 47,689.18 703.70 42,618.56 340.41
Adap a ion coe . (%)0.14 0.36 0.51 0.60
D upaceous 36,538.46 562.50 48,590.91 1058.44
Adap a ion coe . (%)0.19 0.48 0.26 0.51
Pomeg ana e 39,688.55 743.42 42,156.86 615.79
Adap a ion coe . (%)0.36 0.28 0.03 0.35
(1)
Compa able 1 (see Table 2);
(2)
Compa able 4 (see Table 2);
(3)
Ma ke Quo a ion (see Table 2);
(4)
Compa able 6
(see Table 2); (5) Compa able 12 (see Table 3).
These coe icien s a e use ul o he applica ion o Equa ions (11) and (14), using which
he p ices and en al ees de ec ed in each compa able segmen we e b ough in o line wi h
he segmen o which he asse o be es ima ed belonged.
Economies 2024,12, 264 16 o 21
The alues o hese coe icien s, being ob ained om compa isons be ween asking
p ices and ma ke p ices, appea ed condi ioned by ine i able limi a ions; howe e , in
addi ion o being iden i iable, hey a e less andom han he subjec i e changes adop ed on
he capi aliza ion a e by he app aise on he basis o his own belie s.
P ices and en al ees o he compa ison segmen s aligned wi h he a ocado segmen
a e, he e o e, p esen ed in Table 12.
Table 12. P ices and en al ees o he compa ison segmen s modi ied.
Compa able Segmen s
Ci us D upaceous Pomeg ana e
P ice (EUR/ha) 33,213.00 23,545.45 19,824.56
Adap a ion coe . (%) 0.14; 0.51 0.19; 0.26 0.36; 0.03
P ice modi ied (EUR/ha) 54,801.44 34,140.91 27,556.14
Ren ee (EUR/ha) 930.23 703.88 692.31
Adap a ion coe . (%) 0.36; 0.60 0.48; 0.51 0.28; 0.35
Ren ee modi ied (EUR/ha) 1823.26 1400.73 1128.46
The GRM o he a ocado segmen de i ed om he a ailable compa ison segmen s
could hen be calcula ed as he expec ed alue o p ices and incomes adjus ed by he i
coe icien s used, as ollows (Equa ion (15)):
ρA ocado =€54, 801.44 +€34, 140.91 +€27, 556.14
€1823.26 +€1400.73 +€1128.46 =26.77
Consequen ly, he a e o be used in he capi aliza ion es ima e o income om a ocado
cul i a ion was equal o 0.03736.
To apply he income capi aliza ion, as indica ed by he bes p ac ices (I alian P ope y
Valua ion S anda d 2018;d’Ama o and Bambagioni 2023), he cash low o he a ocado
cul i a ion o be es ima ed was, he e o e, de e mined (Table 13).
Table 13. Es ima ed cash low o a ocado ui o cha d (a e age alues).
Yea s
1–3 4–10 11–20 21–27 28–30
Re enues (EUR/ha) 5525.00 96,973.00 145,603.40 101,922.30 43,681.00
Cos s (EUR/ha) 15,513.00 42,337.00 64,806.00 45,364.00 19,442.00
Deep illage 950.00 - - - -
Plan s and plan se ing 4800.00 - - - -
I iga ion equipmen 4200.00 - - - -
Fe ilize s 1155.00 3400.00 4004.87 2773.00 1133.00
Pes icides 578.00 2535.00 2327.50 1674.00 733.00
I iga ion wa e 685.00 4630.00 5604.21 3413.00 1767.00
Labo 1260.00 11,920.00 20,133.55 14,894.00 6357.00
Fa ming ope a ions 1885.00 7220.00 12,183.63 8700.00 3520.00
Boxes and anspo s - 12,632.00 20,552.24 13,910.00 5932.00
Cash low (EUR/ha) −9988.00 54,636.00 80,797.40 56,558.30 24,239.00
The es ima ed cash low o he a ocado plan a ion unde conside a ion e e s o 2022
and was de e mined assuming a du a ion o he cul i a ion cycle o 30 yea s. The da a used
we e acqui ed h ough speci ic su eys ca ied ou among sec o ope a o s, echnicians,
and p o essionals and on he basis o ma ke indica ions p o ided by he owne o he
ui o cha d.
A ocado ees began o yield in he hi d yea , bu he highes cash low was achie ed
om he 10 h yea . Re enues we e calcula ed based on an a e age selling p ice o EUR
1.5 pe on. The highes cos was o plan ing expenses (EUR 13,000). A he p oduc i e
Economies 2024,12, 264 17 o 21
ma u i y s age, he a e age annual cos was app oxima ely EUR 6500 pe hec a e. Labo ,
packing, and anspo a ion ep esen he highes expenses, accoun ing o abou 30 pe cen
o he o al cos s, espec i ely, ollowed by a ming ope a ions (abou 19%). Annual a e age
cos alues amoun ed o app oxima ely EUR 5200 pe hec a e, wi h labo accoun ing o
a a ia ion be ween 28% and 33% and packing and anspo a ion be ween 30% and jus
unde 32%.
Acco ding o he app aisal bes p ac ice (I alian P ope y Valua ion S anda d 2018),
ha ing de e mined he cash low o he a ocado cul i a ion, using he capi aliza ion a e
de i ed om he use o he RSA, he NPV was calcula ed (Equa ion (20), whe e n= 30).
The alue o he ui o cha d when n= 0 was also calcula ed by discoun ing he NPV,
assuming ha i was an in ini e and pe iodic income (V
0
). The alue o he a ocado ui
o cha d a he ime o he es ima e (Equa ion (21), whe e m = 9) was also ob ained, which
was equal o EUR 45,170.17 (Table 14).
Table 14. Values es ima ed wi h he capi aliza ion o income.
NPV V0V9
75,316.23 37,558.96 45,170.17
The alue es ima ed wi h he RSA was signi ican ly lowe han ha ob ained h ough
he ma ke app oach, in which asking p ices we e used o eplace eal ma ke p ices
(Tables 4and 5).
Fu he mo e, he alue es ima ed wi h he RSA appea ed mo e ealis ic
and app op ia e, e en when compa ed wi h o he applica ions conduc ed in o he e -
i o ies. The ma ke alue es ima ed by he RSA was he second-bes solu ion om an
es ima i e poin o iew. I was condi ioned by he use o a capi aliza ion a e de i ed
om a compa ison be ween segmen s and, in pa icula , by he use o asking p ices, asking
en , and ma ke quo a ions. E en in he p esence o hese limi a ions, i s ill appea ed less
andom han wha can be ob ained by elying exclusi ely on he expe ise o he app aise .
Wi h e e ence o he case s udy, he e o e, i seems ha he hypo hesis o eplacing
ma ke p ices wi h asking p ices is no a eliable choice, pa icula ly in he case o he
alua ion o ag icul u al land, whe e he e a e a ious di icul ies in ob aining compa a i e
da a on land simila o ha o be alued due o he he e ogenei y o i s in insic cha ac e is-
ics, which can cause a ious incon eniences in ca ying ou he alua ion (DeWeese 2022).
Fu he mo e, by making use o he adjus men s o be made on he p ima y quan i ies om
which he capi aliza ion a e was ob ained, i seems ha he RSA is capable o a enua ing
he dis o ing e ec s o asking p ices and ma ke quo a ions on he es ima ed alue. E en
in he absence o compa ison p ices and incomes, om he case s udy i seems ha i is
possible o pe o m an adequa e and accep able app aisal o he ma ke alue. The alue
es ima ed ollowing he RSA p ocedu e seems capable o ep esen ing he ma ke alue
o he a ocado ui o cha d, as de ec able wi h some a ailable quo a ions (Exeo 2023).
Howe e , i is necessa y o highligh he need o ca y ou u he applica ions in o de
o mo e e ec i ely alida e his ini ial e idence. In his ega d, i should be no ed ha
app oxima e o pa ially eliable ma ke in o ma ion can in luence he es ima ed alue,
as he adjus men s made in he compa ison be ween segmen s can depend on i . I is,
he e o e, necessa y o use hem wi h cau ion. Knowledge o he ma ke and he expe -
ise o he app aise a e, he e o e, also essen ial wi h e e ence o he use o he RSA.
Fo hese easons, he RSA canno be in e p e ed as a simpli ica ion o an al e na i e o
ma ke -o ien ed app oaches o he income app oach.
Fu he mo e, he possibili y o de e mining he capi aliza ion a e by compa ing
segmen s in ol es ac ing on he cha ac e is ics o he segmen s and no making posi i e o
nega i e a ia ions on he a e, in a andom and subjec i e way, on he pa o he e alua o .
The use o he MCS, he e o e, equi es simila skills o hose o o he es ima ion
p ocedu es in e ms o compe ence and p o essionalism by he app aise and canno
be assimila ed o an ambiguous es ima ion p ocedu e. On he o he hand, he lack o
Economies 2024,12, 264 18 o 21
compa ison da a canno cons i u e a acili a ion o wi hd aw om he o mula ion o an
app op ia e compa ison unc ion (Pa ke 2016).
6. Concluding Rema ks
This pape p oposed he possibili y o employing he asking p ice in he compa ison
be ween he segmen o he ui o cha d o be alua ed and o he compa able segmen s.
The aim was o de i e he a e o be used in he capi aliza ion o he income expec ed om
he cul i a ion o he land o be alued.
The esul s showed he e ec i eness o he RSA in wo use ul di ec ions: he possibili y
o exploi ing ex a da a and ma ke in o ma ion o es ima i e pu poses wi hou using he
asking p ice in ma ke -o ien ed p ocedu es, and he possibili y o p e en ing he use o he
expe ’s expe ise wi h e e ence o he choice o he capi aliza ion a e. The a e, in ac , is
de e mined by compa ison be ween segmen s close o ha o he asse being alued and
no on he basis o in es men s conside ed al e na i e, o on he basis o subjec i e belie s
o he app aise .
In he absence o compa a i e p ices and incomes, e en in he p esence o he limi a-
ions e e ed o, he RSA could, he e o e, cons i u e a alid aid o es ima ing he ma ke
alue o ag icul u al land in he absence o o he possible al e na i es, i.e., i is p e e able
because i can allow one o “be mo e o less igh han p ecisely w ong”.
In he p esence o limi a ions ha p e en he applica ion o ma ke -o ien ed ap-
p oaches, he RSA, h ough he o mula ion o a compa ison unc ion be ween di e en
ma ke segmen s, can ep esen a alid aid o de elop an es ima e judgmen . In his ega d,
he case s udy e i ied he possibili y o using ex a da a and asking p ices in he compa i-
son be ween segmen s, in compliance wi h he p inciple o compa ison and consis en wi h
he ounda ions o app aisal heo y.
In he absence o adequa e knowledge o he e e ence ma ke (ma ke segmen o he
asse o be es ima ed and compa ison segmen s), howe e , he applica ion o he RSA can
lead o esul s no less andom han wha could occu by eso ing solely o he app aise ’s
expe ise. The RSA canno , he e o e, be unde s ood as ins umen al o he use o asking
p ices di ec ly in he compa ison unc ion o he ma ke -o ien ed app oach.
The use o he RSA, allowing he GRM om which o de i e he capi aliza ion a e o
be de e mined, akes place, in ac , in compliance wi h he es ima ion p inciples and he
indica ions o he e alua ion s anda ds (TEGoVA 2020).
In his ega d, i is possible o no e some aspec s o compliance wi h he alua ion
s anda ds. A i s elemen conce ns he logic o he RSA, subs an ially simila o ha used
o he emo e sea ch o he a e in he es ima e o di ec capi aliza ion (I alian P ope y
Valua ion S anda d 2018). The compa ison be ween segmen s also equi es an accu a e and
in-dep h ma ke in es iga ion, as indica ed by he IVS, and i is ad isable ha i akes place
in compliance wi h he indica ions con ained in he e e ence bes p ac ices.
Fu he mo e, h ough he es ima e o he GRM, he RSA imposes he need o de e mine
an app op ia e cash low, helping o make he es ima e o he asse alue complian wi h
anspa ency and eplicabili y equi emen s, consis en wi h he es ima ion me hodology
and alua ion s anda ds (I alian P ope y Valua ion S anda d 2018).
The e o e, al hough i is based on he use o ex a da a and ma ke in o ma ion, he
RSA is mo e in line wi h he es ima ion me hodology han o wha occu s when de e mining
he es ima ed alue om he ma ke compa ison wi h he asking p ices o by eso ing
solely o he app aise ’s expe ise.
E en in he es ima ion o ag icul u al land, he limi ed a ailabili y o ma ke compa i-
son da a can jus i y he use o he RSA, bu e en in his con ex , i s use can only occu in
he p esence o adequa e knowledge o he ma ke segmen o he land o be es ima ed and
o he compa ison segmen s. The peculia cha ac e is ics o he land ma ke also make i
indispensable o he use o he RSA o eso o an in eg a ion o he eal es a e da a wi h
in-dep h checks and eedback by he app aise . Al hough condi ioned by he limi a ions
caused by he una ailabili y o eal es a e da a o compa ison asse s, he RSA made i
Economies 2024,12, 264 19 o 21
possible o de e mine he alue o he ui o cha d being es ima ed by adop ing a p oce-
du e consis en wi h he compa ison be ween di e en segmen s, which was e i iable and
capable o con aining unce ain y o a subjec i e and un e i iable judgemen .
Howe e , he MCS canno be unde s ood in any way as an al e na i e app oach o
ma ke -o ien ed p ocedu es. I is possible, a he , o en isage i s use also o in eg a e
applica ions ca ied ou wi h o he es ima ing app oaches, o o en isage i s use as a
e i ica ion and compa ison ool also when e iewing es ima es.
I should also be conside ed ha he g owing a ailabili y o ex a da a and ma ke
in o ma ion can cons i u e an a ea o in e es o s udies and esea ch o an es ima i e
na u e o o he easons, oo. Among hese, we highligh he possibili y o ca ying
ou analyses wi h geo e e enced da a (Giu ida e al. 2023) bo h in local and la ge-a ea
e i o ial con ex s, o in eg a ing mode n es ima ion echnologies (Sal o 2023;Tajani e al.
2020); o example, o e alua e he weigh assumed by he a ious ele an a iables on he
expec ed alue o ma ke p ices (Sal o e al. 2023) and on he p ice and income adjus men s
expec ed by he RSA.
Ano he elemen wo hy o u he in es iga ion is also ep esen ed by he oppo uni y
o e i y he ma ke alues es ima ed wi h MCS compa ed o he inal sale p ices o
eal es a e.
In conclusion, ega ding missing compa able da a, he esul s ob ained he e showed
ha he RSA can be use ul o es ima e he ma ke alue. RSA can also be used o e i y o
con ol an es ima e judgmen al eady made. Fu he applica ion possibili ies can also be
ound in counseling ac i i ies o he bene i o subjec s in e es ed in ope a ing in he eal
es a e in es men sec o , since, in he absence o necessa y compa ison da a, h ough he
applica ion o he RSA i is possible o acqui e use ul indica ions o ope a ing wi h g ea e
awa eness among possible al e na i e in es men s.
Au ho Con ibu ions: Concep ualiza ion, G.C.; me hodology, G.C.; so wa e, G.C. and M.C.; alida-
ion, G.C. and L.G.; o mal analysis, G.C. and M.C.; in es iga ion, G.C.; esou ces, G.C.; da a cu a ion,
G.C. and L.G.; w i ing—o iginal d a p epa a ion, G.C. and L.G.; w i ing— e iew and edi ing, G.C.,
M.C. and L.G.; isualiza ion, G.C. and M.C.; supe ision, G.C.; p ojec adminis a ion, G.C.; unding
acqusisi ion, G.C. All au ho s ha e ead and ag eed o he published e sion o he manusc ip .
Funding: This s udy is suppo ed by he esea ch p ojec PIAno di inCEn i i pe la RIce ca di
A eneo 2020/2022 (PIACERI)–UNICT LINE 2-2020/2022-Sos enibili àed inno azioni della ice ca in
ag icol u a, alimen azione e ambien e, unding by he Uni e si y o Ca ania.
In o med Consen S a emen : No applicable.
Da a A ailabili y S a emen : No new da a we e c ea ed o analyzed in his s udy. Da a sha ing is
no applicable o his a icle.
Con lic s o In e es : The au ho s decla e no con lic o in e es .
No es
1
Ano he simila i y dis ance is he Manha an dis ance, which is equi alen o he dis ance one needs o a el in a Ca esian
plane o mo e om one poin i o ano he poin jby mo ing in di ec ions pa allel o he axes (
dij =∑p
s=1xis −xjs
. Toge he
wi h he Euclidean dis ance, i can be de i ed om he mo e gene al Minkowski dis ance o o de kbe ween uni s iand j:
∑p
s=1hxis −xjs
k1/k
, whe e k≥1. I k= 2, one ob ains, in ac , he Euclidean dis ance, and wi h k= 1, he Manha an dis ance.
2
Es ima ed cos s included he a e age plan ing cos , dis inguished in o i s di e en componen s (such as deep illage, plan s and
plan se ing, e c.), and di ec cos s, excluding axes. Di ec cos s encompass a ming ope a ions (such as soil illage, e iliza ion,
pes icide ea men s, e c.), pe o med conside ing en al usage, labo o all manual ope a ions (p uning, ha es ing, e c.), and
boxes and anspo a ion, as he ha es ed p oduc ion is sold o he local wholesale ma ke .
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