Ricerc@Sapienza

Solvency II Directive 2009/138/EC requires an insurance and reinsurance undertakings assessment of a Solvency Capital Requirement by means of the so-called “Standard Formula” or by means of partial or full internal models. Focusing on the first approach, the bottom-up aggregation formula proposed by the regulator allows for a capital reduction due to the diversification effect, according to the typical subadditivity property of risk measures.

Purpose: This research aims to propose a decision support methodology for public and private subjects involved in the enhancement of public properties. In particular, with reference to cases in which the disused public property can be sold and the range of functions that define the highest and best use of the conversion