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Valuing changes in wellbeing and its relevance for transport policy

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  • Stanley, John K.
  • Hensher, David A.
  • Stanley, Janet R.
  • Vella-Brodrick, Dianne

Abstract

There is growing transport policy interest in identifying how governmental interventions may affect wellbeing. However, research on transport-wellbeing connections does not extend to monetization of wellbeing benefits, to enable alignment with economic values used in transport cost-benefit analysis. Such monetization could support improved transport policy and project sustainability analysis, involving economic, social and/or environmental trade-offs. This paper estimates separate monetary values for changes in subjective, affective and meaning centred (eudaimonic) wellbeing and examines their association with social exclusion. It also includes associated monetization of trip making, changes in social capital and in sense of community. The monetary values estimated in the paper all increase as household income declines. They support a transport policy and project appraisal focus that extends benefit/cost valuation beyond what is included in traditional transport economic cost-benefit analysis, helping to close a major gap in current appraisal methodology. Understanding the value of improving wellbeing highlights the opportunities to assist those at most risk of mobility-related social exclusion by taking more integrated approaches to transport planning and policy making.

Suggested Citation

  • Stanley, John K. & Hensher, David A. & Stanley, Janet R. & Vella-Brodrick, Dianne, 2021. "Valuing changes in wellbeing and its relevance for transport policy," Transport Policy, Elsevier, vol. 110(C), pages 16-27.
    • Handle: RePEc:eee:trapol:v:110:y:2021:i:c:p:16-27
    DOI: 10.1016/j.tranpol.2021.05.017
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    1. John Stanley & Janet Stanley, 2023. "Improving Appraisal Methodology for Land Use Transport Measures to Reduce Risk of Social Exclusion," Sustainability, MDPI, vol. 15(15), pages 1-18, August.
    2. Hensher, David A. & Beck, Matthew J., 2023. "Exploring how worthwhile the things that you do in life are during COVID-19 and links to well-being and working from home," Transportation Research Part A: Policy and Practice, Elsevier, vol. 168(C).
    3. Stanley, John K. & Hensher, David A. & Stanley, Janet R., 2022. "Place-based disadvantage, social exclusion and the value of mobility," Transportation Research Part A: Policy and Practice, Elsevier, vol. 160(C), pages 101-113.
    4. Hensher, David A. & Beck, Matthew J. & Balbontin, Camila, 2023. "Working from home 22 months on from the beginning of COVID-19: What have we learned for the future provision of transport services?," Research in Transportation Economics, Elsevier, vol. 98(C).

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