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A framework for measuring social value in infrastructure and built environment projects: an industry perspective

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Listed:
  • Fujiwara, Daniel
  • Dass, Daniel
  • King, Emily
  • Vriend, Myriam
  • Houston, Richard
  • Keohane, Kieran

Abstract

As the infrastructure and built environment sectors shift from traditional economic valuation towards more holistic approaches, projects are being designed, built and evaluated in new ways. An important emerging technique for the economic evaluation of projects is social value measurement. This paper sets out the foundations for the social value measurement techniques that underpin the methods and frameworks developed in central governments and by multilateral and international organisations and describes how these can be adapted to value the broader societal and environmental effects of infrastructure and built environment projects. The paper provides practical evidence of social value measurement in valuing heritage impacts for Stonehenge World Heritage Site as well as presenting a detailed account of the foundations of cost-benefit analysis as a tool for social value measurement and non-market valuation.

Suggested Citation

  • Fujiwara, Daniel & Dass, Daniel & King, Emily & Vriend, Myriam & Houston, Richard & Keohane, Kieran, 2022. "A framework for measuring social value in infrastructure and built environment projects: an industry perspective," LSE Research Online Documents on Economics 116377, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:116377
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    File URL: http://eprints.lse.ac.uk/116377/
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    References listed on IDEAS

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    1. Drummond, Michael F. & Sculpher, Mark J. & Claxton, Karl & Stoddart, Greg L. & Torrance, George W., 2015. "Methods for the Economic Evaluation of Health Care Programmes," OUP Catalogue, Oxford University Press, edition 4, number 9780199665884.
    2. Daniel Fujiwara, 2013. "A General Method for Valuing Non-Market Goods Using Wellbeing Data: Three-Stage Wellbeing Valuation," CEP Discussion Papers dp1233, Centre for Economic Performance, LSE.
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    More about this item

    Keywords

    built environment; infrastructure planning; public policy; social impact;
    All these keywords.

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General

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    This paper has been announced in the following NEP Reports:

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