This guide explains the methodology behind Wellbeing Valuation (WV) theory and how it has been used to produce robust values for 53 outcomes. It includes values as well as practical guidance on how to apply them to achieve a basic assessment of social value.
It is meant to be used alongside the Value Calculator.
The Wellbeing Valuation has been used to produce the largest set of methodologically consistent values in the the world. Applying the values to a range of projects is simple, and allows for direct comparison.
By drawing on well known tools from social science, the approach produces credible evidence and even takes the counterfactual into consideration.
“We will be able to make strategic decisions based upon this approach, directing our community investment to activities where we can maximise the positive benefits to our communities and achieve value for money where monetary outcomes are not readily available.”
Jamie Martin, Magenta Living