Willingness to accept is a valuation technique which is used to establish someone’s willingness to accept compensation in exchange for bearing a particular loss, for example an increase in…
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Willingness to pay is a valuation technique which is used to establish someone’s willingness to pay for a particular benefit. Typically, it is a questionnaire-based method whereby the individual…
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The term WELLBY stands for Well-being-adjusted Life Year and is used to provide a simple and transparent measure of well-being (a key component in the assessment of costs and…
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The purpose of the Well-being of Future Generations (Wales) Act is to improve the social, economic, environmental and cultural well-being of Wales. The Act sets out…
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The Sustainable Development Goals (SDGs) were adopted by the United Nations in 2015 as a universal call to action to end poverty, protect the planet, and ensure that by…
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Use value refers to the value that people derive from directly or indirectly using goods. For example, someone might get direct value from walking in a local park or…
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Travel cost method is an example of revealed preference valuation which estimates the use value of non-market goods, such as sites used for leisure and recreation, by assessing how…
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Stated preference valuation (also known as contingent valuation) is a questionnaire-based technique which is used to directly establish the value a person places on something. Two common types of…
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In the context of social value, stakeholders are the individuals, communities, organisations or entities that experience change as a result of the activity being assessed, whether positive or negative,…
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In June 2018 the UK central government announced it would require social value to be explicitly evaluated when awarding most major contracts. To help government departments implement this change…
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Social Value International is a global network focused on social impact and social value, which works with its members, networks and partners to embed core principles…
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Small and medium-sized enterprises (SMEs) make up over 99% of the UK’s businesses. Generally, a medium-sized business is defined as having fewer than 250 employees and either a turnover…