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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…
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…
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…
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…
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…
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…
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…
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…
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,…
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…
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…
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…
