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

Daniel Fujiwara, Daniel Dass, Emily King, Myriam Vriend, Richard Houston and Kieran Keohane

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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.

Keywords: built environment; infrastructure planning; public policy; social impact (search for similar items in EconPapers)
JEL-codes: J01 R14 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2022-08-04
New Economics Papers: this item is included in nep-cul, nep-env, nep-ppm and nep-ure
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Published in Proceedings of the Institution of Civil Engineers: Engineering Sustainability, 4, August, 2022, 175(4), pp. 175 - 185. ISSN: 1478-4629

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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:116377

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