Valuing changes in wellbeing and its relevance for transport policy

John Stanley, David Hensher, Janet R. Stanley and Dianne Vella-Brodrick

Transport Policy, 2021, vol. 110, issue C, 16-27

Abstract: There is growing transport policy interest in identifying how governmental interventions may affect wellbeing. However, research on transport-wellbeing connections does not extend to monetization of wellbeing benefits, to enable alignment with economic values used in transport cost-benefit analysis. Such monetization could support improved transport policy and project sustainability analysis, involving economic, social and/or environmental trade-offs. This paper estimates separate monetary values for changes in subjective, affective and meaning centred (eudaimonic) wellbeing and examines their association with social exclusion. It also includes associated monetization of trip making, changes in social capital and in sense of community. The monetary values estimated in the paper all increase as household income declines. They support a transport policy and project appraisal focus that extends benefit/cost valuation beyond what is included in traditional transport economic cost-benefit analysis, helping to close a major gap in current appraisal methodology. Understanding the value of improving wellbeing highlights the opportunities to assist those at most risk of mobility-related social exclusion by taking more integrated approaches to transport planning and policy making.

Keywords: Benefit measurement; Social capital; Social exclusion; Transport policy; Wellbeing (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (4)

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DOI: 10.1016/j.tranpol.2021.05.017

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