A framework for measuring social value in infrastructure and built environment projects: an industry perspective
Daniel Fujiwara, Daniel Dass, Emily King, M. C. de Vriend, Richard W. Houston, Kieran Keohane
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.