“Economic valuation is a way to understand how much something is worth to particular people or to society as a whole.”
(Valuing Nature Programme, Demystifying Economic Valuation, 2016)
Although not without controversy, economic valuation is now widely used in appraisal and investment planning to help inform decisions, particularly those involving social and environmental impacts. There is a wealth of guidance, tools, protocols and other support available to help practitioners.
Yet valuation is context specific and approaches differ, in terms of drivers, benefits considered, appraisal frameworks adopted, metrics applied and how quantitative evidence and monetary values are used. Whilst the results of valuation can be expected to vary spatially, over time and depending on the context, this complex landscape makes it difficult for practitioners to know how best to approach valuation, potentially reducing confidence in the process and undermining legitimacy.
This event will identify how best practice approaches and evidence in economic valuation can be mainstreamed and applied more consistently by practitioners. It is aimed at those developing, applying or using valuation approaches, tools and evidence at strategic, programme or scheme level. It will be of interest to researchers and practitioners in the public, private and third sectors that are working on or need to apply economic valuation.