Economic valuation of impacts and benefits

We leverage our extensive experience in market-based valuation to accurately quantify benefits and impacts, drawing upon our deep understanding of available markets. Whether assessing direct resource use, such as agricultural production or commercial fishing margins, or representing impacts that trigger market interactions, like infrastructure loss due to climate hazards, our expertise allows us to effectively use market data and knowledge to provide robust valuations.

Quantifying values outside of traditional markets demands a specialised understanding of economic theory. Our team includes experts in non-market valuation techniques, including travel cost modelling, discrete choice experiments, contingent valuation, and hedonic pricing. We use the latest tools and techniques, incorporating insights from cutting-edge research and software, to provide robust, reliable, non-market valuations.

When data is limited, we employ benefit transfer approaches to quantify both market and non-market values. Our expertise in this area has been developed through collaborations with academic researchers, ensuring our advice on benefit transfer values aligns with best practice. We leverage meta-analyses, primary research, and our networks with academics and practitioners to apply the most suitable available reference values.

A critical aspect to applying benefit and impact values to decision-making is to consider how these values may change over time. We apply both biophysical and social sciences to identify factors influence forecasts over time. We also apply rigorous sensitivity analysis to ensure the estimates and their use in decision-making appropriately capture the uncertainty with changes to assets and values.