HKI-SIA commissioned the Centre for Quality of Life at the Chinese University of Hong Kong (CUHK) to conduct a one-year exploratory study titled “Using Wellbeing Data in the Valuation of Non-Market Goods: Exploring its Applicability for Use in Hong Kong and China”.
The primary objective of the study is to explore the applicability of the Wellbeing Valuation approach in the valuation of non-market goods in both Hong Kong and China. The research will be jointly undertaken by researchers in Beijing and Hong Kong. Prof Wong Hung of CUHK and Prof Tao Lin of Peking University are the co-principal investigators of the research project.
Wellbeing Valuation (WV) is a new approach to valuing non-market goods that is becoming increasingly popular with policymakers in UK and across the European Union. Since 2011 the methodology has been included in the Green Book, the UK Treasury’s guide to evaluating public projects.
The exploratory study aims to cover the following research components:
– An overview of the existing literature on valuation techniques
– In-depth review of the current literature on the wellbeing valuation technique
– Trial computations using UK as well as Hong Kong and China survey datasets
– Applying the WV techniques in specific policy domains in Hong Kong and China
– Drafting practical guidelines for use by local researchers and practitioners
– Creating a roadmap for future development of the WV approach
Daniel Fujiwara, Founding Director of SImetirca and a pioneer of the Wellbeing Valuation methodology, will serve as honorary external adviser to the research project.
The research project is funded by HKI-SIA’s Social Impact Assessment Project Fund (the SIA Fund), which was established in 2014 with generous donations from the RS Group and the Xu Family Charitable Foundation.