Value Transfer Approaches to Valuing Non-Market Costs and Benefits

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Valuing non-market costs and benefits can be challenging for countries with limited human and financial resources for undertaking cost-benefit analysis. Adopting and adapting values estimated in other countries, known as 'value transfer', can be one solution. There are a number of resources available, notably the Environmental Value Reference Inventory for environmental costs and benefits:

https://www.evri.ca/Global/Splash.aspx
 
There is a small enrolment fee for EVRI, but well worth it for governments and consultants.


Other resources for the transport sector are:

* Developing Harmonised European Approaches for Transport Costing and project assessment (HEATCO)

http://www.transport-research.info/web/projects/project_details.cfm?ID=11056

* Update of the Handbook on External Costs of Transport

http://ec.europa.eu/transport/themes/sustainable/studies/doc/2014-handbook-external-costs-transport.pdf

* International Comparison of Transport Appraisal Practice (Appendix B to overview report)

https://www.gov.uk/government/publications/international-comparisons-of-transport-appraisal-practice


The references above can have wider application because they include estimates for the value of time and the value of a statistical life.

The UK has published guidance on value transfer for valuing environmental impacts (see attached).