Book News: January 26th, 2011

This report seeks to place an economic value on the benefits that are produced by regeneration policies in line with the recommendations of HM Treasury. It sets out a conceptual framework that can be used to value the benefits. The report also assesses the existing evidence base in relation to valuing regeneration.

The research revealed streams of benefit that arise from regeneration activity for which market based information is not readily available and where alternative methodologies are needed. For example there is the consumption benefit from enhanced environmental amenity. Other areas of benefit include community participation and volunteering, the benefits to businesses of agglomeration and other ‘wider achievements’ that can arise from enhanced access and proximity.

Recommendations for future research are based on the findings from pilot work using both the stated preference and hedonic pricing techniques. The objective has been to establish what is required to generate estimates of the value associated with environmental improvements that can be widely applied in both the appraisal and evaluation of regeneration schemes.

The report will be of practical interest to local practitioners for helping develop their appraisal mechanisms, as well as to policymakers across central government following recent policy developments including the Big Society and the shift from Regional Development Agencies towards Local Economic Partnerships.

Valuing the Benefits of Regeneration is available for download.