Wellbeing and cost-benefit analysis

Subjective wellbeing has the potential to lift our social CBA game, helping us put valid, credible numbers on intangible social values

When we're evaluating the benefits and costs of social programs, it’s often challenging to convert intangible values (like friendship, love, hope, trust, or happiness) into monetary valuations. As a result, cost-benefit analyses may exclude important benefits or may be deemed infeasible.

WELLBYs (a measure of subjective wellbeing) offer a conceptually v…