A New Dawn in Wellbeing Valuation

A mini-revolution in social impact, value and wellbeing brought on by the Green Book 2020 / 2021 updates.

The event will showcase the WELLBY measure, recently introduced in Professor Paul Frijters’s book and highlight the importance of its inclusion in the new Supplementary Wellbeing Guidance of the HMT Treasury Green Book.

The event will also include a summary of the new Green Book guidance recommendations to “use validated measures…that are consistent with existing measures” as this “makes it possible to compare findings with other approaches and could help to influence future programme and policy design” – which aligns nicely with using the WELLBY and is the approach State of Life has been using for years!

In this event we will hear from Prof Paul Frijters and the What Works Centre for Wellbeing introducing the measure, and discussing the recent Green Book updates and guidance. We will also from experts at State of Life, Pro Bono Economics, LSE and SVUK. There will be practical case studies of using the WELLBY in practice, and the chance for all attendees to discuss their own valuation practice.

What is the WELLBY?

The WELLBY is short for “Wellbeing-adjusted Life Year.” The term has been defined and refined by Paul Frijters and Chistian Krekel in their Handbook for Wellbeing Policy-making in the UK in 2020. It is defined as a change in life satisfaction of 1 point on a scale of 0 to 10, affecting one person for one year.