Open Social Value Bank

The Open Social Value Bank (OSVB) is a tool that helps calculate the economic value of wellbeing, expressed as the change in a person's life satisfaction that results from a social change. For example, going from being very lonely to not being lonely.

OSVB is an open platform that collaborates widely on the development, use, knowledge and accessibility of social values. OSVB contributes to establishing standards for the use of social values.
Open Social Value Bank Partner
Example cases

Examples

OSVB wants to create visibility and understanding of the methodology behind calculating the economic value of wellbeing. Measuring wellbeing is based on subjective assessment of life satisfaction. Read more in our examples.

Well-being expressed as changes in life satisfaction

There are different ways to measure wellbeing, including 'evaluative wellbeing', i.e. self-assessed wellbeing.

Life satisfaction is measured with a single question

"Overall, how satisfied are you with your life at the moment?". Scale: 0 (not at all satisfied) - 10 (fully satisfied)

The WELLBY method (Wellbeing-Years)

The focus of this method is the value and cost of 1 "WELLBY" = 1 point of life satisfaction for one person for one year

Methodology description

The methodology behind OSVB is based on international research and experience from countries such as the UK and New Zealand. The core methodology behind OSVB is subjective wellbeing valuation, which is based on life satisfaction (WELLBYs). Social values are generated via choice action experiments and regression analysis of observational or intervention data.
More about the method

About Open Social Value Bank

The Open Social Value Bank consists of decision-makers and experts from foundations, the private, public and academic sectors. The project is carried out in collaboration with Economists Without Borders, University of Copenhagen, Impactly, Rambøll Management Consulting.

The project is supported by Trygfonden and Rambøll Fonden.
Open Social Value Bank Partner
Contact OSVB

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