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Quantitative Assessment of Socially Modified Economic Value: A Holistic Approach

This pilot study explores a methodology for quantitatively assessing the value of socially modified economic activities, allowing for a holistic comparison across different types of outputs. It focuses on valuing non-monetary benefits, such as civic engagement actions, and aims to find a fair rate of exchange that can accurately reflect the value delivered to society. The study also investigates the valuation of social benefits and proposes next steps for creating robust and credible measures. The session will take place at The Gallery, The Helix, DCU.

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Quantitative Assessment of Socially Modified Economic Value: A Holistic Approach

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  1. Monday, 22nd December 2014 11:00am-12:30pm The Gallery, The Helix

  2. The DCU pilot study • Pilot Study applying a methodology that enables quantitative assessment of value: socially modified economic value • Holistic approach to enable comparison of ‘apples and pears’ in same framework (numéraire) • Most immediately useful for non-monetary benefits eg from Civic Engagement actions • But can be used across the board for all university outputs

  3. OUTPUT Based Valuation

  4. Valuing the ‘priceless’ • Translation into monetary units is not about simply generating ‘big numbers’ • About finding a way to express the very real value and benefits delivered to society by activities that are not ‘commercial’ or which may not have a financial value • And enabling their value to be seen alongside activities that might have clear financial value ( eg spin-outs/inventions etc ) • It is about getting a fair ‘rate of exchange’ so all of a university’s work can be seen ‘in the round’ and fair metrics can be developed

  5. A ‘holistic’ view of DCU

  6. Establishing Rates of Exchange

  7. Valuation of social benefits: case study Social Weights Socially Modified Economic Value

  8. Next Steps • DCU creates 2524 jobs and contributes 180 million euros to GDP per annum • DCU also contributes towards the social and cultural life of the region • We need to agree: 1. Definitions- what are the main forms that civic engagement take in Ireland? Campus Engage can assist in this task?

  9. NextSteps 2. Data coverage: what data do HEIs now gather? Can we develop a common system? 3. Data collection: what role for the HEA? A new civic engagement output dataset Objectives: * Create robust and credible measures * Encourage fair and transparent allocation of resources

  10. Monday, 22nd December 2014 11:00am-12:30pm The Gallery, The Helix

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