Valuing eudaimonic wellbeing: A missing piece of the transport appraisal jigsaw

Benefit measurement for locally-focused land use transport interventions is often narrow. The ultimate purpose of such interventions is frequently improved citizen wellbeing, yet this is seldom measured or monetized. Adding such valuation provides a way to more comprehensively reflect the value of associated interventions. Subjective wellbeing measurement is broadly divided between hedonic and eudaimonic streams, benefit monetization focusing on the value of changes in life satisfaction (part of hedonic wellbeing). While improving life satisfaction might have initial value, this might not be sustained if eudaimonic wellbeing is not concurrently promoted, suggesting land use transport policy/planning appraisal should take a broader view of what it means for people to be ‘well’ than is embedded in life satisfaction. However, no values have been identified for changes in levels of eudaimonic wellbeing, partly because of lack of agreement about how to best measure eudaimonic wellbeing. To address this monetisation gap, the paper develops a value for changes in eudaimonic wellbeing, measured using Ryff’s (1989) Scale, and explores implications for valuing wellbeing as life satisfaction. The resulting eudaimonic wellbeing values are likely to be particularly useful for evaluating land use/transport initiatives with a local focus, such as walking and place-making improvements, but the monetised values are more broadly applicable. Literature implied that changes in eudaimonic wellbeing may have higher monetized value than changes in life satisfaction, because of the broader societal connections embedded within eudaimonic wellbeing, an expectation confirmed in the analysis, highlighting the policy importance of eudaimonic wellbeing.