Approach to valuation that examines the way in which people reveal their preferences for goods or services through market production and consumption, and the prices that are therefore given to these goods (explicitly or implicitly). In order to value changes to outcomes for people, we can compare these to goods or services that could provide a similar change (substitute prices).

Glossary 2.0 – Social Value International. (2023). Social Value International. https://www.socialvalueint.org/glossary-20