CaPPRe are leading experts in engaging the community to quantify the value of major infrastructure developments and policy changes (both market and non-market valuation) – we call this Community Value Mapping (CVM). These outputs are used in economic analysis to inform how well the project benefits stack up against the project costs.
During 2016-17 CaPPRe conducted an economic evaluation to determine the benefit-cost ratio for a proposed substantial upgrade to the Australian Museum, Australia’s first museum established in Sydney in 1827. One of the key aspects of the evaluation was the use of a discrete choice experiment, involving a 20-minute online survey, to determine the non-market value, also known as the consumer surplus, for the proposed upgrade.
The consumer surplus and a range of other economic benefits to the NSW government, businesses and labour force are balanced against the costs of the upgrade and included in the business case which was prepared by Deloitte. The business case was presented to Create NSW and the Department of Planning & Environment which oversees the NSW Cultural Institutions. Ultimately, the business case is submitted to NSW Treasury and Infrastructure NSW for consideration.