This paper develops a novel approach to the economic evaluation of public policies: participatory value evaluation (PVE). PVE involves citizens directly in decisions of the government, taking into account governmental and individual budget constraints. Citizens receive reliable information on...

Participatory Value Evaluation (PVE) is an evaluation method which infers the social welfare effects of public policies by eliciting individuals' preferences over the allocation of public budgets as well as their private income. In a PVE, individuals are asked to choose the best portfolio of...

Cost-Benefit Analysis (CBA) for public policies assumes 'consumer sovereignty', implying that impacts of government projects can be valued by aggregating individuals' private willingness to pay. However, individuals' private willingness to pay might not reflect their preferences towards public...

This paper develops a novel approach to the economic evaluation of public policies: participatory value evaluation (PVE). PVE involves citizens directly in decisions of the government, taking into account governmental and individual budget constraints. Citizens receive reliable information on...