Valuing Reductions in The Risks of Being a Victim of Crime: The ‘Willingness to Pay’ Approach to Valuing the ‘Intangible’ Consequences of Crime

Abstract

This paper begins by setting out the economic principles underpinning the willingness-to-pay approach to valuing benefits which do not have readily accessible market prices, and then considers the practicability of applying this approach to valuing reductions in those consequences of crime which are ‘intangible’. The paper will draw upon work commissioned by the Home Office (Dolan et al., 2003; 2005), as well as upon research undertaken in collaboration with a number of colleagues during the past ten years — in particular, Michael Jones-Lee, Judith Covey, Angela Robinson and Susan Chilton. However, the views expressed in this paper do not necessarily represent those held by these colleagues.