Assessing the market: Economic valuation of private and social benefits of innovation
Under this theme we will use economic methods to value the benefits of innovation. This will include use of choice experiments to assess the market potential of technologies identified that may have future market potential. The valuation of the social benefits of innovations is also possible – and we would be looking for case studies of social innovation where cost-benefit analysis may be useful to help companies develop their market place. Key issues to be examined include:
- Private preferences for technology (via a survey to be developed in year 2); and
- Social benefits of innovation – quantification of the benefits of interventions.