Table 2 Youth traineeship programme—CEA using WELLBYs.
From: The WELLBY: a new measure of social value and progress
Social cost-effectiveness analysis (CEA) | |||||||
|---|---|---|---|---|---|---|---|
Benefits | |||||||
Discount factor | 1.00 | 0.99 | 0.97 | 0.96 | 0.94 | 0.93 | |
Year | 0 | 1 | 2 | 3 | 4 | 5 | Total |
WELLBYs per trainee | 0.30 | 0.56 | 0.56 | 0.56 | 0.56 | ||
Income per trainee in GBP | 18,000 | 18,000 | 18,000 | 18,000 | |||
Income per trainee in WELLBYs | 0.22 | 0.22 | 0.22 | 0.22 | |||
Total WELLBYs | 7500 | 19,573 | 19,573 | 19,573 | 19,573 | ||
PV benefits: Discounted total WELLBYs | 7389 | 18,999 | 18,718 | 18,441 | 18,169 | 81,715 | |
Net costs (Costs−Savings) | |||||||
Discount factor | 1.00 | 0.97 | 0.93 | 0.90 | 0.87 | 0.84 | |
Year | 0 | 1 | 2 | 3 | 4 | 5 | Total |
Costs per trainee | 10,000 | ||||||
Savings per trainee | |||||||
Net costs per trainee | 10,000 | ||||||
Total net costs | 250,000,000 | ||||||
One-off costs | 100,000 | ||||||
PV net costs: Discounted total net costs | 100,000 | 241,545,894 | 241,645,894 | ||||
SUC ("Social Unit Cost"): PV net costs/PV benefits | 2957 | ||||||
Recommendation: Implement Policy (SUC < 13,000) | |||||||
