Participatory value evaluation for the evaluation of flood protection schemes

Participatory Value Evaluation (PVE) is a new survey method which elicits citizens' preferences over the allocation of public budgets as well their private income. In PVE, citizens are asked to choose best portfolio projects given governmental and budget constraint. First, this paper aligns PVE with traditional Kaldor-Hicks welfare economics framework underlying many Cost-Benefit Analyses. Second, positions against other valuation methods. Third, applies evaluate impacts mitigating flood risks in Netherlands. This empirical application reveals that Dutch indicate preference for combine strengthening dikes give space river safely, particularly when such positively influence biodiversity recreational opportunities.