Social benefits

{
  "id": "MLC-T-ENV-025904",
  "term": "Social benefits",
  "field": "Environment",
  "definition": "The sum of all positive changes in societal well-being experienced as a result of the regulation or policy action. Economists define benefits by focusing on changes in individual well-being, referred to as welfare or utility. Willingness to pay (WTP) is the preferred measure of these changes as it theoretically provides a full accounting of individual preferences across trade-offs between income and the favorable effects.",
  "subject": "General environmental",
  "references": [
    "Preparing Economic Analyses Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/social-benefits/"
}