% Generated by roxygen2: do not edit by hand
% Please edit documentation in R/valuation.R
\name{gb_wellby}
\alias{gb_wellby}
\title{Wellbeing valuation in GBP (WELLBY)}
\usage{
gb_wellby(
  life_satisfaction_change,
  persons,
  years = 1,
  base_year = NULL,
  scenario = "central"
)
}
\arguments{
\item{life_satisfaction_change}{Numeric scalar or vector. Change
in life satisfaction on the 0 to 10 scale (signed; can be
positive or negative).}

\item{persons}{Number of people experiencing the change.}

\item{years}{Duration in years. Default \code{1}.}

\item{base_year}{Optional integer base year to express the
monetary value in. If \code{NULL} (default), the published 2019
price is returned. Otherwise the value is uplifted via
\code{gb_deflator()} to \code{base_year} prices.}

\item{scenario}{One of \code{"low"}, \code{"central"} (default), \code{"high"}.}
}
\value{
A numeric scalar or vector: the WELLBY value in GBP at
the requested base year.
}
\description{
Monetises a life-satisfaction change as Well-being Adjusted
Life Years (WELLBYs) per HMT Wellbeing Guidance for Appraisal
(July 2021). One WELLBY equals a one-point change in life
satisfaction on a 0 to 10 scale, for one person, for one year.
The central published unit value is GBP 13,000 in 2019 prices,
with a low-high sensitivity of GBP 10,000 to GBP 16,000.
}
\examples{
# 1-point lift in life satisfaction for 100 people for 5 years
gb_wellby(1, persons = 100, years = 5)
gb_wellby(1, persons = 100, years = 5, scenario = "low")
# Express in 2024 prices
gb_wellby(1, persons = 100, years = 5, base_year = 2024)
}
\references{
HM Treasury (2021). Wellbeing Guidance for Appraisal:
Supplementary Green Book Guidance.
}
\seealso{
\code{\link[=gb_vpf]{gb_vpf()}}, \code{\link[=gb_qaly]{gb_qaly()}}.

Other valuation: 
\code{\link{gb_qaly}()},
\code{\link{gb_vpf}()}
}
\concept{valuation}
