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The Social Value of Investments In Housing Adaptation and Social Infrastructure For Long-Term Care In Lifetime Neighbourhoods
In this paper, we have developed a new model for determining the social value of investments in social infrastructure for older adults, emphasising investments in lifetime neighbourhoods. The functional decline of the urban population is affecting the demand and supply for social infrastructures, such as age-friendly housing and barrier-free public space, which reduces public spending on health care and other otherwise necessary long-term care services. The Competing Risk Model (CRM) and functional capacity improvements are introduced in the evaluation procedures. The social value is calculated based on differences in the actuarial present values of long-term care expenditures, considering the possibilities of integrated care, including rehabilitation and reactivation. In social gerontology, such an approach is not yet known, although basic CRM is already used in medicine. We designed the model to help policymakers who wish to invest in development of lifetime neighbourhoods but have limited opportunities to finance social infrastructure.