The VALUESEC project (Cost-benefit analysis of the present and future security measures in Europe: Mastering the Value Function of Security Measures) is being launched in Magdeburg 22-23 February. PRIO is a partner of this three year EU FP7 project which task is to generate a knowledge base of the status and trends in theory and in practical applications of methods of economics applied to security decision making. PRIOs contribution will be to establish a framework and rationale for how to assess security decisions and decision alternatives; to build up a comprehensive insight into methodologies and tools/components available and; to evaluate the status of different approaches and methods (e.g. from econometrics, risk assessment, operational science) and to describe the potential of further development. Mareile Kauffmann will through her work on her PhD be the primary researcher from PRIO. The project is coordinated by Fraunhofer Gesellschaft in Germany and PRIO’s work package is led by J. Peter Burgess.