The development of road and rail transport safety valuation in the United Kingdom
AbstractAn extensive body of theoretical and empirical work has been undertaken in the UK since the middle of the last century on the estimation of values of safety for use in the appraisal of proposed transport projects, particularly road and rail. This research has focused largely on ‘willingness-to-pay’ based values in order to measure the strength of the travelling public's preference for marginal improvements in transport safety, relative to consumption of other goods and services. In terms of practical policy making, the research has resulted in a set of values for the prevention of statistical fatalities and non-fatal injuries that are applied not only in transport safety decision making, but also in other public sector contexts. This paper summarises the main findings of this research.
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Bibliographic InfoArticle provided by Elsevier in its journal Research in Transportation Economics.
Volume (Year): 43 (2013)
Issue (Month): 1 ()
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Find related papers by JEL classification:
- D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis
- J17 - Labor and Demographic Economics - - Demographic Economics - - - Value of Life; Foregone Income
- R41 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Transportation: Demand, Supply, and Congestion
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