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The Value of Transport Safety

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  • Jones-Lee, M W
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    Abstract

    Recent years have witnessed an increasing tendency for public sector and related agencies to reject the traditional but poorly founded "lost output" approach to the valuation of transport safety in favor of the altogether more defensible "willingness-to-pay" approach. The purpose of this paper is to examine some of the more significant implications of this revolution in the way in which transport safety is evaluated. In particular, the paper outlines the case in favor of the willingness-to-pay approach, summarizes the results of empirical work in this area and examines the allocative implications of adopting the kind of values that emerge from such empirical work. The paper then considers the extent to which road risks can be regarded as externalities, assesses the implications of asymmetries in the treatment of safety on various different transport modes in the U.K. and, finally, proposes an agenda for future research in the economics of transport safety. Copyright 1990 by Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

    Volume (Year): 6 (1990)
    Issue (Month): 2 (Summer)
    Pages: 39-60

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    Handle: RePEc:oup:oxford:v:6:y:1990:i:2:p:39-60

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    Web page: http://oxrep.oupjournals.org/

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    Cited by:
    1. Andrew Dickerson & John Peirson & Roger Vickerman, 1998. "Road Accidents and Traffic Flows: An Econometric Investigation," Studies in Economics 9809, Department of Economics, University of Kent.
    2. Parry, Ian W. H., 2004. "Comparing alternative policies to reduce traffic accidents," Journal of Urban Economics, Elsevier, vol. 56(2), pages 346-368, September.
    3. Golob, Thomas F. & Recker, Wilfred W., 2001. "Relationships Among Urban Freeway Accidents, Traffic Flow, Weather and Lighting Conditions," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt2fh4x5hp, Institute of Transportation Studies, UC Berkeley.
    4. Mayeres, Inge, 1993. "The marginal external costs of car use - with an application to Belgium," Open Access publications from Katholieke Universiteit Leuven urn:hdl:123456789/120739, Katholieke Universiteit Leuven.
    5. Golob, Thomas F. & Recker, Wilfred W. & Alvarez, Veronica, 2002. "Freeway Safety as a Function of Traffic Flow: The FITS Tool for Evaluating ATMS Operations," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt1tc5r61j, Institute of Transportation Studies, UC Berkeley.
    6. Golob, Thomas F. & Recker, Wilfred W. & Alvarez, Veronica M., 2003. "A Tool to Evaluate the Safety Effects of Changes in Freeway Traffic Flow," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt1kn30323, Institute of Transportation Studies, UC Berkeley.
    7. De Borger, Bruno & Wouters, Sandra, 1998. "Transport externalities and optimal pricing and supply decisions in urban transportation: a simulation analysis for Belgium," Regional Science and Urban Economics, Elsevier, vol. 28(2), pages 163-197, March.
    8. Raymond Y. T. Yeung & Richard D. Smith & Lai-Ming Ho & Janice M. Johnston & Gabriel M. Leung, 2006. "Empirical implications of response acquiescence in discrete-choice contingent valuation," Health Economics, John Wiley & Sons, Ltd., vol. 15(10), pages 1077-1089.

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