Road Safety Valuation under a Stated Choice Framework
Abstract
The value of fatal risk reductions is a vital input for road safety cost-benefit analysis and has been traditionally estimated by means of contingent valuation in spite of the growing criticism surrounding this approach. Furthermore, many scholars believe that risk-money trade-offs are not well understood because of the difficulty of internalising tiny risks; the authors have applied the Stated Choice (SC) approach to tackle this problem. To assess the robustness of SC, the authors conducted an external validity test based on the results of three different studies. They found that people can internalise risk, expressed as fatal crashes, in a consistent way from an economic point of view. Finally they offer a hypothesis to explain the differences between their values and figures obtained in developed countries, highlighting the importance of conducting local studies rather than transferring imported values. © 2006 LSE and the University of BathDownload Info
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Bibliographic Info
Article provided by London School of Economics and University of Bath in its journal Journal of Transport Economics and Policy.
Volume (Year): 40 (2006)
Issue (Month): 1 (January)
Pages: 69-94
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Web page: http://www.bath.ac.uk/e-journals/jtep
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Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Vincent van den Berg & Eric Kroes & Erik T. Verhoef, 2010. "Biases in Willingness-To-Pay Measures from Multinomial Logit Estimates due to Unobserved Heterogeneity," Tinbergen Institute Discussion Papers 10-014/3, Tinbergen Institute.
- Bliemer, Michiel C.J. & Rose, John M., 2011. "Experimental design influences on stated choice outputs: An empirical study in air travel choice," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(1), pages 63-79, January.
- Luis Rizzi, 2008. "Integrating Travel Delays, Road Safety, Care, Vehicle Insurance and Cost-Benefit Analysis of Road Capacity Expansion in a Unified Framework," Networks and Spatial Economics, Springer, vol. 8(2), pages 125-140, September.
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