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The Value of Road and Railway Safety - an Overview

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  • Winslott Hiselius, Lena

    ()
    (Department of Economics, Lund University)

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    Abstract

    The level of safety investments can be argued to vary between sectors. The safety investments legally required and carried out within the railway sector indicate that there is a higher implicit value in preventing a fatality within the rail sector than within the road sector. The literature overview discusses factors possibly influencing individuals’ perception of risk and their willingness to trade risk for money. The study seeks to combine results, from e.g. the field of psychological studies, with work performed by economists in order to analyse whether the value of preventing a statistical life used in the road traffic sector can be argued to differ from the value used in the railway sector. The research discussed here indicates that the use of different values may be theoretically motivated. However, empirical findings presented do not confirm that the value of a statistical life used in the railway sector is many times larger than that used in the road sector. Research indicates, furthermore, that the variation of perceived risk within the context of one traffic mode may be as large as, or even larger than, the variation between different traffic contexts. The result implies that studies estimating the value of a statistical life should focus not only on disparities between transport modes per se but also on disparities between accident types.

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    File URL: http://project.nek.lu.se/publications/workpap/Papers/WP03_13.pdf
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    Bibliographic Info

    Paper provided by Lund University, Department of Economics in its series Working Papers with number 2003:13.

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    Length: 44 pages
    Date of creation: 03 Oct 2003
    Date of revision:
    Handle: RePEc:hhs:lunewp:2003_013

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    Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
    Phone: +46 +46 222 0000
    Fax: +46 +46 2224613
    Web page: http://www.nek.lu.se/en
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    Keywords: value of safety; risk perception; willingness to pay;

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    References

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    14. Glenn C. Blomquist, 2003. "Self Protection and Averting Behavior, Values of Statistical Lives, and Benefit Cost Analysis of Environmental Policy," NCEE Working Paper Series 200302, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Mar 2003.
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