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The value of improved road safety

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Author Info
Hultkrantz, Lars () (Department of Business, Economics, Statistics and Informatics)
Lindberg, Gunnar (VTI)
Andersson, Camilla (Umeå University)
Abstract

We report the results of a contingent valuation study of the value of a serious statistical accident (VSSA) in an urban road safety context in Sweden. To account for scale bias of responses (i.e., the insensitivity of the willingness-to-pay value to the size of the risk reduction being valued) we derive a lower-bound estimate. This is computed from the willingness to pay for a private-good device or a public safety program that completely eliminates the risk of fatal and serious injury road accidents.

We search for values from respondents with self- reported high confidence in their answers. Our conservative estimates result in average benefits of public road-safety measures targeting serious accidents that are greater than previous studies have indicated.

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Publisher Info
Paper provided by Örebro University, Swedish Business School in its series Working Papers with number 2005:4.

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Length: 36 pages
Date of creation: 10 Mar 2005
Date of revision:
Handle: RePEc:hhs:oruesi:2005_004

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Postal: Örebro University, Swedish Business School, SE - 701 82 ÖREBRO, Sweden
Phone: 019-30 30 00
Fax: 019-33 25 46
Web page: http://www.oru.se/templates/oruExtDeptIntroPage.aspx?id=3059
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Related research
Keywords: Value of statistical life; vision zero; contingent valuation; scale bias; scope bias;

Find related papers by JEL classification:
H43 - Public Economics - - Publicly Provided Goods - - - Project Evaluation; Social Discount Rate
I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
Q51 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Valuation of Environmental Effects

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  1. Nape, Steven & Frykblom, Peter & Harrison, Glenn W. & Lesley, James C., 2003. "Hypothetical bias and willingness to accept," Economics Letters, Elsevier, vol. 78(3), pages 423-430, March. [Downloadable!] (restricted)
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  2. Fischbacher, Urs & Gachter, Simon & Fehr, Ernst, 2001. "Are people conditionally cooperative? Evidence from a public goods experiment," Economics Letters, Elsevier, vol. 71(3), pages 397-404, June. [Downloadable!] (restricted)
    Other versions:
  3. John List & Craig Gallet, 2001. "What Experimental Protocol Influence Disparities Between Actual and Hypothetical Stated Values?," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 20(3), pages 241-254, November. [Downloadable!] (restricted)
  4. Corso, Phaedra S & Hammitt, James K & Graham, John D, 2001. " Valuing Mortality-Risk Reduction: Using Visual Aids to Improve the Validity of Contingent Valuation," Journal of Risk and Uncertainty, Springer, vol. 23(2), pages 165-84, September. [Downloadable!] (restricted)
  5. Johansson-Stenman, Olof & Martinsson, Peter, 2003. "Anyone for Higher Speed Limits? - Self-Interested and Adaptive Political Preferences," Working Papers in Economics 95, Göteborg University, Department of Economics. [Downloadable!]
    Other versions:
  6. Richard Carson & Nicholas Flores & Norman Meade, 2001. "Contingent Valuation: Controversies and Evidence," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 19(2), pages 173-210, June. [Downloadable!] (restricted)
    Other versions:
  7. Liljas, Bengt & Blumenschein, Karen, 2000. "On hypothetical bias and calibration in cost-benefit studies," Health Policy, Elsevier, vol. 52(1), pages 53-70, May. [Downloadable!] (restricted)
  8. Li, Chuan-Zhong & Lofgren, Karl-Gustaf & Hanemann, William Michael, 1996. "Real versus hypothetical willingness to accept : the Bishop and Heberlein model revisited," CUDARE Working Paper Series 793, University of California at Berkeley, Department of Agricultural and Resource Economics and Policy.
  9. Alberini, Anna & Cropper, Maureen & Krupnick, Alan & Simon, N.B.Nathalie B., 2004. "Does the value of a statistical life vary with age and health status? Evidence from the US and Canada," Journal of Environmental Economics and Management, Elsevier, vol. 48(1), pages 769-792, July. [Downloadable!] (restricted)
  10. Persson, Ulf, et al, 2001. " The Value of a Statistical Life in Transport: Findings from a New Contingent Valuation Study in Sweden," Journal of Risk and Uncertainty, Springer, vol. 23(2), pages 121-34, September. [Downloadable!] (restricted)
  11. Hammitt, James K & Graham, John D, 1999. "Willingness to Pay for Health Protection: Inadequate Sensitivity to Probability?," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 33-62, April. [Downloadable!] (restricted)
  12. Kahneman, Daniel & Knetsch, Jack L., 1992. "Valuing public goods: The purchase of moral satisfaction," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 57-70, January. [Downloadable!] (restricted)
  13. Diamond, Peter A & Hausman, Jerry A, 1994. "Contingent Valuation: Is Some Number Better than No Number?," Journal of Economic Perspectives, American Economic Association, vol. 8(4), pages 45-64, Fall. [Downloadable!] (restricted)
  14. W. Kip Viscusi & Joseph E. Aldy, 2003. "The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World," NBER Working Papers 9487, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  15. Anna Alberini, 2004. "Robustness of VSL Values from Contingent Valuation Surveys," Working Papers 2004.135, Fondazione Eni Enrico Mattei. [Downloadable!]
  16. Brown, Thomas C. & Ajzen, Icek & Hrubes, Daniel, 2003. "Further tests of entreaties to avoid hypothetical bias in referendum contingent valuation," Journal of Environmental Economics and Management, Elsevier, vol. 46(2), pages 353-361, September. [Downloadable!] (restricted)
  17. Ready Richard C. & Whitehead John C. & Blomquist Glenn C., 1995. "Contingent Valuation When Respondents Are Ambivalent," Journal of Environmental Economics and Management, Elsevier, vol. 29(2), pages 181-196, September. [Downloadable!] (restricted)
  18. Johannesson, Magnus, et al, 1999. "Calibrating Hypothetical Willingness to Pay Responses," Journal of Risk and Uncertainty, Springer, vol. 18(1), pages 21-32, April. [Downloadable!] (restricted)
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