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The Microeconomic Analysis of the External Costs of Road Accidents

Author

Listed:
  • Peirson, John
  • Skinner, Ian
  • Vickerman, Roger

Abstract

A disaggregated model of the marginal external costs of road accidents imposed by different road users is developed. The model explicitly specifies the adjustment of road users to increases in accident risks imposed by additional road use and is used to estimate the marginal external costs of road accidents. The results, under certain assumptions, are up to 50 percent less than those obtained using the methods of previous studies. However, the adjustment to the increased risks of accidents leads to other costs, such as congestion and reduced pedestrian mobility. These costs should be included in a comprehensive analysis. Copyright 1998 by The London School of Economics and Political Science

Suggested Citation

  • Peirson, John & Skinner, Ian & Vickerman, Roger, 1998. "The Microeconomic Analysis of the External Costs of Road Accidents," Economica, London School of Economics and Political Science, vol. 65(259), pages 429-440, August.
  • Handle: RePEc:bla:econom:v:65:y:1998:i:259:p:429-40
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    Citations

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    Cited by:

    1. Dickerson, Andrew & Peirson, John & Vickerman, Roger, 2000. "Road Accidents and Traffic Flows: An Econometric Investigation," Economica, London School of Economics and Political Science, vol. 67(265), pages 101-121, February.
    2. Simon Shepherd, 2008. "The effect of complex models of externalities on estimated optimal tolls," Transportation, Springer, vol. 35(4), pages 559-577, July.
    3. Delhaye, E., 2006. "Traffic safety: Speed limits, strict liability and a km tax," Transportation Research Part A: Policy and Practice, Elsevier, vol. 40(3), pages 205-226, March.
    4. Verhoef, Erik T. & Rouwendal, Jan, 2004. "A behavioural model of traffic congestion: Endogenizing speed choice, traffic safety and time losses," Journal of Urban Economics, Elsevier, vol. 56(3), pages 408-434, November.
    5. repec:ebl:ecbull:v:18:y:2004:i:3:p:1-7 is not listed on IDEAS
    6. Schrage, Andrea, 2006. "Traffic Congestion and Accidents," University of Regensburg Working Papers in Business, Economics and Management Information Systems 419, University of Regensburg, Department of Economics.
    7. Pål Andreas Pedersen, 2001. "A Game Theoretical Approach to Road Safety," Studies in Economics 0105, School of Economics, University of Kent.
    8. Eef Delhaye, 2004. "Traffic safety: speed limits, strict liability and a km tax," Energy, Transport and Environment Working Papers Series ete0407, KU Leuven, Department of Economics - Research Group Energy, Transport and Environment.
    9. Tito Moreira & Adolfo Sachsida & Loureiro Paulo, 2004. "Traffic accidents: an econometric investigation," Economics Bulletin, AccessEcon, vol. 18(3), pages 1-7.
    10. Steimetz, Seiji S.C., 2008. "Defensive driving and the external costs of accidents and travel delays," Transportation Research Part B: Methodological, Elsevier, vol. 42(9), pages 703-724, November.

    More about this item

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D62 - Microeconomics - - Welfare Economics - - - Externalities
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • J29 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Other

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