IDEAS home Printed from https://ideas.repec.org/a/kap/iaecre/v22y2016i4d10.1007_s11294-016-9601-0.html
   My bibliography  Save this article

Cost of Road Accident Fatalities to the Economy

Author

Listed:
  • Dimitrios Dimitriou

    (Democritus University of Thrace)

  • Thomas Poufinas

    (Democritus University of Thrace)

Abstract

Road accidents have a major impact on the economy as well as society. In other words, such an event also has an impact on the affected individuals’ contribution back to society and state. The purpose of this paper is to study the effect of traffic accidents on the economy. We evaluate the value or cost of a human life in traffic accidents. To estimate the cost, we need to know the income contribution of each individual via his or her employment or other earnings, i.e. his or her income-generating capacity for the remainder of his or her life, had the incident not occurred. Then we find the “present value” of such income, adjusted for the probability of such an event (fatality) happening. This is similar to the calculation of a pure insurance premium. Assessment of the economic impact caused by human life loss is dealt with using insurance-based methods. We calculate the burning cost of an insurance policy that provides coverage for the risk under investigation. It is of interest to the state and the family of the deceased to recover as much of this lost income as possible.

Suggested Citation

  • Dimitrios Dimitriou & Thomas Poufinas, 2016. "Cost of Road Accident Fatalities to the Economy," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 22(4), pages 433-445, November.
    • Handle: RePEc:kap:iaecre:v:22:y:2016:i:4:d:10.1007_s11294-016-9601-0
    DOI: 10.1007/s11294-016-9601-0
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11294-016-9601-0
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11294-016-9601-0?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Anonymous, 1962. "World Health Organization," International Organization, Cambridge University Press, vol. 16(4), pages 879-880, October.
    2. Anonymous, 1962. "World Health Organization," International Organization, Cambridge University Press, vol. 16(1), pages 237-241, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Dimitrios Dimitriou & Konstantinos Papakostas, 2022. "Review of Management Comprehensiveness on Occupational Health and Safety for PPP Transportation Projects," Sustainability, MDPI, vol. 14(10), pages 1-22, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Masabho P Milali & Samson S Kiware & Nicodem J Govella & Fredros Okumu & Naveen Bansal & Serdar Bozdag & Jacques D Charlwood & Marta F Maia & Sheila B Ogoma & Floyd E Dowell & George F Corliss & Maggy, 2020. "An autoencoder and artificial neural network-based method to estimate parity status of wild mosquitoes from near-infrared spectra," PLOS ONE, Public Library of Science, vol. 15(6), pages 1-16, June.
    2. Sh. Barzilai & A.M. Davies, 1972. "Personality and Social Aspects of Mental Disease in Jerusalem Women," International Journal of Social Psychiatry, , vol. 18(1), pages 22-28, April.
    3. Trujillo Flores Mara Maricela & Rivas Tovar Luis Arturo & Lambarry Vilchis Fernando, 2014. "Mobbing: A theoretical model quantifying factors affecting the role of women executives in the institutions of public education in Mexico," Contaduría y Administración, Accounting and Management, vol. 59(1), pages 195-228, enero-mar.
    4. Davy Vancampfort & Lee Smith & Brendon Stubbs & Nathalie Swinnen & Joseph Firth & Felipe B Schuch & Ai Koyanagi, 2018. "Associations between active travel and physical multi-morbidity in six low- and middle-income countries among community-dwelling older adults: A cross-sectional study," PLOS ONE, Public Library of Science, vol. 13(8), pages 1-15, August.
    5. Syyed Adnan Raheel Shah & Naveed Ahmad & Yongjun Shen & Ali Pirdavani & Muhammad Aamir Basheer & Tom Brijs, 2018. "Road Safety Risk Assessment: An Analysis of Transport Policy and Management for Low-, Middle-, and High-Income Asian Countries," Sustainability, MDPI, vol. 10(2), pages 1-30, February.
    6. Lorraine van Blerk & Nicola Ansell, 2007. "Alternative care giving in the context of Aids in southern Africa: complex strategies for care," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(7), pages 865-884.
    7. David Reisman, 2014. "Trade in Health," Books, Edward Elgar Publishing, number 15427.
    8. Emma Hartnett & Amie Adkin & Miles Seaman & John Cooper & Eamon Watson & Helen Coburn & Tracey England & Christophen Marooney & Anthony Cox & Mavion Wooldridge, 2007. "A Quantitative Assessment of the Risks from Illegally Imported Meat Contaminated with Foot and Mouth Disease Virus to Great Britain," Risk Analysis, John Wiley & Sons, vol. 27(1), pages 187-202, February.
    9. Ai Koyanagi & Brendon Stubbs & Lee Smith & Benjamin Gardner & Davy Vancampfort, 2017. "Correlates of physical activity among community-dwelling adults aged 50 or over in six low- and middle-income countries," PLOS ONE, Public Library of Science, vol. 12(10), pages 1-17, October.
    10. Christopher Bagley, 1971. "The Social Aetiology of Schizophrenia in Immigrant Groups," International Journal of Social Psychiatry, , vol. 17(4), pages 292-304, December.
    11. Jeffrey E. Harris, 2021. "The Repeated Setbacks of HIV Vaccine Development Laid the Groundwork for SARS-CoV-2 Vaccines," NBER Working Papers 28587, National Bureau of Economic Research, Inc.
    12. Mark R. Rosenzweig & T. Paul Schultz, 1982. "The Behavior of Mothers as Inputs to Child Health: The Determinants of Birth Weight, Gestation, and Rate of Fetal Growth," NBER Chapters, in: Economic Aspects of Health, pages 53-92, National Bureau of Economic Research, Inc.
    13. SANDRA McCONNELL CONDRY & IRVING LAZAR, 1982. "American Values and Social Policy for Children," The ANNALS of the American Academy of Political and Social Science, , vol. 461(1), pages 21-31, May.
    14. Vanesa España-Romero & Rajna Golubic & Kathryn R Martin & Rebecca Hardy & Ulf Ekelund & Diana Kuh & Nicholas J Wareham & Rachel Cooper & Soren Brage & on behalf of the NSHD scientific and data collect, 2014. "Comparison of the EPIC Physical Activity Questionnaire with Combined Heart Rate and Movement Sensing in a Nationally Representative Sample of Older British Adults," PLOS ONE, Public Library of Science, vol. 9(2), pages 1-10, February.
    15. Calvin Schwabe, 1998. "Integrated delivery of primary health care for humans and animals," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 15(2), pages 121-125, June.
    16. Tatsiopoulou, Paraskevi & Chatzidimitriou, Christina & Georgaca, Eugenie & Abatzoglou, Grigori, 2020. "A qualitative study of experiences during placement and long-term impact of institutional care: Data from an adult Greek sample," Children and Youth Services Review, Elsevier, vol. 116(C).
    17. Grosse, Scott, 1993. "Schistosomiasis And Water Resources Development: A Re-Evaluation Of An Important Environment-Health Linkage," Working Papers 11881, Environmental and Natural Resources Policy Training Project.
    18. Oehmke, James F. & Maredia, Mywish K. & Weatherspoon, Dave D., 2001. "The Effects of Biotechnology Policy on Trade and Growth," Estey Centre Journal of International Law and Trade Policy, Estey Centre for Law and Economics in International Trade, vol. 2(2), pages 1-14.
    19. Linard, Catherine & Ponçon, Nicolas & Fontenille, Didier & Lambin, Eric F., 2009. "A multi-agent simulation to assess the risk of malaria re-emergence in southern France," Ecological Modelling, Elsevier, vol. 220(2), pages 160-174.
    20. Aue, Luis, 2021. "How Do Metrics Shape Polities? From Analogue to Digital Measurement Regimes in International Health Politics," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 15(1), pages 83-101.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:iaecre:v:22:y:2016:i:4:d:10.1007_s11294-016-9601-0. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.