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The Value of Transport Safety

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  • Jones-Lee, M W

Abstract

Recent years have witnessed an increasing tendency for public sector and related agencies to reject the traditional but poorly founded "lost output" approach to the valuation of transport safety in favor of the altogether more defensible "willingness-to-pay" approach. The purpose of this paper is to examine some of the more significant implications of this revolution in the way in which transport safety is evaluated. In particular, the paper outlines the case in favor of the willingness-to-pay approach, summarizes the results of empirical work in this area and examines the allocative implications of adopting the kind of values that emerge from such empirical work. The paper then considers the extent to which road risks can be regarded as externalities, assesses the implications of asymmetries in the treatment of safety on various different transport modes in the U.K. and, finally, proposes an agenda for future research in the economics of transport safety. Copyright 1990 by Oxford University Press.

Suggested Citation

  • Jones-Lee, M W, 1990. "The Value of Transport Safety," Oxford Review of Economic Policy, Oxford University Press, vol. 6(2), pages 39-60, Summer.
  • Handle: RePEc:oup:oxford:v:6:y:1990:i:2:p:39-60
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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, pages 101-121.
    2. Golob, Thomas F. & Recker, Wilfred W., 2001. "Relationships Among Urban Freeway Accidents, Traffic Flow, Weather and Lighting Conditions," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt2fh4x5hp, Institute of Transportation Studies, UC Berkeley.
    3. De Borger, Bruno & Wouters, Sandra, 1998. "Transport externalities and optimal pricing and supply decisions in urban transportation: a simulation analysis for Belgium," Regional Science and Urban Economics, Elsevier, vol. 28(2), pages 163-197, March.
    4. Parry, Ian W. H., 2004. "Comparing alternative policies to reduce traffic accidents," Journal of Urban Economics, Elsevier, vol. 56(2), pages 346-368, September.
    5. Golob, Thomas F. & Recker, Wilfred W. & Alvarez, Veronica, 2002. "Freeway Safety as a Function of Traffic Flow: The FITS Tool for Evaluating ATMS Operations," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt1tc5r61j, Institute of Transportation Studies, UC Berkeley.
    6. Ilias-Nikiforos Pasidis, 2015. "Congestion by accident? Traffic and accidents in England," ERSA conference papers ersa15p1321, European Regional Science Association.
    7. 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.
    8. Lindberg, Gunnar, 2005. "Accidents," Research in Transportation Economics, Elsevier, vol. 14(1), pages 155-183, January.
    9. Raymond Y. T. Yeung & Richard D. Smith & Lai-Ming Ho & Janice M. Johnston & Gabriel M. Leung, 2006. "Empirical implications of response acquiescence in discrete-choice contingent valuation," Health Economics, John Wiley & Sons, Ltd., vol. 15(10), pages 1077-1089.
    10. Sen, Akshaya Kumar & Tiwari, Geetam & Upadhyay, Vrajaindra, 2010. "Estimating marginal external costs of transport in Delhi," Transport Policy, Elsevier, vol. 17(1), pages 27-37, January.
    11. Golob, Thomas F. & Recker, Wilfred W. & Alvarez, Veronica M., 2003. "A Tool to Evaluate the Safety Effects of Changes in Freeway Traffic Flow," Institute of Transportation Studies, Research Reports, Working Papers, Proceedings qt1kn30323, Institute of Transportation Studies, UC Berkeley.

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