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Road Safety Valuation under a Stated Choice Framework

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  • Luis I. Rizzi
  • Juan de Dios Ortúzar

Abstract

The value of fatal risk reductions is a vital input for road safety cost-benefit analysis and has been traditionally estimated by means of contingent valuation in spite of the growing criticism surrounding this approach. Furthermore, many scholars believe that risk-money trade-offs are not well understood because of the difficulty of internalising tiny risks; the authors have applied the Stated Choice (SC) approach to tackle this problem. To assess the robustness of SC, the authors conducted an external validity test based on the results of three different studies. They found that people can internalise risk, expressed as fatal crashes, in a consistent way from an economic point of view. Finally they offer a hypothesis to explain the differences between their values and figures obtained in developed countries, highlighting the importance of conducting local studies rather than transferring imported values. © 2006 LSE and the University of Bath

Suggested Citation

  • Luis I. Rizzi & Juan de Dios Ortúzar, 2006. "Road Safety Valuation under a Stated Choice Framework," Journal of Transport Economics and Policy, University of Bath, vol. 40(1), pages 69-94, January.
    • Handle: RePEc:tpe:jtecpo:v:40:y:2006:i:1:p:69-94
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    Citations

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    Cited by:

    1. dell'Olio, Luigi & Ibeas, Angel & Cecin, Patricia, 2011. "The quality of service desired by public transport users," Transport Policy, Elsevier, vol. 18(1), pages 217-227, January.
    2. Fredrik Carlsson & Dinky Daruvala & Henrik Jaldell, 2010. "Value of Statistical Life and Cause of Accident: A Choice Experiment," Risk Analysis, John Wiley & Sons, vol. 30(6), pages 975-986, June.
    3. Henrik Andersson & Nicolas Treich, 2011. "The Value of a Statistical Life," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), A Handbook of Transport Economics, chapter 17, Edward Elgar Publishing.
    4. Thomas E. Guerrero & C. Angelo Guevara & Elisabetta Cherchi & Juan de Dios Ortúzar, 2021. "Addressing endogeneity in strategic urban mode choice models," Transportation, Springer, vol. 48(4), pages 2081-2102, August.
    5. Mouter, Niek & van Cranenburgh, Sander & van Wee, Bert, 2017. "Do individuals have different preferences as consumer and citizen? The trade-off between travel time and safety," Transportation Research Part A: Policy and Practice, Elsevier, vol. 106(C), pages 333-349.
    6. Niroomand, Naghmeh & Jenkins, Glenn P., 2018. "A comparison of stated preference methods for the valuation of improvement in road safety," Economic Analysis and Policy, Elsevier, vol. 59(C), pages 138-149.
    7. Veisten, Knut & Flügel, Stefan & Rizzi, Luis I. & Ortúzar, Juan de Dios & Elvik, Rune, 2013. "Valuing casualty risk reductions from estimated baseline risk," Research in Transportation Economics, Elsevier, vol. 43(1), pages 50-61.
    8. Juan de Dios Ortúzar, 2010. "Die Schätzung externer Effekte im Verkehrswesen mithilfe von Stated-Choice-Experimenten," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 79(2), pages 39-60.
    9. Naghmeh Niroomand & Glenn P. Jenkins, 2015. "Estimating the Value of Life, Injury, and Travel Time Saved Using a Stated Preference Framework," Development Discussion Papers 2015-08, JDI Executive Programs.
    10. De La Maza, Cristóbal & Davis, Alex & Azevedo, Inês, 2021. "Welfare analysis of the ecological impacts of electricity production in Chile using the sparse multinomial logit model," Ecological Economics, Elsevier, vol. 184(C).
    11. Luis Rizzi, 2008. "Integrating Travel Delays, Road Safety, Care, Vehicle Insurance and Cost-Benefit Analysis of Road Capacity Expansion in a Unified Framework," Networks and Spatial Economics, Springer, vol. 8(2), pages 125-140, September.
    12. Bliemer, Michiel C.J. & Rose, John M., 2011. "Experimental design influences on stated choice outputs: An empirical study in air travel choice," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(1), pages 63-79, January.
    13. Vincent van den Berg & Eric Kroes & Erik T. Verhoef, 2010. "Biases in Willingness-To-Pay Measures from Multinomial Logit Estimates due to Unobserved Heterogeneity," Tinbergen Institute Discussion Papers 10-014/3, Tinbergen Institute.

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