The development of road and rail transport safety valuation in the United Kingdom

M. Jones-Lee and M. Spackman

Research in Transportation Economics, 2013, vol. 43, issue 1, 23-40

Abstract: An extensive body of theoretical and empirical work has been undertaken in the UK since the middle of the last century on the estimation of values of safety for use in the appraisal of proposed transport projects, particularly road and rail. This research has focused largely on ‘willingness-to-pay’ based values in order to measure the strength of the travelling public's preference for marginal improvements in transport safety, relative to consumption of other goods and services. In terms of practical policy making, the research has resulted in a set of values for the prevention of statistical fatalities and non-fatal injuries that are applied not only in transport safety decision making, but also in other public sector contexts. This paper summarises the main findings of this research.

Keywords: Value of preventing a statistical fatality; Willingness to pay; Road and rail safety; Large-scale accidents (search for similar items in EconPapers)
JEL-codes: D61 J17 R41 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:retrec:v:43:y:2013:i:1:p:23-40

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DOI: 10.1016/j.retrec.2012.12.010

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