Estimating the value of risk reductions for car drivers when pedestrians are involved: a case study in Spain

Rosa González (), Concepción Román (), Francisco Javier Amador, Luis Ignacio Rizzi (), Juan de Dios Ortúzar (), Raquel Espino (), Juan Carlos Martín () and Elisabetta Cherchi ()
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Concepción Román: Universidad de Las Palmas de Gran Canaria
Luis Ignacio Rizzi: Pontificia Universidad Católica de Chile
Juan de Dios Ortúzar: Pontificia Universidad Católica de Chile
Raquel Espino: Universidad de Las Palmas de Gran Canaria
Juan Carlos Martín: Universidad de Las Palmas de Gran Canaria
Elisabetta Cherchi: Newcastle University

Transportation, 2018, vol. 45, issue 2, No 12, 499-521

Abstract: Abstract We estimated the benefits associated with reducing fatal and severe injuries from traffic accidents using a stated choice experiment where choice situations were generated through a statistically efficient design. Specifically, the risk variables were defined as the expected annual number of vehicle car-users that suffered their death or were severely injured in a traffic accident. In addition, and differing from previous research, the number of pedestrians that died or were severely injured in traffic accidents per year was also included as a risk attribute in the choice experiment, to attempt at measuring drivers’ willingness to pay to reduce the risk of hitting pedestrians in a crash. The empirical setting was a choice of route for a particular trip that a sample of car drivers periodically undertakes in Tenerife, Spain. Models were estimated accounting for random taste heterogeneity and pseudo-panel data correlation. The median of the distribution of simulated parameters was used to obtain a representative measure for the monetary valuation of risk reductions. We found that the ratio between the values of reducing the risk of suffering a serious injury and that of reducing a fatality was approximately 18 %. Further, and quite novel, we also found that the value of reducing a pedestrian fatality was 39 % of the value of reducing a car occupant fatality.

Keywords: Value of risk reduction; Stated choice experiment; Efficient design; Willingness to pay; Road accidents; Pedestrian victims (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (2)

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DOI: 10.1007/s11116-016-9736-0

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