original: Estimation of the value of life saving under uncertainty emanating from transport infrastructure investment A theoretical exposition with an application to the Rion-Antirion suspension bridge in Greece
Panayiotis F. Diamandis and
Georgios Kouretas ()
Additional contact information
Panayiotis F. Diamandis: Department of Business Administration, Athens University of Economics and Business, GR-10434 Athens, Greece
The Annals of Regional Science, 1999, vol. 33, issue 3, 327-342
In this paper a model for estimating the reduction of the probability of premature death emanating from a transport infrastructure investment is developed. As a starting point a reference probability of premature death is arbitrarily chosen and two measures of estimating the value of life saving are constructed based on the willingness to pay for the reduction in the casualty rate. These two measures are derived from the comparison of the probabilities of premature death before and after the reduction in the casualty rate to the corresponding reference probability. It is then shown that the relationship between the first measure and the reference probability premature death is upward sloping and concave and the relationship between the second measure and the reference probability of premature death is upward sloping and convex. Finally, we empirically tested both measures in the case of the Rion-Antirion suspension bridge which will connect the Western part of Greece through the Rion-Antirion sea strait with the region of Patras and consequently with Athens, providing a faster and more efficient service for the passage of the sea strait than the existing obsolete ferry system. The empirical results show that the theoretical propositions with respect to the concavity and convexity of the functions of each measure with the reference probability are verified.
Note: Received July 1997/ Accepted February 1998
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
Access to the full text of the articles in this series is restricted
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:spr:anresc:v:33:y:1999:i:3:p:327-342
Ordering information: This journal article can be ordered from
Access Statistics for this article
The Annals of Regional Science is currently edited by Martin Andersson, E. Kim and Janet E. Kohlhase
More articles in The Annals of Regional Science from Springer, Western Regional Science Association Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().