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| Author: | Rizzi, L.I. Dios Ortúzar, J. de |
| Title: | Road safety valuation under a stated choice framework |
| Journal: | Journal of Transport Economics and Policy
2006 : JAN, VOL. 40:1, p. 69-94 |
| Index terms: | risk road accidents roads safety |
| Language: | eng |
| 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 internalizing tiny risks; the authors have applied the Stated Choice (ST) 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. It was found that people can internalize risk, expressed as fatal crashes, in a consistent way from an economic point of view. |
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