Scandinavian Working Papers in Economics
Working Papers,
Örebro University, School of Business
No 2005:4: The value of improved road safety
Lars Hultkrantz (), Gunnar Lindberg and Camilla Andersson
Additional contact information
Lars Hultkrantz: Department of Business, Economics, Statistics and Informatics, Postal: Örebro University, Department of Business, Economics, Statistics and Informatics, SE - 701 82 ÖREBRO, Sweden
Gunnar Lindberg: VTI, Postal: VTI, 581 95 Linköping, Sweden
Camilla Andersson: Umeå University, Postal: Institutionen för nationalekonomi, Umeå universitet, 901 87 Umeå , Sweden
Abstract: We report the results of a contingent valuation study of the value of a serious statistical accident (VSSA) in an urban road safety context in Sweden. To account for scale bias of responses (i.e., the insensitivity of the willingness-to-pay value to the size of the risk reduction being valued) we derive a lower-bound estimate. This is computed from the willingness to pay for a private-good device or a public safety program that completely eliminates the risk of fatal and serious injury road accidents.
We search for values from respondents with self- reported high confidence in their answers. Our conservative estimates result in average benefits of public road-safety measures targeting serious accidents that are greater than previous studies have indicated.
Keywords: Value of statistical life; vision zero; contingent valuation; scale bias; scope bias
36 pages, March 10, 2005
Price: 120
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