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Title: Estimating the value of risk reductions for car drivers when pedestrians are involved: a case study in Spain
Authors: Gonzalez, Rosa Marina
Roman, Concepcion 
Amador, Francisco Javier
Rizzi, Luis Ignacio
de Dios Ortuzar, Juan 
Espino, Raquel 
Carlos Martin, Juan 
Cherchi, Elisabetta
UNESCO Clasification: 5312 Economía sectorial
531207 Sanidad
Keywords: Value of risk reduction
Stated choice experiment
Efficient design
Willingness to pay
Road accidents, et al
Issue Date: 2018
Journal: Transportation 
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.
ISSN: 0049-4488
DOI: 10.1007/s11116-016-9736-0
Source: Transportation[ISSN 0049-4488],v. 45 (2), p. 499-521
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