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Publication type: Article in scientific journal
Type of review: Peer review (publication)
Title: Estimating the value of life, injury, and travel time saved using a stated preference framework
Authors: Niroomand, Naghmeh
Jenkins, Glenn P.
et. al: No
DOI: 10.1016/j.aap.2016.03.004
Published in: Accident Analysis & Prevention
Volume(Issue): 2016
Issue: 91
Page(s): 216
Pages to: 225
Issue Date: 2016
Publisher / Ed. Institution: Elsevier
ISSN: 0001-4575
Language: English
Subjects: Willingness to pay; Automobile driver; Choice experiment; Road safety
Subject (DDC): 363: Environmental and security problems
Abstract: The incidence of fatality over the period 2010-2014 from automobile accidents in North Cyprus is 2.75 times greater than the average for the EU. With the prospect of North Cyprus entering the EU, many investments will need to be undertaken to improve road safety in order to reach EU benchmarks. The objective of this study is to provide local estimates of the value of a statistical life and injury along with the value of time savings. These are among the parameter values needed for the evaluation of the change in the expected incidence of automotive accidents and time savings brought about by such projects. In this study we conducted a stated choice experiment to identify the preferences and tradeoffs of automobile drivers in North Cyprus for improved travel times, travel costs, and safety. The choice of route was examined using mixed logit models to obtain the marginal utilities associated with each attribute of the routes that consumers choose. These estimates were used to assess the individuals' willingness to pay (WTP) to avoid fatalities and injuries and to save travel time. We then used the results to obtain community-wide estimates of the value of a statistical life (VSL) saved, the value of injury (VI) prevented, and the value per hour of travel time saved. The estimates for the VSL range from €315,293 to €1,117,856 and the estimates of VI from € 5,603 to € 28,186. These values are consistent, after adjusting for differences in incomes, with the median results of similar studies done for EU countries.
Fulltext version: Accepted version
License (according to publishing contract): CC BY-NC-ND 4.0: Attribution - Non commercial - No derivatives 4.0 International
Departement: School of Management and Law
Organisational Unit: Center for Economic Policy (FWP)
Appears in collections:Publikationen School of Management and Law

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