Estimating the willingness to pay and value of risk reduction for car occupants in the road environment

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dc.contributor.authorHensher, David A.
dc.contributor.authorRose, John M.
dc.contributor.authorde Dios Ortuzar, Juan
dc.contributor.authorRizzi, Luis I.
dc.date.accessioned2024-01-10T12:05:16Z
dc.date.available2024-01-10T12:05:16Z
dc.date.issued2009
dc.description.abstractIn recent years there has been a re-focus on the valuation of a statistical life from the ex post or human capital method to an ex ante willingness to pay (WTP) approach. This is in part a recognition that we may have been undervaluing the cost of fatalities and injuries to society associated with crashes, but also a strong belief in the need to focus on establishing the amount, ex ante, that individuals are willing to pay to reduce the risk of exposure to circumstances that might lead to death or degree of injury on the road network. This study has developed a framework in which to identify the degree of preference heterogeneity in willingness to pay by individuals who are drivers or passengers in cars to avoid being killed or injured. A stated choice experiment approach is developed. The empirical setting is a choice of route for a particular trip that a sample of individuals periodically undertakes in Australia. The particular trip is described in enough detail to provide the respondent with a familiar market environment, providing all the relevant background information required for making a decision. Mixed logit models are estimated to obtain the marginal (dis)utilities associated with each influence on the choice amongst the attribute packages offered in the stated choice scenarios. These estimates are used to obtain the WTP distributions for fatality and injury avoidance, which are then aggregated to obtain estimates of the value of risk reduction (VRR), of which the fatality class is also known as the value of a statistical life (VSL). (C) 2009 Elsevier Ltd. All rights reserved.
dc.description.funderARC
dc.description.funderFONDECYT
dc.description.funderMillennium Institute in Complex Engineering Systems
dc.fechaingreso.objetodigital11-04-2024
dc.format.extent16 páginas
dc.fuente.origenWOS
dc.identifier.doi10.1016/j.tra.2009.06.001
dc.identifier.issn0965-8564
dc.identifier.urihttps://doi.org/10.1016/j.tra.2009.06.001
dc.identifier.urihttps://repositorio.uc.cl/handle/11534/75979
dc.identifier.wosidWOS:000269097700005
dc.information.autorucIngeniería;Ortúzar J. de D.;S/I;99241
dc.information.autorucIngeniería;Rizzi LI;S/I;95
dc.issue.numero7
dc.language.isoen
dc.nota.accesoContenido parcial
dc.pagina.final707
dc.pagina.inicio692
dc.publisherPERGAMON-ELSEVIER SCIENCE LTD
dc.revistaTRANSPORTATION RESEARCH PART A-POLICY AND PRACTICE
dc.rightsacceso restringido
dc.subjectValue of statistical life
dc.subjectValue of risk reduction
dc.subjectCar drivers
dc.subjectFatalities
dc.subjectInjuries
dc.subjectWillingness to pay
dc.subjectStated choice
dc.subjectCONTINGENT VALUATION
dc.subjectSTATED PREFERENCE
dc.subjectCHOICE EXPERIMENTS
dc.subjectSTATISTICAL LIFE
dc.subjectSAFETY
dc.subjectDESIGNS
dc.subjectMODEL
dc.titleEstimating the willingness to pay and value of risk reduction for car occupants in the road environment
dc.typeartículo
dc.volumen43
sipa.codpersvinculados99241
sipa.codpersvinculados95
sipa.indexWOS
sipa.indexScopus
sipa.trazabilidadCarga SIPA;09-01-2024
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