VALUATION OF REDUCTION IN PROBABILITY OF DEATH BY ROAD ACCIDENT

IT IS SHOWN THAT, GIVEN CERTAIN ASSUMPTIONS ABOUT HUMAN PREFERENCES, ONE CAN MEASURE THE MONEY VALUE WHICH AN INDIVIDUAL PLACES UPON A GIVEN REDUCTION OF THE PROBABILITY OF HIS OWN DEATH BY ROAD ACCIDENT. A METHOD IS DEVISED TO REVEAL THE PREFERENCES OF INDIVIDUALS IN THE COMPARATIVELY ABSTRACTED CONTEXT OF A VON NEUMANN MORGENSTERN EXPERIMENT. THE ANALYSIS RELIES UPON A NUMBER OF RATHER STRONG ASSUMPTIONS CONCERNING THE BEHAVIOR OF THE INDIVIDUAL. TO REDUCE THE NEED FOR SUBJECTIVE VALUE JUDGMENTS, THE DISTRIBUTION OF INCOME IS THEN TAKEN AS GIVEN. AN ILLUSTRATIVE SET OF NUMBERS IS DEVELOPED FOR AN INDIVIDUAL. /BPR/

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/oclc/856156
• Supplemental Notes:
  • Vol 3, pp 37-47
• Corporate Authors:

  London School of Economics and Political Science

  Houghton Street, Aldwych
  London WC2A 2AE,   England 
• Authors:
  • JONES-LEE, M
• Publication Date: 1969-1

Media Info

• Serial:
  • Journal of Transport Economics and Policy
  • Publisher: University of Bath
  • ISSN: 0022-5258
  • Serial URL: http://www.jtep.com

Subject/Index Terms

• TRT Terms: Fatalities; Hazards; Human factors; Judgment (Human characteristics); Present value; Prevention; Probability theory; Reduction (Chemistry); Risk assessment; Safety; Traffic crashes
• Uncontrolled Terms: Value
• Old TRIS Terms: Reduction
• Subject Areas: Data and Information Technology; Highways; Safety and Human Factors; Security and Emergencies;

Filing Info

• Accession Number: 00220794
• Record Type: Publication
• Source Agency: Traffic Systems Reviews & Abstracts
• Files: TRIS
• Created Date: May 13 1970 12:00AM