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Scale and context effects in the valuation of transport safety (1995)

Jones-Lee, M. W. ; Loomes, G.

Springer

Journal of risk and uncertainty 11 (1995), S. 183-203

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ISSN: 1573-0476

Keywords: value of life ; willingness to pay ; safety ; public transport ; large-scale accidents ; J17

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Abstract How can willingness-to-pay-based values of safety for public transport modes, such as London's Underground railway system, be expected to relate to the corresponding value for road safety? This article reports results which suggest that such values should be set at a substantial premium in relation to their roads counterpart. However, this premium appears to derive entirely from considerations of control, voluntariness, and responsibility, and, contrary to popular wisdom, apparently owesnothing whatsoever to the possibility of large-scale “catastrophic” accidents on modes such as the Underground.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01207785

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