The Value of Statistical Life in Road Traffic Based on Logit Model

The value of a statistical life (VOSL) in road traffic is an important index for economic evaluation on road safety programs. The VOSL model is established based on the binary Logit model. Then the route-choice questionnaire is designed based on the stated choice method (SCM) and the orthogonal experiment method. The survey is implemented regarding Dalian private drivers as respondents. Finally, the model is estimated based on the SCM data by Gauss. The result indicates that the VOSL in road traffic for Dalian private drivers is about 360,000 RMB, and the model has a high accuracy. Moreover, the VOSL in road traffic is significantly influenced by four individual characteristics such as one's monthly income, traffic experience, car insurance and education background.