Valuing casualty risk reductions from estimated baseline risk

This study discusses the setting up and results of a more generalized route choice experiment including a safety attribute. Respondents provided, at an initial stage, their travel times and costs related to a recent trip by car. Then, expected numbers of casualties for different trip lengths were calculated based on travel distances and traffic densities. So, the calculated number of severe injuries and fatalities (casualties) per year, on the road section the respondent had travelled, entered as a third attribute in the choices, together with the reported travel times and costs. Route choice was analysed using multinomial logit and mixed logit models. From the latter models we obtained point estimates for the value of the statistical life ranging from € 7.3 million to € 19.1 million.