The VALOR (VALue Of Road safety) project is the first research initiative in which scientists from four European countries, namely Belgium, France, Germany and the Netherlands, have joined efforts in order to estimate VSL (Value of a Statistical Life), VSSI (Value of a Statistical Serious Injury) and VoT (Value of Time) by applying a common methodology. This study addresses the following research question: 'What is the monetary valuation of the prevention of road fatalities and serious road injuries?' The use of the VALOR outcomes is twofold. Firstly, the VSL and VSSI are an important input for calculating the socio-economic costs of road crashes. Information on these costs is regularly used in road policy-making. For instance, information on the socio-economic burden of road crashes can be used as an input for budget allocation and helps to justify road safety investments. Also, comparisons can be made with the costs of other policy measures. Secondly, the VSL and VSSI are needed for cost-benefit analysis (CBA) of road safety measures or broader infrastructure projects with road safety impacts. (Author/publisher)
Abstract