Abstract
Since the 1987 King's Cross fire, London Underground Ltd (LUL) has given high priority to the development of its procedures for appraising proposed safety projects. A pilot study was commissioned from the authors which was designed to test the feasibility of their proposed estimation procedures and provide some initial indications of the possible magnitude of the willingness-to-pay based value concerned. The findings of this study are reported in this paper and indicate a substantial premium for the willingness-to-pay based value of Underground safety relative to that of roads. (Author/publisher).