Component costs in transport projects to ensure the appropriate valuing of safety effects.

Austroads commissioned ARRB to consider the current costing procedures used in determining the relative cost share of safety in project evaluation. Australia currently uses a human capital approach to the valuation of crash costs, while many other developed countries have adopted a willingness to pay approach. Based on a review of the literature, and a workshop with key stakeholders, both approaches are assessed and recommendations made about future crash costing in Australia. (Author/publisher)