Value of time, safety and environment in passenger transport. Accidents - Valuation of statistical lives and limbs and the social costs of road accidents

The Institute of Transport Economics (TØI) and Sweco have jointly carried out a study to produce new unit prices for use in cost-benefit analyses in the transport sector. This report documents the part of the study concerning the costs of loss of life and health due to accidents in transport. Given per injury and differentiated by level of severity, the accident costs are made up by monetary and non-monetary components. The revised monetary costs (medical treatment, property damage, administrative costs and lost production) are updates of existing official values. The non-monetary (welfare) costs are derived from an estimation of the value of statistical life and limbs. Self-administered, Internet based stated preference methods were used in this estimation.