Road Safety - Willingness to pay for Crash reduction

Over 1.25 million traffic collision related deaths occur worldwide and the fatality rate in developing countries is almost double than that of developed countries. Crash costing helps to identify the best safety improvement schemes and prioritize the allocation of limited financial resources. An understanding of the public attitude towards road safety and their willingness to pay (WTP) for accident reduction schemes, should be taken into account in any effective road safety proposal. WTP for crash reduction pertains to the demand for an improved transportation system with less road crashes. This treatise explores the applicability of WTP concept and delineates major factors affecting WTP for road crash risk reduction. The study was conducted in three main road sections in Kozhikode district, Kerala, India. It estimates and compares WTP values for road safety in Indian context, derived by using Stated Preference and Contingent Valuation methods, and their variation with respect to different socioeconomic characteristics.