@article{ref1,
title="Quantitative analysis of the social costs of road traffic crashes literature",
journal="Accident analysis and prevention",
year="2021",
author="Bougna, Théophile and Hundal, Gursmeep and Taniform, Peter",
volume="ePub",
number="ePub",
pages="ePub-ePub",
abstract="Despite recent improvements in tackling road safety challenges, particularly in developed countries, road traffic crashes account for 1.35 million deaths annually and cost over 65 us$ billion. This paper reviews the existing socio-economic costs literature, highlights research gaps, and draws attention to the lack of analysis in developing countries, which account for 90% of the fatalities. We rely on both simple descriptive analyses and formal econometric analyses. Our descriptive results show an upward trend over the recent years, mostly in high and middle-income countries. The paper focuses on the differences in estimating the socio-economic costs of road traffic crashes using two popular methodologies, the willingness-to-pay (wtp) and the human capital (hc). Our econometric analysis shows that papers that use wtp tend to compute the impact as a percentage of gdp that is on average ̃1% higher than those that use the hc approach. Likewise, studies using the human capital method tend to underestimate the total socio-economic costs by a factor of two compared to the cost derived from the wtp approach; this gap then reduces substantially when accounting for population density, countries' income levels, and road safety outcomes. Further, the paper stresses the underreporting problem and the inexistence of a mechanism to reasonably account for it in socio-economic costs calculations. The paper concludes by advocating for more studies focusing on low and middle-income countries using a combination of common approaches with other valuation methods.<p /> <p>Language: en</p>",
language="en",
issn="0001-4575",
doi="10.1016/j.aap.2021.106282",
url="http://dx.doi.org/10.1016/j.aap.2021.106282"
}