The failure to associate explicit costs to road accidents leads to wide differences in the assessment of projects that will affect road safety and at a national level is likely to lead to an under investment in road safety. The objective of this note is to advise on a desired and workable method that can be used to place values on accident reduction. The first section of this note identifies the need to categorise accidents if accidents are to be valued and suggests a method of categorisation. Subsequent sections: identifiy the components of cost that make up total accident costs; suggest methods that can be used to value casualty related costs and incident related costs; discuss how accident valuation may vary between modes; discuss the manner that accident costs vary with time and the relationship between the valuation and the accident prediction model; and summarise the principal recommendations of the note.
World Bank, Washington D.C., USA. Transport Note No. TRN-16, 9 pp.