The use of cost-benefit analysis in road assessments: a methodological inquiry

Inj Prev. 2014 Feb;20(1):50-3. doi: 10.1136/injuryprev-2012-040708. Epub 2013 May 24.

Abstract

Background: Cost-benefit analysis is a useful tool for priority setting in road safety. The value of statistical life (VOSL) is a metric used to estimate the benefits of road interventions in cost-benefit analyses. The International Road Assessment Program (iRAP), for example, created a rule-of-thumb to calculate VOSL benefits of road infrastructure when performing cost-benefit assessments in countries where data on VOSL are sparse.

Aim: To evaluate the rapid assessment metric developed by iRAP and provide suggestions for improvement in these methods.

Methods: We replicated iRAP calculations in order to make a critical assessment of the sources, results and conclusions.

Conclusions: We found the iRAP metric a good example for highlighting some relevant aspects that should be considered in any VOSL estimation in order to enhance its use as a guiding principle for assessing road interventions. Specifically, we recommend the explicit disclosure of the assumptions, the use of sensitivity analysis and the avoidance of omitted variables bias.

Publication types

  • Meta-Analysis
  • Research Support, N.I.H., Extramural
  • Research Support, Non-U.S. Gov't
  • Review

MeSH terms

  • Accidents, Traffic / economics
  • Accidents, Traffic / prevention & control*
  • Cost-Benefit Analysis
  • Humans
  • Safety Management / economics*
  • Value of Life / economics*