Published: 06 December 2018
This research project examined whether a single new survey, and analysis of the data, could be used to obtain robust values for the monetary value of statistical life, prevented injuries, travel time savings, trip reliability and congestion.
A review of approaches used elsewhere was followed by the design of a choice modelling survey and two rounds of initial testing. This was used to develop a pilot survey with an efficient experimental design, and implemented online and face-to-face with 72 people.
The data was analysed to produce statistically significant values for all parameters. This suggests it is worthwhile proceeding with the design and implementation of a full survey with more participants.
The survey described in this report, with the suggested changes, would be a suitable basis for such a survey and analysis.
Keywords: choice modelling, non-market valuation, reliability, survey design, value of statistical life, value of time.