Optimal investments
Overview
Background & policy context:
The goal of this project is to determine how deciders as 'rationally' as possible can weigh up the costs and benefits of the available alternatives for road safety. To do this, economic models and methods will be used. A start was made during the SWOV programme 1999-2002:
- the methods of social cost-effectiveness and cost-benefit analyses were made applicable for using in determining the National Traffic and Transport Plan and regional plans;
- an initial application of these methods has taken place;
- a methodological preliminary study has been carried out of an integral cost-benefit analysis of a broadly compiled measure package (i.e. taking into account road safety, mobility, and environmental effects of road safety measures); and
- a PhD study has been carried out about valuing the immaterial damage of road deaths.
The present project continues the course already begun and will complete it.
Objectives:
The economic models and evaluation methods have been successfully applied in many other policy and behavioural areas. The proposed development research is needed to also be able to apply them to road safety. This involves having to solve a number of interesting scientific problems. The project provides advices on how government financial means can be spent more efficiently.
Methodology:
The further development of the cost-effectiveness and cost-benefit analysis will take place after consulting users, and be based on existing knowledge (literature study, processing and analysis of existing data about costs, effects, and the valuation of these effects).
The project is divided into three parts. The first part is the concrete elaboration of an integral cost-benefit analysis of a broad measure package (for use at the national level and, if possible, also the regional level). A BSIK subsidy for this part has also been applied for. Depending on whether or not we are awarded this subsidy, the contents and size of this part will be further specified. The second part involves the utility of the so-called QALY method (Quality Adjusted Life Years) in cost-benefit analysis being judged. Among other ways, organising a workshop can do this. Finally, the EU project ROSEBUD has started, with as goal, the use of the cost-benefit analysis method to promote road safety policy.
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