The Value of Life and Accident Costing: A Willingness-to-Pay Study Amongst Motorcyclists in Malaysia
Mohd Y. Mohd Fauzi
Mohd N. Nor Ghani
Radin S. Radin Umar
Hashim Ahmad Hariza
Motorcyclists constitute a large proportion of total road casualties in Asian countries Unfortunately, studies conducted for the purpose of evaluating the cost of traffic crashes, and cost-benefit analyses of safety interventions, are almost nonexistent in these countries. The loss-of-output approach to valuing life has been used for many years, yet this method has also long been criticised as it results in significant resource misallocation. This study attempts to overcome this problem by estimating the value of a statistical life among motorcyclists using the willingness-to-pay method that is commonly used in developed countries. The study recommends adopting a value of MYR1.1 million (almost five times the previous estimate) per statistical life for public policy analysis involving motorcycle safety.
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