Browsing by Author "Sumayya Naznin, P.H.S."

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    Determination of Factors Affecting the Willingness to Pay Elicited by the Contingent Valuation Payment Card Method Using Structural Equation Modelling
    (Springer Science and Business Media Deutschland GmbH, 2024) Sumayya Naznin, P.H.S.; Katrawath, D.; Sabu, R.M.; Ravi Shankar, A.U.
    The global road traffic accident statistics recall the urgent need for worldwide road safety improvement. The resource allocation towards the road safety infrastructures requires a cost-benefit analysis, which necessitates the road accident cost estimation. The willingness to pay (WTP) elicitation by contingent valuation using the pavement card format is a prominent approach to determine the value of statistical life (VSL) as well as the accident cost. The WTP of road users depends upon various factors like socio-economic characteristics, risk perception, and good driving behaviour. Even though the said factors seem to influence the WTP evidently, the extent to which each factor influence is ambiguous and is population dependent. Structural equation modelling (SEM) is a powerful tool to determine the factors affecting WTP. The study assesses the impact of above said factors on the WTP of the respondents of Ernakulam City, Kerala, India. The impact of all the factors was found to be positive and significant at 0.001 level. Among the socio-economic characteristics, the four-wheeler ownership (standard parameter estimate, β = 0.63) is found to strongly influence the WTP followed by a high household income level (β = 0.45). Among the good driving behaviour characteristics, never drink and drive behaviour (β = 0.96) shows the highest influence followed by never overspeeding (β = 0.88). Those who perceived their accident risk to be average or above average were willing to pay more for road safety than others. Considering the risk perception factors, respondents whose family or close friends had a previous experience with an accident had a magnitude parameter estimate (β = 0.77) higher than a personally experienced accident. Though the socio-economic characteristics were found to be strongly influencing the WTP followed by risk perception and good driving behaviour, the individual parameter estimates show that never drink and drive behaviour influences the WTP to the maximum. © The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2024.