Human Capital Approach for road accident costing in an Indian City
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Date
2023
Journal Title
Journal ISSN
Volume Title
Publisher
Institute for Transport Studies in the European Economic Integration
Abstract
The monetization of road crashes helps improve road safety awareness. This study focuses on the cost of Road Traffic Accidents (RTAs) in Ernakulam, a South Indian city, based on the Human Capital (HC) methodology, as it is most effective to estimate the cost of RTAs in developing nations. The loss is calculated from various data sources, including in-depth accident databases (police), questionnaire surveys, private hospital records, and vehicle garage bills considering the collision types. Most of the total costs are attributed to lost productivity, followed by medical expenses, vehicle damage, and human costs. Administrative costs comprise the smallest portion (0.73%) of the overall accident costs. The total cost estimation of RTAs in Ernakulam city for the years 2018 to 2021 is in the range of INR 66,96,04,438 to INR 103,05,12,440, which represents 0.44% to 0.7% of the city’s Gross Domestic Product (GDP), which is a non-repairable loss to the nation. © 2023 Institute for Transport Studies in the European Economic Integration. All rights reserved.
Description
Keywords
Cost benefit analysis, Cost estimating, Motor transportation, Personnel, Roads and streets, Vehicles, Accident costs, Damage costs, Human capital approaches, Lose productivity cost, Lost productivities, Medical cost, Road accident cost, Road traffic accidents, Vehicle damage, Vehicle damage cost, Developing countries
Citation
European Transport - Trasporti Europei, 2023, , 94, pp. -