Evaluating Benefits of Stratifying Cost of Injuries by Severity in CDOT Benefit-Cost-Analysis

Details

• Creators:
  McCarthy, Gillian ; Kononov, Jake
• Corporate Creators:
  DiExSys
• Corporate Contributors:
  Colorado. Department of Transportation. Applied Research & Innovations Branch
• Subject/TRT Terms:
  Benefit Cost Analysis Crash Data Crash Risk Forecasting Highway Safety Injury Severity Stratification
• Publication/ Report Number:
  CDOT-2023-16
• Resource Type:
  Tech Report
• Geographical Coverage:
  Colorado ; United States
• Edition:
  Final Report
• Corporate Publisher:
  Colorado Department of Transportation. Applied Research & Innovations Branch
• Abstract:
  The aim of this study was to investigate whether stratifying the degree of injury by severity and assigning specific dollar costs to each severity level would enhance the quality of project selection. The results strongly suggest a distinction between a composite and a stratified approach in allocating injury crash costs within a Benefit Cost Analysis (BCA). Additionally, the study evaluates various options and proposes recommendations for a suitable value to represent the worth of a statistical life in BCA for highway safety projects. The key finding of the report is that adopting a stratified approach for assigning injury crash costs facilitates a more sensitive and comprehensive BCA. This, in turn, promotes more effective resource allocation through improved project selection and contributes to the overarching objective of enhancing highway safety.
• Format:
  PDF
• Funding:
  PO#411028730
• Collection(s):
  US Transportation Collection
• Main Document Checksum:
  urn:sha-512:e4c7fd025b49220e08aa0bbb5073234700211f330c5631f175e6e98492d7bab4c3497c8227f15495f22c70db05074c9e7bbd37174144618ce184773ecbebf58e
• Download URL:
  https://rosap.ntl.bts.gov/view/dot/80184/dot_80184_DS1.pdf
• File Type:
  [PDF - 9.44 MB ]