A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking:
The external accident cost of road use is a function of the marginal relationship between road use and accidents, as expressed, for instance, by the elasticity. This elasticity is, however, not necessarily constant, but may be assumed to depend on the traffic volume as seen in relation to road capac...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | International Transport Forum Discussion Papers
no.2011/22 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | The external accident cost of road use is a function of the marginal relationship between road use and accidents, as expressed, for instance, by the elasticity. This elasticity is, however, not necessarily constant, but may be assumed to depend on the traffic volume as seen in relation to road capacity. Dense or congested traffic may force speed levels down, decreasing the risk of accidents or at least the average loss incurred given that an accident takes place. Relying on a large econometric accident model based on monthly cross-section/time-series data for all provinces of Norway, we derive non-linear empirical functions describing the relationship between road use and accidents and discuss their implications in terms of accident costs and externalities. The analysis reveals that there is probably a large accident externality generated by heavy vehicle road use, but that the marginal external accident cost of private car use is quite small, perhaps even negative. To the extent that it is positive, it is so in large part on account of public and private insurance. Contrary to what is frequently believed and maintained, auto insurance does not serve to internalise the cost of accidents. In fact, its primary purpose and effect is exactly the opposite. The adverse incentives created by insurance could, however, be mitigated by certain innovative approaches to ratemaking. Such schemes would ideally involve more decision variables than just the decision to drive. Incentives could, in principle, be attached to speeding, route choice, vehicle choice, safety equipment, or time of day/week/year. |
| Beschreibung: | 1 Online-Ressource (27 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kg29s6x0vd8-en |
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| spelling | Fridstrøm, Lasse VerfasserIn aut A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking Lasse, Fridstrøm Paris OECD Publishing 2011 1 Online-Ressource (27 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier International Transport Forum Discussion Papers no.2011/22 The external accident cost of road use is a function of the marginal relationship between road use and accidents, as expressed, for instance, by the elasticity. This elasticity is, however, not necessarily constant, but may be assumed to depend on the traffic volume as seen in relation to road capacity. Dense or congested traffic may force speed levels down, decreasing the risk of accidents or at least the average loss incurred given that an accident takes place. Relying on a large econometric accident model based on monthly cross-section/time-series data for all provinces of Norway, we derive non-linear empirical functions describing the relationship between road use and accidents and discuss their implications in terms of accident costs and externalities. The analysis reveals that there is probably a large accident externality generated by heavy vehicle road use, but that the marginal external accident cost of private car use is quite small, perhaps even negative. To the extent that it is positive, it is so in large part on account of public and private insurance. Contrary to what is frequently believed and maintained, auto insurance does not serve to internalise the cost of accidents. In fact, its primary purpose and effect is exactly the opposite. The adverse incentives created by insurance could, however, be mitigated by certain innovative approaches to ratemaking. Such schemes would ideally involve more decision variables than just the decision to drive. Incentives could, in principle, be attached to speeding, route choice, vehicle choice, safety equipment, or time of day/week/year. Transport FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kg29s6x0vd8-en Volltext |
| spellingShingle | Fridstrøm, Lasse A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking Transport |
| title | A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking |
| title_auth | A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking |
| title_exact_search | A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking |
| title_full | A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking Lasse, Fridstrøm |
| title_fullStr | A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking Lasse, Fridstrøm |
| title_full_unstemmed | A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking Lasse, Fridstrøm |
| title_short | A Framework for Assessing the Marginal External Accident Cost of Road Use and its Implications for Insurance Ratemaking |
| title_sort | framework for assessing the marginal external accident cost of road use and its implications for insurance ratemaking |
| topic | Transport |
| topic_facet | Transport |
| url | https://doi.org/10.1787/5kg29s6x0vd8-en |
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