Prevention, precaution and resilience: Are they worth the cost?

The assumption that risk, represented as an expected value of the loss could be implied to be a measure of safety, in a cost benefit analysis, is firmly entrenched in economic risk analysis. However, this does not mean that without a marker, the value of a loss, can be established with any necessary level of certainty to make such a cost...

Using value of statistical life for the ex ante evaluation of transport policy options: A discussion based on ethical theory

This paper aims to discuss a number of questions that are highly important for the ex ante evaluation of the safety impacts of transport policy options, from the perspective of ethical theory: (1) Is it morally OK to express prevention on acceptance of fatalities or risks in monetary terms? (2) How useful is the concept of the value of a...