NDLI: Cost of Road Accident Fatalities to the Economy

Content Provider	Springer Nature Link
Author	Dimitriou, Dimitrios Poufinas, Thomas
Copyright Year	2016
Abstract	Road accidents have a major impact on the economy as well as society. In other words, such an event also has an impact on the affected individuals’ contribution back to society and state. The purpose of this paper is to study the effect of traffic accidents on the economy. We evaluate the value or cost of a human life in traffic accidents. To estimate the cost, we need to know the income contribution of each individual via his or her employment or other earnings, i.e. his or her income-generating capacity for the remainder of his or her life, had the incident not occurred. Then we find the “present value” of such income, adjusted for the probability of such an event (fatality) happening. This is similar to the calculation of a pure insurance premium. Assessment of the economic impact caused by human life loss is dealt with using insurance-based methods. We calculate the burning cost of an insurance policy that provides coverage for the risk under investigation. It is of interest to the state and the family of the deceased to recover as much of this lost income as possible.
Starting Page	433
Ending Page	445
Page Count	13
File Format	PDF
ISSN	10830898
Journal	International Advances in Economic Research
Volume Number	22
Issue Number	4
e-ISSN	1573966X
Language	English
Publisher	Springer US
Publisher Date	2016-10-13
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Traffic accident Fatality Mortality Human life value Fatalities cost Protection Pure insurance premium Economics Macroeconomics/Monetary Economics//Financial Economics International Economics Microeconomics Economic Growth
Content Type	Text
Resource Type	Article
Subject	Economics and Econometrics

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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