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Road accidents have a great impact on the quality of life of victims. By quantifying and placing an economic value on that loss of quality of life, you can include these intangible consequences of crashes, alongside the ‘hard’ economic consequences, in economic evaluations, cost calculations and policy deliberations..
W2Economics has a great deal of expertise on methodologies used to measure quality of life and to determine its economic value. For instance, we are experts in the concept of the ‘value of a statistical life’ (VoSL), the methods used to determine VoSL, and the values that can be used in economic evaluation studies. We also specialise in methodologies used to quantify and determine the economic value of loss of quality of life experienced by those injured in accidents. We are also very familiar with the concept of ‘Disability Adjusted Life Years’ (DALYs), and with making the associated economic valuations. This is a concept derived from public health, but is also very useful in measuring effects on quality of life related to road safety.
