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Cost Benefit Analysis. Do Speed Cameras Produce Net Benefits? Evidence from British Columbia, Canada . My name and the Citation of the cost benefit analysis. My Name: Sarah Abdulkarim. Title: Do Speed Cameras Produce Net Benefits? Evidence from British Columbia, Canada

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Cost benefit analysis l.jpg

Cost Benefit Analysis

Do Speed Cameras Produce Net Benefits? Evidence from British Columbia, Canada


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My name and the Citation of the cost benefit analysis

  • My Name: Sarah Abdulkarim.

  • Title: Do Speed Cameras Produce Net Benefits? Evidence from British Columbia, Canada

  • Source: Journal of Policy Analysis and Management v25, n3 (Summer 2006): 661-78

  • Document Type: Journal Article

  • Database: Econ-Lit


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Introduction:

  • Worldwide, road traffic injuries are the leading cause of death by injury and the ninth leading cause of all deaths.

  • Traffic collisions kill about 43,000 Americans a year



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Primary questions need to be addressed

  • What are the Costs of the speed cameras?

  • What are the Benefits of the speed cameras?

  • Do speed cameras produce Net Benefits?


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Method used to analyze the questions

  • The study introduced all the cost and benefits of the speeding cameras on:

  • The societal point of view

  • Sponsoring-agency perspectives: Insurance Corporation of British Columbia (ICBC)


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Data source used in the article

  • The analysis that is used in this study is based on two years of program data (1996 through 1998)


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Total Program Costs

  • Tables 2 & 3: Both the societal and ICBC perspectives, Photo Radar Program costs were = C$27.3 million.

  • Cost of travel time = C$372 million per year


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Benefit from Reduction in Collisions, Injuries, Deaths, and Property Damage

  • it was estimated that the program prevented:

  • 2,220 fewer injury collisions (14%)

  • 79 fewer fatal collisions (26%)

  • Emergency response worth C$0.14 million was avoided by photo radar


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In the societal perspective… Property Damage

  • lives and injuries were valued using estimated economic values of:

    -C$120,000 per injury collision

    -C$4.58 million per fatal collision.

  • From (Table 2), the value of safety benefits = C$514 million


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In the ICBC perspective Property Damage

  • Estimated average claim costs of:

    -C$40,000 for each injury collision

    -C$50,000 for each fatal collision

  • Estimated claim savings (Table 3) of C$66 million.


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Summary of costs and benefits: Property Damage

  • Net social benefit = C$115 million

  • The largest single benefit is the value of injuries, deaths, and property damage prevented =C$514 million/year

  • Photo Radar Program cost = $C27 million

  • Lost travel time cost = C$372 million/year


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Policy implications Property Damage

  • Greater use of highway photo radar speed enforcement would be good public policy.


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Important elements that are addressed Property Damage

  • My name and the citation of the cost benefit analysis

  • Primary questions addressed in the paper

  • Method used to analyze the questions

  • Data source used in the article

  • Results focusing on the implication for the primary questions

  • Policy implications