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Human Capital Theory: An Australian Road Crash Costing Review

In order to prioritise public expenditure on road crash prevention and injury reduction programmes, governments need information on the current cost of crashes and the estimated benefits of the proposed programmes. The cost of crashes includes tangible costs such as vehicle damage repair cost, and intangible costs such as the value of lives lost due to road crashes. Human capital theory can be used to estimate the latter cost. The most recent comprehensive study of road crash costs in Australia estimated annual costs of A$246.1 million (1988 dollars). This included as estimate of the value of lives lost. How this figure is derived, and the problems related to using this human capital approach to road crash cost estimation, are discussed in this paper.