This study derives the implied values of reducing the risks of fatal and non-fatal injuries for different road user populations. Values are obtained for “typical” adults, children (as implied by their parents’ actions) and adults who ride motorcycles. Also considered is whether individuals evaluate small time increments consistently with larger time allocations.

The study compares the external costs of road traffic accidents in different European countries and finds substantial differences in the external costs per vehicle-kilometre. It also finds that lorries and buses generate substantially higher external costs than passenger cars because pedestrians, cyclists, motor-cycle riders, and the occupants of passenger cars, face greater hazards from lorries and buses when a collision occurs.

This paper discusses the development of safety regulation in sea transport. It suggests that international competitive forces and regulatory capture, coupled with the slow and uneven effects of international conventions, has led to a sub-optimal level of ship safety. Reforms are therefore needed based on a systematic programme of cost-benefit analysis, involving higher quality of information.