Technical Reports

A Methodology for Evaluating the Economic Impacts of Applying Railroad Safety Standards: Volume I

  • 01
  • Oct
  • 1974
AUTHOR: Ralph G. Kennedy III, Frank H. Lloyd, Dr. Robert Lowrey
OFFICE: RPD
REPORT NUMBER: RP-41
KEYWORDS: Economic Impact, Railroad Safety Standards, Accident Costs, Cost-Effectiveness
ABSTRACT: This report presents a methodology for evaluating the economic impacts of applying railroad safety standards. The scope is considered broad enough to permit evaluation of all the safety standards thus far proposed by the Federal Railroad Administration and to allow for detailed analysis of individual equipment, track, and human factors standards. At the same time, the details and examples are fairly specific in order to present insight into the techniques and problems which might be encountered. In addition to treatment of the elements involved in impact analysis, discussions are given of other aspects of the methodology such as the proper analysis time span, the effects of inflation and interest rates, quantification problems and the role of sensitivity analysis. Special attention is given to accidents and accident prediction and also to data availability and data acquisition. An example is given of the use of the methodology using the safety standards addressed to plain bearings on freight cars. Volume 2 of this report is the manual whose step-by-step procedures are intended for the implementation of economic impact analysis.
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