How can risk aversion factor characterise choices of economic agents under uncertainty in rail transport?
BEN AOUN ; EL-KOURSI ; LEMAIRE
Type de document
COMMUNICATION AVEC ACTES INTERNATIONAL (ACTI)
Langue
anglais
Auteur
BEN AOUN ; EL-KOURSI ; LEMAIRE
Résumé / Abstract
This paper aims at studying the links between the perception of the risk of the individuals and the estimation of the value of a human life within the framework of Cost-Benefit Analyses in transport. We first recall the context of the study- the Rail Optimisation Safety Analysis (ROSA) project. The goal of this DEUFRAKO project is to analyse the risks on the French and German railways from the AEIF (European Association for Railway Interoperability) functional architecture. We then present the concept and the stake of utility functions for the modelling of the risk - in particular, the von Neumann-Morgenstern (VNM) utility functions- and how to measure the degree of risk aversion, often called the Arrow-Pratt measure of Risk-Aversion, and integrate it in the value of the human life. The interest of creating a utility function for all the different individuals is to introduce the risk concept into the valuation of a human life.
