Benefits of the Bus Rapid Transit System on the Reduction of Road TravelCrashes

Abstract

Abstract In various cities worldwide, numerous studies have extensively documented the factors contributing to road accidents as a negative externality resulting from transportation activities. These factors have led to a rise in road fatalities and injuries in urban areas. However, existing literature has indicated a decline in road accidents attributed to the maintenance, construction, or expansion of innovative transportation infrastructure, effective regulation (surveillance and control), public policies, educational programmes, or advancements in vehicle safety technology. Despite this, the literature is limited in its analysis of the economic benefits arising from the reduction in urban road fatalities and injuries, and the quantitative methods used to estimate corresponding monetary values are also constrained. In accordance, the contribution of this study is to propose a quantitative approach to demonstrating economic value by means of the integration between the results of a time series model (Two-Stage ARIMAX—Autoregressive Integrated Moving Average with Exogenous and Endogenous Variables), the value of statistical life (fatalities and injuries) and avoided costs. Considering the social benefits derived from the reduction of road fatalities and injuries occasioned by the operation of the Bus Rapid Transit (BRT), TransMilenio (2000–2019), in Bogotá (Colombia), the positive impact has been in the short and long run (over a period of three years for the road fatalities and over a period of six years for the traffic injuries). JEL Classification Codes: R4; R41; D62.