New model results for three SC experiences undertaken in Chile were then
compared. These gave plausible values and showed the feasibility of conducting
this type of study in a developing country. It was shown that the value of road
safety in Chile is lower than what would be suggested by transferring values from
developed countries adjusting by per-capita income; this could be due to the
lower-risk aversion prevailing in less-developed nations. Doubts were also cast
about the ratio commonly accepted between the value of reducing one fatality and
that of reducing a serious injury, suggesting that the latter could be much higher
than the usually accepted 10% if the serious risk is more accurately defined.
Finally, the paper also illustrated the applicability of the results in cost–benefit
analysis. During the late 1970s and early 1980s, many industrialized countries moved from the HC to the VRR in the social cost–benefit appraisal of road
schemes, with a clear impact in terms of the reduction in the number of fatal
crashes; it is clear from our limited experience here that such a move would
contribute to devoting more resources to road safety in developing countries and
thus also reduce the unacceptable number of road fatalities currently experienced.