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Research Project Report

Research Project Report 상세보기
A Study on the Development of Estimation Methodology for Psychological Cost in Marine Accidents
Report No. 2015-09 Research Manager Ho Choon, Lee
File

Research Member : Keon Woo, Lee  / Hye Jin, Lee


Summary


1) The current status of cost estimation for traffic accidents in Korea


 The Road Traffic Authority estimated that the cost of road accident stood at KRW 24.44 trillion (as of 2013) in the total traffic accident in Korea. According to the estimation by Korea Transport Institute, the cost of road accidents in Korea were calculated KRW 38.6512 trillion (as of 2011), while that of railway, maritime and air traffic accidents stood at KRW 54 billion, KRW 152.6 billion and KRW 171.2 billion respectively. The road traffic accidents account for the largest share of the total accident costs and the cost for human casualty takes up the highest proportion of cost items for traffic accidents.
 Considering this, it is necessary for the government to come up with a comprehensive measure and intensive care for reducing casualties and preventing the road traffic accidents, which take the highest social cost of traffic accidents. In addition, public interest and cooperation are required for traffic safety.


2) The current status of cost estimation for traffic accidents in overseas.


 Looking at the estimation of traffic accident costs, the Unites States ranked the highest (economic cost) accounting for 1.6% (USD 242 billion) of the GDP. Also, the US is estimating the social cost by taking the cost of changing quality of life due to traffic accident into consideration.
 The United Kingdom is differentiating itself from other countries in that the country includes the cost for preventing the accidents into the concept of accident costs. In Japan, the transport accident cost reached to JPY 6.3 trillion which accounted for 1.3% of the GDP as of 2009. Unlike other countries, Japan considered not only the monetary loss, but also non-monetary loss such as pain, grief, suffering and joy of life. In the same year, China’s transport accident cost stood at CNY 926 million in direct economic loss.
 While Korea classifies accident cost items into large categories, advanced countries including the US and the UK classifies the items in detail and estimates the cost.


3) The Result of Estimating the Psychological Cost of Marine Accidents (KRW unit)


 According to the result of estimating the psychological cost of marine accidents, the accident leading to death was KRW 230,363,000, major accident resulting physical impairment at KRW 104,523,000, major accident without physical impairment at KRW 70,994,000 and minor accident at KRW 21,295,000. Next, the study compared this physiological cost of marine accidents with the average WTP (Willingness to Pay) estimate for road accident costs calculated by the Korea Transport Institute. The comparison result showed that the estimated psychological cost in marine accidents leading to death was higher than that of road accidents in 2007 and lower than the psychological cost of death accidents in 2013. The estimated cost for major accidents with physical impairment showed a similar pattern. On the other hand, in case of major accidents with no physical impairment as well as minor accidents, the psychological cost of marine accidents was 2.5 times higher than that of road accidents.
 One reason that the psychological cost of marine accidents related to death and physical impairment was lower than that of road accidents is the difference of the subject groups for survey. The subject for road accidents includes those with various jobs and income groups. However, the estimation of psychological cost of marine accidents was carried out to almost the same job groups mainly in fishing and shipping areas. Therefore, the estimated result was partly biased due to the limited group of subjects.


4) How to use the psychological cost of marine accidents


The psychological cost of marine accidents can largely be applied in two ways: policy measures and statistical measures. For policy measures, the psychological cost can be utilized for the Cost Benefit analysis for marine transport safety facilities, and as a side index for Marine Safety Culture Index. It also can be used as a policy promotion material to spread the marine safety culture. Meanwhile, the psychological cost can be used directly to the marine accident statistics or estimating the annual cost of marine accidents. This study used the psychological cost to estimate the 2014 marine accident cost.


5) The Marine Accident Cost in 2014


The marine accident cost as of 2014 stood at about KRW 490.2 billion of which the cost of physical and human damage took up the most with KRW 427.3 billion (87.2%), followed by the psychological cost of KRW 58.9 billion (12.0%) and then the administration cost of KRW 4 billion (0.8%).
The estimation of marine accident cost in 2014 had some changes in terms of the individual items. The change was the result of different estimation method such as changing standard of the marine accident statistics and the calculation in KRW currency unit. However, the total cost of marine accidents was not largely impacted. This is because the physical and human damage costs, which account for most of the marine accident cost, were based on insurance data. Also, the total cost has partly related to the number of marine accidents, but the impact itself is not absolute. Since the administration and psychological costs were hugely affected by the number of death, missing and injured, the cost increase was significant.

Research Project Report 상세보기
A Study on the Development of Estimation Methodology for Psychological Cost in Marine Accidents
Report No. 2015-09 Research Manager Ho Choon, Lee
File

Research Member : Keon Woo, Lee  / Hye Jin, Lee


Summary


1) The current status of cost estimation for traffic accidents in Korea


 The Road Traffic Authority estimated that the cost of road accident stood at KRW 24.44 trillion (as of 2013) in the total traffic accident in Korea. According to the estimation by Korea Transport Institute, the cost of road accidents in Korea were calculated KRW 38.6512 trillion (as of 2011), while that of railway, maritime and air traffic accidents stood at KRW 54 billion, KRW 152.6 billion and KRW 171.2 billion respectively. The road traffic accidents account for the largest share of the total accident costs and the cost for human casualty takes up the highest proportion of cost items for traffic accidents.
 Considering this, it is necessary for the government to come up with a comprehensive measure and intensive care for reducing casualties and preventing the road traffic accidents, which take the highest social cost of traffic accidents. In addition, public interest and cooperation are required for traffic safety.


2) The current status of cost estimation for traffic accidents in overseas.


 Looking at the estimation of traffic accident costs, the Unites States ranked the highest (economic cost) accounting for 1.6% (USD 242 billion) of the GDP. Also, the US is estimating the social cost by taking the cost of changing quality of life due to traffic accident into consideration.
 The United Kingdom is differentiating itself from other countries in that the country includes the cost for preventing the accidents into the concept of accident costs. In Japan, the transport accident cost reached to JPY 6.3 trillion which accounted for 1.3% of the GDP as of 2009. Unlike other countries, Japan considered not only the monetary loss, but also non-monetary loss such as pain, grief, suffering and joy of life. In the same year, China’s transport accident cost stood at CNY 926 million in direct economic loss.
 While Korea classifies accident cost items into large categories, advanced countries including the US and the UK classifies the items in detail and estimates the cost.


3) The Result of Estimating the Psychological Cost of Marine Accidents (KRW unit)


 According to the result of estimating the psychological cost of marine accidents, the accident leading to death was KRW 230,363,000, major accident resulting physical impairment at KRW 104,523,000, major accident without physical impairment at KRW 70,994,000 and minor accident at KRW 21,295,000. Next, the study compared this physiological cost of marine accidents with the average WTP (Willingness to Pay) estimate for road accident costs calculated by the Korea Transport Institute. The comparison result showed that the estimated psychological cost in marine accidents leading to death was higher than that of road accidents in 2007 and lower than the psychological cost of death accidents in 2013. The estimated cost for major accidents with physical impairment showed a similar pattern. On the other hand, in case of major accidents with no physical impairment as well as minor accidents, the psychological cost of marine accidents was 2.5 times higher than that of road accidents.
 One reason that the psychological cost of marine accidents related to death and physical impairment was lower than that of road accidents is the difference of the subject groups for survey. The subject for road accidents includes those with various jobs and income groups. However, the estimation of psychological cost of marine accidents was carried out to almost the same job groups mainly in fishing and shipping areas. Therefore, the estimated result was partly biased due to the limited group of subjects.


4) How to use the psychological cost of marine accidents


The psychological cost of marine accidents can largely be applied in two ways: policy measures and statistical measures. For policy measures, the psychological cost can be utilized for the Cost Benefit analysis for marine transport safety facilities, and as a side index for Marine Safety Culture Index. It also can be used as a policy promotion material to spread the marine safety culture. Meanwhile, the psychological cost can be used directly to the marine accident statistics or estimating the annual cost of marine accidents. This study used the psychological cost to estimate the 2014 marine accident cost.


5) The Marine Accident Cost in 2014


The marine accident cost as of 2014 stood at about KRW 490.2 billion of which the cost of physical and human damage took up the most with KRW 427.3 billion (87.2%), followed by the psychological cost of KRW 58.9 billion (12.0%) and then the administration cost of KRW 4 billion (0.8%).
The estimation of marine accident cost in 2014 had some changes in terms of the individual items. The change was the result of different estimation method such as changing standard of the marine accident statistics and the calculation in KRW currency unit. However, the total cost of marine accidents was not largely impacted. This is because the physical and human damage costs, which account for most of the marine accident cost, were based on insurance data. Also, the total cost has partly related to the number of marine accidents, but the impact itself is not absolute. Since the administration and psychological costs were hugely affected by the number of death, missing and injured, the cost increase was significant.

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