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A rectangular rapid flashing beacon (RRFB) is a pedestrian crosswalk countermeasure system that cautions drivers by providing them with real-time warning about the presence of pedestrians in an upcoming crosswalk. This paper investigated the safety effectiveness of existing RRFBs installed in the state of Florida between 2013 and 2018. Additionally, traffic volume, roadway characteristics, and land-use mix were included as explanatory variables. The study evaluated 154 treated sites with RRFB installations and 158 control sites with similar characteristics. Safety performance functions (SPF) were developed, and crash modification factors (CMF) were calculated using the empirical Bayes (EB) methodology for various crash types. A CMF of 0.31 for total pedestrian crashes was estimated, showing that RRFBs have the potential to reduce 69% of total pedestrian-involved crashes. CMF for total vehicular crashes and rear-end crashes were also investigated to ascertain whether RRFBs have adverse effects on rear-end crashes. CMF for total vehicular crashes was found to be 1.14, showing that RRFBs do not have positive effect in reducing total vehicular crashes. Similarly, it was observed that CMF for the rear-end crashes was 1.11, indicating RRFBs might have adverse effect on rear-end crashes because vehicles needs to slow down or stop due to the presence of pedestrians. CMFunctions for significant variables for pedestrian, rear-end, and total crash models were also estimated in this study. An economic analysis indicated that the implementation of RRFBs will yield a benefit to cost ratio (calculated over 3 years) of approximately 85.5 with a 4% discount rate. [ABSTRACT FROM AUTHOR]