Towards a willingness-to-pay based value of underground safety

London Underground Ltd. (LUL) is seeking a method for determining the monetary value of underground transport safety based on its commitment to maximize net social benefits within specific constraints. Thus, customer preference for such safety must be considered. To ensure the firm's balanced safety expenditures, a willingness-to-pay scheme must be introduced. Research has been funded by LUL to obtain proper estimates for transport safety.