The economics of railroad safety

the long version

The Economics of Railroad Safety stems from the traditions of industrial organization and law and economics. The objective of the book is to examine the exact nature of the "safety problem": how much safety should be provided; what might hinder obtaining such a level of provision; and what we can do about it. Discussion of safety is often infused with emotion. By contrast, the author uses a logical approach to laying out the economics of safety, allowing the informed reader to understand exactly what constitutes the main issues. Therefore, while the book deals specifically with freight railroads, the theory is applicable to all forms of transportation.