THE EFFECT OF PERSONAL CHARACTERISTICS ON DRIVERS' SPEED SELECTION: AN ECONOMIC APPROACH

This paper presents the results of research which has developed simple models of drivers' speed selection behaviour both with and without the influence of speed limits. The model is based on a concept of drivers as "risk neutral utility maximising agents". It takes into account considerations of travel time, safety hazard, and the effects of speed limits. The data used in the model is taken from a survey carried out on a section of rural road in Norway. The models are used to calculate: (a) the optimal speed selection by drivers, both with and without speed limits, and (b) the relationship between travel costs and speed, both with and without speed limits. The results of the modelling indicate the importance of a number of personal characteristics on drivers' speed selection behaviour, including age, driving experience, attitudes towards travel time savings and perceptions of enforcement and penalties. The results also suggest that moral hazard effects may also be present. A number of suggestions for future direction of research are proposed.