Chongqing Jiaotong University Reports Findings in Risk Management (Using cross efficiency method integrating regret theory and WASPAS to evaluate road safety performance of Chinese provinces): Risk Management

2021 OCT 08 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- New research on Risk Management is the subject of a report. According to news reporting originating in Chongqing, People’s Republic of China, by NewsRx journalists, research stated, “Currently, the road safety performance of a national- or province-level is absorbing much attention from practitioners and academics. A variety of models based on Data Envelopment Analysis (DEA) have been presented to appraise road safety performance in previous literature.”

Financial support for this research came from National Natural Science Foundation of China.

The news reporters obtained a quote from the research from Chongqing Jiaotong University, “However, the main weakness of these methods is that the decision-maker’s psychological behavior is neglected. Besides, Cross Efficiency Method (CEM) adopts the weighted average to aggregate the cross efficiencies which may lead to information loss. To address these limitations, a hybrid road safety evaluation model was constructed by integrating CEM, regret theory, and Weighted Aggregated Sum Product Assessment (WASPAS) to appraise the road safety performance of Chinese provinces. In the presented model, regret theory is employed to depict the psychological behavior of the decision-maker. Then entropy weight method is utilized to calculate the weight of self-evaluation and peer-evaluation. To reduce information loss, WASPAS is adopted to fuse the cross efficiencies and derive the ranking of decision-making units. Finally, the presented model is employed to assess the road safety efficiency in the province of mainland China. The results show that the mean of road safety efficiency score for the eastern, central, and western areas is gradually decreasing.”

According to the news reporters, the research concluded: “Furthermore, the outcomes of a comparative analysis represent that the results obtained by the proposed model outperform the CEM and DEA road safety model.”

This research has been peer-reviewed.

For more information on this research see: Using cross efficiency method integrating regret theory and WASPAS to evaluate road safety performance of Chinese provinces. Accident Analysis & Prevention, 2021;162:106395. Accident Analysis & Prevention can be contacted at: Pergamon-elsevier Science Ltd, The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, England. (Elsevier - www.elsevier.com; Accident Analysis & Prevention - http://www.journals.elsevier.com/accident-analysis-and-prevention/)

Our news correspondents report that additional information may be obtained by contacting Jiang-Hong Zhu, College of Traffic and Transportation, Chongqing Jiaotong University, No. 66, Xuefu Road, Nan’ an District, Chongqing 400074, People’s Republic of China. Additional authors for this research include Jian Chen, Guo-Fang Li and Bin Shuai.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1016/j.aap.2021.106395. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

The publisher of the journal Accident Analysis & Prevention can be contacted at: Pergamon-elsevier Science Ltd, The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, England.

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