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Interesting advr article just went up on this topic:
https://advrider.com/university-research-into-loud-pipes-myth/
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Maybe the case. I would be interested in a similar experiment in London where the buildings are closer together and the sound reflects more. At the moment my own experience dictates that pedestrians are a bigger risk to my life than cars but it would be interesting to gather more evidence from a wider set of circumstances.
I've found loud pipes increase awareness of your presence in city traffic and can be useful. Even as a driver I will look around a bit more if I hear a bike engine.
Never had time to use the horn. I do shout very loudly though! With an open face helmet this is a bit more useful but obviously doesn't make much difference on open roads or at speed. In town it can raise a drivers awareness.