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Modelling travellers' heterogeneous route choice behaviour as prospect maximizers

Giselle de Moraes Ramos, Winnie Daamen and Serge Hoogendoorn

Journal of choice modelling, 2013, vol. 6, issue C, 17-33

Abstract: The use of Prospect Theory to model route choice has increased in the past decades. The main application issue is how to define the reference point, i.e., the value that travellers use as a reference to distinguish gains and losses in the experienced travel times. Moreover, the question can be asked whether all travellers have the same reference point or whether heterogeneity in their behaviour plays an important role.

Keywords: Prospect Theory; Reference point; Travel behaviour and heterogeneity (search for similar items in EconPapers)
Date: 2013
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Handle: RePEc:eee:eejocm:v:6:y:2013:i:c:p:17-33