Accommodating perceptual conditioning in the valuation of expected travel time savings for cars and public transport
David Hensher () and
John Rose ()
Research in Transportation Economics, 2013, vol. 39, issue 1, 270-276
Travel time variability (i.e., random variations in travel time) leads to a travel time distribution for a repeated trip from a fixed origin to destination (e.g., from home to work). To represent travel time variability, a series of possible travel times per alternative (departure time, route or mode) are often used in stated choice experiments. In the traditional models, the probabilities associated with different travel scenarios (e.g., arriving early, on time and late) shown in the experiments are directly used as weights. However, evidence from psychology suggests that the shown probabilities may be transformed (underweighted or overweighted) by respondents. To account for this transformation of probabilities, this study incorporates perceptual conditioning through a non-linear probability weighting function into a utility maximisation framework, within which the empirical estimate of the value of expected travel time savings is estimated. The key advantage of this framework is that the estimated willingness to pay value can be directly linked to the source of utility (i.e., the probability distribution of travel time), while taking into account the perceptual transformation of probabilities.
Keywords: Travel time variability; Travel time distribution; Perceptual conditioning; Non-linear probability weighting; Willingness to pay; Value of expected travel time savings (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:eee:retrec:v:39:y:2013:i:1:p:270-276
Ordering information: This journal article can be ordered from
https://shop.elsevie ... _01_ooc_2&version=01
Access Statistics for this article
Research in Transportation Economics is currently edited by M. Dresner
More articles in Research in Transportation Economics from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().