Logsums for utility-maximizers and regret-minimizers, and their relation with desirability and satisfaction

Caspar Chorus

Transportation Research Part A: Policy and Practice, 2012, vol. 46, issue 7, 1003-1012

Abstract: This paper studies to what extent the Logsum-measure of user benefits relates to travelers’ perceptions of choice set-desirability and choice-satisfaction. Knowing these relations is important since researchers have recently started to analyze and interpret user benefits in general – and Logsums in specific – in terms of these more behaviorally oriented notions, rather than in terms of expected utility. Participants to a stated route choice experiment were asked to indicate, after each choice made, to what extent they considered the choice set to be desirable, or to what extent they were satisfied with the chosen alternative. These measurements were correlated with Logsums that were computed for each choice situation. In addition, the paper derives a regret-based Logsum (which gives the expected regret of a choice situation) and presents a comparison with its utilitarian counterpart. Also for this regret-based Logsum, correlations with desirability- and satisfaction-ratings are computed. As a general finding, it appears that all computed correlations are rather weak. This suggests that, at least in the context of our data, the utility-based Logsum and its regret-based counterpart appear to have only a fairly weak connection with the behavioral notions of choice set-desirability and choice-satisfaction.

Keywords: User benefits; Logsum; Satisfaction; Desirability; Random Regret Minimization (search for similar items in EconPapers)
Date: 2012
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0965856412000729
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:transa:v:46:y:2012:i:7:p:1003-1012

Ordering information: This journal article can be ordered from
http://www.elsevier.com/wps/find/supportfaq.cws_home/regional
https://shop.elsevie ... _01_ooc_1&version=01

DOI: 10.1016/j.tra.2012.04.008

Access Statistics for this article

Transportation Research Part A: Policy and Practice is currently edited by John (J.M.) Rose

More articles in Transportation Research Part A: Policy and Practice from Elsevier
Bibliographic data for series maintained by Catherine Liu ().