Modeling Parking Choice Behavior Using Cumulative Prospect Theory

Yang Cao, Yifan Ren (), Hongfei Jia, Mingze Sun and Zebo Dali
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Yang Cao: College of Transportation, Jilin University, Changchun 130022, China
Yifan Ren: College of Transportation, Jilin University, Changchun 130022, China
Hongfei Jia: College of Transportation, Jilin University, Changchun 130022, China
Mingze Sun: College of Transportation, Jilin University, Changchun 130022, China
Zebo Dali: College of Transportation, Jilin University, Changchun 130022, China

Sustainability, 2024, vol. 16, issue 4, 1-17

Abstract: In order to capture the driver’s attitude and preference towards risk during the decision-making process, this paper establishes a parking choice model considering driver heterogeneity based on the cumulative prospect theory. This research innovatively considers the influence of the unreliability of cruise time on drivers’ parking choice behavior and adds the psychological cost of drivers’ anxiety caused by lateness into the model. At the same time, according to the driver’s parking preference for parking, the latent category model is used to divide the driver into time-sensitive and money-sensitive categories. This paper analyzes the influence of unreliable cruising time on drivers’ parking choice behavior and finds that drivers have the characteristics of overestimating high-probability events and underestimating low-probability events in the decision-making process. By comparing the parking choice results of rational and irrational drivers, it is found that the model considering the risk attitude of drivers in the decision-making process is more in line with reality.

Keywords: parking choice behavior; cruising time; cumulative prospect theory (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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