Behavioural implications of preferences, risk attitudes and beliefs in modelling risky travel choice with travel time variability

Zheng Li and David Hensher

Transportation, 2013, vol. 40, issue 3, 505-523

Abstract: The appropriate interpretation of a behavioural outcome requires allowing for risk attitude and belief of an individual, in addition to identification of preferences. This paper develops an Attribute-Specific Extended Rank-Dependent Utility Theory model to better understand choice behaviour in the presence of travel time variability, in which these three important components of choice are empirically addressed. This framework is more behaviourally appealing for travel time and travel time variability research than the traditional approach in which risk attitude and belief are overlooked. This model also reveals significant unobserved between-individual heterogeneity in preferences, risk attitudes and beliefs. Copyright Springer Science+Business Media New York 2013

Keywords: Traveller behaviour; Stated choice; Travel time variability; Preference; Risk attitude; Belief (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (6)

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DOI: 10.1007/s11116-012-9445-2

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