The role of source preference and subjective probability in valuing expected travel time savings

Hensher, David A.; Li, Zheng; Ho, Chinh Q.

doi:10.1016/j.tbs.2014.07.005

Cited by 12 publications

(6 citation statements)

References 39 publications

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“…is the subjective judgment function of travelers to the possible results k of each travel mode, and it is a weighted function of the probability of event occurrence [14]. Te formula expression of the decision weight function is shown in formula (2), and the parameters θ and μ are the attitude coefcients facing different results, respectively.…”

Section: Determination Of Decision Weight Function Te Decision Weight...mentioning

confidence: 99%

Commuter Travel Behavior Modeling in Metropolitan Areas Based on Cumulative Prospect Theory: A Case Study of Xi’an, China

Xin,

2024

Complexity

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A metropolitan area is a new form of urban development under the agglomeration effect and scale economy. The renewal and upgrading of urban spatial structures have brought new pressure to urban commuting. Under the new form of the metropolitan area, the process of regional integration has accelerated, and long-distance extreme commuting has increased. New changes have taken place in the travel structure. This paper constructs a travel behavior selection model for office workers based on the cumulative prospect theory, introduces the value of commuting travel time into the generalized travel cost function, uses the weight function and the improved generalized travel cost function as the basis of the transportation mode selection model, defines the reference point of the generalized travel cost in the model, and selects the prospect with the largest cumulative prospect value as the optimal decision for travelers. Based on the “expected utility maximization theory” and the “cumulative prospect theory,” the commuter is simulated under four different travel scenarios to study the optimal traffic mode selection behavior. The results show that under the framework of expected utility theory, the travel mode choice behavior of commuters is not affected by travel scenarios, and the cumulative prospect theory is more suitable for the study of travel mode choice behavior. The construction of a transportation mode selection model with the value of commuting travel time as the core variable can help commuters to choose a reasonable transportation mode and provide a basis for the government and relevant departments to formulate traffic management plans and implement traffic congestion mitigation policies.

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Section: Determination Of Decision Weight Function Te Decision Weight...mentioning

confidence: 99%

Commuter Travel Behavior Modeling in Metropolitan Areas Based on Cumulative Prospect Theory: A Case Study of Xi’an, China

Xin,

2024

Complexity

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“…Hence, travel time variability is a type of uncertainty rather than risk. In the transportation literature, only a study co-authored by the author, Hensher, Li and Ho (2015), has addressed this distinction between risk and uncertainty empirically, where the attitude parameter, source preference parameter, probability weighting function are estimated in a model simultaneously. Given the importance of uncertainty on decision making, more evidence is needed.…”

Section: Some Comments On Previous Travel Time Variability Studiesmentioning

confidence: 99%

“…Given the importance of uncertainty on decision making, more evidence is needed. This paper focuses on the role of uncertainty aversion only through the estimated source preference parameter, and the findings are compared with the earlier study of Hensher, Li and Ho (2015).…”

Section: Some Comments On Previous Travel Time Variability Studiesmentioning

confidence: 99%

Uncertainty Aversion and Its Role in Travel Decision Making Under Uncertainty

Li¹

2017

International Journal of Strategic Decision Sciences

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Travel time variability is a random phenomenon, and within the presence of it, uncertainty is associated with decision making. When a choice is made in an uncertain situation, the probability distribution is based on the subjective judgments of a decision maker. This paper introduces a psychological perspective to the concept of travel time variability, by embedding a belief-based weighting, so as to better understand decision making under uncertainty. This research argues that a subjective probability approach accounting for degrees of belief should be addressed in order to capture the impact of travel time variability on decision making. Using a simulated choice data set, the author provides an example of modelling uncertainty aversion, and illustrate its impacts on model performance.

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“…Travel costs and various educational interventions aimed at changing attitudes can alter the prevalence of walking. DA Hensher et al 7 discussed on the value of expected travel time savings. The impact of travel time variability on travel decision making is analyzed.…”

Section: Introductionmentioning

confidence: 99%

Travel cooperation cost allocation

Zhu

Chen

Wang

et al. 2017

Advances in Mechanical Engineering

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Reasonable travel cooperation cost allocation is the premise of promoting travel cooperation. Travel cooperation is the premise of relieving traffic congestion. From the perspective of cooperation, the connotation and basic principle of travel cooperation cost allocation are analyzed. Also the basic condition and specific allocation method of travel cooperation cost allocation are discussed. Travel cooperation cost allocation model is established according to travel cooperation level. The reasonability of travel cooperation cost allocation method and traveler acceptance level on allocation method are analyzed through questionnaire survey. The condition of travel giving preference to public transit is analyzed. The survey result shows that travel cooperation cost allocation method is reasonable and feasible.

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The role of source preference and subjective probability in valuing expected travel time savings

Cited by 12 publications

References 39 publications

Commuter Travel Behavior Modeling in Metropolitan Areas Based on Cumulative Prospect Theory: A Case Study of Xi’an, China

Commuter Travel Behavior Modeling in Metropolitan Areas Based on Cumulative Prospect Theory: A Case Study of Xi’an, China

Uncertainty Aversion and Its Role in Travel Decision Making Under Uncertainty

Travel cooperation cost allocation

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