The trade-off between money and travel time: A test of the theory of reference-dependent preferences

Borger, Bruno De; Fosgerau, Mogens

doi:10.1016/j.jue.2007.09.001

Cited by 141 publications

(119 citation statements)

References 36 publications

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“…Hess et al, 2008;De Borger and Fosgerau, 2008;Masiero and Hensher, 2010). An important question arises as to the determination of the reference point.…”

Section: Behavioural Process Under Investigationmentioning

confidence: 99%

Allowing for heterogeneous decision rules in discrete choice models: an approach and four case studies

2011

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The study of respondent heterogeneity is one of the main areas of research in the eld of choice modelling. The general emphasis is on variations across respondents in relative taste parameters while maintaining the assumption of homogeneous utility maximising decision rules. While recent work has allowed for di erences in the utility speci cation across respondents in the context of looking at heterogeneous information processing strategies, the underlying assumption that all respondents employ the same choice paradigm remains. This is despite evidence in the literature that di erent paradigms work di erently well on given datasets. In this paper, we argue that such di erences may in fact extend to respondents within a single dataset. We accommodate these differences in a latent class model, where individual classes make use of di erent underlying paradigms.We present four applications using three di erent datasets, showing mixtures between standard" random utility maximisation models and lexicography based models, models with multiple reference points, elimination by aspects models and random regret minimisation models. In each of the case studies, the behavioural mixing model obtains signi cant gains in t over the base structure where all respondents are hypothesised to use the same rule. The ndings o er important further insights into the behavioural patterns of respondents. There is also evidence that what is retrieved as taste heterogeneity in standard models may in fact be heterogeneity in decision rules.

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“…Hess et al, 2008;De Borger and Fosgerau, 2008;Masiero and Hensher, 2010). An important question arises as to the determination of the reference point.…”

Section: Behavioural Process Under Investigationmentioning

confidence: 99%

Allowing for heterogeneous decision rules in discrete choice models: an approach and four case studies

2011

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“…It is well documented that we can produce loss aversion in experiments designed to measure the value of travel time (De Borger and Fosgerau, 2008). Furthermore, there is much evidence of probability weighting in experiments involving gambles (e.g.…”

Section: Non-rational Behaviourmentioning

confidence: 99%

The valuation of travel-time variability

Fosgerau

2017

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may The International Transport ForumThe International Transport Forum is an intergovernmental organisation with 57 member countries. It acts as a think tank for transport policy and organises the Annual Summit of transport ministers. ITF is the only global body that covers all transport modes. The ITF is politically autonomous and administratively integrated with the OECD.The ITF works for transport policies that improve peoples' lives. Our mission is to foster a deeper understanding of the role of transport in economic growth, environmental sustainability and social inclusion and to raise the public profile of transport policy.The ITF organises global dialogue for better transport. We act as a platform for discussion and pre-negotiation of policy issues across all transport modes. We analyse trends, share knowledge and promote exchange among transport decision-makers and civil society. The ITF's Annual Summit is the world's largest gathering of transport ministers and the leading global platform for dialogue on transport policy ITF Discussion PapersThe ITF Discussion Paper series makes economic research, commissioned or carried out at its Research Centre, available to researchers and practitioners. They describe preliminary results or research in progress by the author(s) and are published to stimulate discussion on a broad range of issues on which the ITF works. Any findings, interpretations and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the International Transport Forum or the OECD. Neither the OECD, ITF nor the authors guarantee the accuracy of any data or other information contained in this publication and accept no responsibility whatsoever for any consequence of their use. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Comments on Discussion Papers are welcome.

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“…Given that prospect theory has become an important behavioural paradigm in understanding consumer behaviour, studies on travel behaviour have also recently started to incorporate prospect theoretical concepts and have found support for the idea that the asymmetrical utilities drawn from gains and losses are also present in the decisions of travellers (Schwanen & Ettema, 2009;Senbil & Kitamura, 2004). Additionally, reference-dependence choice models, which have been developed in the context of departure time choice and value of travel costs, also suggest evidence of loss aversion and generally show a better fit when accounting for referencing (De Borger & Fosgerau, 2008;Stathopoulos & Hess, 2012).…”

Section: Gains Versus Lossesmentioning

confidence: 99%

Tradable credits for managing car travel: a review of empirical research and relevant behavioural approaches

2016

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Recently, there has been a surge of interest in Tradable Credits (TC) as an alternative measure to manage the growth of personal car use. This paper summarises the results and methodologies of studies that have sought to anticipate the behavioural responses to several proposed TC schemes that target personal travel. In a critical reflection on this work and in an attempt to inspire future research, we argue that future empirical studies on TC behaviours can greatly benefit from insights from the fields of behavioural economics and cognitive psychology. Therefore, in the second part of the paper, we bring together behavioural concepts from these fields that are relevant in a TC decision-making context. Based on observations from current TC studies and the behavioural mechanisms identified in the second part of the paper, we propose promising directions for future research on understanding the impact of TC on personal car travel. ARTICLE HISTORY

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The trade-off between money and travel time: A test of the theory of reference-dependent preferences

Cited by 141 publications

References 36 publications

Allowing for heterogeneous decision rules in discrete choice models: an approach and four case studies

Allowing for heterogeneous decision rules in discrete choice models: an approach and four case studies

The valuation of travel-time variability

Tradable credits for managing car travel: a review of empirical research and relevant behavioural approaches

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