Models of transportation choice with risk: an application to managed lanes
| Autor: | W. Douglass Shaw, Mark W Burris, Chao Huang |
|---|---|
| Rok vydání: | 2016 |
| Předmět: |
050210 logistics & transportation
Engineering Cumulative prospect theory business.industry media_common.quotation_subject 05 social sciences Transportation Sample (statistics) Travel time Travel behavior Optimism Active traffic management 0502 economics and business Value (economics) Econometrics Operations management 050207 economics business Expected utility hypothesis media_common |
| Zdroj: | Transportation Letters. 9:276-295 |
| ISSN: | 1942-7875 1942-7867 |
| DOI: | 10.1080/19427867.2016.1204811 |
| Popis: | A rapidly exploding body of recent literature recognizes the limitations of modeling travel behavior with the assumption that the traveler faces no risk. More recent models incorporate risk and can be based on expected utility theory (EUT). However, violations of key assumptions of EUT have led to the development of non-EUT models of behavior. This study focuses on managed lane (ML) choice and examines differences in the value of travel time under cumulative prospect theory (CPT) specification versus the EUT. Travelers in our sample are more risk-averse when faced with possibly being late than they are with respect to potential savings in travel time in general. Travelers exhibit optimism (underweight the probability) when the chances of facing a longer travel time are high. The CPT models performed better than traditional models and thus, may prove to be an important tool when considering the benefits of MLs. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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