An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertainty
In this paper, we examined travelers’ dynamic mode choice behavior under travel time variability. We found travelers’ inconsistent risk attitudes through a binary mode choice experiment. Although the results deviated from the traditional utility maximization theory and could not be explained by the...
| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
KeAi Communications Co., Ltd.
2017-06-01
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| Series: | International Journal of Transportation Science and Technology |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2046043017300023 |
| _version_ | 1797762109821419520 |
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| author | Chao Yang Binbin Liu Lianyan Zhao Xiangdong Xu |
| author_facet | Chao Yang Binbin Liu Lianyan Zhao Xiangdong Xu |
| author_sort | Chao Yang |
| collection | DOAJ |
| description | In this paper, we examined travelers’ dynamic mode choice behavior under travel time variability. We found travelers’ inconsistent risk attitudes through a binary mode choice experiment. Although the results deviated from the traditional utility maximization theory and could not be explained by the payoff variability effect, they could be well captured in a cumulative prospect theory (CPT) framework. After considering the imperfect memory effect, we found that the prediction ability of the cumulative prospect theory learning (CPTL) model could be significantly improved. The experimental results were also compared with the CPTL model and the reinforcement learning (REL) model. This study empirically showed the potential of alternative theories to better capture travelers’ day-to-day mode choice behavior under uncertainty. A new definition of willingness to pay (WTP) in a CPT framework was provided to explicitly consider travelers’ perceived value increases in travel time. |
| first_indexed | 2024-03-12T19:22:38Z |
| format | Article |
| id | doaj.art-3f7c9ef68ed3410180a05d1d8d004d9c |
| institution | Directory Open Access Journal |
| issn | 2046-0430 |
| language | English |
| last_indexed | 2024-03-12T19:22:38Z |
| publishDate | 2017-06-01 |
| publisher | KeAi Communications Co., Ltd. |
| record_format | Article |
| series | International Journal of Transportation Science and Technology |
| spelling | doaj.art-3f7c9ef68ed3410180a05d1d8d004d9c2023-08-02T05:00:45ZengKeAi Communications Co., Ltd.International Journal of Transportation Science and Technology2046-04302017-06-016214315810.1016/j.ijtst.2017.07.002An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertaintyChao Yang0Binbin Liu1Lianyan Zhao2Xiangdong Xu3Key Laboratory of Road and Traffic Engineering of the Ministry of Education, Tongji University, 4800 Cao’an Road, Shanghai 201804, ChinaShanghai Municipal Engineering Design Institute (Group) Co., Ltd., ChinaKey Laboratory of Road and Traffic Engineering of the Ministry of Education, Tongji University, 4800 Cao’an Road, Shanghai 201804, ChinaKey Laboratory of Road and Traffic Engineering of the Ministry of Education, Tongji University, 4800 Cao’an Road, Shanghai 201804, ChinaIn this paper, we examined travelers’ dynamic mode choice behavior under travel time variability. We found travelers’ inconsistent risk attitudes through a binary mode choice experiment. Although the results deviated from the traditional utility maximization theory and could not be explained by the payoff variability effect, they could be well captured in a cumulative prospect theory (CPT) framework. After considering the imperfect memory effect, we found that the prediction ability of the cumulative prospect theory learning (CPTL) model could be significantly improved. The experimental results were also compared with the CPTL model and the reinforcement learning (REL) model. This study empirically showed the potential of alternative theories to better capture travelers’ day-to-day mode choice behavior under uncertainty. A new definition of willingness to pay (WTP) in a CPT framework was provided to explicitly consider travelers’ perceived value increases in travel time.http://www.sciencedirect.com/science/article/pii/S2046043017300023Mode choiceTravel time variabilityCumulative prospect theoryPayoff variability effect |
| spellingShingle | Chao Yang Binbin Liu Lianyan Zhao Xiangdong Xu An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertainty International Journal of Transportation Science and Technology Mode choice Travel time variability Cumulative prospect theory Payoff variability effect |
| title | An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertainty |
| title_full | An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertainty |
| title_fullStr | An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertainty |
| title_full_unstemmed | An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertainty |
| title_short | An experimental study on cumulative prospect theory learning model of travelers’ dynamic mode choice under uncertainty |
| title_sort | experimental study on cumulative prospect theory learning model of travelers dynamic mode choice under uncertainty |
| topic | Mode choice Travel time variability Cumulative prospect theory Payoff variability effect |
| url | http://www.sciencedirect.com/science/article/pii/S2046043017300023 |
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