Incorporating Needs-Satisfaction and Regret-Minimization in a Discrete Choice Model of Leisure Activities
The authors derive, estimate and validate discrete choice models for the analysis of leisure activity-travel choices. In addition to conventional attributes (such as activity costs), the models incorporate latent variables representing the extent to which particular activities satisfy individual needs. These latent variables are calibrated with the help of subjective indicators of needs satisfaction (such as the need for relaxation) associated with the activities presented in the choice tasks. Results in the context of recently collected stated choice data among elderly respondents show the importance of capturing need-satisfaction in the form of latent variables in choice models of leisure activity decisions. Simultaneously, the authors distinguish between the utility maximisation-based and regret minimisation-based decision-making heuristic. Again, non-trivial differences are found between regret based and utility based models in terms of predicted choice probabilities.
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Supplemental Notes:
- This paper was sponsored by TRB committee ADB10 Traveler Behavior and Values.
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Corporate Authors:
500 Fifth Street, NW
Washington, DC United States 20001 -
Authors:
- Dekker, Thijs
- Hess, Stephane
- Arentze, Theo
- Chorus, Caspar
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Conference:
- Transportation Research Board 93rd Annual Meeting
- Location: Washington DC
- Date: 2014-1-12 to 2014-1-16
- Date: 2014
Language
- English
Media Info
- Media Type: Digital/other
- Features: Figures; References; Tables;
- Pagination: 16p
- Monograph Title: TRB 93rd Annual Meeting Compendium of Papers
Subject/Index Terms
- TRT Terms: Activity choices; Aged; Choice models; Decision making; Leisure time
- Subject Areas: Planning and Forecasting; Transportation (General); I72: Traffic and Transport Planning;
Filing Info
- Accession Number: 01516619
- Record Type: Publication
- Report/Paper Numbers: 14-3748
- Files: TRIS, TRB, ATRI
- Created Date: Feb 28 2014 1:32PM