Extending Relative Utility Model with Multiple Reference Points to Incorporate Asymmetric, Nonlinear Response Curvature
This study integrates the concepts of relative utility and prospect to represent the context dependence in travel choice behavior by incorporating asymmetric and non-linear responses. Relative utility argues that utility is only meaningful relative to some reference point(s) and it conceptually allows the existence of multiple reference points in a systematic way. Prospect theory argues that people's decisions tend to be more sensitive to losses than to gains, where gains and losses are defined with respect to a reference point, but it has not been concerned about how to specify the reference point(s). On the other hand, even though the concept of relative utility could accommodate nonlinear utility structures, no study has been done to capture the non-linearity caused by people's asymmetric responses to gains and losses. Theoretically, the integrated model can be used to express various types of context dependencies. The effectiveness of the integrated model is confirmed using a stated preference data with 1,872 samples on the joint choice of departure time and driving route under the provision of dynamic travel information, collected in Beijing of China in May 2008. Sensitivity of the model performance to different values of prospect parameters is also analyzed. Influential factors to the choice behavior are also explored.
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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:
- Zhang, Junyi
- Yu, Biying
- Timmermans, Harry J P
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Conference:
- Transportation Research Board 92nd Annual Meeting
- Location: Washington DC, United States
- Date: 2013-1-13 to 2013-1-17
- Date: 2013
Language
- English
Media Info
- Media Type: Digital/other
- Features: Figures; References; Tables;
- Pagination: 22p
- Monograph Title: TRB 92nd Annual Meeting Compendium of Papers
Subject/Index Terms
- TRT Terms: Advanced traveler information systems; Departure time; Route choice; Sensitivity analysis; Stated preferences; Utility theory
- Uncontrolled Terms: Contextual conditions; Prospect theory
- Geographic Terms: Beijing (China)
- Subject Areas: Planning and Forecasting; Transportation (General); I72: Traffic and Transport Planning;
Filing Info
- Accession Number: 01478438
- Record Type: Publication
- Report/Paper Numbers: 13-3508
- Files: TRIS, TRB, ATRI
- Created Date: Apr 15 2013 1:15PM