Modeling Heterogeneous Risk-Taking Behavior in Route Choice: A Stochastic Dominance Approach
This paper proposes a unified approach to modeling heterogonous risk-taking behavior in route choice based on the theory of stochastic dominance (SD). Specifically, the first-, second-, and third-order stochastic dominance (FSD, SSD, TSD) are respectively linked to insatiability, risk-aversion and ruin-aversion within the framework of utility maximization. The paths that may be selected by travelers of different risk-taking preferences can be obtained from the corresponding SD-admissible paths, which can be generated using general dynamic programming. This paper also analyzes the relationship between the SD-based approach and other route choice models that consider risk-taking behavior. These route choice models employ a variety of reliability indexes, which often make the problem of finding optimal paths intractable. The authors show that the optimal paths with respect to these reliability indexes often belong to one of the three SD-admissible path sets. This finding offers not only an interpretation of risk-taking behavior consistent with the SD theory for these route choice models, but also a unified and computationally viable solution approach through SD-admissible path sets, which are usually small and can be generated without having to enumerate all paths. A generic label-correcting algorithm is proposed to generate FSD-, SSD-, and TSD-admissible paths, and numerical experiments are conducted to test the algorithm and to verify the analytical results.
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Availability:
- Find a library where document is available. Order URL: http://worldcat.org/issn/18770428
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Supplemental Notes:
- Abstract reprinted with permission from Elsevier.
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Authors:
- Wu, Xing
- Nie, Yu
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Conference:
- 19th International Symposium on Transportation and Traffic Theory
- Location: Berkeley CA, United States
- Date: 2011-7-18 to 2011-7-20
- Publication Date: 2011
Language
- English
Media Info
- Media Type: Web
- Features: Appendices; Figures; References; Tables;
- Pagination: pp 382-404
- Monograph Title: International Symposium on Transportation and Traffic Theory, 19th
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Serial:
- Procedia - Social and Behavioral Sciences
- Volume: 17
- Publisher: Elsevier
- ISSN: 1877-0428
- Serial URL: http://www.sciencedirect.com/science/journal/18770428/53
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Publication flags:
Open Access (libre)
Subject/Index Terms
- TRT Terms: Behavior; Dynamic programming; High risk drivers; Risk taking; Route choice; Stochastic processes; Traffic models; Travel time
- Uncontrolled Terms: Aversion; Dominance tests; Travel time reliability
- Subject Areas: Highways; Operations and Traffic Management; Planning and Forecasting; I72: Traffic and Transport Planning;
Filing Info
- Accession Number: 01345331
- Record Type: Publication
- Files: TRIS, ATRI
- Created Date: Jul 21 2011 10:08AM