Heuristic Judgement, Prospect Theory and Stated Preference Surveys Aimed to Elicit the Value of Travel Time

Stated preference (SP) surveys have been conducted as an important tool to assess the value of travel time (VOT). During the past decades Prospect Theory was developed. This behavioral-economic theory is largely based on findings from cognitive psychology. Heuristic judgment is presumed to play a crucial role in the valuation of attributes of choice options but may lead to biases when appropriate information is relatively inaccessible. Prospect Theory in a broad, extended sense, including findings from the related heuristics-and-biases literature, might offer an improved understanding of the outcomes of stated preference surveys aimed at the valuation of travel time. This paper reexamines some stated preference surveys of travel time-cost tradeoffs, evaluates potential biases that might be caused by the experimental designs and shows that the outcomes are consistent with the premises of Prospect Theory.


  • English

Media Info

  • Media Type: Digital/other
  • Features: Figures; References; Tables;
  • Pagination: 16p
  • Monograph Title: European Transport Conference, 2005 Proceedings

Subject/Index Terms

Filing Info

  • Accession Number: 01355136
  • Record Type: Publication
  • Files: TRIS
  • Created Date: Oct 25 2011 9:50AM