From random utility to random expected utility: theory and application to departure time choice
In the first section of the paper existing approaches in the transport and related literature to the study of risky choice are reviewed. In the second section the proposed REUT approach is outlined and explored in detail the implications of this perspective. The third section presents our empirical work, in which data from two recent large-scale stated preference exercises is used. This data examined risky decision making in the context of departure time choice. The first dataset focused on choice between risky rail travel while the second considered choice between risky car and rail alternatives. Preliminary results from the first dataset indicate that a simple implementation of REUT results in significantly improved model fit, compared to existing treatments in the literature and also shows evidence of significant inter-personal heterogeneity in attitudes towards risk. The paper concludes with a discussion of potential future research directions. For the covering abstract see ITRD E135582.
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Availability:
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Corporate Authors:
Association for European Transport (AET)
1 Vernon Mews, Vernon Street, West Kensington
London W14 0RL, -
Authors:
- POLAK, S
- LIU, X
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Conference:
- European Transport Conference (ETC)
- Location: Strasbourg , France
- Date: 2006-9-0 to 2006-9-0
- Publication Date: 2006
Language
- English
Media Info
- Pagination: 0p
- Monograph Title: Proceedings of the European Transport Conference (ETC) 2006, held September 2006, Strasbourg, France
Subject/Index Terms
- TRT Terms: Conferences; Decision making; Hazards; Time; Transportation; Variables
- Uncontrolled Terms: Selection
- ITRD Terms: 8525: Conference; 2248: Decision process; 9150: Risk; 9072: Selection; 5414: Time; 1155: Transport; 9086: Variability
- Subject Areas: Planning and Forecasting; Transportation (General); I72: Traffic and Transport Planning;
Filing Info
- Accession Number: 01086995
- Record Type: Publication
- Source Agency: Transport Research Laboratory
- ISBN: 1905701012
- Files: ITRD
- Created Date: Jan 29 2008 9:21AM