IDEAS home Printed from https://ideas.repec.org/a/eee/transa/v39y2005i2-3p125-145.html
   My bibliography  Save this article

Information gain, novelty seeking and travel: a model of dynamic activity-travel behavior under conditions of uncertainty

Author

Listed:
  • Arentze, T.A.
  • Timmermans, H.J.P.

Abstract

When making a trip, individuals make observations that may increase their knowledge about their environment. In this paper, we develop a measure of expected information gain based on a Bayesian model of mental maps and belief updating. We argue that expected information gain is an element of the utility function of trip choice alternatives under conditions of limited information and learning. Theory and models are developed. The simulations conducted illustrate that expected information gain tends to favor longer trips and variety seeking in terms of both route and destination choice. We argue, therefore, that individuals may perceive a positive utility of travel through environments with which they are less familiar.

Suggested Citation

  • Arentze, T.A. & Timmermans, H.J.P., 2005. "Information gain, novelty seeking and travel: a model of dynamic activity-travel behavior under conditions of uncertainty," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(2-3), pages 125-145.
    • Handle: RePEc:eee:transa:v:39:y:2005:i:2-3:p:125-145
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0965-8564(04)00100-4
    Download Restriction: Full text for ScienceDirect subscribers only
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
    2. Mandel, Naomi, 2003. "Shifting Selves and Decision Making: The Effects of Self-Construal Priming on Consumer Risk-Taking," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 30(1), pages 30-40, June.
    3. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    4. McAlister, Leigh & Pessemier, Edgar, 1982. "Variety Seeking Behavior: An Interdisciplinary Review," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 9(3), pages 311-322, December.
    5. Ratner, Rebecca K & Kahn, Barbara E & Kahneman, Daniel, 1999. "Choosing Less-Preferred Experiences for the Sake of Variety," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 26(1), pages 1-15, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Eran Ben-Elia & Robert Ishaq & Yoram Shiftan, 2013. "“If only I had taken the other road...”: Regret, risk and reinforced learning in informed route-choice," Transportation, Springer, vol. 40(2), pages 269-293, February.
    2. Caspar Chorus & Theo Arentze & Harry Timmermans, 2007. "Information impact on quality of multimodal travel choices: conceptualizations and empirical analyses," Transportation, Springer, vol. 34(6), pages 625-645, November.
    3. F. Combes & A. De Palma, 2016. "The Impact of Information Availability on Destination Choice," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 25(3), pages 678-687, September.
    4. Yamamoto, Toshiyuki & Li, Cheng & Morikawa, Takayuki, 2014. "An empirical analysis of the factors raising the interest in new shopping destinations," Journal of Retailing and Consumer Services, Elsevier, vol. 21(6), pages 950-957.
    5. Anthony Ziegelmeyer & Frédéric Koessler & Kene Boun My & Laurent Denant-Boèmont, 2008. "Road Traffic Congestion and Public Information: An Experimental Investigation," Journal of Transport Economics and Policy, University of Bath, vol. 42(1), pages 43-82, January.
    6. Frank Goetzke & Rachel Weinberger, 2012. "Separating Contextual from Endogenous Effects in Automobile Ownership Models," Environment and Planning A, , vol. 44(5), pages 1032-1046, May.
    7. Chorus, Caspar G. & Timmermans, Harry J.P., 2009. "Measuring user benefits of changes in the transport system when traveler awareness is limited," Transportation Research Part A: Policy and Practice, Elsevier, vol. 43(5), pages 536-547, June.
    8. La Paix Puello, Lissy & Chowdhury, Saidul & Geurs, Karst, 2019. "Using panel data for modelling duration dynamics of outdoor leisure activities," Journal of choice modelling, Elsevier, vol. 31(C), pages 141-155.
    9. Chorus, Caspar G., 2014. "Benefit of adding an alternative to one׳s choice set: A regret minimization perspective," Journal of choice modelling, Elsevier, vol. 13(C), pages 49-59.
    10. Borhan, Muhamad Nazri & Ibrahim, Ahmad Nazrul Hakimi & Miskeen, Manssour A. Abdulasalm, 2019. "Extending the theory of planned behaviour to predict the intention to take the new high-speed rail for intercity travel in Libya: Assessment of the influence of novelty seeking, trust and external inf," Transportation Research Part A: Policy and Practice, Elsevier, vol. 130(C), pages 373-384.
    11. Muhamad Rizki & Tri Basuki Joewono & Dimas B. E. Dharmowijoyo & Prawira Fajarindra Belgiawan, 2021. "Does multitasking improve the travel experience of public transport users? Investigating the activities during commuter travels in the Bandung Metropolitan Area, Indonesia," Public Transport, Springer, vol. 13(2), pages 429-454, June.
    12. Chung, Yi-Shih & Ku, Ya-Han, 2023. "Effect of time stress and store visibility on the dynamics of passenger activity choices at airport terminals based on indoor trajectory data," Journal of Retailing and Consumer Services, Elsevier, vol. 73(C).
    13. Chorus, Caspar G. & Arentze, Theo A. & Molin, Eric J.E. & Timmermans, Harry J.P. & Van Wee, Bert, 2006. "The value of travel information: Decision strategy-specific conceptualizations and numerical examples," Transportation Research Part B: Methodological, Elsevier, vol. 40(6), pages 504-519, July.
    14. Caspar G. Chorus, 2014. "Acquisition of Ex-Post Travel Information: A Matter of Balancing Regrets," Transportation Science, INFORMS, vol. 48(2), pages 243-255, May.
    15. Joshua Wang & Eric J Miller, 2014. "A Prism-Based and Gap-Based Approach to Shopping Location Choice," Environment and Planning B, , vol. 41(6), pages 977-1005, December.
    16. Rachel Weinberger & Frank Goetzke, 2010. "Unpacking Preference: How Previous Experience Affects Auto Ownership in the United States," Urban Studies, Urban Studies Journal Limited, vol. 47(10), pages 2111-2128, September.
    17. Casper G. Chorus & Harry J.P. Timmermans, 2011. "Personal Intelligent Travel Assistants," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), A Handbook of Transport Economics, chapter 25, Edward Elgar Publishing.
    18. Canca, David & Zarzo, Alejandro & Algaba, Encarnación & Barrena, Eva, 2013. "Macroscopic attraction-based simulation of pedestrian mobility: A dynamic individual route-choice approach," European Journal of Operational Research, Elsevier, vol. 231(2), pages 428-442.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Wu, Pei-Hsun & Kao, Danny Tengti, 2011. "Goal orientation and variety seeking behavior: The role of decision task," Journal of Economic Psychology, Elsevier, vol. 32(1), pages 65-72, February.
    2. Joyita Banerji & Kaushik Kundu & Parveen Ahmed Alam, 2023. "The Impact of Behavioral Biases on Individuals’ Financial Choices under Uncertainty: An Empirical Approach," Business Perspectives and Research, , vol. 11(3), pages 401-424, September.
    3. Miljkovic, Dragan, 2005. "Rational choice and irrational individuals or simply an irrational theory: A critical review of the hypothesis of perfect rationality," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 34(5), pages 621-634, October.
    4. Manel Baucells & Rakesh K. Sarin, 2013. "Determinants of Experienced Utility: Laws and Implications," Decision Analysis, INFORMS, vol. 10(2), pages 135-151, June.
    5. van den Bergh, J.C.J.M. & Botzen, W.J.W., 2015. "Monetary valuation of the social cost of CO2 emissions: A critical survey," Ecological Economics, Elsevier, vol. 114(C), pages 33-46.
    6. Shoji, Isao & Kanehiro, Sumei, 2016. "Disposition effect as a behavioral trading activity elicited by investors' different risk preferences," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 104-112.
    7. Jonathan Meng & Feng Fu, 2020. "Understanding Gambling Behavior and Risk Attitudes Using Cryptocurrency-based Casino Blockchain Data," Papers 2008.05653, arXiv.org, revised Aug 2020.
    8. Daniel Fonseca Costa & Francisval Carvalho & Bruno César Moreira & José Willer Prado, 2017. "Bibliometric analysis on the association between behavioral finance and decision making with cognitive biases such as overconfidence, anchoring effect and confirmation bias," Scientometrics, Springer;Akadémiai Kiadó, vol. 111(3), pages 1775-1799, June.
    9. Boone, Jan & Sadrieh, Abdolkarim & van Ours, Jan C., 2009. "Experiments on unemployment benefit sanctions and job search behavior," European Economic Review, Elsevier, vol. 53(8), pages 937-951, November.
    10. Castro, Luciano de & Galvao, Antonio F. & Kim, Jeong Yeol & Montes-Rojas, Gabriel & Olmo, Jose, 2022. "Experiments on portfolio selection: A comparison between quantile preferences and expected utility decision models," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 97(C).
    11. Jos'e Cl'audio do Nascimento, 2019. "Behavioral Biases and Nonadditive Dynamics in Risk Taking: An Experimental Investigation," Papers 1908.01709, arXiv.org, revised Apr 2023.
    12. Francesco GUALA, 2017. "Preferences: Neither Behavioural nor Mental," Departmental Working Papers 2017-05, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    13. Bin Zou, 2017. "Optimal Investment In Hedge Funds Under Loss Aversion," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 20(03), pages 1-32, May.
    14. Itzhak Gilboa & Andrew Postlewaite & Larry Samuelson & David Schmeidler, 2019. "What are axiomatizations good for?," Theory and Decision, Springer, vol. 86(3), pages 339-359, May.
    15. Wiafe, Osei K. & Basu, Anup K. & Chen, En Te, 2020. "Portfolio choice after retirement: Should self-annuitisation strategies hold more equities?," Economic Analysis and Policy, Elsevier, vol. 65(C), pages 241-255.
    16. Nicholas Barberis, 2012. "A Model of Casino Gambling," Management Science, INFORMS, vol. 58(1), pages 35-51, January.
    17. Lovric, M. & Kaymak, U. & Spronk, J., 2008. "A Conceptual Model of Investor Behavior," ERIM Report Series Research in Management ERS-2008-030-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
    18. Goytom Abraha Kahsay & Daniel Osberghaus, 2018. "Storm Damage and Risk Preferences: Panel Evidence from Germany," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 71(1), pages 301-318, September.
    19. Carolin Bock & Maximilian Schmidt, 2015. "Should I stay, or should I go? – How fund dynamics influence venture capital exit decisions," Review of Financial Economics, John Wiley & Sons, vol. 27(1), pages 68-82, November.
    20. Hooi Hooi Lean & Michael McAleer & Wing-Keung Wong, 2013. "Risk-averse and Risk-seeking Investor Preferences for Oil Spot and Futures," Documentos de Trabajo del ICAE 2013-31, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico, revised Aug 2013.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:transa:v:39:y:2005:i:2-3:p:125-145. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/547/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.