Route choice decision under travel time uncertainty
AbstractWe study route choice behavior when travel time is uncertain. In this case, users choice depends both on expected travel time and travel time variability. We collected survey data in the Paris area and analyzed them using a method based on the ordered probit. This leads to an ordinal as well as to different cardinal measures of risk aversion. Such an approach is consistent with expected and with non-expected utility theory. Econometric estimates suggest that absolute risk aversion is constant and show that risk aversion is larger for transit users, blue collars and for business appointments.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.
Volume (Year): 39 (2005)
Issue (Month): 4 (May)
Contact details of provider:
Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/547/description#description
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, American Economic Association, vol. 92(5), pages 1644-1655, December.
- Joop Hartog & Ada Ferrer-i-Carbonell & Nicole Jonker, 2000.
"On a Simple Survey Measure of Individual Risk Aversion,"
CESifo Working Paper Series
363, CESifo Group Munich.
- Joop Hartog & Ada Ferrer-i-Carbonell & Nicole Jonker, 2000. "On a Simple Survey Measure of Individual Risk Aversion," Tinbergen Institute Discussion Papers 00-074/3, Tinbergen Institute.
- Donkers, A.C.D. & Melenberg, B. & Soest, A.H.O. van, 1999.
"Estimating Risk Attitudes Using Lotteries; A Large Sample Approach,"
Discussion Paper, Tilburg University, Center for Economic Research
1999-12, Tilburg University, Center for Economic Research.
- Donkers, Bas & Melenberg, Bertrand & Van Soest, Arthur, 2001. " Estimating Risk Attitudes Using Lotteries: A Large Sample Approach," Journal of Risk and Uncertainty, Springer, Springer, vol. 22(2), pages 165-95, March.
- Machina, Mark J & Pratt, John W, 1997. "Increasing Risk: Some Direct Constructions," Journal of Risk and Uncertainty, Springer, Springer, vol. 14(2), pages 103-27, March.
- Noland, R.B. & Small, K.A. & Koskenoja, P.M. & Chu, X., 1996.
"Simulating Travel Reliability,"
Papers, California Irvine - School of Social Sciences
95-96-7, California Irvine - School of Social Sciences.
- Noland, Robert B. & Small, Kenneth A. & Koskenoja, Pia Maria & Chu, Xuehao, 1997. "Simulating Travel Reliability," University of California Transportation Center, Working Papers qt30w220k0, University of California Transportation Center.
- McFadden, Daniel L., 2000.
Nobel Prize in Economics documents, Nobel Prize Committee
2000-6, Nobel Prize Committee.
- Daniel McFadden, 2001. "Economic Choices," American Economic Review, American Economic Association, American Economic Association, vol. 91(3), pages 351-378, June.
- Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-54, Summer.
- Smith, Richard J & Blundell, Richard W, 1986. "An Exogeneity Test for a Simultaneous Equation Tobit Model with an Application to Labor Supply," Econometrica, Econometric Society, Econometric Society, vol. 54(3), pages 679-85, May.
- Palfrey, Thomas R. & Goeree, Jacob & Holt, Charles, 2000.
"Quantal Response Equilibrium and Overbidding in Private-value Auctions,"
Working Papers, California Institute of Technology, Division of the Humanities and Social Sciences
1073, California Institute of Technology, Division of the Humanities and Social Sciences.
- Goeree, Jacob K. & Holt, Charles A. & Palfrey, Thomas R., 2002. "Quantal Response Equilibrium and Overbidding in Private-Value Auctions," Journal of Economic Theory, Elsevier, vol. 104(1), pages 247-272, May.
- Jacob K. Goeree & Charles A. Holt & Thomas R. Palfrey, 2000. "Quantal Response Equilibrium and Overbidding in Private-Value Auctions," Virginia Economics Online Papers 345, University of Virginia, Department of Economics.
- Goeree, Jacob K. & Holt, Charles A. & Palfrey, Thomas R., 2003. "Risk averse behavior in generalized matching pennies games," Games and Economic Behavior, Elsevier, vol. 45(1), pages 97-113, October.
- AndrÃ© de Palma & Nathalie Picard, 2004. "Route Choice behavior with risk averse users," THEMA Working Papers 2004-09, THEMA (THÃ©orie Economique, ModÃ©lisation et Applications), UniversitÃ© de Cergy-Pontoise.
- Amos Tversky & Daniel Kahneman, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Levine's Working Paper Archive
7656, David K. Levine.
- Kahneman, Daniel & Tversky, Amos, 1979. "Prospect Theory: An Analysis of Decision under Risk," Econometrica, Econometric Society, Econometric Society, vol. 47(2), pages 263-91, March.
- Camerer, Colin F, 1989. " An Experimental Test of Several Generalized Utility Theories," Journal of Risk and Uncertainty, Springer, Springer, vol. 2(1), pages 61-104, April.
- Small, Kenneth A, 1987. "A Discrete Choice Model for Ordered Alternatives," Econometrica, Econometric Society, Econometric Society, vol. 55(2), pages 409-24, March.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Zhang, Lei).
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.