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Logsums for utility-maximizers and regret-minimizers, and their relation with desirability and satisfaction

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  • Chorus, Caspar G.

Abstract

This paper studies to what extent the Logsum-measure of user benefits relates to travelers’ perceptions of choice set-desirability and choice-satisfaction. Knowing these relations is important since researchers have recently started to analyze and interpret user benefits in general – and Logsums in specific – in terms of these more behaviorally oriented notions, rather than in terms of expected utility. Participants to a stated route choice experiment were asked to indicate, after each choice made, to what extent they considered the choice set to be desirable, or to what extent they were satisfied with the chosen alternative. These measurements were correlated with Logsums that were computed for each choice situation. In addition, the paper derives a regret-based Logsum (which gives the expected regret of a choice situation) and presents a comparison with its utilitarian counterpart. Also for this regret-based Logsum, correlations with desirability- and satisfaction-ratings are computed. As a general finding, it appears that all computed correlations are rather weak. This suggests that, at least in the context of our data, the utility-based Logsum and its regret-based counterpart appear to have only a fairly weak connection with the behavioral notions of choice set-desirability and choice-satisfaction.

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Bibliographic Info

Article provided by Elsevier in its journal Transportation Research Part A: Policy and Practice.

Volume (Year): 46 (2012)
Issue (Month): 7 ()
Pages: 1003-1012

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Handle: RePEc:eee:transa:v:46:y:2012:i:7:p:1003-1012

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Related research

Keywords: User benefits; Logsum; Satisfaction; Desirability; Random Regret Minimization;

References

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  1. Cecilia Bergstad & Amelie Gamble & Tommy Gärling & Olle Hagman & Merritt Polk & Dick Ettema & Margareta Friman & Lars Olsson, 2011. "Subjective well-being related to satisfaction with daily travel," Transportation, Springer, vol. 38(1), pages 1-15, January.
  2. Stephane Hess & Amanda Stathopoulos & Andrew Daly, 2012. "Allowing for heterogeneous decision rules in discrete choice models: an approach and four case studies," Transportation, Springer, vol. 39(3), pages 565-591, May.
  3. 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.
  4. S L Handy & D A Niemeier, 1997. "Measuring accessibility: an exploration of issues and alternatives," Environment and Planning A, Pion Ltd, London, vol. 29(7), pages 1175-1194, July.
  5. Chorus, Caspar G. & Annema, Jan Anne & Mouter, Niek & van Wee, Bert, 2011. "Modeling politicians' preferences for road pricing policies: A regret-based and utilitarian perspective," Transport Policy, Elsevier, vol. 18(6), pages 856-861, November.
  6. Dong, Xiaojing & Ben-Akiva, Moshe E. & Bowman, John L. & Walker, Joan L., 2006. "Moving from trip-based to activity-based measures of accessibility," Transportation Research Part A: Policy and Practice, Elsevier, vol. 40(2), pages 163-180, February.
  7. Kockelman, Kara Maria & Krishnamurthy, Sriram, 2004. "A new approach for travel demand modeling: linking Roy's Identity to discrete choice," Transportation Research Part B: Methodological, Elsevier, vol. 38(5), pages 459-475, June.
  8. de Jong, Gerard & Daly, Andrew & Pieters, Marits & van der Hoorn, Toon, 2007. "The logsum as an evaluation measure: Review of the literature and new results," Transportation Research Part A: Policy and Practice, Elsevier, vol. 41(9), pages 874-889, November.
  9. Abou-Zeid, Maya & Ben-Akiva, Moshe, 2011. "The effect of social comparisons on commute well-being," Transportation Research Part A: Policy and Practice, Elsevier, vol. 45(4), pages 345-361, May.
  10. Small, Kenneth A & Rosen, Harvey S, 1981. "Applied Welfare Economics with Discrete Choice Models," Econometrica, Econometric Society, vol. 49(1), pages 105-30, January.
  11. Mara Thiene & Marco Boeri & Caspar Chorus, 2012. "Random Regret Minimization: Exploration of a New Choice Model for Environmental and Resource Economics," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 51(3), pages 413-429, March.
  12. Ettema, Dick & Gärling, Tommy & Olsson, Lars E. & Friman, Margareta, 2010. "Out-of-home activities, daily travel, and subjective well-being," Transportation Research Part A: Policy and Practice, Elsevier, vol. 44(9), pages 723-732, November.
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Cited by:
  1. Chorus, Caspar, 2013. "A Generalized Random Regret Minimization Model," MPRA Paper 51637, University Library of Munich, Germany.
  2. Boeri, Marco & Scarpa, Riccardo & Chorus, Caspar G., 2014. "Stated choices and benefit estimates in the context of traffic calming schemes: Utility maximization, regret minimization, or both?," Transportation Research Part A: Policy and Practice, Elsevier, vol. 61(C), pages 121-135.

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