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The value of travel information: Decision strategy-specific conceptualizations and numerical examples

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  • Chorus, Caspar G.
  • Arentze, Theo A.
  • Molin, Eric J.E.
  • Timmermans, Harry J.P.
  • Van Wee, Bert

Abstract

Behavioral models of the perceived value of travel information are developed that take into account satisficing as well as maximizing behavior, and are suitable for the evaluation of information acquisition for alternative generation as well as assessment. This is done by integrating notions of search theory and Bayesian perception updating into a utilitarian framework of information value. In order to clarify the important mechanisms behind these formulations, and provide some first face validity to the applied approaches, numerical examples are developed that simulate the value of information for different knowledge levels of the individual, and for different levels of reliability of the information service. The examples indeed provide preliminary confidence, as occurring trends appear to be consistent with intuition and empirical literature.

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Bibliographic Info

Article provided by Elsevier in its journal Transportation Research Part B: Methodological.

Volume (Year): 40 (2006)
Issue (Month): 6 (July)
Pages: 504-519

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Handle: RePEc:eee:transb:v:40:y:2006:i:6:p:504-519

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Citations

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Cited by:
  1. Chorus, C.G. & Dellaert, B.G.C., 2010. "Travel Choice Inertia: The Joint Role of Risk Aversion and Learning," ERIM Report Series Research in Management ERS-2010-040-MKT, 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 Uni.
  2. Yin-Yen Tseng & Jasper Knockaert & Erik T. Verhoef, 2010. "Stick to the Plan? A Revealed-Preference Study of Behavioural Impacts of Traffic Information," Tinbergen Institute Discussion Papers 10-068/3, Tinbergen Institute.
  3. 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.
  4. Chorus, Caspar G. & Arentze, Theo A. & Timmermans, Harry J.P., 2008. "A Random Regret-Minimization model of travel choice," Transportation Research Part B: Methodological, Elsevier, vol. 42(1), pages 1-18, January.
  5. 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.

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