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Pareto efficiency of reliability-based traffic equilibria and risk-taking behavior of travelers

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  • Tan, Zhijia
  • Yang, Hai
  • Guo, Renyong

Abstract

This paper investigates the Pareto efficiency of the various reliability-based traffic equilibria proposed in the literature and the risk-taking behavior of travelers. Reliability indexes such as the percentile travel time (PTT), travel time budget (TTB), mean excess travel time (METT) and the quadratic disutility function (QDF) are examined in terms of the mean and standard deviation (SD) of travel times. The downward sloping mean-SD indifference curve is introduced to geometrically analyze the risk-taking behavior of travelers. Both the diversifying and plunging behaviors of risk-averse travelers are investigated by examining the curvature of the mean-SD indifference curves at traffic equilibria based on the PTT, TTB, METT and QDF. Several specific probability distributions are adopted to elucidate the theoretical results obtained.

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  • Tan, Zhijia & Yang, Hai & Guo, Renyong, 2014. "Pareto efficiency of reliability-based traffic equilibria and risk-taking behavior of travelers," Transportation Research Part B: Methodological, Elsevier, vol. 66(C), pages 16-31.
    • Handle: RePEc:eee:transb:v:66:y:2014:i:c:p:16-31
    DOI: 10.1016/j.trb.2013.12.003
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    3. Amirgholy, Mahyar & Gonzales, Eric J., 2017. "Efficient frontier of route choice for modeling the equilibrium under travel time variability with heterogeneous traveler preferences," Economics of Transportation, Elsevier, vol. 11, pages 1-14.
    4. Dinh The Luc & Truong Thi Thanh Phuong, 2016. "Equilibrium in Multi-criteria Transportation Networks," Journal of Optimization Theory and Applications, Springer, vol. 169(1), pages 116-147, April.
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    6. Bao, Yue & Gao, Ziyou & Xu, Meng & Sun, Huijun & Yang, Hai, 2015. "Travel mental budgeting under road toll: An investigation based on user equilibrium," Transportation Research Part A: Policy and Practice, Elsevier, vol. 73(C), pages 1-17.
    7. Chen, Bi Yu & Li, Qingquan & Lam, William H.K., 2016. "Finding the k reliable shortest paths under travel time uncertainty," Transportation Research Part B: Methodological, Elsevier, vol. 94(C), pages 189-203.
    8. Xu, Xiangdong & Chen, Anthony & Cheng, Lin & Yang, Chao, 2017. "A link-based mean-excess traffic equilibrium model under uncertainty," Transportation Research Part B: Methodological, Elsevier, vol. 95(C), pages 53-75.
    9. Wang, Judith Y.T. & Ehrgott, Matthias & Chen, Anthony, 2014. "A bi-objective user equilibrium model of travel time reliability in a road network," Transportation Research Part B: Methodological, Elsevier, vol. 66(C), pages 4-15.
    10. Xiangfeng Ji & Xuegang (Jeff) Ban & Mengtian Li & Jian Zhang & Bin Ran, 2017. "Non-expected Route Choice Model under Risk on Stochastic Traffic Networks," Networks and Spatial Economics, Springer, vol. 17(3), pages 777-807, September.
    11. Khani, Alireza & Boyles, Stephen D., 2015. "An exact algorithm for the mean–standard deviation shortest path problem," Transportation Research Part B: Methodological, Elsevier, vol. 81(P1), pages 252-266.

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