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Modelling travellers’ risky choice in a revealed preference context: a comparison of EUT and non-EUT approaches

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  • Guotao Hu

    ()

  • Aruna Sivakumar

    ()

  • John Polak

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11116-012-9408-7
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    Bibliographic Info

    Article provided by Springer in its journal Transportation.

    Volume (Year): 39 (2012)
    Issue (Month): 4 (July)
    Pages: 825-841

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    Handle: RePEc:kap:transp:v:39:y:2012:i:4:p:825-841

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    Web page: http://www.springerlink.com/link.asp?id=103007

    Related research

    Keywords: Risky choice behaviour; Expected utility theory; Travel time variability; Attitude towards risk; Revealed preference data;

    References

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    1. Davidson, Russell & MacKinnon, James G, 1981. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Econometrica, Econometric Society, vol. 49(3), pages 781-93, May.
    2. Kenneth A. Small & Clifford Winston & Jia Yan, 2005. "Uncovering the Distribution of Motorists' Preferences for Travel Time and Reliability," Econometrica, Econometric Society, vol. 73(4), pages 1367-1382, 07.
    3. McFadden, Daniel, 1999. "Rationality for Economists?," Journal of Risk and Uncertainty, Springer, vol. 19(1-3), pages 73-105, December.
    4. Hensher, David A. & Greene, William H. & Li, Zheng, 2011. "Embedding risk attitude and decision weights in non-linear logit to accommodate time variability in the value of expected travel time savings," Transportation Research Part B: Methodological, Elsevier, vol. 45(7), pages 954-972, August.
    5. Jou, Rong-Chang & Kitamura, Ryuichi & Weng, Mei-Chuan & Chen, Chih-Cheng, 2008. "Dynamic commuter departure time choice under uncertainty," Transportation Research Part A: Policy and Practice, Elsevier, vol. 42(5), pages 774-783, June.
    6. Chris Starmer, 2000. "Developments in Non-expected Utility Theory: The Hunt for a Descriptive Theory of Choice under Risk," Journal of Economic Literature, American Economic Association, vol. 38(2), pages 332-382, June.
    7. Masiero, Lorenzo & Hensher, David A., 2010. "Analyzing loss aversion and diminishing sensitivity in a freight transport stated choice experiment," Transportation Research Part A: Policy and Practice, Elsevier, vol. 44(5), pages 349-358, June.
    8. Tversky, Amos & Kahneman, Daniel, 1986. "Rational Choice and the Framing of Decisions," The Journal of Business, University of Chicago Press, vol. 59(4), pages S251-78, October.
    9. Henry Stott, 2006. "Cumulative prospect theory's functional menagerie," Journal of Risk and Uncertainty, Springer, vol. 32(2), pages 101-130, March.
    10. Drazen Prelec, 1998. "The Probability Weighting Function," Econometrica, Econometric Society, vol. 66(3), pages 497-528, May.
    11. Hess, Stephane & Rose, John M. & Hensher, David A., 2008. "Asymmetric preference formation in willingness to pay estimates in discrete choice models," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 44(5), pages 847-863, September.
    12. Quiggin, John, 1982. "A theory of anticipated utility," Journal of Economic Behavior & Organization, Elsevier, vol. 3(4), pages 323-343, December.
    13. 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.
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    Cited by:
    1. Kemel, Emmanuel & Paraschiv, Corina, 2013. "Prospect Theory for joint time and money consequences in risk and ambiguity," Transportation Research Part B: Methodological, Elsevier, vol. 56(C), pages 81-95.

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