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Specification of regret-based models of choice behaviour: formal analyses and experimental design based evidence—commentary

Author

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  • Caspar G. Chorus

    (Delft University of Technology)

  • Sander Cranenburgh

    (Delft University of Technology)

Abstract

A recent paper published in this journal compares two regret based choice models, and concludes that one of them is theoretically inferior and has a worse empirical performance in the context of a particular data set [Rasouli and Timmermans, Transportation 6:1–22, 2016]. Unfortunately, those conclusions are ill-founded as they are based on a misinterpretation and misrepresentation of one of the two considered models. Furthermore, the paper overlooks highly relevant recent work on the topic, and contains insufficient empirical analyses. Together, these issues make that the paper provides a confusing addition to the literature. With the aim of lifting some of this confusion, this commentary sets out to highlight, and correct where possible, the paper’s shortcomings.

Suggested Citation

  • Caspar G. Chorus & Sander Cranenburgh, 2018. "Specification of regret-based models of choice behaviour: formal analyses and experimental design based evidence—commentary," Transportation, Springer, vol. 45(1), pages 247-256, January.
    • Handle: RePEc:kap:transp:v:45:y:2018:i:1:d:10.1007_s11116-016-9739-x
    DOI: 10.1007/s11116-016-9739-x
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    References listed on IDEAS

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    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.
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    10. David E. Bell, 1982. "Regret in Decision Making under Uncertainty," Operations Research, INFORMS, vol. 30(5), pages 961-981, October.
    11. Chorus, Caspar & van Cranenburgh, Sander & Dekker, Thijs, 2014. "Random regret minimization for consumer choice modeling: Assessment of empirical evidence," Journal of Business Research, Elsevier, vol. 67(11), pages 2428-2436.
    12. Quiggin, John, 1994. "Regret Theory with General Choice Sets," Journal of Risk and Uncertainty, Springer, vol. 8(2), pages 153-165, March.
    13. 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.
    14. van Cranenburgh, Sander & Guevara, Cristian Angelo & Chorus, Caspar G., 2015. "New insights on random regret minimization models," Transportation Research Part A: Policy and Practice, Elsevier, vol. 74(C), pages 91-109.
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