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Modelling travellers' heterogeneous route choice behaviour as prospect maximizers

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  • de Moraes Ramos, Giselle
  • Daamen, Winnie
  • Hoogendoorn, Serge

Abstract

The use of Prospect Theory to model route choice has increased in the past decades. The main application issue is how to define the reference point, i.e., the value that travellers use as a reference to distinguish gains and losses in the experienced travel times. Moreover, the question can be asked whether all travellers have the same reference point or whether heterogeneity in their behaviour plays an important role.

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  • de Moraes Ramos, Giselle & Daamen, Winnie & Hoogendoorn, Serge, 2013. "Modelling travellers' heterogeneous route choice behaviour as prospect maximizers," Journal of choice modelling, Elsevier, vol. 6(C), pages 17-33.
    • Handle: RePEc:eee:eejocm:v:6:y:2013:i:c:p:17-33
    DOI: 10.1016/j.jocm.2013.04.002
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    5. Giselle Moraes Ramos & Winnie Daamen & Serge Hoogendoorn, 2014. "A State-of-the-Art Review: Developments in Utility Theory, Prospect Theory and Regret Theory to Investigate Travellers' Behaviour in Situations Involving Travel Time Uncertainty," Transport Reviews, Taylor & Francis Journals, vol. 34(1), pages 46-67, January.

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