Route choice decision under travel time uncertainty
We study route choice behavior when travel time is uncertain. In this case, users choice depends both on expected travel time and travel time variability. We collected survey data in the Paris area and analyzed them using a method based on the ordered probit. This leads to an ordinal as well as to different cardinal measures of risk aversion. Such an approach is consistent with expected and with non-expected utility theory. Econometric estimates suggest that absolute risk aversion is constant and show that risk aversion is larger for transit users, blue collars and for business appointments.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 39 (2005)
Issue (Month): 4 (May)
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/547/description#description|
|Order Information:|| Postal: http://www.elsevier.com/wps/find/supportfaq.cws_home/regional|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Joop Hartog & Ada Ferrer-i-Carbonell & Nicole Jonker, 2000.
"On a Simple Survey Measure of Individual Risk Aversion,"
CESifo Working Paper Series
363, CESifo Group Munich.
- Joop Hartog & Ada Ferrer-i-Carbonell & Nicole Jonker, 2000. "On a Simple Survey Measure of Individual Risk Aversion," Tinbergen Institute Discussion Papers 00-074/3, Tinbergen Institute.
- Small, Kenneth A, 1987. "A Discrete Choice Model for Ordered Alternatives," Econometrica, Econometric Society, vol. 55(2), pages 409-24, March.
- McFadden, Daniel L., 2000.
Nobel Prize in Economics documents
2000-6, Nobel Prize Committee.
- Charles A. Holt & Susan K. Laury, 2002. "Risk Aversion and Incentive Effects," American Economic Review, American Economic Association, vol. 92(5), pages 1644-1655, December.
- Goeree, Jacob K. & Holt, Charles A. & Palfrey, Thomas R., 2002.
"Quantal Response Equilibrium and Overbidding in Private-Value Auctions,"
Journal of Economic Theory,
Elsevier, vol. 104(1), pages 247-272, May.
- Jacob K. Goeree & Charles A. Holt & Thomas R. Palfrey, 2000. "Quantal Response Equilibrium and Overbidding in Private-Value Auctions," Virginia Economics Online Papers 345, University of Virginia, Department of Economics.
- Palfrey, Thomas R. & Goeree, Jacob & Holt, Charles, 2000. "Quantal Response Equilibrium and Overbidding in Private-value Auctions," Working Papers 1073, California Institute of Technology, Division of the Humanities and Social Sciences.
- Machina, Mark J, 1987. "Choice under Uncertainty: Problems Solved and Unsolved," Journal of Economic Perspectives, American Economic Association, vol. 1(1), pages 121-54, Summer.
- Machina, Mark J & Pratt, John W, 1997. "Increasing Risk: Some Direct Constructions," Journal of Risk and Uncertainty, Springer, vol. 14(2), pages 103-27, March.
- André de Palma & Nathalie Picard, 2004.
"Route Choice behavior with risk averse users,"
THEMA Working Papers
2004-09, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- Camerer, Colin F, 1989. "An Experimental Test of Several Generalized Utility Theories," Journal of Risk and Uncertainty, Springer, vol. 2(1), pages 61-104, April.
- Noland, Robert B. & Small, Kenneth A. & Koskenoja, Pia Maria & Chu, Xuehao, 1997.
"Simulating Travel Reliability,"
University of California Transportation Center, Working Papers
qt30w220k0, University of California Transportation Center.
- Kahneman, Daniel & Tversky, Amos, 1979.
"Prospect Theory: An Analysis of Decision under Risk,"
Econometric Society, vol. 47(2), pages 263-91, March.
- Amos Tversky & Daniel Kahneman, 1979. "Prospect Theory: An Analysis of Decision under Risk," Levine's Working Paper Archive 7656, David K. Levine.
- Goeree, Jacob K. & Holt, Charles A. & Palfrey, Thomas R., 2003. "Risk averse behavior in generalized matching pennies games," Games and Economic Behavior, Elsevier, vol. 45(1), pages 97-113, October.
- Smith, Richard J & Blundell, Richard W, 1986. "An Exogeneity Test for a Simultaneous Equation Tobit Model with an Application to Labor Supply," Econometrica, Econometric Society, vol. 54(3), pages 679-85, May.
When requesting a correction, please mention this item's handle: RePEc:eee:transa:v:39:y:2005:i:4:p:295-324. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Shamier, Wendy)
If references are entirely missing, you can add them using this form.