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Logsums for utility-maximizers and regret-minimizers, and their relation with desirability and satisfaction

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  • Chorus, Caspar G.

Abstract

This paper studies to what extent the Logsum-measure of user benefits relates to travelers’ perceptions of choice set-desirability and choice-satisfaction. Knowing these relations is important since researchers have recently started to analyze and interpret user benefits in general – and Logsums in specific – in terms of these more behaviorally oriented notions, rather than in terms of expected utility. Participants to a stated route choice experiment were asked to indicate, after each choice made, to what extent they considered the choice set to be desirable, or to what extent they were satisfied with the chosen alternative. These measurements were correlated with Logsums that were computed for each choice situation. In addition, the paper derives a regret-based Logsum (which gives the expected regret of a choice situation) and presents a comparison with its utilitarian counterpart. Also for this regret-based Logsum, correlations with desirability- and satisfaction-ratings are computed. As a general finding, it appears that all computed correlations are rather weak. This suggests that, at least in the context of our data, the utility-based Logsum and its regret-based counterpart appear to have only a fairly weak connection with the behavioral notions of choice set-desirability and choice-satisfaction.

Suggested Citation

  • Chorus, Caspar G., 2012. "Logsums for utility-maximizers and regret-minimizers, and their relation with desirability and satisfaction," Transportation Research Part A: Policy and Practice, Elsevier, vol. 46(7), pages 1003-1012.
  • Handle: RePEc:eee:transa:v:46:y:2012:i:7:p:1003-1012
    DOI: 10.1016/j.tra.2012.04.008
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. 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.
    2. Bahamonde-Birke, Francisco J. & Navarro, Isidora & Ortúzar, Juan de Dios, 2017. "If you choose not to decide, you still have made a choice," Journal of choice modelling, Elsevier, vol. 22(C), pages 13-23.
    3. Chorus, Caspar G., 2014. "Benefit of adding an alternative to one׳s choice set: A regret minimization perspective," Journal of choice modelling, Elsevier, vol. 13(C), pages 49-59.
    4. repec:eee:transb:v:102:y:2017:i:c:p:83-104 is not listed on IDEAS
    5. repec:kap:transp:v:44:y:2017:i:5:d:10.1007_s11116-016-9691-9 is not listed on IDEAS
    6. Chorus, Caspar G., 2014. "A Generalized Random Regret Minimization model," Transportation Research Part B: Methodological, Elsevier, vol. 68(C), pages 224-238.
    7. 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.
    8. 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.
    9. Dekker, Thijs, 2014. "Indifference based value of time measures for Random Regret Minimisation models," Journal of choice modelling, Elsevier, vol. 12(C), pages 10-20.
    10. Caspar G. Chorus, 2014. "Capturing alternative decision rules in travel choice models: a critical discussion," Chapters,in: Handbook of Choice Modelling, chapter 13, pages 290-310 Edward Elgar Publishing.

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