The value of travel information: Decision strategy-specific conceptualizations and numerical examples
Behavioral models of the perceived value of travel information are developed that take into account satisficing as well as maximizing behavior, and are suitable for the evaluation of information acquisition for alternative generation as well as assessment. This is done by integrating notions of search theory and Bayesian perception updating into a utilitarian framework of information value. In order to clarify the important mechanisms behind these formulations, and provide some first face validity to the applied approaches, numerical examples are developed that simulate the value of information for different knowledge levels of the individual, and for different levels of reliability of the information service. The examples indeed provide preliminary confidence, as occurring trends appear to be consistent with intuition and empirical literature.
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): 40 (2006)
Issue (Month): 6 (July)
|Contact details of provider:|| Web page: http://www.elsevier.com/wps/find/journaldescription.cws_home/548/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.:
- Williams, H. C. W. L. & Ortuzar, J. D., 1982. "Behavioural theories of dispersion and the mis-specification of travel demand models," Transportation Research Part B: Methodological, Elsevier, vol. 16(3), pages 167-219, June.
- Erel Avineri & Joseph Prashker, 2006. "The Impact of Travel Time Information on Travelers’ Learning under Uncertainty," Transportation, Springer, vol. 33(4), pages 393-408, 07.
- T. Arentze & H. Timmermans, 2005. "Representing mental maps and cognitive learning in micro-simulation models of activity-travel choice dynamics," Transportation, Springer, vol. 32(4), pages 321-340, 07.
- Swait, Joffre & Ben-Akiva, Moshe, 1987. "Incorporating random constraints in discrete models of choice set generation," Transportation Research Part B: Methodological, Elsevier, vol. 21(2), pages 91-102, April.
- Tommy Gärling & Kay Axhausen, 2003. "Introduction: Habitual travel choice," Transportation, Springer, vol. 30(1), pages 1-11, February.
- Simon, Herbert A, 1979.
"Rational Decision Making in Business Organizations,"
American Economic Review,
American Economic Association, vol. 69(4), pages 493-513, September.
- Simon, Herbert A., 1978. "Rational Decision-Making in Business Organizations," Nobel Prize in Economics documents 1978-1, Nobel Prize Committee.
- Khattak, Asad J. & Schofer, Joseph L. & Koppelman, Frank S., 1993. "Commuters' enroute diversion and return decisions: Analysis and implications for advanced traveler information systems," Transportation Research Part A: Policy and Practice, Elsevier, vol. 27(2), pages 101-111, April.
- Arentze, T.A. & Timmermans, H.J.P., 2005. "Information gain, novelty seeking and travel: a model of dynamic activity-travel behavior under conditions of uncertainty," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(2-3), pages 125-145.
- Emmerink, Richard H. M. & Nijkamp, Peter & Rietveld, Piet & Van Ommeren, Jos N., 1996. "Variable message signs and radio traffic information: An integrated empirical analysis of drivers' route choice behaviour," Transportation Research Part A: Policy and Practice, Elsevier, vol. 30(2), pages 135-153, March.
- Payne, John W. & Bettman, James R. & Luce, Mary Frances, 1996. "When Time Is Money: Decision Behavior under Opportunity-Cost Time Pressure," Organizational Behavior and Human Decision Processes, Elsevier, vol. 66(2), pages 131-152, May.
- Rietveld, P. & Bruinsma, F. R. & van Vuuren, D. J., 2001. "Coping with unreliability in public transport chains: A case study for Netherlands," Transportation Research Part A: Policy and Practice, Elsevier, vol. 35(6), pages 539-559, July.
- George J. Stigler, 1961. "The Economics of Information," Journal of Political Economy, University of Chicago Press, vol. 69, pages 213.
- Swait, Joffre, 2001. "Choice set generation within the generalized extreme value family of discrete choice models," Transportation Research Part B: Methodological, Elsevier, vol. 35(7), pages 643-666, August.
- 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.
- Denant-Boèmont, L. & Petiot, R., 2003.
"Information value and sequential decision-making in a transport setting: an experimental study,"
Transportation Research Part B: Methodological,
Elsevier, vol. 37(4), pages 365-386, May.
- Laurent Denant-Boèmont & R. Petiot, 2003. "Information value and sequential decision-making in a transport setting : an experimental study," Post-Print halshs-00069584, HAL.
- Loomes, Graham & Sugden, Robert, 1982. "Regret Theory: An Alternative Theory of Rational Choice under Uncertainty," Economic Journal, Royal Economic Society, vol. 92(368), pages 805-24, December.
- H Ouwersloot & P Nijkamp & G Pepping, 1997.
"Advanced Telematics for Travel Decisions: A Quantitative Analysis of the Stopwatch Project in Southampton,"
Environment and Planning A,
SAGE Publishing, vol. 29(6), pages 1003-1016, June.
- H Ouwersloot & P Nijkamp & G Pepping, 1997. "Advanced telematics for travel decisions: a quantitative analysis of the Stopwatch project in Southampton," Environment and Planning A, Pion Ltd, London, vol. 29(6), pages 1003-1016, June.
- S R Lerman & H S Mahmassani, 1985. "The Econometrics of Search," Environment and Planning A, SAGE Publishing, vol. 17(8), pages 1009-1024, August.
- 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.
- Loomes, Graham & Sugden, Robert, 1983. "A Rationale for Preference Reversal," American Economic Review, American Economic Association, vol. 73(3), pages 428-32, June.
- David Levinson, 2003. "The Value of Advanced Traveler Information Systems for Route Choice," Working Papers 200307, University of Minnesota: Nexus Research Group.
- Simon, Herbert A, 1978. "Rationality as Process and as Product of Thought," American Economic Review, American Economic Association, vol. 68(2), pages 1-16, May.
- S R Lerman & H S Mahmassani, 1985. "The econometrics of search," Environment and Planning A, Pion Ltd, London, vol. 17(8), pages 1009-1024, August.
When requesting a correction, please mention this item's handle: RePEc:eee:transb:v:40:y:2006:i:6:p:504-519. 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 you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.