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Behavioural implications of preferences, risk attitudes and beliefs in modelling risky travel choice with travel time variability

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  • Zheng Li

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  • David Hensher

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Abstract

The appropriate interpretation of a behavioural outcome requires allowing for risk attitude and belief of an individual, in addition to identification of preferences. This paper develops an Attribute-Specific Extended Rank-Dependent Utility Theory model to better understand choice behaviour in the presence of travel time variability, in which these three important components of choice are empirically addressed. This framework is more behaviourally appealing for travel time and travel time variability research than the traditional approach in which risk attitude and belief are overlooked. This model also reveals significant unobserved between-individual heterogeneity in preferences, risk attitudes and beliefs. Copyright Springer Science+Business Media New York 2013

Suggested Citation

  • Zheng Li & David Hensher, 2013. "Behavioural implications of preferences, risk attitudes and beliefs in modelling risky travel choice with travel time variability," Transportation, Springer, vol. 40(3), pages 505-523, May.
  • Handle: RePEc:kap:transp:v:40:y:2013:i:3:p:505-523
    DOI: 10.1007/s11116-012-9445-2
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    References listed on IDEAS

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    14. David A. Hensher & Zheng Li, 2012. "Valuing Travel Time Variability within a Rank-Dependent Utility Framework and an Investigation of Unobserved Taste Heterogeneity," Journal of Transport Economics and Policy, University of Bath, vol. 46(2), pages 293-312, May.
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    1. repec:eee:transe:v:112:y:2018:i:c:p:12-18 is not listed on IDEAS
    2. repec:eee:transb:v:102:y:2017:i:c:p:1-21 is not listed on IDEAS

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