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Information, Rational Expectations and Network Equilibria--An Analytical Perspective for Route Guidance Systems

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  • Kobayashi, Kiyoshi

Abstract

This paper tries to provide with a unified framework for understanding how drivers act in response to exogenously provided route guidance information; and how they form subjective expectations on traffic conditions from repeated learning. The learning problems are placed in the context of iterative adjustment processes which achieve equilibrium if drivers have rational expectations. Route choice models with rational expectations find a new justification since the models appear as the limits of drivers' learning procedures. This paper is also devoted to the question of whether route guidance information can convey substantial information to drivers even if drivers behave with rational expectations of their environment. The author also tries to propose a framework for designing the optimal route guidance systems.

Suggested Citation

  • Kobayashi, Kiyoshi, 1994. "Information, Rational Expectations and Network Equilibria--An Analytical Perspective for Route Guidance Systems," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 28(4), pages 369-393, December.
  • Handle: RePEc:spr:anresc:v:28:y:1994:i:4:p:369-93
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    Cited by:

    1. Emmerink, Richard H. M. & Verhoef, Erik T. & Nijkamp, Peter & Rietveld, Piet, 1998. "Information policy in road transport with elastic demand: Some welfare economic considerations," European Economic Review, Elsevier, vol. 42(1), pages 71-95, January.
    2. Kobayashi, Kiyoshi & Do, Myungsik, 2005. "The informational impacts of congestion tolls upon route traffic demands," Transportation Research Part A: Policy and Practice, Elsevier, vol. 39(7-9), pages 651-670.
    3. Lindsey, Robin & Daniel, Terry & Gisches, Eyran & Rapoport, Amnon, 2014. "Pre-trip information and route-choice decisions with stochastic travel conditions: Theory," Transportation Research Part B: Methodological, Elsevier, vol. 67(C), pages 187-207.
    4. André de Palma & Robin Lindsey & Nathalie Picard, 2012. "Risk Aversion, the Value of Information, and Traffic Equilibrium," Transportation Science, INFORMS, vol. 46(1), pages 1-26, February.
    5. Rapoport, Amnon & Gisches, Eyran J. & Daniel, Terry & Lindsey, Robin, 2014. "Pre-trip information and route-choice decisions with stochastic travel conditions: Experiment," Transportation Research Part B: Methodological, Elsevier, vol. 68(C), pages 154-172.

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