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Title:

Random Regret and Random Utility in the Household Purchase of a Motor Vehicle

Accession Number:

01475547

Record Type:

Component

Availability:

Transportation Research Board Business Office

500 Fifth Street, NW
Washington, DC 20001 United States

Abstract:

Random utility maximization is the preeminent behavioral theory used to model choices. An alternative paradigm, however, is random regret minimization. While the majority of the literature examines the choices of individuals, this paper compares the choices of groups, as well individuals, in both the utility maximization and regret minimization frameworks and explores the influence household members have with respect to an automobile purchase decision within an interactive agency choice experiment. Regret minimization is shown to be the preferred behavioral mechanism for groups and individuals within groups who shoulder a high degree of responsibility for the choice of the group.

Supplemental Notes:

This paper was sponsored by TRB committee ADB10 Traveler Behavior and Values.

Monograph Accession #:

01470560

Report/Paper Numbers:

13-0577

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Beck, Matthew John
Chorus, Caspar
Rose, John Matthew
Hensher, David A

Pagination:

18p

Publication Date:

2013

Conference:

Transportation Research Board 92nd Annual Meeting

Location: Washington DC, United States
Date: 2013-1-13 to 2013-1-17
Sponsors: Transportation Research Board

Media Type:

Digital/other

Features:

Figures; References; Tables

Uncontrolled Terms:

Regret

Subject Areas:

Economics; Highways; Planning and Forecasting; I72: Traffic and Transport Planning

Source Data:

Transportation Research Board Annual Meeting 2013 Paper #13-0577

Files:

TRIS, TRB, ATRI

Created Date:

Feb 5 2013 12:14PM