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Title: Incorporating Needs-Satisfaction and Regret-Minimization in a Discrete Choice Model of Leisure Activities
Accession Number: 01516619
Record Type: Component
Availability: Transportation Research Board Business Office 500 Fifth Street, NW Abstract: The authors derive, estimate and validate discrete choice models for the analysis of leisure activity-travel choices. In addition to conventional attributes (such as activity costs), the models incorporate latent variables representing the extent to which particular activities satisfy individual needs. These latent variables are calibrated with the help of subjective indicators of needs satisfaction (such as the need for relaxation) associated with the activities presented in the choice tasks. Results in the context of recently collected stated choice data among elderly respondents show the importance of capturing need-satisfaction in the form of latent variables in choice models of leisure activity decisions. Simultaneously, the authors distinguish between the utility maximisation-based and regret minimisation-based decision-making heuristic. Again, non-trivial differences are found between regret based and utility based models in terms of predicted choice probabilities.
Supplemental Notes: This paper was sponsored by TRB committee ADB10 Traveler Behavior and Values.
Monograph Title: Monograph Accession #: 01503729
Report/Paper Numbers: 14-3748
Language: English
Corporate Authors: Transportation Research Board 500 Fifth Street, NW Authors: Dekker, ThijsHess, StephaneArentze, TheoChorus, CasparPagination: 16p
Publication Date: 2014
Conference:
Transportation Research Board 93rd Annual Meeting
Location:
Washington DC Media Type: Digital/other
Features: Figures; References; Tables
TRT Terms: Subject Areas: Planning and Forecasting; Transportation (General); I72: Traffic and Transport Planning
Source Data: Transportation Research Board Annual Meeting 2014 Paper #14-3748
Files: TRIS, TRB, ATRI
Created Date: Jan 27 2014 3:17PM
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