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Title:

Context-Dependent Latent Class Behavioral Mixture Model of Utility Maximization and Regret Minimization Decision-Making Under Uncertainty

Accession Number:

01630549

Record Type:

Component

Abstract:

This study investigates the simultaneous effects of arrival time variability, decision context and personality on route choice behavior. A context-dependent latent class behavioral mixture model of route choice under uncertainty is formulated and estimated using a stated choice experiment. Two behavioral latent classes are distinguished to differentiate between utility maximization and regret minimization behavior. The authors assume that latent class membership probabilities are a function of decision context conditions and personality traits. The formulation of context-dependent latent classes differentiates this study from prior research and logically extends this line of research as it developed in travel behavior research. In the present study, decision context concerns the type of activity planned at the destination and the characteristics of the activity party. To estimate the model, a stated choice experiment of risky route choice was constructed. The experiment systematically varies the uncertain arrival times of three competing routes and the decision context, defined in terms of eight possible activities and the size of the groups of people to meet and the relationship with them. Results indicate that the probability of regret-minimization behavior exceeds the probability of utility-maximizing behavior while decision context conditions significantly affect class membership and the probability that a particular decision rule is applied in a particular decision context.

Supplemental Notes:

This paper was sponsored by TRB committee ADB10 Standing Committee on Traveler Behavior and Values. Alternate title: Context-Dependent Latent Class Behavioral Mixture Model of Utility Maximization and Regret Minimization Decision Making Under Uncertainty

Monograph Accession #:

01618707

Report/Paper Numbers:

17-04948

Language:

English

Corporate Authors:

Transportation Research Board

500 Fifth Street, NW
Washington, DC 20001 United States

Authors:

Charoniti, Eleni
Rasouli, Soora
Timmermans, Harry J P

Pagination:

16p

Publication Date:

2017

Conference:

Transportation Research Board 96th Annual Meeting

Location: Washington DC, United States
Date: 2017-1-8 to 2017-1-12
Sponsors: Transportation Research Board

Media Type:

Digital/other

Features:

Figures; References; Tables

Subject Areas:

Highways; Planning and Forecasting

Source Data:

Transportation Research Board Annual Meeting 2017 Paper #17-04948

Files:

TRIS, TRB, ATRI

Created Date:

Dec 8 2016 11:54AM