01660909

Component

https://doi.org/10.1177/0361198118774750

Conventional and contemporary models of travel choice make the restrictive assumption of homogeneity in decision rules. Recent literature has shown empirical evidence for potential heterogeneity in decision rules with regard to utility maximization and regret minimization. Notwithstanding these advances in modeling decision rules, behavioral understanding in the differences in these alternative decision rule segments has not been sufficiently understood. Moreover, the factors which influence the choice of these decision rules have not received significant attention. This study proposes a framework which considers decision makers to have both utility maximizing and regret minimizing tendencies. The variation in these tendencies across decision makers renders the framework heterogeneous. A heterogeneous decision rule model is developed assuming the decision rule adopted to be a latent construct. The study characterizes the regret minimizing and utility maximizing segments based on average values of the segmental attributes. The empirical findings show evidence to confirm that utility maximizers tend to be predominantly captive to personal vehicle usage while regret minimizers might be non-captive to any particular mode. The nature and extent of influence of factors affecting the choice of decision rule is also examined.

18-06557

English

pp 231-241

2018-12

Transportation Research Record: Journal of the Transportation Research Board

Digital/other

References (22) ; Tables (3)

Behavior; Decision making; Empirical methods; Heterogeneity; Mode choice; Travel behavior

Planning and Forecasting; Transportation (General)

TRIS, TRB, ATRI

Jan 8 2018 11:41AM

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• Measuring the Impact of Motivations on Travelers’ Strategic Decisions in Different Traffic Conditions: Data Collection, Analysis, and Modeling
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• Relationships between Consecutive Long-Term and Mid-Term Mobility Decisions over the Life Course: A Bayesian Network Approach
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