Towards more behaviourally robust travel demand forecasts: Catering to utility maximisers and regret minimisers

Choice probabilities and related outputs of discrete choice models form a critical input to many travel demand forecasting and transport project evaluation studies. The decision rule underlying a discrete choice model describes how individuals make their decisions and thereby co-determines the choice probabilities. Uncertainty from the side of...

Random Regret Minimization for consumer choice modelling: Assessment of empirical evidence

This paper introduces to the field of marketing a regret-based discrete choice model for the analysis of multi-attribute consumer choices from multinomial choice sets. This random regret minimization model (RRM), which has two years ago been introduced in the field of transport, forms a regret-based counterpart of the canonical random utility...