Travel choice models that generate preferences for compromise alternatives: An empirical comparison

Compromise alternatives have an intermediate performance on each or most attributes rather than having a poor performance on some attributes and a strong performance on others. The relative popularity of compromise alternatives among decision-makers has been convincingly established in a wide range of decision contexts. We discuss three choice...

Substantiële veranderingen en hun effecten op mobiliteit: Een typologie en een overzicht van de literatuur

Gedurende de afgelopen 40 jaar zijn mobiliteitspatronen meerdere malen blijvend veranderd als gevolg van een aantal 'substantiële veranderingen'. Voorbeelden van dergelijke substantiële veranderingen zijn de snelle opkomst van betaalbare vliegreizen, de oliecrises, en ICT-ontwikkelingen. Zodoende lijkt het voor de meeste onderzoekers en...

Sampling of Alternatives in Random Regret Minimization Models (presentation)

We propose a methodology to achieve consistency, asymptotic normality and efficiency, while sampling alternatives in Random Regret Minimization models. Our method is an extension of previous results for Logit and MEV models. We illustrate the methodology using Monte Carlo experimentation. Experiments show that the proposed methodology

A Generalized Random Regret Minimization Model

This paper presents, discusses and tests a generalized Random Regret Minimization (G-RRM) model. The G-RRM model is created by replacing a fixed constant in the attribute-specific regret functions of the RRM model, by a regret-weight variable. Depending on the value of the regret-weights, the G-RRM model generates predictions that equal those of...

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...

Sampling of alternatives in random regret minimization models

We propose a methodology to achieve consistency, asymptotic normality and efficiency, while sampling alternatives in Random Regret Minimization models. Our method is an extension of previous results for Logit and MEV models. We illustrate the methodology using Monte Carlo experimentation. Experiments show that the proposed methodology is...

Random regret and random utility in the household purchase of a motor vehicle

Random utility maximisation is the preeminent behavioural theory used to model choices. An alternative paradigm, however, is random regret minimisation. 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 maximisation and regret minimisation...

Hybrid models of Random utility maximization and random regret minimization: Results from two empirical studies

A Random Regret Minimization-based Discrete Choice Model

This Chapter presents the RRM-model. First, the Random Regretfunction is presented and explained (Sect. 2.1). Subsequently, this function is compared with the classical linear-additive Random Utility-function (Sect. 2.2). Finally, it is shown how the Random Regret-function translates into MNL-type choice probabilities for a particular...

Random regret minimization: Exploration of a new choice model for environmental and resource economics

This paper introduces the discrete choice model-paradigm of Random Regret Minimization (RRM) to the field of environmental and resource economics. The RRM-approach has been very recently developed in the context of travel demand modelling and presents a tractable, regret-based alternative to the dominant choice-modelling paradigm based on Random...

Editorial: Recent Developments in Prospect Theory-based Travel Behaviour Research

Prospect theory, a descriptive approach of modelling individual choice making which has been applied in a range of contexts, has recently attracted the interest of transport academics and professionals and is seen by many as a promising framework for travel behaviour modelling. This special issue follows a seminar on prospect theory and its...

A new model of Random Regret Minimization

A new choice model is derived, rooted in the framework of Random Regret Minimization (RRM). The proposed model postulates that when choosing, people anticipate and aim to minimize regret. Whereas previous regret-based discrete choice-models assume that regret is experienced with respect to only the best of foregone alternatives, the proposed...

Inertia in travel choice: The role of risk aversion and learning

This paper contributes to literature by showing how travellers that make normatively rational choices exhibit inertia during a series of risky choices. Our analyses complement other studies that conceive inertia as the result of boundedly rational or even non-deliberate, habitual decision-making. We start by presenting a model of risky travel...

The Need for Advanced Public Transport Information Services When Making Transfers

This paper reports on a stated choice experiment examining the determinants of travelers' need and willingness to pay for advanced public transport information services. Specific attention is given to the role of making transfers in the decision to acquire specific types of information. Intercity train travelers are asked to choose among...

Travel information as an instrument to change cardrivers’ travel choices: A literature review

This paper aims to provide insights that help transport academics and policy makers appreciate the potentials and limitations of information provision as a means to changing car-drivers’ travel choices. The focus is on a modal shift from private car to public transport and changes in car-drivers’ choices for departure times and routes towards a...