An analysis of Timmermans’ critique of Prospect Theory

In the European Journal of Transport and Infrastructure Research (EJTIR) Timmermans (2010) discussed the suitability of Prospect Theory for travel behaviour research. In that article appeared an assertion, about the explanatory performance of Prospect Theory with respect to choices in the TV game ‘Deal or no Deal’, which was not true. A thorough...

Timmermans’ Misleading Critique of Prospect Theory Actually Supports its Relevance for Travel Choice Modelling

For a special issue of this journal Timmermans (2010) was asked to make critical comments on the suitability of Prospect Theory for travel behaviour research. His article offers a comprehensive overview of all kinds of criticism that one might encounter in the social sciences. When browsing through it during the preparation of an article about...

Extended prospect theory: Findings on choice behaviour from economics and the behavioural sciences and their relevance for travel behaviour

In Transport Sciences different implementations of Utility Theory are commonly used for the description and prediction of human choice behaviour. Almost 30 years ago Kahneman and Tversky proposed an alternative behavioural-economic model of choice behaviour called Prospect Theory. In contrast to Utility Theory they assumed that preference orders...