Advancing relative utility maximization models: Application to leisure choice behavior

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Abstract

To better understand individual choice behavior, so-called reference-based models are receiving increasing attention. This paper follows the basic assumption underlying relative utility theory that judgments about choice alternatives are made relative to one or more reference points and proposes a general framework in which these references points are defined related to choice alternatives, social network members and time. To do so, first the concept of reference is elaborated such that it acts as an information source and individuals decide to what extent they should believe it. Then, different model specifications in terms of social network-referenced and time-referenced relative utilities are put forward. Finally, the design of a questionnaire about tourists’ destination and itinerary is presented and descriptive statistics of the collected data are provided.
Original languageEnglish
Title of host publicationTowards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017
EditorsMario Cools, Sabine Limbourg
Pages340-350
Number of pages11
Publication statusPublished - 2017
EventBIVEC-GIBET Transport Research Days 2017 - Liege, Belgium
Duration: 18 May 201719 May 2017

Conference

ConferenceBIVEC-GIBET Transport Research Days 2017
CountryBelgium
CityLiege
Period18/05/1719/05/17

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