Advancing relative utility maximization models: Application to leisure choice behavior

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademic

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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

Fingerprint

Social networks
Leisure
Utility maximization
Reference point
Choice behavior
Tourist destination
Model specification
Information sources
Statistics
Utility theory
Questionnaire

Cite this

Pan, X., Rasouli, S., & Timmermans, H. J. P. (2017). Advancing relative utility maximization models: Application to leisure choice behavior. In M. Cools, & S. Limbourg (Eds.), Towards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017 (pp. 340-350)
Pan, X. ; Rasouli, S. ; Timmermans, H.J.P. / Advancing relative utility maximization models: Application to leisure choice behavior. Towards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017. editor / Mario Cools ; Sabine Limbourg. 2017. pp. 340-350
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title = "Advancing relative utility maximization models: Application to leisure choice behavior",
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.",
author = "X. Pan and S. Rasouli and H.J.P. Timmermans",
year = "2017",
language = "English",
pages = "340--350",
editor = "Mario Cools and Sabine Limbourg",
booktitle = "Towards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017",

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Pan, X, Rasouli, S & Timmermans, HJP 2017, Advancing relative utility maximization models: Application to leisure choice behavior. in M Cools & S Limbourg (eds), Towards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017. pp. 340-350, BIVEC-GIBET Transport Research Days 2017, Liege, Belgium, 18/05/17.

Advancing relative utility maximization models: Application to leisure choice behavior. / Pan, X.; Rasouli, S.; Timmermans, H.J.P.

Towards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017. ed. / Mario Cools; Sabine Limbourg. 2017. p. 340-350.

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademic

TY - GEN

T1 - Advancing relative utility maximization models: Application to leisure choice behavior

AU - Pan, X.

AU - Rasouli, S.

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N2 - 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.

AB - 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.

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BT - Towards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017

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Pan X, Rasouli S, Timmermans HJP. Advancing relative utility maximization models: Application to leisure choice behavior. In Cools M, Limbourg S, editors, Towards an Autonomous and Interconnected Transport Future: Proceedings of the BIVEC-GIBET Transport Research Days 2017. 2017. p. 340-350