Abstract
This paper aims to investigate the heterogeneity property of travelers’ loss attitudes. Specifically, three assumptions are made: 1) travelers’ loss attitudes are attribute-specific; 2) travelers’ loss attitudes are related to their socio-demographic attributes; and 3) the reverse of loss aversion may also occur to some travelers. An ordered logit model allowing for heterogeneous loss-attitude effect is proposed, whose ability is proved by two synthetic data sets. An empirical data set based on a stated preference experiment is further collected and used to examine the three assumptions. The estimation results confirm all proposed assumptions and reveal some interesting insights about the influence of loss attitude in travelers’ choice behavior that rarely found in previous studies. In addition, an analysis of WTP/WTA involving travelers’ loss attitudes is also carried out.
| Original language | English |
|---|---|
| Number of pages | 11 |
| Journal | Transportation Letters : International Journal of Transportation Research |
| DOIs | |
| Publication status | E-pub ahead of print - 21 Sep 2019 |
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Keywords
- Heterogeneous loss attitudes
- loss aversion
- loss unconcern
- ordered logit model
- stated preference experiment
Cite this
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Investigating travelers’ heterogeneous attitudes toward losses : insights from a stated preference experiment. / Pan, Xiaofeng (Corresponding author); Zuo, Zhi.
In: Transportation Letters : International Journal of Transportation Research, 21.09.2019.Research output: Contribution to journal › Article › Academic › peer-review
TY - JOUR
T1 - Investigating travelers’ heterogeneous attitudes toward losses
T2 - insights from a stated preference experiment
AU - Pan, Xiaofeng
AU - Zuo, Zhi
PY - 2019/9/21
Y1 - 2019/9/21
N2 - This paper aims to investigate the heterogeneity property of travelers’ loss attitudes. Specifically, three assumptions are made: 1) travelers’ loss attitudes are attribute-specific; 2) travelers’ loss attitudes are related to their socio-demographic attributes; and 3) the reverse of loss aversion may also occur to some travelers. An ordered logit model allowing for heterogeneous loss-attitude effect is proposed, whose ability is proved by two synthetic data sets. An empirical data set based on a stated preference experiment is further collected and used to examine the three assumptions. The estimation results confirm all proposed assumptions and reveal some interesting insights about the influence of loss attitude in travelers’ choice behavior that rarely found in previous studies. In addition, an analysis of WTP/WTA involving travelers’ loss attitudes is also carried out.
AB - This paper aims to investigate the heterogeneity property of travelers’ loss attitudes. Specifically, three assumptions are made: 1) travelers’ loss attitudes are attribute-specific; 2) travelers’ loss attitudes are related to their socio-demographic attributes; and 3) the reverse of loss aversion may also occur to some travelers. An ordered logit model allowing for heterogeneous loss-attitude effect is proposed, whose ability is proved by two synthetic data sets. An empirical data set based on a stated preference experiment is further collected and used to examine the three assumptions. The estimation results confirm all proposed assumptions and reveal some interesting insights about the influence of loss attitude in travelers’ choice behavior that rarely found in previous studies. In addition, an analysis of WTP/WTA involving travelers’ loss attitudes is also carried out.
KW - Heterogeneous loss attitudes
KW - loss aversion
KW - loss unconcern
KW - ordered logit model
KW - stated preference experiment
U2 - 10.1080/19427867.2019.1669000
DO - 10.1080/19427867.2019.1669000
M3 - Article
AN - SCOPUS:85073817141
JO - Transportation Letters : International Journal of Transportation Research
JF - Transportation Letters : International Journal of Transportation Research
SN - 1942-7867
ER -