Despite the popularity of models of fully rational behavior, several studies have formulated models of bounded rational behavior and presented evidence of the potential of such models. A recent examples are the random regret-minimizing models which capture regret-aversion (reference-dependent) behavior. Central to these model is the comparison of choice alternatives on an attribute-by-attribute basis. Psycho-physical researches have shown that i) individuals have different types of reference-dependent behavior, ii) the perception of attribute differences tend to be non-linear, and iii) they do not perceive or ignore the small difference. Assuming similar laws apply to the perception of travel attribute differences, this study aims to incorporate psycho-physical rules into travel behavior modeling. On the basis of the introduction of psycho-physical rules and a proposed integrated framework in travel behavior modeling, the authors develop a novel series of regret-rejoice choice model and empirically test their ability to reproduce choice data. Results based on the latent class model indicate that travelers in different class have heterogeneous psycho-physical perceptions. Therefore, capturing the psycho-physical relationships in models of travel demand seems a critical decision to better predict travelers’ behavior.
|Title of host publication||The 98th Annual Meeting of the Transportation Research Board|
|Number of pages||20|
|Publication status||Published - Jan 2019|
|Event||98th Annual Meeting of the Transportation Research Board - Walter E. Washington Convention Center, Washington, D.C., United States|
Duration: 13 Jan 2019 → 17 Jan 2019
|Conference||98th Annual Meeting of the Transportation Research Board|
|Period||13/01/19 → 17/01/19|