Prospect theory-based travel choice behavior modeling: State of the art and critical issues

Z. Zuo; X. Pan

doi:10.1061/9780784480915.389

Prospect theory-based travel choice behavior modeling: State of the art and critical issues

Z. Zuo, X. Pan

Urban Planning and Transportation

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

Abstract

This paper reviews applications of the prospect theory in travel mode choice analyses. Some critical issues are presented and literature are reviewed with respect to these issues. From the literature review we found: 1) most applications only focus on travelers' route choice behavior and applications dealing with multi-attributes are rare; 2) several ways to define reference point are proposed; 3) travel experience and travel information is considered in some cases; 4) parameter estimation is conducted but they are somewhat inadequate; and 5) almost all studies use a single reference point. The objective of the paper is to provide an adequate and comprehensive review on prospect theory applications to enhance travel choice modeling to show the state of the art and to guide the future research.

Original language	English
Title of host publication	CICTP 2017: Transportation Reform and Change - Equity, Inclusiveness, Sharing, and Innovation
Editors	Jian Lu, Lei Zhang, Yu Zhang, Jian Sun, ShouEn Fang, Haizhong Wang
Publisher	American Society of Civil Engineers (ASCE)
Pages	3720-3733
Number of pages	14
ISBN (Electronic)	9780784480915
DOIs	https://doi.org/10.1061/9780784480915.389
Publication status	Published - 1 Jan 2018
Event	17th COTA International Conference of Transportation Professionals (CICTP 2017) - Shanghai, China Duration: 7 Jul 2017 → 9 Jul 2017 Conference number: 17 http://www.cota-home.org/CICTP/CICTP2017.html

Conference

Conference	17th COTA International Conference of Transportation Professionals (CICTP 2017)
Abbreviated title	CICTP 2017
Country	China
City	Shanghai
Period	7/07/17 → 9/07/17
Other	Transportation Reform and Change - Equity, Inclusiveness, Sharing, and Innovation
Internet address	http://www.cota-home.org/CICTP/CICTP2017.html

Access to Document

10.1061/9780784480915.389

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Zuo, Z., & Pan, X. (2018). Prospect theory-based travel choice behavior modeling: State of the art and critical issues. In J. Lu, L. Zhang, Y. Zhang, J. Sun, S. Fang, & H. Wang (Eds.), CICTP 2017: Transportation Reform and Change - Equity, Inclusiveness, Sharing, and Innovation (pp. 3720-3733). American Society of Civil Engineers (ASCE). https://doi.org/10.1061/9780784480915.389

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abstract = "This paper reviews applications of the prospect theory in travel mode choice analyses. Some critical issues are presented and literature are reviewed with respect to these issues. From the literature review we found: 1) most applications only focus on travelers' route choice behavior and applications dealing with multi-attributes are rare; 2) several ways to define reference point are proposed; 3) travel experience and travel information is considered in some cases; 4) parameter estimation is conducted but they are somewhat inadequate; and 5) almost all studies use a single reference point. The objective of the paper is to provide an adequate and comprehensive review on prospect theory applications to enhance travel choice modeling to show the state of the art and to guide the future research.",

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note = "17th COTA International Conference of Transportation Professionals (CICTP 2017), CICTP 2017 ; Conference date: 07-07-2017 Through 09-07-2017",

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Zuo, Z & Pan, X 2018, Prospect theory-based travel choice behavior modeling: State of the art and critical issues. in J Lu, L Zhang, Y Zhang, J Sun, S Fang & H Wang (eds), CICTP 2017: Transportation Reform and Change - Equity, Inclusiveness, Sharing, and Innovation. American Society of Civil Engineers (ASCE), pp. 3720-3733, 17th COTA International Conference of Transportation Professionals (CICTP 2017), Shanghai, China, 7/07/17. https://doi.org/10.1061/9780784480915.389

Prospect theory-based travel choice behavior modeling: State of the art and critical issues. / Zuo, Z.; Pan, X.

CICTP 2017: Transportation Reform and Change - Equity, Inclusiveness, Sharing, and Innovation. ed. / Jian Lu; Lei Zhang; Yu Zhang; Jian Sun; ShouEn Fang; Haizhong Wang. American Society of Civil Engineers (ASCE), 2018. p. 3720-3733.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › Academic › peer-review

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