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

Z. Zuo, X. Pan

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-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 languageEnglish
Title of host publicationCICTP 2017: Transportation Reform and Change - Equity, Inclusiveness, Sharing, and Innovation
EditorsJian Lu, Lei Zhang, Yu Zhang, Jian Sun, ShouEn Fang, Haizhong Wang
PublisherAmerican Society of Civil Engineers (ASCE)
Pages3720-3733
Number of pages14
ISBN (Electronic)9780784480915
DOIs
Publication statusPublished - 1 Jan 2018
Event17th COTA International Conference of Transportation Professionals (CICTP 2017) - Shanghai, China
Duration: 7 Jul 20179 Jul 2017
Conference number: 17
http://www.cota-home.org/CICTP/CICTP2017.html

Conference

Conference17th COTA International Conference of Transportation Professionals (CICTP 2017)
Abbreviated titleCICTP 2017
CountryChina
CityShanghai
Period7/07/179/07/17
OtherTransportation Reform and Change - Equity, Inclusiveness, Sharing, and Innovation
Internet address

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  • Cite this

    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