The value of travel information: Decision strategy-specific conceptualizations and numerical examples

C.G. Chorus, T.A. Arentze, E.J.E. Molin, H.J.P. Timmermans, G.P. Wee, van

Research output: Contribution to journalArticleAcademicpeer-review

53 Citations (Scopus)
1 Downloads (Pure)

Abstract

Behavioral models of the perceived value of travel information are developed that take into account satisficing as well as maximizing behavior, and are suitable for the evaluation of information acquisition for alternative generation as well as assessment. This is done by integrating notions of search theory and Bayesian perception updating into a utilitarian framework of information value. In order to clarify the important mechanisms behind these formulations, and provide some first face validity to the applied approaches, numerical examples are developed that simulate the value of information for different knowledge levels of the individual, and for different levels of reliability of the information service. The examples indeed provide preliminary confidence, as occurring trends appear to be consistent with intuition and empirical literature.
Original languageEnglish
Pages (from-to)504-519
JournalTransportation Research. Part B: Methodological
Volume40
Issue number6
DOIs
Publication statusPublished - 2006

Fingerprint Dive into the research topics of 'The value of travel information: Decision strategy-specific conceptualizations and numerical examples'. Together they form a unique fingerprint.

Cite this