The value of travel information for generating choice alternatives: conceptualizations and numerical examples.

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Abstract

This paper presents the development of behavioral models of the perceived value of travel information that are suitable for the evaluation of information acquisition with the aim of generating unknown travel alternatives, under conditions of uncertainty and information unreliability. This is done by integrating notions of search theory into a regret-based framework of information value and decision making under uncertainty. In order to clarify the mechanisms behind these formulations, and provide some evidence of 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. Results appear to be consistent with intuition and empirical literature.
Original languageEnglish
Title of host publicationPaper presented at the 85th annual meeting of the Transportation Research Board, Washington, D.C.
Place of PublicationWashington, D.C.
PublisherTRB
Publication statusPublished - 2006

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