Modelling travellers’ risky choice in a revealed preference context: a comparison of EUT and non-EUT approaches

Recent work on risky choice modelling has sought to address the shortcomings of expected utility theory (EUT) by using non-expected utility theoretic (non-EUT) approaches. However, to date these approaches have been merely tested on stated choice data which is flexible and cheap. In this study, we empirically investigate the feasibility and validity of non-EUT approaches in a revealed preference (RP) context in which travel time distribution is extracted from observed historical travel time data, and subsequently present systematic comparisons between EUT, weighted utility theory, rank-dependent expected utility theory, and prospect theory (PT). The empirical evidence indicates that each non-EUT model has important behavioural insights to offer, moreover, EUT as well as non-EUT models can be applied to the RP context. However, the EUT and non-EUT model fits are generally similar with only PT providing a marginally improved model fit over EUT. The key findings presented in this study reinforce the importance of exploring non-EUT models within a revealed preference context before they can be applied reliably to modelling risky choices in the real world.     

An application of a rank ordered probit modeling approach to understanding level of interest in autonomous vehicles

Surveys of behavior could benefit from information about people’s relative ranking of choice alternatives. Rank ordered data are often collected in stated preference surveys where respondents are asked to rank hypothetical alternatives (rather than choose a single alternative) to better understand their relative preferences. Despite the widespread interest in collecting data on and modeling people’s preferences for choice alternatives, rank-ordered data are rarely collected in travel surveys and very little progress has been made in the ability to rigorously model such data and obtain reliable parameter estimates. This paper presents a rank ordered probit modeling approach that overcomes limitations associated with prior approaches in analyzing rank ordered data. The efficacy of the rank ordered probit modeling methodology is demonstrated through an application of the model to understand preferences for alternative configurations of autonomous vehicles (AV) using the 2015 Puget Sound Regional Travel Study survey data set. The methodology offers behaviorally intuitive model results with a variety of socio-economic and demographic characteristics, including age, gender, household income, education, employment and household structure, significantly influencing preference for alternative configurations of AV adoption, ownership, and shared usage. The ability to estimate rank ordered probit models offers a pathway for better utilizing rank ordered data to understand preferences and recognize that choices may not be absolute in many instances.     

Exploring the role of individual attitudes and perceptions in predicting the demand for cycling: a hybrid choice modelling approach

Cycling is often promoted as a means of reducing urban congestion and improving health, social and environmental outcomes. However, the quantification of these potential benefits is not well established. This is due in part to practical difficulties in estimating cycling demand and a lack of sound methodologies to appraise cycling initiatives. In this paper we attempt to address this need by developing predictive models of cycle demand, relative to other transport modes, that capture not only the impacts of observed characteristics such as age and travel time but also the role of attitudes and perceptions. Using data from a stated preference survey, we estimate a hybrid choice model for cycle use that incorporates the role of attitudes towards cycling, perceptions of the image associated with cycling, and the stress arising from safety concerns. Model results indicate that the latent attitudes and perceptions explain an important part of the non-observable utility in a simple multinomial logit choice model. We also demonstrate policy analysis using the hybrid choice model, which allows comparisons of ‘hard’ policies such as the provision of parking facilities against ‘soft’ measures such as cycle promotion schemes.     

Dynamic pricing of free-floating carsharing networks with sensitivity to travellers’ attitudes towards risk

Transportation - Free-floating carsharing (FFCS) systems are characterised by volatile fleet distribution as well as customers’ heterogeneous price sensitivity and spatiotemporal flexibility....