On the other half of the story: allowing for discrete penalties for excessive travel times in scheduling models
2012 (English)Conference paper, Presentation (Refereed)
In this paper, a discrete penalty for excessive travel times is introducedinto scheduling models whose maximal expected utilities have attractivetheoretical features of linearity in standard deviation or variance. Theextended models maintain the properties of linearity, and its maximalexpected utility depends on the shape of the travel time distribution.The value of travel time and its variability could be measured indirectlyby the scheduling preferences. The results from empirical data revealthat the extended models, with such a discrete penalty, provide a highlysignificant better goodness of fit to the data. Furthermore, introducingthe penalty for excessive travel time has a strong effect on the estimatesof the other scheduling parameters, thus affecting the valuations of traveltime. Our findings indicate that, apart from the mean and standarddeviation (or variance), individuals value other characteristics of traveltime distribution, in particular the probability of excessive travel time.
Place, publisher, year, edition, pages
CTS - Working papers in Transport Economics, No 2013:15
Transport Systems and Logistics
IdentifiersURN: urn:nbn:se:kth:diva-116027OAI: oai:DiVA.org:kth-116027DiVA: diva2:588609
TSC import 2160 2013-01-15 QC 201306122013-01-152013-01-152016-04-18Bibliographically approved