Scheduling choices under rank dependent utility maximization
2014 (English)In: Transportation: Can we do more with less resources? – 16th Meeting of the Euro Working Group on Transportation – Porto 2013, Elsevier, 2014, 301-310 p.Conference paper (Refereed)
Scheduling preferences, derived under the assumption of expected utility maximization, can be used for measuring the value of travel time variability. As an alternative to the expected utility maximization, the rank dependent utility is chosen in this paper. Considering a flexible probability weighting for ranked outcomes, two frequently applied scheduling models are derived and estimated on a data set with specific travel time distributions. Optimistic respondents are observed. Allowing for heterogeneity of scheduling preferences improves the model performance significantly. We also found evidence for valuing excessive travel time, which is not included in the traditional scheduling model specifications.
Place, publisher, year, edition, pages
Elsevier, 2014. 301-310 p.
, Procedia Social and Behavioral Sciences, ISSN 1877-0428 ; 111
Rank dependnent utility, probability weighting, scheduling model, value of travel time variability
Transport Systems and Logistics
IdentifiersURN: urn:nbn:se:kth:diva-146588DOI: 10.1016/j.sbspro.2014.01.063ISI: 000335582500031OAI: oai:DiVA.org:kth-146588DiVA: diva2:724676
16th Meeting of the Euro-Working-Group-in-Transportation, SEP, 2013, Porto, Portugal
QC 201406132014-06-132014-06-122014-06-13Bibliographically approved