Curtin University Homepage
  • Library
  • Help
    • Admin

    espace - Curtin’s institutional repository

    JavaScript is disabled for your browser. Some features of this site may not work without it.
    View Item 
    • espace Home
    • espace
    • Curtin Research Publications
    • View Item
    • espace Home
    • espace
    • Curtin Research Publications
    • View Item

    Embedding risk attitude and decision weights in non-linear logit to accommodate time variability in the value of expected travel time savings

    Access Status
    Fulltext not available
    Authors
    Hensher, D.
    Greene, William
    Li, Z.
    Date
    2011
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Hensher, D. and Greene, W. and Li, Z. 2011. Embedding risk attitude and decision weights in non-linear logit to accommodate time variability in the value of expected travel time savings. Transportation Research Part B: Methodological. 45 (7): pp. 954-972.
    Source Title
    Transportation Research Part B: Methodological
    DOI
    10.1016/j.trb.2011.05.023
    ISSN
    0191-2615
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/32415
    Collection
    • Curtin Research Publications
    Abstract

    In recent years we have seen important extensions of logit models in behavioural research such as incorporation of preference and scale heterogeneity, attribute processing heuristics, and estimation of willingness to pay (WTP) in WTP space. With rare exception, however, a non-linear treatment of the parameter set to allow for behavioural reality, such as embedded risk attitude and perceptual conditioning of occurrence probabilities attached to specific attributes, is absent. This is especially relevant to the recent focus in travel behaviour research on identifying the willingness to pay for reduced travel time variability, which is the source of estimates of the value of trip reliability that has been shown to take on an increasingly important role in project appraisal. This paper incorporates, in a generalised non-linear (in parameters) logit model, alternative functional forms for perceptual conditioning (known as probability weighting) and risk attitude in the utility function to account for travel time variability, and then derives an empirical estimate of the willingness to pay for trip time variability-embedded travel time savings as an alternative to separate estimates of time savings and trip time reliability. We illustrate the richness of the approach using a stated choice data set for commuter choice between unlabelled attribute packages. Statistically significant risk attitude parameters and parameters underlying decision weights are estimated for multinomial logit and mixed multinomial logit models, along with values of expected travel time savings. © 2011 Elsevier Ltd.

    Related items

    Showing items related by title, author, creator and subject.

    • Influence of travel time variability on train station choice for park-and-rider users
      Chen, C.; Xia, Jianhong (Cecilia); Smith, B.; Olaru, D.; Taplin, J.; Han, R. (2017)
      © 2017 The Authors. Published by Elsevier B.V. It is increasingly recognised that park and ride (PnR) is an efficient travel mode joining private car with public transport system for providing low carbon emissions and ...
    • Entries and exits from homelessness: A dynamic analysis of the relationship between structural conditions and individual characteristics
      Johnson, G.; Scutella, R.; Tseng, Y.; Wood, Gavin; Guy, J.; Rosanna, S.; Yi-Ping, T.; Gavin, W. (2015)
      This report examines the relationship between structural factors, individual characteristics and homelessness. Our interest in the interaction of structural conditions and individual characteristics gives rise to two ...
    • Development of accurate and reliable correlations for various design parameters in oil and gas processing industries
      Bahadori, Alireza (2011)
      The continuing growth in the importance of oil and gas production and processing overall the globe increase the need for accurate prediction of various parameters and their impact on unit operations, process simulation ...
    Advanced search

    Browse

    Communities & CollectionsIssue DateAuthorTitleSubjectDocument TypeThis CollectionIssue DateAuthorTitleSubjectDocument Type

    My Account

    Admin

    Statistics

    Most Popular ItemsStatistics by CountryMost Popular Authors

    Follow Curtin

    • 
    • 
    • 
    • 
    • 

    CRICOS Provider Code: 00301JABN: 99 143 842 569TEQSA: PRV12158

    Copyright | Disclaimer | Privacy statement | Accessibility

    Curtin would like to pay respect to the Aboriginal and Torres Strait Islander members of our community by acknowledging the traditional owners of the land on which the Perth campus is located, the Whadjuk people of the Nyungar Nation; and on our Kalgoorlie campus, the Wongutha people of the North-Eastern Goldfields.