Behavior analysis of travel route selection with consideration of risk aversion

Abstract

In order to study the effect of travelers' attitudes on route selection behavior when risk aversion is considered in intelligent transportation system, this study provides a methodology about multi-attribute route selection for travelers with different characteristics. A multi-objective decision-making model of route selection with consideration of risk aversion is established by integrating the cumulative prospect theory to describe the traveler's risk aversion attitude and the solution algorithm based on the assignment model. A case in practice verifies the rationality of the model. The result shows that traveler's risk aversion has a significant impact on the route selection result. The result of path selection varies with the traveler's different composite impedance and comprehensive influence weight. The target sensitivity with consideration of risk aversion is stronger than that without consideration of risk aversion, and the consideration of risk aversion is closer to the actual situation of route selection. The proposed travel route selection decision-making model which considers risk avoidance can be used to study the problem of multi-type travelers and multi-attribute route selection in intelligent transportation system, also can be used as the basis for the study of traffic problems such as traffic flow allocation and network design.