Abstract
This paper analyzes the utility calculation principle of travelers from the perspective of mental accounting and proposes a travel choice behavior model that considers travel time and cost (MA-TC model). Then, a questionnaire is designed to analyze the results of the travel choice under different decision-making scenarios. Model parameters are estimated using nonlinear regression, and the utility calculation principles are developed under different hypothetical scenarios. Then, new expressions for the utility function under deterministic and risky conditions are presented. For verification, the nonlinear correlation coefficient and hit rate are used to compare the proposed MA-TC model with the other two models: (1) the classical prospect theory with travel time and cost (PT-TC model) and (2) mental accounting based on the original hedonic editing criterion (MA-HE model). The results show that model parameters under deterministic and risky conditions are pretty different. In the deterministic case, travelers have similar sensitivity to the change in gain and loss of travel time and cost. The prediction accuracy of the MA-TC model is 3% lower than the PT-TC model and 6% higher than the MA-HE model. Under risky conditions, travelers are more sensitive to the change in loss than to the change in gain. Additionally, travelers tend to overestimate small probabilities and underestimate high probabilities when losing more than when gaining. The prediction accuracy of the MA-TC model is 2% higher than the PT-TC model and 6% higher than the MA-HE model.
Highlights
It is widely known that travel demand or behavior models can be divided into the aggregate and disaggregate models. e aggregate model uses a traffic zone or a specific group as the primary analysis unit
To make up for the lack of a theoretical model in the application of mental account theory (MAT) in multiattribute travel decision-making, this paper assumes, based on previous studies, that travelers have two mental accounts: time and money. Considering both travel time and cost, we propose a travel choice behavior model based on MAT and prospect theory (PT). en, behavior-choice data in different hypothetical situations are obtained using a questionnaire, and the expression of a multiattribute utility function and the estimation of model parameters are discussed
This paper focuses on travel choice behavior, considering both travel time and cost from the perspective of mental accounting (MA-TC model). e model assumes that travelers have time and money accounts in mind, and they will set up a corresponding mental budget for each account
Summary
It is widely known that travel demand or behavior models can be divided into the aggregate and disaggregate models. e aggregate model uses a traffic zone or a specific group as the primary analysis unit. To make up for the lack of a theoretical model in the application of MAT in multiattribute travel decision-making, this paper assumes, based on previous studies, that travelers have two mental accounts: time and money. Considering both travel time and cost, we propose a travel choice behavior model based on MAT and PT.
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