TY - JOUR
T1 - Unobserved and observed heterogeneity in risk attitudes
T2 - Implications for valuing travel time savings and travel time variability
AU - Li, Zheng
N1 - Publisher Copyright:
© 2018 Elsevier Ltd
PY - 2018/4
Y1 - 2018/4
N2 - In this paper, we incorporate the attitude towards risk into a scheduling model to account for travel time variability, using a choice experiment of car commuters choosing from risky alternatives. The parameters that represent unobserved and observed heterogeneity in risk attitudes are jointly estimated within a non-linear utility framework. The model outputs are compared with the results from the model under the assumption of risk attitude homogeneity and we find differences in the willingness to pay for time savings and reduced travel time variability. These findings illustrate that risk attitude heterogeneity plays a role in choice behaviour.
AB - In this paper, we incorporate the attitude towards risk into a scheduling model to account for travel time variability, using a choice experiment of car commuters choosing from risky alternatives. The parameters that represent unobserved and observed heterogeneity in risk attitudes are jointly estimated within a non-linear utility framework. The model outputs are compared with the results from the model under the assumption of risk attitude homogeneity and we find differences in the willingness to pay for time savings and reduced travel time variability. These findings illustrate that risk attitude heterogeneity plays a role in choice behaviour.
KW - Expected utility theory
KW - Observed heterogeneity
KW - Risk attitude
KW - Travel time variability
KW - Unobserved heterogeneity
KW - Willingness to pay
UR - https://www.scopus.com/pages/publications/85044729829
U2 - 10.1016/j.tre.2018.02.003
DO - 10.1016/j.tre.2018.02.003
M3 - 文章
AN - SCOPUS:85044729829
SN - 1366-5545
VL - 112
SP - 12
EP - 18
JO - Transportation Research Part E: Logistics and Transportation Review
JF - Transportation Research Part E: Logistics and Transportation Review
ER -