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"If only I had taken the other road...": Regret, risk and reinforced learning in informed route-choice

Ben-Elia, Eran; Ishaq, Robert; Shiftan, Yoram

"If only I had taken the other road...": Regret, risk and reinforced learning in informed route-choice Thumbnail


Authors

Eran Ben-Elia

Robert Ishaq

Yoram Shiftan



Abstract

This paper presents a study of the effect of regret on route choice behavior when both descriptional information and experiential feedback on choice outcomes are provided. The relevance of Regret Theory in travel behavior has been well demonstrated in non-repeated choice environments involving decisions on the basis of descriptional information. The relation between regret and reinforced learning through experiential feedbacks is less understood. Using data obtained from a simple route-choice experiment involving different levels of travel time variability, discrete-choice models accounting for regret aversion effects are estimated. The results suggest that regret aversion is more evident when descriptional information is provided ex-ante compared to a pure learning from experience condition. Yet, the source of regret is related more strongly to experiential feedbacks rather than to the descriptional information itself. Payoff variability is negatively associated with regret. Regret aversion is more observable in choice situations that reveal risk-seeking, and less in the case of risk-aversion. These results are important for predicting the possible behavioral impacts of emerging information and communication technologies and intelligent transportation systems on travelers' behavior. © 2012 Springer Science+Business Media, LLC.

Citation

Ben-Elia, E., Ishaq, R., & Shiftan, Y. (2013). "If only I had taken the other road...": Regret, risk and reinforced learning in informed route-choice. Transportation, 40(2), 269-293. https://doi.org/10.1007/s11116-012-9426-5

Journal Article Type Article
Publication Date Jan 1, 2013
Deposit Date Jun 14, 2012
Publicly Available Date Dec 2, 2016
Journal Transportation
Print ISSN 0049-4488
Electronic ISSN 1572-9435
Publisher Springer Verlag
Peer Reviewed Peer Reviewed
Volume 40
Issue 2
Pages 269-293
DOI https://doi.org/10.1007/s11116-012-9426-5
Keywords expected utility, information, intelligent transportation systems, reinforced learning, regret route-choice, risk
Public URL https://uwe-repository.worktribe.com/output/951544
Publisher URL http://dx.doi/org/10.1007/s11116-012-9426-5

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