The effect of reference point on stochastic network equilibrium

Avineri, E. (2006) The effect of reference point on stochastic network equilibrium. Transportation Science, 40 (4). pp. 409-420. ISSN 1526-5447

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Publisher's URL: http://dx.doi.org/10.1287/trsc.1060.0158

Abstract

Following studies of human decision making under risk and uncertainty, an extensive evidence of loss aversion and asymmetric risk-taking behavior around a reference point was found. Prospect theory proposes an alternative framework to the traditional risk-taking modeling in travel behavior, which might be too simplistic. This paper examines the possibility of applying prospect theory for modeling stochastic network equilibrium, and presents an investigation of the effect of reference point value on such equilibrium. Conceptual and methodological issues that could be addressed by further research in transportation research are suggested.

Item Type:Article
Additional Information:Based on a plenary session at the 16th International Symposium on Transportation and Traffic Theory (ISTTT) (University of Maryland, 2005). The author gave an invited presentation of the research findings of the above work at seminars in Italy, Israel and the UK.
Uncontrolled Keywords:route choice, stochastic network equilibrium, reference point, prospect theory
Faculty/Department:Faculty of Environment and Technology
ID Code:6104
Deposited By: R. Upload account
Deposited On:22 Jan 2010 15:11
Last Modified:10 Jan 2014 09:41

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