The Effect of Reference Point on Stochastic Network Equilibrium

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.

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