Risk Aversion in Travel Mode Choice with Rank-Dependent Utility

Matthieu de Lapparent · Moshe E Ben-Akiva

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Decision-Making and Behavioral Economics Transportation Planning and Optimization Economic and Environmental Valuation

Abstract

Using 2004 stated preference data on travel mode collected in the Zürich area, different parametric specifications of the rank-dependent utility function in a logit mixture model show that commuters are weakly averse to small-time losses. The results also justify Yaari's dual theory of choice under risk, that the utility function is linear on outcomes but that the perception of corresponding probabilities is biased. For leisure travel, the travelers are risk neutral to small losses of time.

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2019Theory of games and economic behavior 1992Advances in prospect theory: Cumulative representation of uncertainty 2001Discrete Choice Methods with Simulation 1987Discrete Choice Analysis: Theory and Application to Travel Demand.1945The Theory of Games and Economic Behavior 1964Risk Aversion in the Small and in the Large 1976Risk Aversion in the Small and in the Large 1972Essays in the Theory of Risk-Bearing.

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