This paper discusses the embodiment of bounded rationality in travel choice. In classical utility functions based on hypothesis of fully rational consumers, travel time is assumed to be negative utility which is minimized by travelers, whereas the average travel time is observed to be relatively constant over the past 40 years. Thus, in order to further understand the incentives of travel choice, a survey was conducted in both London and Shanghai to collect data about individuals' perceptions of ideal travel time in relation to different travel purposes. The result implies that the bounded rationality characterize the probability distribution shape of ideal travel time which can be well fitted by generalized extreme value distribution.
Embodiment of Bounded Rationality in Travel Choice
Third International Conference on Transportation Engineering (ICTE) ; 2011 ; Chengdu, China
ICTE 2011 ; 235-240
2011-07-13
Conference paper
Electronic Resource
English
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