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.


    Access

    Check access

    Check availability in my library

    Order at Subito €


    Export, share and cite



    Title :

    Embodiment of Bounded Rationality in Travel Choice


    Contributors:
    Zhao, Mingyu (author) / Sun, Lijun (author) / Tyler, Nick (author) / Lan, Cheng (author)

    Conference:

    Third International Conference on Transportation Engineering (ICTE) ; 2011 ; Chengdu, China


    Published in:

    ICTE 2011 ; 235-240


    Publication date :

    2011-07-13




    Type of media :

    Conference paper


    Type of material :

    Electronic Resource


    Language :

    English




    Modeling travel mode choice behavior with bounded rationality using Markov Logic Networks

    Li, Tao / Guan, Hongzhi / Ma, Jiaqi et al. | Taylor & Francis Verlag | 2019


    Traveling Mode Choice Model under Bounded Rationality

    Xu, Tian / Wang, Lili / Deng, Han-Yue et al. | ASCE | 2019


    A Departure Time Choice Model with Bounded Rationality

    Tang, Wenyun / Cheng, Lin / Chu, Zhaoming | ASCE | 2013