Prospect Theory and its Applications to the Modelling of Travel Choice

Abstract

Originality and value

The chapter provides a detailed account of the design and results of accumulated research in travel behaviour research that is based on Prospect Theory’s observations, insights and formulations. The potential of Prospect Theory for particular decision-making in travel behaviour research is articulated, main findings are presented and discussed, and limitations are identified, leading to further research needs.

Citation

Avineri, E. and Ben-Elia, E. (2015), "Prospect Theory and its Applications to the Modelling of Travel Choice", Rasouli, S. and Timmermans, H. (Ed.) Bounded Rational Choice Behaviour: Applications in Transport, Emerald Group Publishing Limited, Bingley, pp. 233-256. https://doi.org/10.1108/978-1-78441-072-820151015