
Bounded Rational Choice Behaviour
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Content
- Front Cover
- Bounded Rational Choice Behaviour: Applications in Transport
- Copyright page
- Contents
- List of Contributors
- Preface
- Frontiers in Modelling Bounded Rationality in Travel Behaviour Research: Introduction to the Collection of Chapters
- References
- Chapter 1 Models of Bounded Rationality under Certainty
- 1.1 Framework
- 1.2 Non-Optimal Decision Mechanisms
- 1.3 Considering a Subset of Influential Attributes
- 1.4 Indifference between Small Differences in Utility or Attribute Values
- 1.5 Considering a Subset of Choice Alternatives
- 1.6 Applications
- 1.7 Conclusions and Discussion
- References
- Chapter 2 Utility Maximisation and Regret Minimisation: A Mixture of a Generalisation
- 2.1 Introduction
- 2.2 Model Structures
- 2.2.1 The Generalised RRM Model
- 2.2.2 Mixture Model
- 2.3 Empirical Analysis
- 2.3.1 Data
- 2.3.2 Results
- 2.4 Summary and Conclusions
- References
- Chapter 3 Relative Utility Modelling
- 3.1 Introduction
- 3.2 Relative Utility Modelling
- 3.2.1 General Formulation
- 3.2.2 Alternative-Oriented Relative Utility
- 3.2.3 Representing Quasi-Nested Choice Structure
- 3.2.4 Endogenous Modelling of Choice Set Generation
- 3.2.5 Reflecting the Non-linearity of Context Dependency
- 3.3 Major Findings of Existing Studies
- 3.3.1 Choices of Destinations and Stop Patterns
- 3.3.2 Dynamic Travel Mode Choice
- 3.3.3 Travel Information and Travel Behaviour
- 3.3.4 Choices of Packaged Tours
- 3.3.5 Choice Set Generation
- 3.4 Further Improvements
- 3.4.1 Modelling Improvements
- 3.4.2 Model Estimation
- 3.5 Conclusion
- References
- Chapter 4 The Influence of Varying Information Load on Inferred Attribute Non-Attendance
- 4.1 Introduction
- 4.2 Methodology
- 4.3 Data and Model Specifications
- 4.4 Results
- 4.5 Discussion
- References
- Chapter 5 The Heterogeneous Heuristic Modeling Framework for Inferring Decision Processes
- 5.1 Motivation
- 5.2 Modeling Framework
- 5.2.1 Satisficing Decision
- 5.2.1.1 Preference structure
- 5.2.1.2 Deriving decision heuristics
- 5.2.1.3 Choice of heuristics
- 5.2.1.4 Mental effort
- 5.2.1.5 Risk perception
- 5.2.1.6 Expected outcome
- 5.2.2 Extension to Comparative Decision
- 5.3 Applications
- 5.3.1 The Go-Home Decision
- 5.3.1.1 Model specification
- 5.3.1.2 Results
- 5.3.2 The Direction Choice Decision
- 5.3.2.1 Model specification
- 5.3.2.2 Results
- 5.4 Conclusion and Future Work
- References
- Chapter 6 Investigating Situational Differences in Individuals' Mental Representations of Activity-Travel Decisions: Progress and Empirical Illustration for the Impact of Online Alternatives
- 6.1 Introduction
- 6.2 Mental Representations of Complex Decision Problems
- 6.2.1 Theory and Concepts
- 6.2.2 Measuring Mental Representations
- 6.3 Case Study
- 6.3.1 Choice Task and Experimental Design
- 6.3.2 Data Collection and Sample
- 6.3.3 Analysis
- 6.3.3.1 The complexity of respondents' mental representations
- Number of recalled considerations
- Number of attributes and number of benefits
- Benefits per attribute
- Number of cognitive subsets
- Conclusions on the complexity of respondents' MRs
- 6.3.3.2 The content of respondents' mental representations
- Ranking of decision variables
- The frequency of elicited attributes
- The frequency of elicited benefits
- The frequency of elicited cognitive subsets
- Centrality of variables
- 6.3.4 Conclusion
- 6.4 Conclusions and Discussion
- References
- Chapter 7 Towards a Novel Classifier for the Representation of Bounded Rationality in Models of Travel Demand
- 7.1 Introduction to Decision Theory
- 7.2 Decision Theory in Activity-Based Models
- 7.2.1 Introduction
- 7.2.2 Decision Theory in AB Models
- 7.3 Bayesian Networks
- 7.3.1 General Concepts
- 7.3.2 Parameter Learning
- 7.3.3 Entering Evidences
- 7.3.4 Structural Learning
- 7.4 Bayesian Network Classifiers: Problem Formulation
- 7.5 Towards A New Integrated Classifier
- 7.6 Data and Design of the Experiments
- 7.6.1 Data
- 7.6.2 Design of the Experiments
- 7.7 Results
- 7.7.1 Model Comparison: Accuracy Results
- 7.7.2 Model Comparison in Terms of Model and Individual Rule Complexity
- 7.7.3 Activity Pattern Level Analysis
- 7.7.4 Trip Matrix Level Analysis
- 7.8 Conclusion and Discussion of the Results
- References
- Chapter 8 Bounded Rationality in Dynamic Traffic Assignment
- 8.1 Introduction
- 8.2 Dynamic Traffic Assignment
- 8.2.1 Problem Definition
- 8.2.2 Example
- 8.2.3 Travel Flow Component
- 8.2.4 Wardrop's First Principle and its Dynamic Extensions
- 8.3 Bounded Rationality in Traffic Assignment
- 8.4 Boundedly Rational Dynamic User Equilibrium Route Choice Assignment
- 8.4.1 Tolerance-Based Dynamic User Optimal Principle
- 8.4.2 Nonlinear Complementarity Problem (NCP) Formulation
- 8.4.3 Solution Existence and Uniqueness
- 8.4.4 Solution Method
- 8.5 Boundedly Rational Dynamic user Equilibrium Route and Departure Time Choice Assignment
- 8.6 Concluding Remarks
- Acknowledgements
- References
- Chapter 9 Incorporating Bounded Rationality in a Model of Endogenous Dynamics of Activity-Travel Behaviour
- 9.1 Introduction
- 9.2 The Model
- 9.2.1 Activity Profiles and Universal Choice Set
- 9.2.2 Decision-Making Process
- 9.2.2.1 Cognitive responses
- 9.2.2.2 Emotional responses
- 9.2.2.3 Choice set formation
- 9.2.2.4 Aspirations and stress
- 9.2.2.5 Habit formation
- 9.2.2.6 Short-term dynamics
- Exploitation choice mode
- Exploration choice mode
- 9.2.2.7 Long-term dynamics
- Lowering aspirations
- Becoming 'awake'
- 9.2.3 Updating Phase
- 9.3 Numerical Simulations
- 9.3.1 Simulation Settings
- 9.3.2 Basic Case Results
- 9.3.3 Effect of Memory-Activation Parameters
- 9.3.3.1 Effect of ?2 parameter
- 9.3.3.2 Effect of ? parameter
- 9.3.4 Effect of Emotion-Related Parameters
- 9.3.4.1 Effect of a2 parameter
- 9.3.4.2 Effect of a1 parameter
- 9.4 Conclusions and Discussion
- References
- Chapter 10 Multidimensional Travel Decision-Making: Descriptive Behavioural Theory and Agent-Based Models
- 10.1 Background
- 10.2 Theory and Models
- 10.2.1 Modelling Imperfect Knowledge
- 10.2.2 Modelling Multidimensional Search
- 10.2.3 Search Rules and Decision Rules
- 10.2.4 Empirical Data Collection
- 10.3 Simulation Results
- 10.4 Discussion and Conclusion
- References
- Chapter 11 Prospect Theory and its Applications to the Modelling of Travel Choice
- 11.1 Introduction
- 11.2 Making Travel Choices under Risk: The Assumptions of Expected Utility Theory (EUT) and Prospect Theory (PT)
- 11.3 Cumulative Prospect Theory (CPT)
- 11.4 Numeric Example
- 11.5 Incorporating Prospect Theory in Travel Choice Modelling - Application Areas and Evidence
- 11.6 Prospect Theory and Behavioural Change
- 11.7 Shortcomings and Limitations of Prospect Theory in Modelling Travel Behaviour
- 11.8 Summary and Conclusions
- References
- About the Authors
- Index
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