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Specification of regret-based models of choice behaviour: formal analyses and experimental design based evidence
Abstract Travel behaviour analysis has recently witnessed a rapidly growing interest in regret-based models of choice behaviour. Two different model specifications have been introduced in the transportation literature. Chorus et al. (Transportation Research B 42: 1–18, 2008a; in: Proceedings 87th Annual Meeting of the Transportation Research Board, Washington DC, 2008b) specified regret as a (non) linear function of the difference between the best-foregone choice alternative and the chosen alternative. Later, as an approximation to the original specification, Chorus (2010) suggested a logarithm function of utility differences between all choice alternatives, mainly for ease of estimation. This paper makes two contributions to this literature. First, formal analyses are conducted to identify the parameter space where the logarithmic specification becomes theoretically inferior to the original specification. Second, an empirical stated choice study on the choice of shopping centre is conducted to empirically test which specification best describes stated choices. Results suggest that for the collected data the original specification outperforms the new specification. Implications of this finding for the application of regret-based choice models in travel behaviour analysis are discussed.
Specification of regret-based models of choice behaviour: formal analyses and experimental design based evidence
Abstract Travel behaviour analysis has recently witnessed a rapidly growing interest in regret-based models of choice behaviour. Two different model specifications have been introduced in the transportation literature. Chorus et al. (Transportation Research B 42: 1–18, 2008a; in: Proceedings 87th Annual Meeting of the Transportation Research Board, Washington DC, 2008b) specified regret as a (non) linear function of the difference between the best-foregone choice alternative and the chosen alternative. Later, as an approximation to the original specification, Chorus (2010) suggested a logarithm function of utility differences between all choice alternatives, mainly for ease of estimation. This paper makes two contributions to this literature. First, formal analyses are conducted to identify the parameter space where the logarithmic specification becomes theoretically inferior to the original specification. Second, an empirical stated choice study on the choice of shopping centre is conducted to empirically test which specification best describes stated choices. Results suggest that for the collected data the original specification outperforms the new specification. Implications of this finding for the application of regret-based choice models in travel behaviour analysis are discussed.
Specification of regret-based models of choice behaviour: formal analyses and experimental design based evidence
Rasouli, Soora (author) / Timmermans, Harry (author)
Transportation ; 44
2016
Article (Journal)
Electronic Resource
English
BKL:
55.80$jVerkehrswesen$jTransportwesen: Allgemeines
/
55.80
Verkehrswesen, Transportwesen: Allgemeines
/
74.75$jVerkehrsplanung$jVerkehrspolitik
/
74.75
Verkehrsplanung, Verkehrspolitik
| Online Contents | 2016
Issues in the specification of regret-only choice models: a rejoinder to Chorus and Van Cranenburgh
| Online Contents | 2016
Issues in the specification of regret-only choice models: a rejoinder to Chorus and Van Cranenburgh
| Online Contents | 2016