A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Risk aversion, regret aversion and travel choice inertia: an experimental study
This paper presents the results of an experimental study into the role of risk aversion and regret aversion as codeterminants of travel choice inertia. Theoretical results published by Chorus and Dellaert are tested empirically. More specifically, the expectation is tested that when (1) travelers are risk averse, (2) the quality of travel choices is uncertain, and (3) the quality is partially revealed upon usage, travel choice inertia emerges as a learning-based lock-in effect. In addition, this paper studies the role of regret aversion as a possible trigger of travel choice inertia. Analyses are based on data collected in an experiment, where the reward that participants obtain is a function of the outcome of choices they make. Empirical results suggest that the learning-based lock-in effect indeed plays a role in the context of our data. The evidence for the hypothesis that regret aversion triggers inertia is mixed at best.
Risk aversion, regret aversion and travel choice inertia: an experimental study
This paper presents the results of an experimental study into the role of risk aversion and regret aversion as codeterminants of travel choice inertia. Theoretical results published by Chorus and Dellaert are tested empirically. More specifically, the expectation is tested that when (1) travelers are risk averse, (2) the quality of travel choices is uncertain, and (3) the quality is partially revealed upon usage, travel choice inertia emerges as a learning-based lock-in effect. In addition, this paper studies the role of regret aversion as a possible trigger of travel choice inertia. Analyses are based on data collected in an experiment, where the reward that participants obtain is a function of the outcome of choices they make. Empirical results suggest that the learning-based lock-in effect indeed plays a role in the context of our data. The evidence for the hypothesis that regret aversion triggers inertia is mixed at best.
Risk aversion, regret aversion and travel choice inertia: an experimental study
Chorus, Caspar G. (author)
Transportation Planning and Technology ; 37 ; 321-332
2014-05-19
12 pages
Article (Journal)
Electronic Resource
English
Risk aversion, regret aversion and travel choice inertia: an experimental study
| Online Contents | 2014
Link-Based Route Choice Considering Risk Aversion, Disappointment, and Regret
| British Library Online Contents | 2012
Production location choice and risk aversion
| Online Contents | 2001
The relative risk aversion hypothesis of educational choice
| Online Contents | 2002
Risk Aversion to Short Connections in Airline Itinerary Choice
| British Library Online Contents | 2006