Link-based route choice considering risk aversion, disappointment and regret.

Fonzone, Achille, Schmoecker, Jan-Dirk, Ma, Jiangshan and Fukuda, Daisuke (2012) Link-based route choice considering risk aversion, disappointment and regret. In: 91st Annual TRB Meeting, 22-26 January 2012, Washington, DC, USA. (Unpublished)

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In networks with uncertain link travel times route guidance information should consider traveller preferences (1). Risk-averse travellers prefer safer options but might feel unsatisfied if it turns out that their decision has been based on wrong expectations. This paper therefore proposes a new approach to take regret, disappointment and risk aversion into consideration in route navigation. Limited information is assumed: The router knows minimum and maximum travel times of links but not the probability distribution of link travel times. Routes using only potentially optimal links are chosen by weighting the travel times scenarios expected on a given path and taking into account the cost of alternative options. Two approaches are explored, referred to as global and local search. The local search can be implemented as a fast method avoiding path search by guiding travellers link by link. As a drawback local search potentially can lead to cyclic paths. Possibilities to overcome the cyclic path issue and boundary properties of both approaches are discussed. Monte Carlo simulation on a US network suggests that the two approaches can provide good solutions to the problem of route choice under severe lack of information. The local search seems to be particularly promising.

Item Type: Conference or Workshop Item (Paper)
Uncontrolled Keywords: Travel routes; timings; risk aversion; guidance; cyclic path;
University Divisions/Research Centres: Edinburgh Napier University, Transport Research Institute
Dewey Decimal Subjects: 300 Social sciences > 380 Commerce, communications & transportation > 388 Transportation; ground transportation
Library of Congress Subjects: H Social Sciences > HE Transportation and Communications
Item ID: 5151
Depositing User: Computing Research
Date Deposited: 11 Apr 2012 14:54
Last Modified: 11 Apr 2012 14:54

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