The effect of reference point on stochastic network equilibrium

Transportation Science

Volumn 40, Issue 4, 2006, Pages 409-420

  Avineri, Erel ^a  

^a UNIVERSITY OF THE WEST OF ENGLAND   (United Kingdom)

Author keywords

Prospect theory; Reference point; Route choice; Stochastic network equilibrium

Indexed keywords

COMPUTER NETWORKS; COMPUTER SIMULATION; DECISION MAKING; RISK ASSESSMENT; UNCERTAIN SYSTEMS;

PROSPECT THEORY; REFERENCE POINT; ROUTE CHOICE; STOCHASTIC NETWORK EQUILIBRIUM;

RANDOM PROCESSES;

EID: 33751008652     PISSN: 00411655     EISSN: 15265447     Source Type: Journal    
DOI: 10.1287/trsc.1060.0158     Document Type: Article

References (57)

1. Abdellaoui, M. 2000. Parameter-free elicitation of utilities and probability weighting functions. Management Sci. 46 1497-1512.
2. Allais, M. 1953. Le comportement de l'homme rationnel devant le risque: Critique le postulats et axioms de L'École Américaine. Econometrica 21 503-546.
3. Allais, M., O. Hagen. 1979. Expected Utility Hypothesis and the Allais Paradox. Reidel, Dordrecht, Holland.
4. Arrow, K. J. 1965. Aspects of the Theory of Risk-Bearing. Yrjo Hahnsson Foundation, Helsinki, Finland.
5. Avineri, E. 2004. A cumulative prospect theory approach to passengers behavior modeling: Waiting time paradox revisited. J. Intelligent Transportation Systems 8 195-204.
6. Avineri, E., J. N. Prashker. 2003. Sensitivity to uncertainty: The need for a paradigm shift. Transportation Res. Record 1854 90-98.
7. Avineri, E., J. N. Prashker. 2004. Violations of expected utility theory in route-choice stated preferences: The certainty effect and inflating of small probabilities. Transportation Res. Record 1894 222-229.
8. Bateman, I., D. Kahneman, A. Munro, C. Starmer, R. Sugden. 2005. Testing competing models of loss aversion: An adversarial collaboration. J. Public Econom. 89 1561-1580.
9. Becker, G. S. 1968. Crime and punishment: An economic approach. J. Political Econom. 76 169-217.
10. Benartzi, S., R. Thaler. 1995. Myopic loss aversion and the equity premium puzzle. Quart. J. Econom. 110 73-92.
11. Bernasconi, M. 1998. Tax evasion and orders of risk aversion. J. Public Econom. 67 123-134.
12. Bernoulli, D. 1738. Specimen theoriae novae de mensura sortis. Papers Imp. Acad. Sci. St. Petersburg 5 175-192.
13. Exposition of a new theory on the measurement of risk, trans. 1954. Econometrica 22 23-36.
14. Bleichrodt, H., J. L. Pinto. 2000. A parameter-free elicitation of the probability weighting function in medical decision analysis. Management Sci. 46 1485-1496.
15. Bonsall, P. W. 2000a. Predicting travellers' response to uncertainty. 9th Internat. Conf. Travel Behav. Res., Gold Coast, Queensland, Australia.
16. Bonsall, P. W. 2000b. Travellers' response to uncertainty. M. G. H. Bell, C. Cassir, eds. Reliability of Transport Networks. Research Studies Press, Baldock, Hertfordshire, UK, 1-10.
17. Bovy, P. H. L., E. Stern. 1990. Route Choice: Wayfinding in Transport Networks. Kluwer Academic Publishers, The Netherlands.
18. Camerer, C. F. 1988. An experimental test of several generalized utility theories. J. Risk Uncertainty 2 61-104.
19. Camerer, C. F., T.-H. Ho. 1994. Violations of the betweenness axiom and nonlinearity in probability. J. Risk Uncertainty 8 167-196.
20. Chen, A., Z. Ji, W. W. Recker. 2002. Travel time reliability with risk-sensitive travelers. Transportation Res. Record 1783 27-33.
21. Epstein, L. G., S. E. Zin. 1990. First-order' risk aversion and the equity premium puzzle. J. Monetary Econom. 26 387-407.
22. Fennema, H., H. van Assen. 1999. Measuring the utility of losses by means of the trade-off method. J. Risk Uncertainty 17 277-295.
23. Fishburn, P. C., G. A. Kochenberger. 1979. Two-piece Von Neumann-Morgenstern utility functions. Decision Sci. 10 503-518.
24. Fox, C. R., B. A. Rogers, A. Tversky. 1996. Options traders exhibit subadditive decision weights. J. Risk Uncertainty 13 5-17.
25. Friedman, M., L. J. Savage. 1948. The utility analysis of choices involving risk. J. Political Econom. 56 279-304.
26. Fudenberg, D., D. K. Levine. 1998. The Theory of Learning in Games. MIT Press, Cambridge, MA.
27. Fujii, S., R. Kitamura. 2000. Framing uncertain travel times: A re-examination of departure time choice. 9th Internat. Conf. Travel Behav. Res., Queensland, Australia.
28. Gärling, T. 1998. Behavioural assumptions overlooked in travel-choice modeling. J. de D. Ortúzar, D. Hensher, S. Jara-Diaz, eds. Travel Behaviour Research: Updating the State of Play. Pergamon, Oxford, UK.
29. Gonzalez, R., G. Wu. 1999. On the form of the probability weighting function. Cognitive Psych. 38 129-166.
30. Harrison, G. W., E. E. Rutström. 2005. Representative agents in lottery choice experiments: One wedding and a decent funeral. Working Paper 05-18, Department of Economics, College of Business Administration, University of Central Florida, Orlando, FL.
31. Herrnstein, R. J. 1997. The matching law. H. Rachlin, D. I. Laibson, eds. Papers in Psychology and Economics. Harvard University Press, Cambridge, MA.
32. Kahneman, D., A. Tversky. 1979. Prospect theory: An analysis of decisions under risk. Econometrica 47 263-291.
33. Kristensen, H., T. Gärling. 1997. Adoption of cognitive reference points in negotiations. Acta Psychologica 97 277-288.
34. Mahmassani, H. S., G. L. Chang. 1985. Dynamic aspects of departure time choice behavior in a commuting system: Theoretical framework and experimental analysis. Transportation Res. Record 1037 88-101.
35. Mahmassani, H. S., G. L. Chang. 1987. On boundedly rational user equilibrium in transportation systems. Transportation Sci. 21 89-99.
36. Mahmassani, H. S., R.-C. Jou. 2000. Transferring insights into commuter behavior dynamics from laboratory experiments to field surveys. Transportation Res. Part A 34 243-260.
37. March, J. G. 1996. Learning to be risk averse. Psych. Rev. 103 309-319.
38. Mirchandani, P. B., S. Soroush. 1987. Generalized traffic equilibrium with probabilistic travel times and perceptions. Transportation Sci. 21 133-152.
39. Noland, R. B., K. A. Small. 1995. Travel time uncertainty, departure time choice and the cost of the morning commute. Transportation Res. Record 1493 150-158.
40. Powell, M., A. Davis. 1996. Aggregating small time saving in UK trunk road scheme appraisals. Discussion Note E96/02, Leeds University Business School, UK.
41. Pratt, J. W. 1964. Risk aversion in the small and in the large. Econometrica 32 122-136.
42. Prelec, D. 1998. The probability weighting function. Econometrica 66 497-527.
43. Savage, I. R. 1954. The Foundations of Statistics. Wiley, New York.
44. Senbil, M., R. Kitamura. 2004. Reference points in commuter departure time choice: A prospect theoretic test of alternative decision frames. Intelligent Transportation Systems J. 8 19-31.
45. Simon, H. A. 1957. Models of Man: Social and National. Wiley, New York.
46. Small, K. A. 1982. The scheduling of consumer activities: Work trips. Amer. Econom. Rev. 72 467-479.
47. Tatineni, M., D. E. Boyce, P. Mirchandani. 1997. Experiments to compare deterministic and stochastic network traffic loading models. Transportation Res. Record 1607 16-23.
48. Thaler, R. H., A. Tversky, D. Kahneman, A. Schwartz. 1997. The effect of myopia and loss aversion on risk taking: An experimental test. Quart. J. Econom. 112 647-661.
49. Tversky, A., C. Fox. 1995. Weighing risk and uncertainty. Psych. Rev. 102 269-283.
50. Tversky, A., D. Kahneman. 1991. Loss aversion in riskless choice: A reference-dependent model. Quart. J. Econom. 106 1039-1061.
51. Tversky, A., D. Kahneman. 1992. Advances in prospect theory: Cumulative representation of uncertainty. J. Risk Uncertainty 9 195-230.
52. Ushiwaka, K., A. Kikuchi, R. Kitamura. 2004. Commuters' perception of travel time and uncertainty under congestion pricing: Exploration of a six-week field experiment data. Internat. Conf. Experiments Econom. Sci., Okayama/Kyoto, Japan.
53. Viti, F., E. Bogers, S. Hoogendoorn. 2005. Day-to-day learning under uncertainty with information provision: Model and data analysis. 16th Internat. Sympos. Transportation Traffic Theory, University of Maryland, College Park, MD (July).
54. von Neumann, J., O. Morgenstern. 1944. Theory of Games and Economic Behavior. Princeton University Press, Princeton, NJ.
55. Wardrop, J. G. 1952. Some theoretical aspects of road traffic research. Proc. Inst. Civil Engineers, Part II. 1 325-378.
56. White, S. B., K. L. Valley, M. H. Bazerman, M. A. Neale, S. R. Peck. 1994. Alternative models of price behavior in dyadic negotiations: Market prices, reservation prices, and negotiator assumptions. Organ. Behav. Human Decision Processes 57 430-447.
57. Wu, G., R. Gonzalez. 1996. Curvature of the probability weighting function. Management Sci. 42 1676-1690.