Working papers in Transport Economics
Scheduling choices under rank dependent utility maximization
(), Marcus Sundberg
() and Anders Karlström
Abstract: Rank dependent utility maximization is applied in
maximizing a linear and a quadratic scheduling model considering a
subjective weighting over uncertain outcomes. The optimal departure time
and maximal utility are different from that under expect utility
maximization in the transformed travel time density function. Probability
weighting is found when estimating the linear model and the estimated
weighting function suggests optimism behaviour of respondents. The results
also reveal the evidence of heterogeneity in scheduling preferences.
Moreover, evidence for the variable of excessive travel time beyond the
traditional scheduling model specification is found even with controlling
for probability weighting. Our results also show no empirical equivalence
between the scheduling model and its derived forms.
Keywords: Scheduling models; Rank dependent utility; Risk attitudes; Heterogeneity; (follow links to similar papers)
JEL-Codes: R40; (follow links to similar papers)
35 pages, September 19, 2013
The abstract of this paper has been presented at the 1st European Symposium on Quantitative Methods in Transportation Systems (LATSIS) 2012 Sep. The full paper has been presented on Euro Working Group on Transportation (EWGT) 2013 Sep., and a compact version of this paper has been submitted to EWGT2013 proceeding: Elsevier Procedia - Social and Behavioral Sciences
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