The application of prospect theory in travel choice behavioral analysis

• Main Author: Hariharan Subramaniam.
• Other Authors: School of Civil and Environmental Engineering
• Format: Final Year Project
• Language: English
• Published: 2012
• Subjects: DRNTU::Engineering::Civil engineering::Transportation
• Online Access: http://hdl.handle.net/10356/49749
• Institution: Nanyang Technological University

The study of travel behaviour is increasingly recognised as an important concern for providers of transport services and researchers. It involves the process of decision making and choice behaviour which has a long tradition of application in various disciplines such as statistics, political sciences, economics and psychology. This study adopts the Prospect Theory as a framework of travel choice behavioural analysis. The most widely used and accepted model for predicting and analysing of travel behaviour would be the Utility Theory. This could be clearly shown from browsing through the various research articles and journals which have been published. Several principles and models, based on theories have been used to understand the travel choice behaviour in complex contexts. In areas of research such as marketing, urban planning and transportation, majority of the studies on choice creation and choice behaviour have been concerned with riskless choice. However, through the administration of questionnaires to the commuters, this study seeks to determine the extent to which the application of the Prospect Theory could be used to model the travel behaviour of commuters.