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The value of travel information: Decision strategy-specific conceptualizations and numerical examples

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  • Chorus, Caspar G.
  • Arentze, Theo A.
  • Molin, Eric J.E.
  • Timmermans, Harry J.P.
  • Van Wee, Bert

Abstract

Behavioral models of the perceived value of travel information are developed that take into account satisficing as well as maximizing behavior, and are suitable for the evaluation of information acquisition for alternative generation as well as assessment. This is done by integrating notions of search theory and Bayesian perception updating into a utilitarian framework of information value. In order to clarify the important mechanisms behind these formulations, and provide some first face validity to the applied approaches, numerical examples are developed that simulate the value of information for different knowledge levels of the individual, and for different levels of reliability of the information service. The examples indeed provide preliminary confidence, as occurring trends appear to be consistent with intuition and empirical literature.

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  • Chorus, Caspar G. & Arentze, Theo A. & Molin, Eric J.E. & Timmermans, Harry J.P. & Van Wee, Bert, 2006. "The value of travel information: Decision strategy-specific conceptualizations and numerical examples," Transportation Research Part B: Methodological, Elsevier, vol. 40(6), pages 504-519, July.
    • Handle: RePEc:eee:transb:v:40:y:2006:i:6:p:504-519
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    Cited by:

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    2. Chorus, Caspar G., 2014. "Benefit of adding an alternative to one׳s choice set: A regret minimization perspective," Journal of choice modelling, Elsevier, vol. 13(C), pages 49-59.
    3. Caspar G. Chorus & Benedict G. C. Dellaert, 2012. "Travel Choice Inertia: The Joint Role of Risk Aversion and Learning," Journal of Transport Economics and Policy, University of Bath, vol. 46(1), pages 139-155, January.
    4. Zhaoqi Zang & Xiangdong Xu & Kai Qu & Ruiya Chen & Anthony Chen, 2022. "Travel time reliability in transportation networks: A review of methodological developments," Papers 2206.12696, arXiv.org, revised Jul 2022.
    5. Soora Rasouli & Harry J P Timmermans, 2014. "Uncertain Travel Times and Activity Schedules under Conditions of Space-Time Constraints and Invariant Choice Heuristics," Environment and Planning B, , vol. 41(6), pages 1022-1030, December.
    6. Caspar Chorus & Theo Arentze & Harry Timmermans, 2007. "Information impact on quality of multimodal travel choices: conceptualizations and empirical analyses," Transportation, Springer, vol. 34(6), pages 625-645, November.
    7. Chorus, Caspar G. & Timmermans, Harry J.P., 2009. "Measuring user benefits of changes in the transport system when traveler awareness is limited," Transportation Research Part A: Policy and Practice, Elsevier, vol. 43(5), pages 536-547, June.
    8. Yin-Yen Tseng & Jasper Knockaert & Erik T. Verhoef, 2010. "Stick to the Plan? A Revealed-Preference Study of Behavioural Impacts of Traffic Information," Tinbergen Institute Discussion Papers 10-068/3, Tinbergen Institute.
    9. Soriguera, Francesc, 2014. "On the value of highway travel time information systems," Transportation Research Part A: Policy and Practice, Elsevier, vol. 70(C), pages 294-310.
    10. Ulrik Berggren & Karin Brundell-Freij & Helena Svensson & Anders Wretstrand, 2021. "Effects from usage of pre-trip information and passenger scheduling strategies on waiting times in public transport: an empirical survey based on a dedicated smartphone application," Public Transport, Springer, vol. 13(3), pages 503-531, October.
    11. Rodríguez, Daniel A. & Levine, Jonathan & Agrawal, Asha Weinstein & Song, Jumin, 2011. "Can information promote transportation-friendly location decisions? A simulation experiment," Journal of Transport Geography, Elsevier, vol. 19(2), pages 304-312.
    12. Caspar G. Chorus, 2014. "Acquisition of Ex-Post Travel Information: A Matter of Balancing Regrets," Transportation Science, INFORMS, vol. 48(2), pages 243-255, May.
    13. Chorus, Caspar G. & Arentze, Theo A. & Timmermans, Harry J.P., 2008. "A Random Regret-Minimization model of travel choice," Transportation Research Part B: Methodological, Elsevier, vol. 42(1), pages 1-18, January.
    14. Bifulco, Gennaro N. & Cantarella, Giulio E. & Simonelli, Fulvio & Velonà, Pietro, 2016. "Advanced traveller information systems under recurrent traffic conditions: Network equilibrium and stability," Transportation Research Part B: Methodological, Elsevier, vol. 92(PA), pages 73-87.
    15. Casper G. Chorus & Harry J.P. Timmermans, 2011. "Personal Intelligent Travel Assistants," Chapters, in: André de Palma & Robin Lindsey & Emile Quinet & Roger Vickerman (ed.), A Handbook of Transport Economics, chapter 25, Edward Elgar Publishing.
    16. Daniel A Rodriguez & Jennifer Rogers, 2014. "Can Housing and Accessibility Information Influence Residential Location Choice and Travel Behavior? An Experimental Study," Environment and Planning B, , vol. 41(3), pages 534-550, June.
    17. Jochem, Patrick & Lisson, Christopher & Khanna, Arpita Asha, 2021. "The role of coordination costs in mode choice decisions: A case study of German cities," Transportation Research Part A: Policy and Practice, Elsevier, vol. 149(C), pages 31-44.
    18. You-Jin Jung & Jeffrey M. Casello, 2020. "Assessment of the transit ridership prediction errors using AVL/APC data," Transportation, Springer, vol. 47(6), pages 2731-2755, December.

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