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Modeling Parking Choice Behavior Using Cumulative Prospect Theory

Author

Listed:
  • Yang Cao

    (College of Transportation, Jilin University, Changchun 130022, China)

  • Yifan Ren

    (College of Transportation, Jilin University, Changchun 130022, China)

  • Hongfei Jia

    (College of Transportation, Jilin University, Changchun 130022, China)

  • Mingze Sun

    (College of Transportation, Jilin University, Changchun 130022, China)

  • Zebo Dali

    (College of Transportation, Jilin University, Changchun 130022, China)

Abstract

In order to capture the driver’s attitude and preference towards risk during the decision-making process, this paper establishes a parking choice model considering driver heterogeneity based on the cumulative prospect theory. This research innovatively considers the influence of the unreliability of cruise time on drivers’ parking choice behavior and adds the psychological cost of drivers’ anxiety caused by lateness into the model. At the same time, according to the driver’s parking preference for parking, the latent category model is used to divide the driver into time-sensitive and money-sensitive categories. This paper analyzes the influence of unreliable cruising time on drivers’ parking choice behavior and finds that drivers have the characteristics of overestimating high-probability events and underestimating low-probability events in the decision-making process. By comparing the parking choice results of rational and irrational drivers, it is found that the model considering the risk attitude of drivers in the decision-making process is more in line with reality.

Suggested Citation

  • Yang Cao & Yifan Ren & Hongfei Jia & Mingze Sun & Zebo Dali, 2024. "Modeling Parking Choice Behavior Using Cumulative Prospect Theory," Sustainability, MDPI, vol. 16(4), pages 1-17, February.
    • Handle: RePEc:gam:jsusta:v:16:y:2024:i:4:p:1596-:d:1338725
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    References listed on IDEAS

    as
    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    2. Tversky, Amos & Kahneman, Daniel, 1992. "Advances in Prospect Theory: Cumulative Representation of Uncertainty," Journal of Risk and Uncertainty, Springer, vol. 5(4), pages 297-323, October.
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