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Risk aversion, regret aversion and travel choice inertia: an experimental study

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  • Caspar G. Chorus

Abstract

This paper presents the results of an experimental study into the role of risk aversion and regret aversion as codeterminants of travel choice inertia. Theoretical results published by Chorus and Dellaert are tested empirically. More specifically, the expectation is tested that when (1) travelers are risk averse, (2) the quality of travel choices is uncertain, and (3) the quality is partially revealed upon usage, travel choice inertia emerges as a learning-based lock-in effect. In addition, this paper studies the role of regret aversion as a possible trigger of travel choice inertia. Analyses are based on data collected in an experiment, where the reward that participants obtain is a function of the outcome of choices they make. Empirical results suggest that the learning-based lock-in effect indeed plays a role in the context of our data. The evidence for the hypothesis that regret aversion triggers inertia is mixed at best.

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  • Caspar G. Chorus, 2014. "Risk aversion, regret aversion and travel choice inertia: an experimental study," Transportation Planning and Technology, Taylor & Francis Journals, vol. 37(4), pages 321-332, June.
    • Handle: RePEc:taf:transp:v:37:y:2014:i:4:p:321-332
    DOI: 10.1080/03081060.2014.899076
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    Cited by:

    1. Gao, Kun & Sun, Lijun & Yang, Ying & Meng, Fanyu & Qu, Xiaobo, 2021. "Cumulative prospect theory coupled with multi-attribute decision making for modeling travel behavior," Transportation Research Part A: Policy and Practice, Elsevier, vol. 148(C), pages 1-21.
    2. Hongli Xu & Hai Yang & Jing Zhou & Yafeng Yin, 2017. "A Route Choice Model with Context-Dependent Value of Time," Transportation Science, INFORMS, vol. 51(2), pages 536-548, May.

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