This paper elaborates the classic regret-minimizing model introduced in transportation research by adding rejoice. Regret is defined as a function of attribute differences between the considered and the best alternative, and as a function of attribute differences between the considered alternative and all other choice alternatives. Rejoice is defined as a function of attribute difference between the best and the second best choice alternative. To allow for heterogeneity in regret-rejoice, the parameters of the model are assumed to be a function of a set of socio-demographic covariates, plus pure random taste variation. Using a stated choice experiment of the choice of shopping center and a revealed mode choice data set extracted from the Dutch national travel survey, results indicate that the proposed regret-rejoice models outperform the regret-only models and that the inclusion of social demographic covariates in estimated parameters considerably improves the performance of all models.
Covariates-dependent random parameters regret–rejoice models of choice behavior: specification and performance assessment using experimental design data
Transportmetrica A: Transport Science ; 15 , 2 ; 485-525
2019-11-29
41 pages
Aufsatz (Zeitschrift)
Elektronische Ressource
Englisch
Transportation Research Record | 2018
|Taylor & Francis Verlag | 2023
|Online Contents | 2016
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