Travel time variability and rational inattention

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Travel time variability and rational inattention. / Fosgerau, Mogens; Jiang, Gege.

I: Transportation Research Part B: Methodological, Bind 120, 02.2019, s. 1-14.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Fosgerau, M & Jiang, G 2019, 'Travel time variability and rational inattention', Transportation Research Part B: Methodological, bind 120, s. 1-14. https://doi.org/10.1016/j.trb.2018.12.003

APA

Fosgerau, M., & Jiang, G. (2019). Travel time variability and rational inattention. Transportation Research Part B: Methodological, 120, 1-14. https://doi.org/10.1016/j.trb.2018.12.003

Vancouver

Fosgerau M, Jiang G. Travel time variability and rational inattention. Transportation Research Part B: Methodological. 2019 feb.;120:1-14. https://doi.org/10.1016/j.trb.2018.12.003

Author

Fosgerau, Mogens ; Jiang, Gege. / Travel time variability and rational inattention. I: Transportation Research Part B: Methodological. 2019 ; Bind 120. s. 1-14.

Bibtex

@article{917207afed5f41e985cc453cb127a3ba,
title = "Travel time variability and rational inattention",
abstract = "This paper sets up a rational inattention model for the choice of departure time for a traveler facing random travel time. In this model, the traveler chooses in advance an information strategy for the travel time outcome, and then chooses departure time each day given the information received that day. The model describes how cheaper information allows the traveler to expand his/her consideration set and adapt more flexibly to changing conditions. This increases the traveler's payoff. The marginal cost of travel time variability is always positive. The ability to choose the information strategy reduces the cost of travel time variability compared to neoclassical travelers whose information is exogenously given.",
keywords = "Discrete choice, Random travel time variability, Rational inattention, Value of reliability",
author = "Mogens Fosgerau and Gege Jiang",
year = "2019",
month = feb,
doi = "10.1016/j.trb.2018.12.003",
language = "English",
volume = "120",
pages = "1--14",
journal = "Transportation Research. Part B: Methodological",
issn = "0191-2615",
publisher = "Pergamon Press",

}

RIS

TY - JOUR

T1 - Travel time variability and rational inattention

AU - Fosgerau, Mogens

AU - Jiang, Gege

PY - 2019/2

Y1 - 2019/2

N2 - This paper sets up a rational inattention model for the choice of departure time for a traveler facing random travel time. In this model, the traveler chooses in advance an information strategy for the travel time outcome, and then chooses departure time each day given the information received that day. The model describes how cheaper information allows the traveler to expand his/her consideration set and adapt more flexibly to changing conditions. This increases the traveler's payoff. The marginal cost of travel time variability is always positive. The ability to choose the information strategy reduces the cost of travel time variability compared to neoclassical travelers whose information is exogenously given.

AB - This paper sets up a rational inattention model for the choice of departure time for a traveler facing random travel time. In this model, the traveler chooses in advance an information strategy for the travel time outcome, and then chooses departure time each day given the information received that day. The model describes how cheaper information allows the traveler to expand his/her consideration set and adapt more flexibly to changing conditions. This increases the traveler's payoff. The marginal cost of travel time variability is always positive. The ability to choose the information strategy reduces the cost of travel time variability compared to neoclassical travelers whose information is exogenously given.

KW - Discrete choice

KW - Random travel time variability

KW - Rational inattention

KW - Value of reliability

UR - http://www.scopus.com/inward/record.url?scp=85058779797&partnerID=8YFLogxK

U2 - 10.1016/j.trb.2018.12.003

DO - 10.1016/j.trb.2018.12.003

M3 - Journal article

AN - SCOPUS:85058779797

VL - 120

SP - 1

EP - 14

JO - Transportation Research. Part B: Methodological

JF - Transportation Research. Part B: Methodological

SN - 0191-2615

ER -

ID: 214129951