Using prospect theory to investigate the low marginal value of travel time for small time changes

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Using prospect theory to investigate the low marginal value of travel time for small time changes. / Hjorth, Katrine; Fosgerau, Mogens.

I: Transportation Research Part B: Methodological, Bind 46, Nr. 8, 09.2012, s. 917-932.

Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt

Harvard

Hjorth, K & Fosgerau, M 2012, 'Using prospect theory to investigate the low marginal value of travel time for small time changes', Transportation Research Part B: Methodological, bind 46, nr. 8, s. 917-932. https://doi.org/10.1016/j.trb.2012.04.001

APA

Hjorth, K., & Fosgerau, M. (2012). Using prospect theory to investigate the low marginal value of travel time for small time changes. Transportation Research Part B: Methodological, 46(8), 917-932. https://doi.org/10.1016/j.trb.2012.04.001

Vancouver

Hjorth K, Fosgerau M. Using prospect theory to investigate the low marginal value of travel time for small time changes. Transportation Research Part B: Methodological. 2012 sep.;46(8):917-932. https://doi.org/10.1016/j.trb.2012.04.001

Author

Hjorth, Katrine ; Fosgerau, Mogens. / Using prospect theory to investigate the low marginal value of travel time for small time changes. I: Transportation Research Part B: Methodological. 2012 ; Bind 46, Nr. 8. s. 917-932.

Bibtex

@article{6b715396952141578e74b00f2f363d58,
title = "Using prospect theory to investigate the low marginal value of travel time for small time changes",
abstract = "A common finding in stated preference studies that measure the value of travel time (VTT) is that the measured VTT increases with the size of the time change considered, in conflict with standard neoclassical economic theory. We present a new test of a possible explanation for the phenomenon that builds on the diminishing or constant sensitivity of the value functions in prospect theory.We use stated preference data with trade-offs between travel time and money that provide separate identification of the degrees of diminishing sensitivity for time and money gains and losses. This enables us to test and potentially falsify the prospect theory explanation. We conclude that prospect theory remains a potential explanation of the phenomenon.",
keywords = "Prospect theory, Small time savings, Stated preference data, Value of travel time",
author = "Katrine Hjorth and Mogens Fosgerau",
year = "2012",
month = sep,
doi = "10.1016/j.trb.2012.04.001",
language = "English",
volume = "46",
pages = "917--932",
journal = "Transportation Research. Part B: Methodological",
issn = "0191-2615",
publisher = "Pergamon Press",
number = "8",

}

RIS

TY - JOUR

T1 - Using prospect theory to investigate the low marginal value of travel time for small time changes

AU - Hjorth, Katrine

AU - Fosgerau, Mogens

PY - 2012/9

Y1 - 2012/9

N2 - A common finding in stated preference studies that measure the value of travel time (VTT) is that the measured VTT increases with the size of the time change considered, in conflict with standard neoclassical economic theory. We present a new test of a possible explanation for the phenomenon that builds on the diminishing or constant sensitivity of the value functions in prospect theory.We use stated preference data with trade-offs between travel time and money that provide separate identification of the degrees of diminishing sensitivity for time and money gains and losses. This enables us to test and potentially falsify the prospect theory explanation. We conclude that prospect theory remains a potential explanation of the phenomenon.

AB - A common finding in stated preference studies that measure the value of travel time (VTT) is that the measured VTT increases with the size of the time change considered, in conflict with standard neoclassical economic theory. We present a new test of a possible explanation for the phenomenon that builds on the diminishing or constant sensitivity of the value functions in prospect theory.We use stated preference data with trade-offs between travel time and money that provide separate identification of the degrees of diminishing sensitivity for time and money gains and losses. This enables us to test and potentially falsify the prospect theory explanation. We conclude that prospect theory remains a potential explanation of the phenomenon.

KW - Prospect theory

KW - Small time savings

KW - Stated preference data

KW - Value of travel time

UR - http://www.scopus.com/inward/record.url?scp=84864473985&partnerID=8YFLogxK

U2 - 10.1016/j.trb.2012.04.001

DO - 10.1016/j.trb.2012.04.001

M3 - Journal article

AN - SCOPUS:84864473985

VL - 46

SP - 917

EP - 932

JO - Transportation Research. Part B: Methodological

JF - Transportation Research. Part B: Methodological

SN - 0191-2615

IS - 8

ER -

ID: 181873369