Pappelis, Dimitrios;
Chaniotakis, Emmanouil;
Hillel, Tim;
Kamargianni, Maria;
(2023)
Modelling Travel Time Anticipation Under Rational Inattention and Endogenous Information Constraints.
In: Axhausen, Kay, (ed.)
Proceedings of hEART 2023: 11th Symposium of the European Association for Research in Transportation.
European Association for Research in Transportation: Zürich, Switzerland.
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Abstract
Transportation research has been traditionally grounded on the economic theory of Rational Expectations, assuming that individuals are fully informed, optimizing, and self-interested decision makers. However, this assumption fails to sufficiently explain the inertia that characterizes travellers’ behaviour in face of uncertainty. In recent years, there has been a rising interest in the theory of Rational Inattention, arguing that individuals choose to make seemingly suboptimal choices due to the cost of acquiring and processing available information. In this paper, we present a continuous quadratic Rational Inattention model of travel time anticipation. We showcase that its properties satisfy behavioural hypotheses derived from data collected through a case study in the city of Turin on within-day travel re-evaluation. We conduct simulation experiments and propose an alternative 2-stage framework for enhancing existing neoclassical travel behaviour models, indicating potential biases and discrepancies in the forecasted market shares, specifically with regards to rare travel time occurrences.
| Type: | Proceedings paper |
|---|---|
| Title: | Modelling Travel Time Anticipation Under Rational Inattention and Endogenous Information Constraints |
| Event: | hEART 2023: 11th Symposium of the European Association for Research in Transportation |
| Location: | Zurich, Switzerland |
| Open access status: | An open access version is available from UCL Discovery |
| Publisher version: | https://transp-or.epfl.ch/heart/2023.php |
| Language: | English |
| Additional information: | This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions. |
| Keywords: | Choice modelling, Dynamic travel behaviour, Inertia, Rational inattention, Traffic information |
| UCL classification: | UCL UCL > Provost and Vice Provost Offices > UCL BEAMS UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of the Built Environment > Bartlett School Env, Energy and Resources |
| URI: | https://discovery-pp.ucl.ac.uk/id/eprint/10187935 |
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