On the (Ir)relevance of Prospect Theory in Modelling Uncertainty in Travel Decisions

  • Harry Timmermans Eindhoven University of Technology

Abstract

This paper reflects on the relevance of prospect theory for transportation research. By discussing the original purpose and context of this theory of risky choice and the models that have been derived from the theory, the shortcomings and boundaries of the theory are discussed. It is argued that many applications in transportation and travel behaviour research may have stretched the domain of this theory too much, and that the theory lacks the necessary set of mechanisms and concepts to serve as a comprehensive theory of repeated travel choices under uncertainty. The discussion of shortcomings may serve to define a research agenda for further developing operational choice models.

How to Cite
TIMMERMANS, Harry. On the (Ir)relevance of Prospect Theory in Modelling Uncertainty in Travel Decisions. European Journal of Transport and Infrastructure Research, [S.l.], v. 10, n. 4, dec. 2010. ISSN 1567-7141. Available at: <https://journals.open.tudelft.nl/ejtir/article/view/2900>. Date accessed: 20 feb. 2020. doi: https://doi.org/10.18757/ejtir.2010.10.4.2900.
Published
2010-12-01