Name
Abstract | ||
|---|---|---|
We study the impact of information on risk-averse drivers who maximize their expected utility (rather than minimizing expected travel time). For two routes in parallel with risky travel time, we show that equilibrium travel times depend on the distribution of risk aversion as well as on provision of information. Besides the mean variance model used so far in transportation, we consider three other standard utility functions. Interestingly, we find that optimal route choice may depend on global factors such as the length of the journey. Finally, we study the benefit of information according to the level of risk aversion. |
Year | DOI | Venue |
|---|---|---|
2006 | 10.1287/trsc.1060.0152 | Transportation Science |
Keywords | Field | DocType |
risky networks,risk-averse drivers,information provision,standard utility function,travel time,risk-averse driver,global factor,equilibrium travel time,standard vehicle,real-world application,optimal route choice,risky travel time,mean variance model,risk aversion,expected utility,economics,behavior,information,traffic management,traffic flow,transport economics,risk taking | Mathematical optimization,Traffic flow,Transport economics,Expected utility hypothesis,Risk analysis (business),Human factors and ergonomics,Transport engineering,Microeconomics,Risk aversion,Travel time,Traffic congestion,Mathematics | Journal |
Volume | Issue | ISSN |
40 | 4 | 0041-1655 |
Citations | PageRank | References |
6 | 1.80 | 0 |
Authors | ||
2 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| André De Palma | 1 | 42 | 18.56 |
| Nathalie Picard | 2 | 9 | 3.44 |