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Journal of Transport Economics and Policy
Article . 2012 . Peer-reviewed
Data sources: Crossref
SSRN Electronic Journal
Article . 2010 . Peer-reviewed
Data sources: Crossref
EconStor
Research . 2010
Data sources: EconStor
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A Rank-dependent Scheduling Model

Authors: Paul R. Koster; Erik T. Verhoef;

A Rank-dependent Scheduling Model

Abstract

This paper proposes an analytical framework for the scheduling decisions of road travellers that takes into account probability weighting using rank-dependent utility theory. The fundamental difference with the standard scheduling model based on expected utility is that the probabilities of arrivals are treated in a non-linear way. This paper shows how scheduling decisions are affected by the weighted probabilities of the traveller. We derive the costs of non-optimal chosen departure times because of probability weighting and show that if the parameterised probability weighting function is similar to what has been found for gambling, the costs of probability weighting for morning peak car travellers are around 3 per cent. For the full range of parameters tested, we find costs in the range of 0–24 per cent of total travel costs.

Country
Netherlands
Keywords

R40, R41, R42, rank dependent utility, ddc:330, Scheduling-Verfahren, R49, scheduling model, scheduling model, value of reliability, rank dependent utility, D81, Straßenverkehr, Transportzeit, value of reliability, Transportkosten, Nutzentheorie, Theorie, jel: jel:D81, jel: jel:R42, jel: jel:R41, jel: jel:R40, jel: jel:R49

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    selected citations
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    This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
    3
    popularity
    This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
    Average
    influence
    This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
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    impulse
    This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
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selected citations
These citations are derived from selected sources.
This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Citations provided by BIP!
popularity
This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.
BIP!Popularity provided by BIP!
influence
This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).
BIP!Influence provided by BIP!
impulse
This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.
BIP!Impulse provided by BIP!
3
Average
Average
Average
bronze