An examination of the risk parameter as a measurement of risk attitude in discrete choice modelling

Ying Huang

doi:10.4225/23/5b0b975d4f91e

An examination of the risk parameter as a measurement of risk attitude in discrete choice modelling

Ying Huang

UWA Business School

Research output: Thesis › Doctoral Thesis

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Abstract

This thesis advances the representation of risk attitudes in random utility theory as applied in discrete choice models. The analysis reveals that inferring travellers' tolerance to risk by estimating a risk parameter is context dependent. Hence, there is no one-to-one correspondence between risk attitude and the sign or magnitude of the risk parameter and standard estimating models are inappropriate. Two modelling remedies are proposed and applied to a mode and time of departure stated preference survey for Perth.

Original language	English
Qualification	Doctor of Philosophy
Awarding Institution	The University of Western Australia
Supervisors/Advisors	Smith, Brett, Supervisor Olaru, Doina, Supervisor Taplin, John Harold, Supervisor
Thesis sponsors	Australian Government Research Training Program
Award date	11 May 2018
DOIs	https://doi.org/10.4225/23/5b0b975d4f91e
Publication status	Unpublished - 2018

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10.4225/23/5b0b975d4f91e

THESIS - DOCTOR OF PHILOSOPHY - HUANG Ying - 2018
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Cite this

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keywords = "transport, discrete choice modelling, park-and-ride, travel time variation, random utility theory, risk attitude, travel behaviour",

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AB - This thesis advances the representation of risk attitudes in random utility theory as applied in discrete choice models. The analysis reveals that inferring travellers' tolerance to risk by estimating a risk parameter is context dependent. Hence, there is no one-to-one correspondence between risk attitude and the sign or magnitude of the risk parameter and standard estimating models are inappropriate. Two modelling remedies are proposed and applied to a mode and time of departure stated preference survey for Perth.

KW - transport

KW - discrete choice modelling

KW - park-and-ride

KW - travel time variation

KW - random utility theory

KW - risk attitude

KW - travel behaviour

U2 - 10.4225/23/5b0b975d4f91e

DO - 10.4225/23/5b0b975d4f91e

M3 - Doctoral Thesis

ER -

An examination of the risk parameter as a measurement of risk attitude in discrete choice modelling

Abstract

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