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Bounded rational choice behaviour

PrefaceModels of Bounded Rationality under CertaintyFrameworkNon-Optimal Decision MechanismsConsidering a Subset of Influential AttributesIndifference between Small Differences in Utility or Attribute ValuesConsidering a Subset of Choice AlternativesApplicationsConclusions and DiscussionUtility Maximisation and Regret Minimisation: A Mixture of a GeneralisationIntroductionModel StructuresThe Generalised RRM ModelMixture ModelEmpirical AnalysisDataResultsSummary and ConclusionsRelative Utility ModellingIntroductionRelative Utility ModellingGeneral FormulationAlternative-Oriented Relative UtilityRepresenting Quasi-Nested Choice StructureEndogenous Modelling of Choice Set GenerationReflecting the Non-linearity of Context DependencyMajor Findings of Existing StudiesChoices of Destinations and Stop PatternsDynamic Travel Mode ChoiceTravel Information and Travel BehaviourChoices of Packaged ToursChoice Set GenerationFurther ImprovementsModelling ImprovementsModel EstimationConclusionThe Influence of Varying Information Load on Inferred Attribute Non-AttendanceIntroductionMethodologyData and Model SpecificationsResultsDiscussionThe Heterogeneous Heuristic Modeling Framework for Inferring Decision ProcessesMotivationModeling FrameworkSatisficing DecisionPreference structureDeriving decision heuristicsChoice of heuristicsMental effortRisk perceptionExpected outcomeExtension to Comparative DecisionApplicationsThe Go-Home Decision Model specificationResultsThe Direction Choice DecisionModel specificationResultsConclusion and Future WorkInvestigating Situational Differences in Individuals' Mental Representations of Activity-Travel Decisions: Progress and Empirical Illustration for the Impact of Online AlternativesIntroductionMental Representations of Complex Decision ProblemsTheory and ConceptsMeasuring Mental RepresentationsCase StudyChoice Task and Experimental DesignData Collection and SampleAnalysisThe complexity of respondents' mental representationsThe content of respondents' mental representationsConclusionConclusions and DiscussionTowards a Novel Classifier for the Representation of Bounded Rationality in Models of Travel DemandIntroduction to Decision TheoryDecision Theory in Activity-Based ModelsIntroductionDecision Theory in AB ModelsBayesian NetworksGeneral ConceptsParameter LearningEntering EvidencesStructural LearningBayesian Network Classifiers: Problem FormulationTowards A New Integrated ClassifierData and Design of the ExperimentsDataDesign of the ExperimentsResultsModel Comparison: Accuracy ResultsModel Comparison in Terms of Model and Individual Rule ComplexityActivity Pattern Level AnalysisTrip Matrix Level AnalysisConclusion and Discussion of the ResultsBounded Rationality in Dynamic Traffic AssignmentIntroductionDynamic Traffic AssignmentProblem DefinitionExampleTravel Flow ComponentWardrop's First Principle and its Dynamic ExtensionsBounded Rationality in Traffic AssignmentBoundedly Rational Dynamic User Equilibrium Route Choice AssignmentTolerance-Based Dynamic User Optimal PrincipleNonlinear Complementarity Problem (NCP) FormulationSolution Existence and UniquenessSolution MethodBoundedly Rational Dynamic user Equilibrium Route and Departure Time Choice AssignmentConcluding RemarksIncorporating Bounded Rationality in a Model of Endogenous Dynamics of Activity-Travel BehaviourIntroductionThe ModelActivity Profiles and Universal Choice SetDecision-Making ProcessCognitive responsesEmotional responsesChoice set formationAspirations and stressHabit formationShort-term dynamicsLong-term dynamicsUpdating PhaseNumerical SimulationsSimulation SettingsBasic Case ResultsEffect of Memory-Activation ParametersEffect of λ2 parameterEffect of γ parameterEffect of Emotion-Related ParametersEffect of α2 parameterEffect of α2 parameterConclusions and DiscussionMultidimensional Travel Decision-Making: Descriptive Behavioural Theory and Agent-Based ModelsBackgroundTheory and ModelsModelling Imperfect KnowledgeModelling Multidimensional SearchSearch Rules and Decision RulesEmpirical Data CollectionSimulation ResultsDiscussion and ConclusionProspect Theory and its Applications to the Modelling of Travel ChoiceIntroductionMaking Travel Choices under Risk: The Assumptions of Expected Utility Theory (EUT) and Prospect Theory (PT)Cumulative Prospect Theory (CPT)Numeric ExampleIncorporating Prospect Theory in Travel Choice Modelling – Application Areas and EvidenceProspect Theory and Behavioural ChangeShortcomings and Limitations of Prospect Theory in Modelling Travel BehaviourSummary and ConclusionsAbout the Authors