Route choice, travel time variability, and rational inattention

Gege Jiang; Mogens Fosgerau; Hong K. Lo

doi:10.1016/j.trb.2019.05.020

Route choice, travel time variability, and rational inattention

Gege Jiang^*, Mogens Fosgerau, Hong K. Lo

^*Corresponding author af dette arbejde

6 Citationer (Scopus)

Abstract

This paper sets up a rational inattention model for the route choice problem in a stochastic network where travelers face random travel time. Previous research has assumed that travelers incorporate all provided information without effort. This study assumes that information is costly and that travelers rationally choose how much information to acquire prior to choosing route. We begin with a single traveler and then extend the model to heterogeneous travelers where rationally inattentive user equilibrium (RIUE) is achieved. From the perspective of a single traveler, more information always reduces the impact of travel time variability and increases the probability of choosing a less costly route. However, in RIUE, more information may reduce the social welfare in some scenarios.

Originalsprog	Engelsk
Tidsskrift	Transportation Research Part B: Methodological
ISSN	0191-2615
DOI	https://doi.org/10.1016/j.trb.2019.05.020
Status	Udgivet - feb. 2020

Adgang til dokumentet

10.1016/j.trb.2019.05.020

Andre filer og links

Link to publication in Scopus

Citationsformater

@article{6b06be3368fe47eb9baaa3c78814f316,

title = "Route choice, travel time variability, and rational inattention",

abstract = "This paper sets up a rational inattention model for the route choice problem in a stochastic network where travelers face random travel time. Previous research has assumed that travelers incorporate all provided information without effort. This study assumes that information is costly and that travelers rationally choose how much information to acquire prior to choosing route. We begin with a single traveler and then extend the model to heterogeneous travelers where rationally inattentive user equilibrium (RIUE) is achieved. From the perspective of a single traveler, more information always reduces the impact of travel time variability and increases the probability of choosing a less costly route. However, in RIUE, more information may reduce the social welfare in some scenarios.",

keywords = "Discrete choice, Imperfect information, Information strategy, Rational inattention, Travel time variability",

author = "Gege Jiang and Mogens Fosgerau and Lo, {Hong K.}",

year = "2020",

month = feb,

doi = "10.1016/j.trb.2019.05.020",

language = "English",

journal = "Transportation Research. Part B: Methodological",

issn = "0191-2615",

publisher = "Pergamon Press",

}

TY - JOUR

T1 - Route choice, travel time variability, and rational inattention

AU - Jiang, Gege

AU - Fosgerau, Mogens

AU - Lo, Hong K.

PY - 2020/2

Y1 - 2020/2

N2 - This paper sets up a rational inattention model for the route choice problem in a stochastic network where travelers face random travel time. Previous research has assumed that travelers incorporate all provided information without effort. This study assumes that information is costly and that travelers rationally choose how much information to acquire prior to choosing route. We begin with a single traveler and then extend the model to heterogeneous travelers where rationally inattentive user equilibrium (RIUE) is achieved. From the perspective of a single traveler, more information always reduces the impact of travel time variability and increases the probability of choosing a less costly route. However, in RIUE, more information may reduce the social welfare in some scenarios.

AB - This paper sets up a rational inattention model for the route choice problem in a stochastic network where travelers face random travel time. Previous research has assumed that travelers incorporate all provided information without effort. This study assumes that information is costly and that travelers rationally choose how much information to acquire prior to choosing route. We begin with a single traveler and then extend the model to heterogeneous travelers where rationally inattentive user equilibrium (RIUE) is achieved. From the perspective of a single traveler, more information always reduces the impact of travel time variability and increases the probability of choosing a less costly route. However, in RIUE, more information may reduce the social welfare in some scenarios.

KW - Discrete choice

KW - Imperfect information

KW - Information strategy

KW - Rational inattention

KW - Travel time variability

UR - http://www.scopus.com/inward/record.url?scp=85066275449&partnerID=8YFLogxK

U2 - 10.1016/j.trb.2019.05.020

DO - 10.1016/j.trb.2019.05.020

M3 - Journal article

AN - SCOPUS:85066275449

SN - 0191-2615

JO - Transportation Research. Part B: Methodological

JF - Transportation Research. Part B: Methodological

ER -

Route choice, travel time variability, and rational inattention

Abstract

Adgang til dokumentet

Andre filer og links

Fingeraftryk

Citationsformater