Route choice, travel time variability, and rational inattention
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Route choice, travel time variability, and rational inattention. / Jiang, Gege; Fosgerau, Mogens; Lo, Hong K.
I: Transportation Research Part B: Methodological, 02.2020, s. 188-207.Publikation: Bidrag til tidsskrift › Tidsskriftartikel › Forskning › fagfællebedømt
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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
U2 - 10.1016/j.trb.2019.05.020
DO - 10.1016/j.trb.2019.05.020
M3 - Journal article
AN - SCOPUS:85066275449
SP - 188
EP - 207
JO - Transportation Research. Part B: Methodological
JF - Transportation Research. Part B: Methodological
SN - 0191-2615
ER -
ID: 225920812