In the first section of the paper existing approaches in the transport and related literature to the study of risky choice are reviewed. In the second section the proposed REUT approach is outlined and explored in detailthe implications of this perspective. The third section presents our empirical work, in which data from two recent large-scale stated preference exercises is used. This data examined risky decision making in the context of departure time choice. The first dataset focused on choice between riskyrail travel while the second considered choice between risky car and railalternatives. Preliminary results from the first dataset indicate that a simple implementation of REUT results in significantly improved model fit,compared to existing treatments in the literature and also shows evidenceof significant inter-personal heterogeneity in attitudes towards risk. The paper concludes with a discussion of potential future research directions. For the covering abstract see ITRD E135582.
Abstract