Recent work in the field of travel demand modeling has sought to address decision making under risk and uncertainty by bringing together elements of Expected Utility Theory (EUT) and Random Utility Theory (RUT). The aims of this paper are first to identify and discuss the key theoretical issuesassociated with the merging of EUT and RUT in a transport context and second, to explore the number of empirical issues associated with the specification of attitudes to risk. In particular, using data from a large statedpreference exercise in which respondents were faced with a series of choices between alternative travel options involving uncertain travel time, weinvestigate the performance of alternative specification of attitudes to risk and explore evidence for heterogeneity in attitudes to risk in the sample.
Samenvatting