Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/33750
Title: Regret minimisation and utility maximisation in a freight transport context
Authors: Boeri, M
Masiero, L 
Keywords: Freight transport
Random regret minimisation
Random utility maximisation
Shift of reference point
Stated preference
Issue Date: 2014
Publisher: Taylor & Francis
Source: Transportmetrica. A, Transport science, 2014, v. 10, no. 6, p. 548-560 How to cite?
Journal: Transportmetrica. A, Transport science 
Abstract: This study is the first to compare random regret minimisation (RRM) and random utility maximisation (RUM) in freight transport application. This paper aims to compare RRM and RUM in a freight transport scenario involving negative shock in the reference alternative. Based on data from two stated choice experiments conducted among Swiss logistics managers, this study contributes to related literature by exploring for the first time the use of mixed logit models in the most recent version of the RRM approach. We further investigate two paradigm choices by computing elasticities and forecasting choice probability. We find that regret is important in describing the managers' choices. Regret increases in the shock scenario, supporting the idea that a shift in reference point can cause a shift towards regret minimisation. Differences in elasticities and forecast probability are identified and discussed appropriately.
URI: http://hdl.handle.net/10397/33750
ISSN: 2324-9935
EISSN: 2324-9943
DOI: 10.1080/23249935.2013.809818
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