Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/54921
Title: Network equilibrium under cumulative prospect theory and endogeneous stochastic demand and supply
Authors: Sumalee, A 
Connors, RD
Luathep, P
Issue Date: 2009
Publisher: Springer
Source: In WHK Lam, SC Wong & HK Lo (Eds.), Transportation and traffic theory 2009 : Golden Jubilee : papers selected for presentation at ISTTT18, a peer reviewed series since 1959, p. 19-38. Dordrecht ; New York: Springer, 2009 How to cite?
Abstract: In this paper we consider a network whose travel demands and road capacities are endogenously considered to be random variables. With stochastic demand and supply the route travel times are also random variables. In this scenario travelers choose their routes under travel time uncertainties. Several evidences suggest that the decision making process under uncertainty is significantly different from that without uncertainty. Therefore, the paper applies the decision framework of cumulative prospect theory (CPT) to capture this difference. We first formulate a stochastic network model whose travel demands and link capacities follow lognormal distributions. The stochastic travel times can then be derived under a given route choice modeling framework. For the route choice, we consider a modeling framework where the perceived value and perceived probabilities of travel time outcomes are obtained via transformations following CPT. We then formulate an equilibrium condition similar to that of User Equilibrium in which travelers choose the routes that maximizes their perceived utility values in the face of transformed stochastic travel times. Conditions are established guaranteeing existence (but not uniqueness) of this equilibrium. The paper then proposes a solution algorithm for the proposed model which is then tested with a test network.
Description: The 18th International Symposium on Transportation and Traffic Theory (ISTTT), held at the The Hong Kong Polytechnic University in Hong Kong, China on 16-18 July 2009
URI: http://hdl.handle.net/10397/54921
ISBN: 9781441908209 (electronic bk.)
9781441908193 (print)
DOI: 10.1007/978-1-4419-0820-9_2
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