Contrasts of Relative Advantage Maximisation with Random Utility Maximisation and Regret Minimisation
Field | Value | Language |
dc.contributor.author | Leong, Waiyan | |
dc.contributor.author | Hensher, David A. | |
dc.date.accessioned | 2016-08-03 | |
dc.date.available | 2016-08-03 | |
dc.date.issued | 2015-01-01 | |
dc.identifier.citation | Hensher, D. A., & Leong, W. (2015). Contrasts of Relative Advantage Maximisation with Random Utility Maximisation and Regret Minimisation. Journal of Transport Economics and Policy, 49(1), 167-186. | en_AU |
dc.identifier.issn | 0022-5258 | |
dc.identifier.uri | http://hdl.handle.net/2123/15459 | |
dc.description.abstract | This paper discusses the theoretical properties and the empirical application of an improved version of the ‘relative advantage maximising’ (RAM) model. This model shares several desirable features of a set of models based on random regret minimisation (RRM), such as parsimony and choice set dependence. Although model fit differences are small, a preliminary comparison shows that the RAM model empirically outperforms the standard random utility maximisation (RUM) model, the RRM model, and a hybrid RUM–RRM model in all eight data sets analysed. The paper concludes with a discussion of the marginal willingness to pay (WTP) measures derived from the RAM model. | en_AU |
dc.description.sponsorship | Australian Research Council | en_AU |
dc.language.iso | en | en_AU |
dc.publisher | Journal of Transport Economics and Policy | en_AU |
dc.relation | Australian Research Council Discovery Program | en_AU |
dc.subject | Choice model | en_AU |
dc.subject | Decision | en_AU |
dc.subject | Transportation | en_AU |
dc.subject | Context | en_AU |
dc.subject | Economics | en_AU |
dc.subject | Decision process | en_AU |
dc.subject | Travel behaviour | en_AU |
dc.subject | Modelling | en_AU |
dc.subject | Comparative analysis | en_AU |
dc.subject | Willingness to pay | en_AU |
dc.subject | Decision making models | en_AU |
dc.subject | Performance evaluation | en_AU |
dc.subject | Utility functions | en_AU |
dc.subject | Random variables | en_AU |
dc.title | Contrasts of Relative Advantage Maximisation with Random Utility Maximisation and Regret Minimisation | en_AU |
dc.type | Article | en_AU |
dc.type.pubtype | Publisher's version | en_AU |
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