Exploring reference-dependency in route switching behavior on intercity travel: Endowment effect and disparities between willingness to pay and willingness to accept

IF 6.3 2区 工程技术 Q1 ECONOMICS Transport Policy Pub Date : 2024-07-04 DOI:10.1016/j.tranpol.2024.07.001
Sunghoon Jang , Doosun Hong , Yeonwoo Jung , Chungwon Lee
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Abstract

This study explores asymmetric preferences in route switching behavior on intercity travel. A reference-dependent travel choice model reflecting the endowment effect is empirically compared with the classical symmetric travel choice model to investigate the significance of the reference-dependency. Based on the application to stated preference data, our results reveal that the reference-dependent travel choice model outperforms the classical symmetric travel choice model in route switching decision, indicating the significant disparities between WTA and WTP. It implies that policy making based on the results of the classical symmetric model assuming equivalent WTA and WTP could lead to the overestimation of switching demand. Furthermore, our results show that drivers are more heterogeneous in terms of WTA than WTP. Moreover, our applications of the latent class mixed logit structure indicate that most of the responded drivers show reference-dependency in route switching decision. Our findings in this study are essential in transport network policy making.

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探索城际旅行路线转换行为中的参照依赖性:禀赋效应以及支付意愿和接受意愿之间的差异
本研究探讨了城际旅行路线转换行为中的非对称偏好。将反映禀赋效应的参照依赖型旅行选择模型与经典对称型旅行选择模型进行实证比较,以研究参照依赖性的意义。基于对陈述偏好数据的应用,我们的结果表明,在路线转换决策中,参考依赖性旅行选择模型优于经典对称旅行选择模型,这表明 WTA 和 WTP 之间存在显著差异。这意味着,根据经典对称模型的结果(假定 WTA 和 WTP 相等)制定政策,可能会导致高估转换需求。此外,我们的研究结果表明,驾驶者在 WTA 方面的异质性要大于 WTP。此外,我们对潜类混合 Logit 结构的应用表明,大多数受访司机在做出线路转换决策时表现出参考依赖性。我们的研究结果对于交通网络政策的制定至关重要。
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来源期刊
Transport Policy
Transport Policy Multiple-
CiteScore
12.10
自引率
10.30%
发文量
282
期刊介绍: Transport Policy is an international journal aimed at bridging the gap between theory and practice in transport. Its subject areas reflect the concerns of policymakers in government, industry, voluntary organisations and the public at large, providing independent, original and rigorous analysis to understand how policy decisions have been taken, monitor their effects, and suggest how they may be improved. The journal treats the transport sector comprehensively, and in the context of other sectors including energy, housing, industry and planning. All modes are covered: land, sea and air; road and rail; public and private; motorised and non-motorised; passenger and freight.
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