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Application of Random Regret Minimization Model in the Context of Intercity Travel Mode Choice
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 Title & Authors
Application of Random Regret Minimization Model in the Context of Intercity Travel Mode Choice
Jin, Woo-Jeong; Lee, Jang-Ho;
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The multinomial logit model, based on random utility maximization (RUM) theory, has been the predominant model used in travel mode choice contexts. In this paper, the travel mode choice model based on random regret minimization (RRM) theory is proposed as an alternative to the RUM model, and the applicability of the RRM model is examined. The presented model is applied to the case of inter-city travel mode choice in Korea. The empirical results show that the RUM model and RRM model have parameters that are consistent with the intuition. The goodness of fit statistics in the RRM model improved compared with the results of the RUM model. Consequently, these results show the possibility of using the RRM model in the context of travel mode choice.
Random Utility Maximization;Random Regret Minimization;Intercity Travel Mode Choice;
 Cited by
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