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A discrete choice model incorporating thresholds forperception in attribute values

Cantillo, V; Heydecker, B; de Dios Ortúzar, J; (2004) A discrete choice model incorporating thresholds forperception in attribute values. In: (Proceedings) Proceedings of the European Transport Forum. : London.

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Abstract

In this paper we formulate a discrete choice model that incorporates thresholds in theperception of attribute changes. The model considers multiple options and allowschanges in several attributes. We postulate that if thresholds exist they could be random,differ between individuals, and even be a function of socio-economic characteristics andchoice conditions. Our formulation allows estimation of the parameters of the thresholdprobability distribution starting from information about choices.The model is applied to synthetic data and also to real data from a stated preferencesurvey. We found that where perception thresholds exist in the population, the use ofmodels without them leads to errors in estimation and prediction. Clearly, the effect ismore relevant when the typical size of change in the attribute value is comparable withthe threshold, and when the contribution of this attribute in the utility function issubstantial. Finally, we discuss the implications of the threshold model for estimation ofthe benefits of transport investments, and show that where thresholds exist, models thatdo not represent them can overestimate benefits substantially.

Type: Proceedings paper
Title: A discrete choice model incorporating thresholds forperception in attribute values
Event: Proceedings of the European Transport Forum
Additional information: Imported via OAI, 7:29:01 11th Nov 2005
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Civil, Environ and Geomatic Eng
URI: http://discovery.ucl.ac.uk/id/eprint/14007
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