A Model of Travel Time Reliability Based on Risk Aversion

Abstract

Travel time reliability was found to be one of the most important factors for route choice considerations and plays an important role in travelpsila route choice behavior. This study developed a mixed model to study travel time reliability based on risk aversion. To define the reliability, we introduced the notion of ldquotravel time budgetrdquo to relate commuterspsila risk aversion on route choice. The travel time budget varies among commuters according to their degrees of risk aversion and requirements on punctual arrivals. A framework of travel decision-making process is designed in this paper, and a fuzzy level of travel demand is introduced. We consider that the total travel demand comprises of two parts, the infrequent travelers and commuters. The traffic volume of infrequent travels is stochastic, which adds to the network traffic in a random manner based on fixed route choice proportion. We demonstrated the constraints in the model are feasible.