Heterogenous responses to risky behavior involving monetary and non-monetary variables in MaaS context: a latent class choice approach

People’s behaviors in the face of uncertainty are shaped by a complex interplay of risk decision factors (e.g., risk attitudes, loss attitudes, non-linear sensitivities). Despite this, the heterogeneity of these factors, particularly the distinction between monetary and non-monetary variables across different socio-demographic groups, remains underexplored within the transportation sector and broader disciplines. This study bridges this gap by devising two latent class choice models grounded in expected utility theory and prospect theory, using Mobility-as-a-Service (MaaS) subscription under uncertainties as case study. Each model identified three clusters, characterized by distinct socio-demographic attributes and unique risk decision patterns. While most individuals are risk-averse towards travel time and cost, divergent behaviors are evident among smaller groups, showing risk-seeking or mixed-risk attitudes toward these factors. Furthermore, we propose a follow-up analysis to elucidate the correlations between risk and loss attitudes, revealing that for non-monetary variables, risk aversion generally implies loss aversion. Conversely, for the monetary variable, risk-averse individuals are more likely than average to be loss-tolerant. Our findings underscore the necessity for customized policymaking that accommodates the heterogeneous nature of travelers’ behaviors under uncertainties, thereby enhancing the efficacy of targeted policy interventions.