The Experts below are selected from a list of 258 Experts worldwide ranked by ideXlab platform
S P Hoogendoorn - One of the best experts on this subject based on the ideXlab platform.
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expected Utility Theory prospect Theory and regret Theory compared for prediction of route choice behavior
Transportation Research Record, 2011Co-Authors: Giselle De Moraes Ramos, Winnie Daamen, S P HoogendoornAbstract:Various decision theories have been used to explain travelers' behavior. This paper presents a comparative analysis from the points of view of Theory and application of the expected Utility Theory, prospect Theory, and regret Theory. The application was based on an empirical data set on route choice behavior with and without information provision. Results show that despite the widespread use of expected Utility Theory to model travelers' behavior, the use of prospect Theory is quite appropriate and promising, especially when information is provided. The reference point plays an important role in the prediction ability of prospect Theory. The greatest prediction ability occurs when the reference point is aligned with the observed behavior and thus reinforces the necessity of establishing appropriate and meaningful values. This study empirically shows the potential of alternatives to expected Utility Theory to capture travelers' behavior better, as in the case of prospect Theory under the proposed model spe...
Peter P. Wakker - One of the best experts on this subject based on the ideXlab platform.
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Multiattribute Utility Theory without Expected Utility Foundations
1996Co-Authors: John M. Miyamoto, Peter P. WakkerAbstract:textabstractMethods for determining the form of utilities are needed for the implementation of Utility Theory in specific decisions. An important step forward was achieved when Utility theorists characterized useful parametric families of utilities and simplifying decompositions of multiattribute utilities. The standard development of these results is based on expected Utility Theory which is now known to be descriptively invalid. The empirical violations of expected Utility impair the credibility of Utility assessments. This paper shows, however, that parametric and multiattribute Utility results are robust against the major violations of expected Utility. They retain their validity under nonexpected Utility theories that have been developed to account for actual choice behavior. To be precise, characterizations of parametric and multiattribute representations are extended to rank-dependent Utility, state-dependent Utility, Choquet-expected Utility, and prospect Theory.
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Multiattribute Utility Theory Without Expected Utility Foundations
Operations Research, 1996Co-Authors: John M. Miyamoto, Peter P. WakkerAbstract:Methods for determining the form of utilities are needed for the implementation of Utility Theory in specific decisions. An important step forward was achieved when Utility theorists characterized useful parametric families of utilities and simplifying decompositions of multiattribute utilities. The standard development of these results is based on expected Utility Theory which is now known to be descriptively invalid. The empirical violations of expected Utility impair the credibility of Utility assessments. This paper shows, however, that parametric and multiattribute Utility results are robust against the major violations of expected Utility. They retain their validity under nonexpected Utility theories that have been developed to account for actual choice behavior. To be precise, characterizations of parametric and multiattribute representations are extended to rank-dependent Utility, state-dependent Utility, Choquet-expected Utility, and prospect Theory.
Erel Avineri - One of the best experts on this subject based on the ideXlab platform.
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violations of expected Utility Theory in route choice stated preferences certainty effect and inflation of small probabilities
Transportation Research Record, 2004Co-Authors: Erel Avineri, Joseph N PrashkerAbstract:Common travel-choice models are based on the maximum Utility assumption. However, the use of expected Utility Theory in descriptive models of individual choice has been criticized by behavioral scientists and recently also by transportation researchers. The aim of this work is to examine whether violations of expected Utility Theory may be found in travelers' stated-preference behavior. In this work, a route-choice stated-preference experiment was conducted. A questionnaire, inspired by experiments of Kahneman and Tversky, presented simple route-choice problems. Evidence was found of two violations of expected Utility Theory. The first is known as the Allais paradox (certainty effect), which is demonstrated by a situation in which the extreme underweighting of high probabilities, which fall short of certainties, makes certain (low) travel time outcomes very attractive. Evidence of another violation of expected Utility Theory, inflation of small probabilities, is shown on the basis of a set of stated-preference route-choice problems. The experimental results may be explained by prospect Theory, an alternative model of decision making under risk.
Lirong Xia - One of the best experts on this subject based on the ideXlab platform.
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random Utility Theory for social choice
Neural Information Processing Systems, 2012Co-Authors: Hossein Azari, David R Parks, Lirong XiaAbstract:Random Utility Theory models an agent's preferences on alternatives by drawing a real-valued score on each alternative (typically independently) from a parameterized distribution, and then ranking the alternatives according to scores. A special case that has received significant attention is the Plackett-Luce model, for which fast inference methods for maximum likelihood estimators are available. This paper develops conditions on general random Utility models that enable fast inference within a Bayesian framework through MC-EM, providing concave log-likelihood functions and bounded sets of global maxima solutions. Results on both real-world and simulated data provide support for the scalability of the approach and capability for model selection among general random Utility models including Plackett-Luce.
Irving H. Lavalle - One of the best experts on this subject based on the ideXlab platform.
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Subset preferences in linear and nonlinear Utility Theory
Journal of Mathematical Psychology, 1993Co-Authors: Peter C. Fishburn, Irving H. LavalleAbstract:Abstract Independence axioms based on subset structures are examined within three theories of decision under risk when outcomes are subsets of items. The theories are the linear Utility Theory of von Neumann and Morgenstern, weighted linear Utility Theory, and skew symmetric bilinear Utility Theory. The effects of the independence axioms on subset utilities include several additive and multiplicative decompositions.
