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Published in:
2021 | OriginalPaper | Chapter
Prospect Theory and Its Applications in Travel Behavior Research
Author : Nan Zhou
Published in: Proceedings of the 4th International Conference on Economic Management and Green Development
Publisher: Springer Singapore
Abstract
Prospect theory provides a theoretical basis for the study of decision behavior under uncertainty. In reality, it is difficult for travelers’ decisions and behaviors to be completely rational and based on utility maximization, and in recent years, some researchers have attempted to use prospect theory for travel behavior analysis and modeling and have made some research progress. This paper first elaborates the basic framework and main contents of prospect theory, then analyzes the applicability of prospect theory in travel behavior research by reviewing related research. For specific travel behavior research, the application of prospect theory not only needs to consider the nature of the decision problem, but also to see the personality characteristics of the traveler.
