Random Regret Minimization: An Overview of Model Properties and Empirical Evidence

References

• Arentze , T. A. and Timmermans , H. J. P. 2007 . Parametric action trees: incorporating continuous attribute variables into rule-based models of discrete choice . Transportation Research Part B , 41 ( 7 ) : 772 – 783 .
   Google Scholar
• Ben-Akiva , M. and Lerman , S. R. 1985 . Discrete Choice Analysis: Theory and Application to Travel Demand , Cambridge, MA : The MIT Press .
   Google Scholar
• Ben-Akiva , M. E. and Swait , J. 1986 . The Akaike likelihood ratio index . Transportation Science , 20 ( 2 ) : 133 – 136 .
   Web of Science ®Google Scholar
• Chorus , C. G. 2010 . A new model of random regret minimization . European Journal of Transport and Infrastructure Research , 10 ( 2 ) : 181 – 196 .
   Web of Science ®Google Scholar
• Chorus, C. G. (under review). Valuating ex-post travel information: A matter of balancing regrets.
   Google Scholar
• Chorus , C. G. and de Jong , G. C. 2011 . Modelling experienced accessibility for utility-maximizers and regret-minimizers . Journal of Transport Geography , 19 ( 6 ) : 1155 – 1162 .
   Web of Science ®Google Scholar
• Chorus , C. G. and Rose , J. M. Selecting a date: a matter of regret and compromises . Paper presented at the 2nd International Choice Modelling Conference . Leeds, , UK July 2011
   Google Scholar
• Chorus , C. G. , Arentze , T. A. and Timmermans , H. J. P. 2008 . A random regret minimization model of travel choice . Transportation Research Part B , 42 ( 1 ) : 1 – 18 .
   Google Scholar
• Chorus , C. G. , Arentze , T. A. and Timmermans , H. J. P. 2009 . Spatial choice: a matter of utility or regret? . Environment & Planning Part B , 36 ( 3 ) : 538 – 551 .
   Web of Science ®Google Scholar
• Chorus , C. G. , Annema , J. , Mouter , N. and van Wee , G. P. in press . Modelling politicians’ preferences for road pricing policies: a regret-based and utilitarian perspective . Transport Policy ,
   Web of Science ®Google Scholar
• De Serpa , A. C. 1971 . A theory of the economics of time . The Economic Journal , 18 (August) : 828 – 846 .
   Web of Science ®Google Scholar
• Hensher , D. A. , Greene , W. and Chorus , C. G. in press . Random regret minimisation or random utility maximisation: an exploratory analysis in the context of automobile choice . Journal of Advanced Transportation ,
   Web of Science ®Google Scholar
• Hess , S. , Stathopoulos , A. and Daly , A. Allowing for heterogeneous decision rules in discrete choice models: An approach and four case studies . Transportation .
   Google Scholar
• Hey , J. D. and Orme , C. 1994 . Investigating generalizations of expected utility theory using experimental data . Econometrica , 62 ( 6 ) : 1291 – 1326 .
   Web of Science ®Google Scholar
• Kivetz , R. , Netzer , O. and Srinivasan , V. 2004 . Alternative models for capturing the compromise effect . Journal of Marketing Research , 41 (August) : 237 – 257 .
   Web of Science ®Google Scholar
• Loomes , G. and Sugden , R. 1982 . Regret theory: an alternative theory of rational choice under uncertainty . The Economic Journal , 92 (December) : 805 – 824 .
   Web of Science ®Google Scholar
• McFadden , D. 1974 . “ Conditional logit analysis of qualitative choice-behaviour ” . In Frontiers in Econometrics, pp. 105--142 , Edited by: Zarembka , P. New York, NY : Academic Press .
   Google Scholar
• Pathan, A. F. H. (2010) Modelling travellers’ choices of information sources and of mode. PhD thesis, The University of Leeds.
   Google Scholar
• Ramos , G. , Daamen , W. and Hoogendoorn , S. P. in press . Comparative analysis on purpose of expected utility theory, prospect theory and regret theory to predict route choice behaviour . Transportation Research Records ,
   Google Scholar
• Richardson , A. 1982 . Search models and choice set generation . Transportation Research Part A , 16 ( 5–6 ) : 403 – 419 .
   Google Scholar
• Simonson , I. 1989 . Choice based on reasons: the case of attraction and compromise effects . Journal of Consumer Research , 19 ( September ) : 158 – 174 .
   Web of Science ®Google Scholar
• Small , K. A. and Rosen , H. S. 1981 . Applied welfare economics with discrete choice models . Econometrica , 49 ( 1 ) : 105 – 130 .
   Web of Science ®Google Scholar
• Thiene , M. , Boeri , M. and Chorus , C. G. in press . Random regret minimization: exploration of a new choice model for environmental and resource economics . Environmental and Resource Economics ,
   Web of Science ®Google Scholar
• Train , K. E. 2003 . Discrete Choice Methods with Simulations , Cambridge : Cambridge University Press .
   Google Scholar
• Walker , J. L. and Ben-Akiva , M. E. 2002 . Generalized random utility model . Mathematical Social Sciences , 43 ( 3 ) : 303 – 343 .
   Web of Science ®Google Scholar
• Wernerfelt , B. 1995 . A rational reconstruction of the compromise effect: using market data to infer utilities . Journal of Consumer Research , 21 ( 4 ) : 627 – 633 .
   Web of Science ®Google Scholar
• Zhang , J. , Timmermans , H. J. P. , Borgers , A. and Wang , D. 2004 . Modelling traveller choice behaviour using the concepts of relative utility and relative interest . Transportation Research Part B , 38 ( 3 ) : 215 – 234 .
   Google Scholar
• Zeelenberg , M. and Pieters , R. 2007 . A theory of regret regulation 1.0 . Journal of Consumer Psychology , 17 ( 1 ) : 3 – 18 .
   Web of Science ®Google Scholar