Error by omitted variables in regret-based choice models: formal and empirical comparison with utility-based models using orthogonal design data

References

• Arrow, K. J. 1951. Social Choice and Individual Values. New York: John Wiley and Sons.
   Google Scholar
• Bell, D. E. 1982. “Regret in Decision Making Under Uncertainty.” Operations Research 30 (5): 961–981. doi: 10.1287/opre.30.5.961
   Web of Science ®Google Scholar
• Ben-Akiva, M., and S. Lerman. 1985. Discrete Choice Analysis: Theory and Application to Travel Demand. Cambridge, MA: MIT Press.
   Google Scholar
• Berry, S., J. Levinsohn, and A. Pakes. 1995. “Automobile Prices in Market Equilibrium.” Econometrica 63: 841–889. doi: 10.2307/2171802
   Web of Science ®Google Scholar
• Boeri, M., and L. Masiero. 2014. “Regret Minimisation and Utility Maximisation in a Freight Transport Context.” Transportmetrica A: Transport Science 10 (6): 548–560. doi: 10.1080/23249935.2013.809818
   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. 2012a. “Logsums for Utility-Maximizers and Regret-Minimizers, and Their Relation with Desirability and Satisfaction.” Transportation Research Part A: Policy and Practice 46 (7): 1003–1012.
   Web of Science ®Google Scholar
• Chorus, C. G. 2012b. Random Regret-Based Discrete Choice Modeling: A Tutorial. Heidelberg: Springer.
   Google Scholar
• Chorus, C. G. 2014. “Benefit of Adding An Alternative to One's Choice Set: A Regret Minimization Perspective.” Journal of Choice Modelling 13: 1–11. doi: 10.1016/j.jocm.2014.04.001
   Web of Science ®Google Scholar
• Chorus, C. G., T. A. Arentze, and H. J. P. Timmermans. 2008. “A Random Regret Minimization Model of Travel Choice.” Transportation Research Part B: Methodological 42 (1): 1–18. doi: 10.1016/j.trb.2007.05.004
   Web of Science ®Google Scholar
• Guevara, C. A. 2015. “Critical Assessment of Five Methods to Correct for Endogeneity in Discrete-Choice Models.” Transportation Research Part A: Policy and Practice 82: 240–254.
   Web of Science ®Google Scholar
• Hausman, J. 1978. “Specification Tests in Econometrics.” Econometrica 46 (6): 1251–1272. doi: 10.2307/1913827
   Web of Science ®Google Scholar
• Hensher, D. A., J. M. Rose, and W. H. Greene. 2015. Applied Choice Analysis. 2nd ed. Cambridge, UK: Cambridge University Press.
   Google Scholar
• Jang, S., S. Rasouli, and H. J. P. Timmermans. 2017. “Bias in Random Regret Models Due to Measurement Error: Formal and Empirical Comparison with Random Utility Model.” Transportmetrica A 13 (5): 405–434. doi: 10.1080/23249935.2017.1285366
   Web of Science ®Google Scholar
• Johnson, N. L., S. Kotz, and N. Balakrishnan. 1994. Continuous Multivariate Distributions, Volume 1: Models and Applications. New York: John Wiley and Sons.
   Google Scholar
• Loomes, G., and R. Sugden. 1982. “Regret Theory: An Alternative Theory of Rational Choice Under Uncertainty.” The Economic Journal 92: 805–824. doi: 10.2307/2232669
   Web of Science ®Google Scholar
• Loomes, G., and R. Sugden. 1983. “A Rationale for Preference Reversal.” The American Economic Review 73 (3): 428–432.
   Web of Science ®Google Scholar
• Loomes, G., and R. Sugden. 1987. “Some Implications of a More General Form of Regret Theory.” Journal of Economic Theory 41 (2): 270–287. doi: 10.1016/0022-0531(87)90020-2
   Web of Science ®Google Scholar
• Manski, C. 1973. “The Analysis of Qualitative Choice.” PhD diss., Department of Economics, Massachusetts Institute of Technology.
   Google Scholar
• Masiero, L., Y. Yang, and R. Qiu. 2019. “Understanding Hotel Location Preference of Customers: Comparing Random Utility and Random Regret Decision Rules.” Tourism Management 73: 83–93. doi: 10.1016/j.tourman.2018.12.002
   Web of Science ®Google Scholar
• McFadden, D. 1974. “Conditional Logit Analysis of Qualitative Choice Behavior.” In Frontiers in Econometrics, edited by P. Zarembka, 105–142. New York: Academic Press.
   Google Scholar
• Ortuzar, J. de D., and L. G. Willumsen. 2011. Modelling Transport. 4th ed. New York: John Wiley and Sons.
   Google Scholar
• Quiggin, J. 1994. “Regret Theory with General Choice Sets.” Journal of Risk and Uncertainty 8 (2): 153–165. doi: 10.1007/BF01065370
   Web of Science ®Google Scholar
• Rasouli, S., and H. J. P. Timmermans. 2014. “Regret-Based Models of Consumer Choice of Shopping Center.” Proceedings of the 21th RARCS Conference, Bucharest, Romania.
   Google Scholar
• Rasouli, S., and H. J. P. Timmermans. 2017. “Specification of Regret-Based Models of Choice Behavior: Formal Analyses and Experimental Design Based Evidence.” Transportation 44 (6): 1555–1576. doi: 10.1007/s11116-016-9714-6
   Web of Science ®Google Scholar
• Rivers, D., and Q. H. Vuong. 1988. “Limited Information Estimators and Exogeneity Tests for Simultaneous Probit Models.” Journal of Econometrics 39 (3): 347–366. doi: 10.1016/0304-4076(88)90063-2
   Web of Science ®Google Scholar
• Sharma, B., M. Hickman, and N. Nassir. 2019. “Park-and-Ride Lot Choice Model Using Random Utility Maximization and Random Regret Minimization.” Transportation 46 (1): 217–232. doi: 10.1007/s11116-017-9804-0
   Web of Science ®Google Scholar
• Tardiff, T. T. 1978. The Use of Alternative Specific Constants in Choice Modelling. Working paper, Institute of Transportation Studies ITS-SP-78-6, University of California at Irvine, California.
   Google Scholar
• Train, K. E. 2009. Discrete Choice Analysis with Simulation. 2nd ed. Cambridge, UK: Cambridge University Press.
   Google Scholar
• Van Cranenburgh, S., C. A. Guevara, and C. G. Chorus. 2015. “New Insights on Random Regret Minimization Models.” Transportation Research Part A: Policy and Practice 74: 91–109.
   Web of Science ®Google Scholar
• Van Cranenburgh, S., and C. G. Prato. 2016. “On the Robustness of Random Regret Minimization Modelling Outcomes towards Omitted Attributes.” Journal of Choice Modeling 18: 51–70. doi: 10.1016/j.jocm.2016.04.004
   Web of Science ®Google Scholar
• Washington, S., M. C. Karlaftis, and F. L. Mannering. 2010. Statistical and Econometric Methods for Transportation Data Analysis. 2nd ed. Boca Raton, FL: Chapman and Hall/CRC.
   Google Scholar