Bounded rational choice behaviour: applications in transport

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    Abstract

    Even though the theory of rational behaviour has been challenged for almost 100 years, the dominant approach within the field of transport has been based upon the assumptions of neoclassical economics that we live in a world of rational decision makers who always have perfect knowledge and aim to maximise some subjective measure. Where other fields, for example within the social sciences and psychology, have made serious efforts to explore alternative models derived from principles of bounded rationality, this direction has begun to take speed within transport applications only recently. Bounded rational choice behaviour focuses on how the latter approach can be seriously taken into account within transport applications. As the editors discuss in the introduction, a true optimal choice can only be made if an individual has full and perfect information of all relevant attributes in his/her choice set. An individual is said to demonstrate bounded rational behaviour if he/she does not systematically consider all attributes deemed relevant for the decision problem at hand, does not consider all choice options and/or does not choose the best choice alternative. Such simplified representation and limited processing may occur due to time constraints, low involvement in the decision at hand, relying on habits or the task requiring too high a mental effort.
    Original languageEnglish
    JournalTransport Reviews
    Volume36
    Issue number5
    Pages (from-to)680-681
    ISSN0144-1647
    DOIs
    Publication statusPublished - 2016

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