Exploring the impact of commuter's residential location choice on the design of a rail transit line based on prospect theory
type: Item
instance of: scholarly article
title: Exploring the impact of commuter's residential location choice on the design of a rail transit line based on prospect theory
zbMATH Open document ID: 1407.90227
DOI: 10.1155/2014/536872
author: Ding Liu
published in: Mathematical Problems in Engineering
publication date: 2019-02-08T00:00:00Z
review text: Summary: This paper explores the impact of prospect theory based commuter's residential location choice on the design problem of a rail transit line located in a monocentric city. A closed-form social welfare maximization model is proposed, with special consideration given to prospect theory based commuter's residential location choice over years. Commuters are assumed to make residential location choice by a trade-off between daily housing rent and generalized travel cost to minimize their prospect values. The solutions properties of the proposed model are explored and compared analytically. It is found that overestimation exists for the optimal solutions of rail line length, headway, and fare based on traditional utility theory, compared with the optimal solutions of the proposed prospect theory based model. A numerical example is given to illustrate the properties of the proposed model.
Mathematics Subject Classification ID: 90B80
Mathematics Subject Classification ID: 90B20
zbMATH DE Number: 7016686
Wikidata QID: Q59068331
MaRDI profile type: Publication
full work available at URL: https://doi.org/10.1155/2014/536872
OpenAlex ID: W2040563069
cites work: Reference Points in Commuter Departure Time Choice: A Prospect Theoretic Test of Alternative Decision Frames
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description: scientific article; zbMATH DE number 7016686