Assessing Reference Dependence in Travel Choice Behaviour

People make all kinds of choices every day, such as driving to work rather than taking public transport. Many of these choices have a direct impact on demand for products, services or public infrastructures. Understanding people’s choice behaviour can not only infer people’s preferences for certain products or services but more importantly make future demand forecasts. Over the last fifty years, there has been a steadily growing interest in applying a quantitative statistical method, discrete choice modelling, to study individual and household choice behaviour. Discrete choice models provide a theoretically robust and tractable tool for modelling and analysing various choices across many fields such as transport, health, and marketing...