Development of a Latent Variable Model to Capture the Impact of Risk Aversion on Travelers' Switching Behavior

Advanced Traveler Information Systems (ATIS) are becoming increasingly available throughout the world. While the impact of the provided information on the switching behavior has been investigated in the past, an area of research that is less well understood relates to the effect of the travelers' risk aversion (or risk-seeking) in their travel behavior. The objective of this research is to examine the impact of information acquisition on travelers' switching travel behavior and to identify and quantify the role of attitudes and perceptions on switching behavior. A combined choice and latent variable model has been developed, in which the individual traveler's risk aversion has been modeled as a latent variable. The model has been estimated using data collected through travel diaries in the Puget Sound Region (PSRC) in 2000. As expected, travelers in general tend to maintain their habitual travel pattern. However, specific travel information-such as that regarding an incident or road closure-influences behavioral switches such as departure time change and route change.