An application of cumulative prospect theory to freeway drivers’ route choice behaviours

A distinguishing feature of this study is that drivers’ attitudes and preference towards risk were considered and their perceptions of gains and losses were modelled using cumulative prospect theory (CPT). The parameters of the value function and the weighting function were estimated to reflect the risk attitudes of freeway drivers in Taiwan. The resulting estimates showed that the behaviour of most Taiwanese freeway drivers can be captured by the features of CPT if real-time traffic information is used.

► Drivers’ preferences and attitudes towards risk were considered. ► Their perceptions of gains and losses were modelled using cumulative prospect theory (CPT). ► The parameters of the value function and the weighting function were estimated. ► The behaviour of most Taiwanese freeway drivers can be captured by the features of CPT.