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Modelling Individual Preferences, State of the Art, Recent Advances and Future Directions

Lookup NU author(s): Professor Elisabetta Cherchi

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Abstract

This paper presents a critical review of the research developments in the representation of the decision process, and it is structured into two parts. The first is dedicated to reviewing the limitations of the DCM and, in particular, of the MMNL model. Limits due to both the microeconomic theory of the rational user and the exploitation of the error terms will be critically discussed. The second part of the paper reviews research belonging to the non-rational theory. I concentrate on those advances that still rely heavily on the DCM with the aim to discuss to what extent we are really moving forward with respect to the above limitations of the classical MMNL model. Although focusing on research produced in the transport field, the paper provides and relies on several references from the literature in psychology and behavioural economics. The paper concludes by discussing some open questions raised by the research conducted so far and giving some final thoughts about the amazing challenge unfolding before us over the next years.


Publication metadata

Author(s): Cherchi E

Editor(s): Pendyala, RM; Bhat, CR

Publication type: Book Chapter

Publication status: Published

Book Title: Travel Behaviour Research in an Evolving World

Year: 2012

Pages: 207-248

Print publication date: 06/07/2012

Edition: 1

Publisher: International Association for Travel Behaviour Research

Library holdings: Search Newcastle University Library for this item

ISBN: 9781105473784


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