Template-Type: ReDIF-Paper 1.0
Author-Name: Chorus, C.G.
Author-Name-Last: Chorus
Author-Name-First: Casper
Author-Name: Dellaert, B.G.C.
Author-Name-Last: Dellaert
Author-Name-First: Benedict
Author-Person: pde296
Title: Travel Choice Inertia: The Joint Role of Risk Aversion and Learning
Abstract: This paper shows how travellers that are faced with a series of risky choices become behaviourally inert due to a combination of risk aversion and learning. Our theoretical analyses complement other studies that conceive inertia as resulting from the wish to save cognitive resources. We first present a model of risky travel mode choice. We show that if travellers dislike risk, and part of the quality of travel alternatives is only revealed upon usage, inertia emerges due to a learning-based lock-in effect. We extend our analyses to capture forward-looking behaviour and the provision of travel information.
Creation-Date: 2010-10-20
File-URL: https://repub.eur.nl/pub/21097/ERS-2010-040-MKT.pdf
File-Format: application/pdf
Series: RePEc:ems:eureri
Number: ERS-2010-040-MKT
Classification-JEL: C44, M, M31
Keywords: choice inertia, travel behaviour
Handle: RePEc:ems:eureri:21097