The cumulative prospect theory-based travel mode choice model and its empirical verification

Taking the commuters' travel mode choice behaviors as the research subject, we assume that there are three possible travel modes of transit mode, solo-driving mode and park-and-ride mode. Without loss of generality, the travel time for transit mode is assumed fixed while the travel time for other two modes are assumed stochastic. With this consideration, we first establish the travel mode choice models and compared the difference between the optimal choices in different scenarios under the framework of cumulative prospect theory (CPT) and expected utility theory (EUT), respectively. Then, the empirical investigation is conducted to verify the previous theoretical results. The empirical results show that, the individuals' decisions change with the scenarios, and they are consistent with the choices under the framework of CPT. In this sense, the transportation administrators should manage and optimize the road resources based on individuals' risk preferences.