Boundedly- and Non-Rational Travel Behavior and Transportation Policy
Jonathan L. Gifford
George Mason University School of Public Policy
Cristina D. Checherita-Westphal
European Central Bank (ECB)
July 31, 2008
This paper examines boundedly rational and non-rational travel behavior and their implications for transportation policy. Following Herbert Simon, the paper posits that individual rationality is “bounded” by cognitive capacity, and that affective factors influence decision-making. Its primary aim is to assess how well policy and planning models address such behavior and whether such behavior “matters” in a public policy sense. The paper concludes that it is necessary to incorporate boundedly and non-rational behavior more extensively in travel demand modeling. This could help explain travel behavior patterns that do not usually correspond to the utility maximization paradigm, and assist public policy decision makers in making wiser choices about transportation investment and management.
Number of Pages in PDF File: 28working papers series
Date posted: October 29, 2009
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