Boundedly- and Non-Rational Travel Behavior and Transportation Policy

28 Pages Posted: 29 Oct 2009

See all articles by Jonathan L. Gifford

Jonathan L. Gifford

George Mason University School of Public Policy

Cristina D. Checherita-Westphal

European Central Bank (ECB)

Date Written: July 31, 2008

Abstract

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.

Suggested Citation

Gifford, Jonathan Lewis and Checherita-Westphal, Cristina D., Boundedly- and Non-Rational Travel Behavior and Transportation Policy (July 31, 2008). Available at SSRN: https://ssrn.com/abstract=1495719 or http://dx.doi.org/10.2139/ssrn.1495719

Jonathan Lewis Gifford (Contact Author)

George Mason University School of Public Policy ( email )

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Cristina D. Checherita-Westphal

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

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