Travel choice inertia: the joint role of risk aversion and learning

Caspar G. Chorus, Benedict G.C. Dellaert

Research output: Contribution to journalArticleResearchpeer-review

29 Citations (Scopus)

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.

Original languageEnglish
Pages (from-to)139-155
Number of pages17
JournalJournal of Transport Economics and Policy
Volume46
Issue number1
Publication statusPublished - 1 Jan 2012
Externally publishedYes

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