A Random Regret Minimization-based Discrete Choice Model
This Chapter presents the RRM-model. First, the Random Regret-function is presented and explained (Sect. 2.1). Subsequently, this function is compared with the classical linear-additive Random Utility-function (Sect. 2.2). Finally, it is shown how the Random Regret-function translates into MNL-type choice probabilities for a particular distribution of the random error terms (Sect. 2.3).
KeywordsTravel Time Discrete Choice Choice Probability Random Error Term Estimable Parameter
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