Integrated decision-making of resident travel mode and route based on Prospect Theory

Travel mode choices and route choices are the core points of travel behavior analysis. Researches on integrated decision-making combining mode with route are advantageous to discover the mechanism of resident travel choices. Furthermore, there are many defects of traditional travel choice models based on Maximization Utility Theory. The choice process of uncertainty could be described more accurately by Prospect Theory. It accords with the limited rationality of human behavior. In this article, the characters of traditional travel models and the application of Prospect Theory in travel behavior analysis are summarized. Based on Prospect Function, a new travel integrated decision-making model including mode choice and route choice is set up, and also an example is put forward to prove the validity. It provides a new theoretical basis and method reference for scientific and rational decision-making of residents travel choice.