Individuals do not often collect and analyse all the relevant information.
In real life, Rational Choice Theory can not accurately describe the actual human behavior. Eventually travelers will select the optimal solution with the maximum ‘utility’ from the choice set. This classical theory claims that customer always choose the one most appropriate by comparing the advantages and disadvantages of a range of alternatives, evaluating the benefits and costs of each possible outcome. The rule of EUT is Random Utility Maximization (RUM) ( Ben-Akiva and Lerman 1985 McFadden 1973). Traditional economics focus on the utility evaluation and come up with the Expected Utility Theory (EUT) which is also called Consumer Choice Theory.
It requires three necessary steps including information collection, utility evaluation, and choice making. This category is also called ‘Normative Decision Theory,’ which assume people a traveler is an ideal decision maker who are full rational. 7.0.1 The daily travel data in the U.S.įor prescriptive, analytical everyday decision-making, rationality is a basic assumption in reasoned behavior or rational choice theories ( Edwards 1954 Von Neumann and Morgenstern 1944).4.4 Modifiable areal unit problem (MAUP).
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