Traveling Mode Choice Model under Bounded Rationality

Based on the prospect theory, this paper analyzes the decision-making process of travelers’ travel mode under bounded rationality. A travel mode choice method which is more in line with human thinking habits is proposed, and travel decision model based on travel time cost, travel cost, and travel comfort cost is constructed. The reference point of the travel mode choice behavior model is given, realizing the comprehensive prospect value calculation of each trip mode. Through a simple example, the travel mode selection model proposed in this paper is applied to calculate and analyze the six different travel modes of bus, private car, taxi, shared bicycle, urban rail transit, and walking. The results show that the travel mode choice model under bounded rationality is more consistent with the traveler’s limited rational decision-making process, which provides a new way to predict traveler’s travel mode choice.