A Study of Parking Choice Model Based on Prospect Theory with Heterogeneous Reference Points

In order to study the decision-makers’ parking choice behavior of bounded rationality and consider the impact of heterogeneity, a prospect theory (PT) based parking choice model is constructed, individual attributes of decision makers are introduced into the reference point equations, and a PT model with heterogeneous reference points is constructed to accurately reflect the discrepancies in decision-making behaviors between different individuals. The value function parameters are re-calibrated through actual survey data, and a PT model with homogeneous reference point is constructed correspondingly for comparison. The predicted choice share in different decision-making groups and different situations of decision-makers are compared with actual choice counterpart. The predicted results of the two models show that the PT model with the heterogeneous reference points describes the parking choice behavior more accurately, and error between its prediction result and the actual choice is smaller than that of the conventional PT model.