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Drivers' Rational Belief Formation under Bounded Traffic Environments  

Do, Myeong-Sik (한밭대학교 도시공학과)
Publication Information
Journal of Korean Society of Transportation / v.25, no.3, 2007 , pp. 87-97 More about this Journal
Abstract
This paper proposes drivers' rational belief formation under a bounded traffic environment. This is to escape the criticism that excessive rationality (e.g., a driver's calculating ability and memory capacity) is required of drivers. Under bounded traffic environments. drivers do not have structural knowledge of traffic conditions and others' decisions. Simulations are carried out using a program coded in C. Consequently, the author found the learning process of drivers and the value of information can be differentiated by route conditions and the characteristics of driver groups. Also, it was found that rational drivers form different beliefs about traffic conditions even though they have the same traffic environment in a bounded traffic environment.
Keywords
Route choice; Belief formation; Heterogeneity; Bounded rationality; Learning process;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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