Diverging effects of subjective prospect values of uncertain time and money

Journal article

Gao, Kun, Yang, Ying and Qu, Xiaobo. (2021). Diverging effects of subjective prospect values of uncertain time and money. Communications in Transportation Research. 1, p. Article 100007. https://doi.org/10.1016/j.commtr.2021.100007
AuthorsGao, Kun, Yang, Ying and Qu, Xiaobo
Abstract

Studies from behavioral economics show that the subjective prospect value of money has diminishing sensitivity to losses/gains, represented by an S-shape, and this has been applied in representing the subjective prospect value of time in many transportation studies such as travel behavior modeling and network equilibrium. In this study, we demonstrate that the prospect value of time has an increasing sensitivity to losses/gains and can be represented by an Ϩ-shape, which contrasts that of money. We further explain the rationality of this surprising finding based on psychological and behavioral theories and discuss extensive practical implications. The correlations between sensitivities to gains and losses in terms of magnitude are revealed as well to shed light on potential underlying correlated behavioral principles. Substantial loss-aversion features are observed in the empirical analysis, supporting endowment effects. Implications of the findings on decision-making and other areas that utilize time as a key indicator have been discussed. The findings may revolutionize many research areas that utilize time as a key indicator such as transportation engineering.

Keywordstime and money evaluations; diverging effects; risk preferences; choice behavior
Year2021
JournalCommunications in Transportation Research
Journal citation1, p. Article 100007
PublisherElsevier Ltd
ISSN2772-4247
Digital Object Identifier (DOI)https://doi.org/10.1016/j.commtr.2021.100007
Scopus EID2-s2.0-85120883901
Open accessPublished as ‘gold’ (paid) open access
Page range1-11
Publisher's version
License
File Access Level
Open
Output statusPublished
Publication dates
Online21 Oct 2021
Publication process dates
Accepted05 Oct 2021
Deposited24 Feb 2025
Additional information

© 2021 The Authors. Published by Elsevier Ltd on behalf of Tsinghua University Press. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).

Permalink -

https://acuresearchbank.acu.edu.au/item/915x3/diverging-effects-of-subjective-prospect-values-of-uncertain-time-and-money

Log in to edit

Download files

Publisher's version
OA_Gao_2021_Diverging_effects_of_subjective_prospect_values.pdf
License: CC BY 4.0
File access level: Open

  • 1
    total views
  • 0
    total downloads
  • 1
    views this month
  • 0
    downloads this month
These values are for the period from 19th October 2020, when this repository was created.

Export as

Related outputs

Determinism versus uncertainty : Examining the worst-case expected performance of data-driven policies
Tian, Xuecheng, Wang, Shuaian, Laporte, Gilbert and Yang, Ying. (2024). Determinism versus uncertainty : Examining the worst-case expected performance of data-driven policies. European Journal of Operational Research. 318(1), pp. 242-252. https://doi.org/10.1016/j.ejor.2024.04.031
Understanding travel behavior adjustment under COVID-19
Yao, Wenbin, Yu, Jinqiang, Yang, Ying, Chen, Nuo, Jin, Sheng, Hu, Youwei and Bai, Congcong. (2022). Understanding travel behavior adjustment under COVID-19. Communications in Transportation Research. 2, p. Article 100068. https://doi.org/10.1016/j.commtr.2022.100068
Is port state control influenced by the COVID-19? Evidence from inspection data
Yan, Ran, Mo, Haoyu, Guo, Xiaomeng, Yang, Ying and Wang, Shuaian. (2022). Is port state control influenced by the COVID-19? Evidence from inspection data. Transport Policy. 123, pp. 82-103. https://doi.org/10.1016/j.tranpol.2022.04.002
Extrapolation-enhanced model for travel decision making : An ensemble machine learning approach considering behavioral theory
Gao, Kun, Yang, Ying, Zhang, Tianshu, Li, Aoyong and Qu, Xiaobo. (2021). Extrapolation-enhanced model for travel decision making : An ensemble machine learning approach considering behavioral theory. Knowledge-Based Systems. 218, p. Article 106882. https://doi.org/10.1016/j.knosys.2021.106882
Examining nonlinear and interaction effects of multiple determinants on airline travel satisfaction
Gao, Kun, Yang, Ying and Qu, Xiaobo. (2021). Examining nonlinear and interaction effects of multiple determinants on airline travel satisfaction. Transportation Research Part D. 97, p. Article 102957. https://doi.org/10.1016/j.trd.2021.102957
Spatial heterogeneity in distance decay of using bike sharing : An empirical large-scale analysis in Shanghai
Gao, Kun, Yang, Ying, Li, Aoyong and Qu, Xiaobo. (2021). Spatial heterogeneity in distance decay of using bike sharing : An empirical large-scale analysis in Shanghai. Transportation Research Part D. 94, p. Article 102814. https://doi.org/10.1016/j.trd.2021.102814
Modeling drivers’ scrambling behavior in China : An application of theory of planned behavior
Qi, Weiwei, Shen, Bin, Yang, Ying and Qu, Xiaobo. (2021). Modeling drivers’ scrambling behavior in China : An application of theory of planned behavior. Travel Behaviour and Society. 24, pp. 164-171. https://doi.org/10.1016/j.tbs.2021.03.008
Examining the influence of social norms on orderly parking behavior of dockless bike-sharing users
Wang, Yacan, Yang, Ying, Wang, Jiaping, Douglas, Matthew and Su, Duan. (2021). Examining the influence of social norms on orderly parking behavior of dockless bike-sharing users. Transportation Research Part A. 147, pp. 284-296. https://doi.org/10.1016/j.tra.2021.03.022
On the movement simulations of electric vehicles : A behavioral model-based approach
Xu, Yueru, Zheng, Yuan and Yang, Ying. (2021). On the movement simulations of electric vehicles : A behavioral model-based approach. Applied Energy. 283, p. 116356. https://doi.org/10.1016/j.apenergy.2020.116356
Cumulative prospect theory coupled with multi-attribute decision making for modeling travel behavior
Gao, Kun, Sun, Lijun, Yang, Ying, Meng, Fanyu and Qu, Xiaobo. (2021). Cumulative prospect theory coupled with multi-attribute decision making for modeling travel behavior. Transportation Research Part A: Policy and Practice. 148, pp. 1-21. https://doi.org/10.1016/j.tra.2021.03.025
Quantifying economic benefits from free-floating bike-sharing systems : A trip-level inference approach and city-scale analysis  
Gao, Kun, Yang, Ying, Li, Aoyong, Li, Junhong and Yu, Bo. (2021). Quantifying economic benefits from free-floating bike-sharing systems : A trip-level inference approach and city-scale analysis  . Transportation Research Part A: Policy and Practice. 144, pp. 89-103. https://doi.org/10.1016/j.tra.2020.12.009
Longitudinal links among parent-child attachment, emotion parenting, and problem behaviors of preadolescents
Wang, Juan, Yang, Ying, Tang, Yulong, Wu, Mengxue, Jiang, Suo and Zou, Hong. (2021). Longitudinal links among parent-child attachment, emotion parenting, and problem behaviors of preadolescents. Children and Youth Services Review. 121, p. 105797. https://doi.org/10.1016/j.childyouth.2020.105797
Shyness and subjective well-being in chinese adolescents : Self-efficacy beliefs as mediators
Li, Caina, Wang, Yuan, Liu, Meng, Sun, Cuicui and Yang, Ying. (2020). Shyness and subjective well-being in chinese adolescents : Self-efficacy beliefs as mediators. Journal of Child and Family Studies. 29(12), pp. 3470-3480. https://doi.org/10.1007/s10826-020-01823-0
Revealing psychological inertia
Gao, Kun, Yang, Ying, Sun, Lijun and Qu, Xiaobo. (2020). Revealing psychological inertia. Transportation Research Part F : Psychology and Behaviour. 71, pp. 272-287. https://doi.org/10.1016/j.trf.2020.04.006
The joint effect of paternal and maternal parenting behaviors on school engagement among Chinese adolescents : The mediating role of mastery goal
Wang, Juan, Shi, Xinxin, Yang, Ying, Zou, Hong, Zhang, Wenjuan and Xu, Qunxia. (2019). The joint effect of paternal and maternal parenting behaviors on school engagement among Chinese adolescents : The mediating role of mastery goal. Frontiers in Psychology. 10, p. 1587. https://doi.org/10.3389/fpsyg.2019.01587
Emotional aperture across east and west : How culture shapes the perception of collective affect
Yang, Ying, Hong, Ying-yi and Sanchez-Burks, Jeffrey. (2019). Emotional aperture across east and west : How culture shapes the perception of collective affect. Journal of Cross-Cultural Psychology. 50(6), pp. 751-762. https://doi.org/10.1177/0022022119846412
Self-determined motivation for studying abroad predicts lower culture shock and greater well-being among international students: The mediating role of basic psychological needs satisfaction
Yang, Ying, Zhang, Yixin and Sheldon, Kennon M.. (2018). Self-determined motivation for studying abroad predicts lower culture shock and greater well-being among international students: The mediating role of basic psychological needs satisfaction. International Journal of Intercultural Relations. 63, pp. 95 - 104. https://doi.org/10.1016/j.ijintrel.2017.10.005
Attachment orientations and dispositional gratitude: The mediating roles of perceived social support and self-esteem
Zhang, Lijuan, Zhang, Shupeng, Yang, Ying and Li, Caina. (2017). Attachment orientations and dispositional gratitude: The mediating roles of perceived social support and self-esteem. Personality and Individual Differences. 114, pp. 193 - 197. https://doi.org/10.1016/j.paid.2017.04.006
Potential risk and its influencing factors for separated bicycle paths
Xu, Cheng, Yang, Ying, Jin, Sheng, Qu, Zhaowei and Hou, Lei. (2016). Potential risk and its influencing factors for separated bicycle paths. Accident Analysis and Prevention. 87, pp. 59-67. https://doi.org/10.1016/j.aap.2015.11.014
Self-compassion and life satisfaction: The mediating role of hope
Yang, Ying, Zhang, Mengyuan and Kou, Yu. (2016). Self-compassion and life satisfaction: The mediating role of hope. Personality and Individual Differences. 98, pp. 91 - 95. https://doi.org/10.1016/j.paid.2016.03.086
In-depth analysis of drivers' merging behavior and rear-end crash risks in work zone merging areas
Weng, Jinxian, Xue, Shan, Yang, Ying, Yan, Xuedong and Qu, Xiaobo. (2015). In-depth analysis of drivers' merging behavior and rear-end crash risks in work zone merging areas. Accident Analysis and Prevention. 77, pp. 51 - 61. https://doi.org/10.1016/j.aap.2015.02.002
Estimation of the perceived value of transit time for shipping lines
Wang, Shuaian, Qu, Xiaobo and Yang, Ying. (2015). Estimation of the perceived value of transit time for shipping lines. Transportation Research Part A: Policy and Practice. 78, pp. 298 - 308. https://doi.org/10.1016/j.tra.2015.04.014
Unresolved World War II animosity dampens empathy toward 2011 Japanese earthquake and tsunami
Yang, Ying, Liu, Xiao-xiao, Fang, Yang and Hong, Ying-yi. (2014). Unresolved World War II animosity dampens empathy toward 2011 Japanese earthquake and tsunami. Journal of Cross-Cultural Psychology. 45(2), pp. 171 - 191. https://doi.org/10.1177/0022022113509118
Potential crash risks of expressway on-ramps and off-ramps: A case study in Beijing, China
Qu, Xiaobo, Yang, Ying, Liu, Zhiyuan, Jin, Sheng and Weng, Jinxian. (2014). Potential crash risks of expressway on-ramps and off-ramps: A case study in Beijing, China. Safety Science. 70, pp. 58 - 62. https://doi.org/10.1016/j.ssci.2014.04.016
Cultural attachment - A new theory and method to understand cross-cultural competence
Hong, Ying-yi, Fang, Yang, Yang, Ying and Phua, Desiree Y.. (2013). Cultural attachment - A new theory and method to understand cross-cultural competence. Journal of Cross-Cultural Psychology. 44(6), pp. 1024 - 1044. https://doi.org/10.1177/0022022113480039