Pricing Method of the Flexible Bus Service Based on Cumulative Prospect Theory. (16th March 2022)
- Record Type:
- Journal Article
- Title:
- Pricing Method of the Flexible Bus Service Based on Cumulative Prospect Theory. (16th March 2022)
- Main Title:
- Pricing Method of the Flexible Bus Service Based on Cumulative Prospect Theory
- Authors:
- Ma, Wanjing
Guo, Yuhang
An, Kun
Wang, Lei - Other Names:
- Guo Ren-Yong Academic Editor.
- Abstract:
- Abstract : Pricing directly affects the sustainable development of the flexible bus service. This study proposes a profit maximization model and a social welfare maximization model for the flexible bus operator based on the cumulative prospect theory. Fares and uncertain travel time due to unforeseen detours in serving passengers jointly affect passengers' mode choice. On the other hand, fares and passengers' probabilistic choices over the flexible bus jointly determine the profits of the flexible bus company and social welfare. This study explores the relationship between the probability of passengers choosing the flexible bus, trip fares, and uncertain travel time. Serving more passengers indicates more profits, which also results in longer detour time thus decreasing the probability of passengers choosing the flexible bus. Considering the interactive influence among passengers, we further calculate the detour time distribution. Finally, a pricing model is established to compensate for the side effects of the detour. The results show that heterogeneous fares can help the flexible bus company to obtain higher profits but have negligible influence on social welfare. In addition, the development of long-distance services and regulations over the detour time can also help to obtain more profits.
- Is Part Of:
- Journal of advanced transportation. Volume 2022(2022)
- Journal:
- Journal of advanced transportation
- Issue:
- Volume 2022(2022)
- Issue Display:
- Volume 2022, Issue 2022 (2022)
- Year:
- 2022
- Volume:
- 2022
- Issue:
- 2022
- Issue Sort Value:
- 2022-2022-2022-0000
- Page Start:
- Page End:
- Publication Date:
- 2022-03-16
- Subjects:
- Transportation -- Periodicals
388.05 - Journal URLs:
- http://onlinelibrary.wiley.com/ ↗
http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)2042-3195 ↗ - DOI:
- 10.1155/2022/1785199 ↗
- Languages:
- English
- ISSNs:
- 0197-6729
- Deposit Type:
- Legaldeposit
- View Content:
- Available online (eLD content is only available in our Reading Rooms) ↗
- Physical Locations:
- British Library DSC - BLDSS-3PM
British Library HMNTS - ELD Digital store - Ingest File:
- 21198.xml