Towards a dynamic disappointment and regret-based model of route choice behaviour: Formulation and results of numerical simulations

The paper introduces a dynamic model of route choice under uncertainty, which incorporates the aversion of anticipated regret, ex-post regret and disappointment as behavioural principles for decision making, besides the learning of travel times' distributions through repeated choices. Numerical simulations were conducted to measure the effects of varying routes' travel time distributions and the weight of regret and disappointment in decision making. Three different simulation scenarios were explored. It was found that the anticipation of regrets benefited the route with the lowest mean and highest variance, and created disadvantage to the route with the highest mean and lowest variance. Ex-post regret and disappointment, on the other hand, created the opposite effects, i.e., benefited the route with the highest mean and lowest variance, and created disadvantage to the route with the lowest mean and highest variance, although the mechanisms through which expost regret and disappointment affect the routes are different