A Route Choice Model with Context-Dependent Value of Time

This paper proposes a route choice model that incorporates the various behavioral mechanisms in route choice proposed in the literature including the shortest path, bounded rationality, asymmetric preference, and the time surplus maximization. In the proposed model, travelers are assumed to compare travel cost to their status quo (travel cost of the currently used path) in deciding whether to switch to another alternative, and the underlying value of time is adaptive in the sense that it varies across different route choice contexts. We find that the status quo‐dependent route choice model can handle the route choice inertia resulting from different sources (e.g., travelers’ misperceptions, satisficing behavior, asymmetric preference). Moreover, the inertia is path‐specific and can incorporate the scaling effect of travel cost on travelers’ route choices. Examples are provided to illustrate the proposed status quo‐dependent route choice model as well as its connection with various existing route choice models.