An Empirical Study On The Impact Of Travel Time Mental Accounting And Mental Budget

Travel time is an important factor affecting people's daily travel choices.In the existing literature,the influence of external obj ective factors(such as weather,facilities,information,etc.)on travel time perception of travelers is mostly,and the influence of traveler's inherent subjective factors on travel time perception is rarely studied from the perspective of time mental accounting.Firstly,in this context,using statistical software SPSS22 and Amos24,this paper makes exploratory factor analysis and confirmatory factor analysis of time spending items classification in commuting travel process.This paper explores and validates the classification structure of people's travel time mental accounting.The results show that people generally divide the travel time mental accounting into five categories,including waiting time,in-car time,walking time,searching car time,and traffic jamming time,Secondly,in this paper,the respondents were weighed independently in three surveys:walking time and waiting time,walking time and in-car time,as well as waiting time and in-car time.Using MNL(Multinomial Logit Model)model,the relevant parameters were estimated and analyzed by BIOGEME software.The results show that the three types of travel time expenditure are irreplaceable,which verifies the irreplaceable characteristics of travel time mental accounting.In general,travelers don't like spending too much time on walking and waiting.From the attitude of people towards in-car time,people tend to reduce the total travel time,which is to shorten the total time as much as possible.Finally,the paper considering the mental budget behavior in the mental accounting,the paper establishes MNL model with time mental budget as reference point,uses BIOGEME software to estimate relevant parameters,and compares it with the original model without time mental budget.The results show that people have their own mental budgets for walking time,waiting time and in-car time in their daily travel,and try to balance their mental budgets.Walking time and in-car time can significantly affect people's travel choice behavior.The more time spent on walking and in-car,the less effective people will get.Excessive value of walking time and in-car time,saving value of walking time and in-car time can both significantly affect people's travel choices.Walking time and in-car time beyond the psychological budget will bring negative effects to people,and the walking time and in-car time are smaller than the mental budget,people will get the more positive effects.Comparing the goodness of fit and the matching rate of the two models,it's found that:the model of introducing psychological budget reference point has better explanatory ability to variables and can more accurately predict the respondents' traffic mode choice behavior.