Choice behaviour might be determined by asymmetric preferences whether the consumers are faced with gains or losses. This paper investigates loss aversion and diminishing sensitivity, and analyzes their implications on willingness to pay and willingness to accept measures in a reference pivoted...

As urban areas face increasing demands for new transport infrastructure to promote a sustainable future with an increasing reality of constrained government budgets, the debate on whether we should focus on rail or bus-based investments continues unabated in many jurisdictions. Associated with...