Identification of cumulative prospect theory parameters for mode choice model

The use of Cumulative Prospect Theory (CPT) in decision making related to transportation risk is still much debated. Mainly because of the travel and socio-economic characteristics of the traveller it possible for different responses to the specified Reference Point (RP) as well as the loss aversion. This difference can be seen from the value of Cumulative Prospect Theory parameters. Therefore, this paper will discuss about the determination of parameters CPT which affect public transportation mode choice model in the course of work trip activity. The reference point as an essential part of this study is determined based on the average travel time of commuter worker from South Tangerang City to Jakarta. Data obtained from stated preference survey, Feeder Busway/Busway and Commuter Line Jabodetabek as mode alternative and travel time attribute as a risk factor. The Binomial Logit model which has transformed utility distribution and probability with CPT and the Least Square Method to be obtained the parameters. Finally, some conclusions can be drawn that the CPT parameters produced by this study, have closed the range of value requirements in the CPT theory. So that the parameter value can be used to model the probability of mode choice with the risk of travel time in the study area.