Pricing Model of Traffic Demand Management based on Cumulative Prospect Theory

As an important measure of traffic demand management, congestion pricing can guide and regulate traffic flow to achieve the purpose of easing the traffic congestion. Therefore, it has been paid more and more attention of scholars. Congestion pricing methods are the core and foundation of congestion pricing theory, and the rationality of the pricing model is directly related to the scientific congestion pricing strategies. In the traditional congestion pricing model, it doesn't correspond to reality, if a traveler is assumed absolutely rational, but the decision-making process can be exactly described by the cumulative prospect theory in the uncertain situation, and it is consistent with the bounded rationality of traveler character. In this paper, on the basis of cumulative prospect theory and Wardrop user equilibrium principle, the psychological effect factors of travelers are brought into the congestion pricing model that well overcome the defects of the traditional pricing model, analyses and prove the feasibility of the model at the same time.