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Rank dependent utility maximization is applied in maximizing a linear and a quadratic scheduling model considering a subjective weighting over uncertain outcomes. The optimal departure time and maximal utility are different from that under expect utility maximization in the transformed travel...
Persistent link: https://www.econbiz.de/10010762022
In this paper, we introduce a discrete penalty for excessive travel times into scheduling models whose maximal expected utilities have attractive theoretical features of linearity in standard deviation or variance. The extended models maintain the properties of linearity, and its maximal...
Persistent link: https://www.econbiz.de/10010762024