Aiming to analyze traveler’s mode choice behavior under bounder rational

this paper introduced the prospect theory in the mode choice decision-making. First

the subjective perception cost of travelers with different time value on the three different transport modes

private car

bus and taxi

was analyzed

and the traveler’s mode choice behavior was discussed under the traveler’s generalized travel cost

the probability distribution of travel time changing and travel time constraints

respectively. Comparing the difference of numerical examples between prospect theory and expected utility theory

it indicated that the prospect theory is more dependent on the weighting function changes; and under the travel time probability changes and the time constraints

the car owners tend to choose private cars. The prospect theory is more applicable to analyze traveler’s mode choice behavior under the uncertain environments.