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Considering Availability Bias in Parking Decisions

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Document pages: 14 pages

Abstract: This working paper seeks to understand how travellers make economic decisions. The primary goal is to advance knowledge about the behavioural response to different kinds of incentives such as financial nudges requiring them to make snap judgements about value. The research finds that, consistent with theory, when presented with two numbers individuals will anchor to a higher number and be willing to pay more. Likewise, we confirm that consumers are not able to quickly make judgements about the cost of travel. When faced with a daily or monthly payment plans, payments each day are valued higher than a single payment each month by almost 200 percent. These results offer important policy considerations for public agencies seek to reduce the driving, particularly as new disruptive platforms emerge, from bikes and scooters to autonomous vehicles and new technology allows for more dynamic and curated data to be used to nudge travel behaviour.

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