The RRM 2008 model

This model is proposed by Chorus et al. 2008. A key difference between this model, and the RRM models proposed later on is that in this model the regret of the considered alternative Ri is only determined by the maximum regret it receives when compared with its competitor alternatives.
$$ R_i = \max_{i\neq j}\left \{ \sum_{m=1}^{M}\max \left ( 0, \beta_m\left [ x_{jm} - x_{im} \right ] \right ) \right \} $$


Click her e for a bundle of MATLAB codes, which includes code to estimate G-RRM-MNL models.

Example Data File

Click here to download the example shopping choice data file (see Arentze et al. 2005 for more details on the data)

Further reading

Chorus, C.G. Arentze T.A, Timmermans, H.J.P. (2008) . A random regret-minimization model of travel choice. Transportation Research Part B: Methodology (42)pp 1-18.