Bounded rational driver models

Abstract:This paper introduces a car following model where the driving scheme takes into account the deficiencies of human decision making in a general way. Additionally, it improves certain shortcomings of most of the models currently in use: it is stochastic but has a continuous acceleration. This is achieved at the cost of formulating the model in terms of the time derivative of the acceleration, making it non-Newtonian. However, the recipe for construction of bounded rational driver models proposed in this paper seems to be very general and can be applied to most, if not all of the traditional car-following models.