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This paper analyzes the utility calculation principle of travelers from the perspective of mental accounting and proposes a travel choice behavior model that considers travel time and cost (MA-TC model). Then, a questionnaire is designed to analyze the results of the travel choice under different decision-making scenarios. Model parameters are estimated using nonlinear regression, and the utility calculation principles are developed under different hypothetical scenarios. Then, new expressions for the utility function under deterministic and risky conditions are presented. For verification, the nonlinear correlation coefficient and hit rate are used to compare the proposed MA-TC model with the other two models: (1) the classical prospect theory with travel time and cost (PT-TC model) and (2) mental accounting based on the original hedonic editing criterion (MA-HE model). The results show that model parameters under deterministic and risky conditions are pretty different. In the deterministic case, travelers have similar sensitivity to the change in gain and loss of travel time and cost. The prediction accuracy of the MA-TC model is 3% lower than the PT-TC model and 6% higher than the MA-HE model. Under risky conditions, travelers are more sensitive to the change in loss than to the change in gain. Additionally, travelers tend to overestimate small probabilities and underestimate high probabilities when losing more than when gaining. The prediction accuracy of the MA-TC model is 2% higher than the PT-TC model and 6% higher than the MA-HE model., Author(s): Shixu Liu (corresponding author) [1]; Jianchao Zhu [1]; Said M. Easa [2]; Lidan Guo [3]; Shuyu Wang [1]; Haoyu Wang [1]; Yijian Xu [1] 1. Introduction It is widely [...]