Assuming　that　the　travelers　are　heterogeneous　in　terms　of　their　reference　points,　we　divide　the　whole　travelers　into　several　classes　and　develop　a　multi-class　cumulative　prospect　theory-based　equilibrium　model　by　incorporating　such　heterogeneity.　The　numerical　results　show　that　the　travelers　with　lower　reference　points　prefer　to　choose　the　routes　with　higher　free-flow　time　but　lower　risks,　while　travelers　with　lower　reference　points　are　likely　to　choose　the　routes　with　lower　free-flow　time　but　higher　risks.　The　results　show　that　the　risk　parameters　indeed　significantly　influence　the　resultant　flow　distribution.　Furthermore,　it　is　found　that　the　higher　the　OD　travel　demand,　the　more　serious　the　travelers＇　risk-aversion　behavior.　©　2016　ASCE.