This　paper　aims　at　modeling　Cumulative　Prospect　Value　(CPV)-based　static　network　equilibrium　by　incorporating　the　cumulative　prospect　theory　to　evaluate　the　commuters＇　risk　perception　on　arrival　time.　In　a　network　with　travel　time　uncertainty,　arrival　time　is　vital　in　determining　the　travelers＇　route　choice　behavior.　With　this　consideration,　in　this　study,　we　formulate　an　arrival　time　perceived　value　to　score　the　possible　impact　of　arrival　time　on　the　perceived　values　for　different　routes.　The　evaluation　for　a　given　route　depends　on　the　travelers＇　cumulative　perceived　value,　which　is　assume　as　a　synthetic　outcome　in　terms　of　the　total　travel　gain,　mean　travel　cost　and　the　arrival　time　perceived　value.　We　then　formulate　a　generalized　CPV-based　equilibrium　condition　similar　to　that　for　user　equilibrium.　Conditions　for　existence　and　uniqueness　of　the　equilibrium　formulation　were　examined.　Finally,　a　numerical　example　with　normal　travel　time　distribution　is　conducted.　©　2012　American　Society　of　Civil　Engineering.